IND-COVID EMERGENCY SALARY LOAN

Parameter	Norms
Target Group	Permanent Employees of Govt / Quasi -Govt / Boards / Endowments / MNCs/ other Reputed Companies / organisations with 2 years’ service.
	1) Salary credited to the account maintained with the Bank
	2) Existing Home Loan borrowers
	> Where salary credited account is maintained with the Bank
	> Where salary is credited into other Bank account
	Existing Salary Loan Borrowers: The Special Salary Loan Scheme 2020 can be extended additionally subject to maintenance of Net Take Home Pay (NTHP) as detailed below.
Minimum Entry Age	21 years
Purpose	For meeting unforeseen expenses due to COVID 19
Eligibility	All existing accounts in “Standard category” excluding SMA 1/SMA 2
Eligibility	on the date of sanction
Validity	Up to 30/06/2020
Nature of facility	Medium Term Loan
Quantum of Loan	Twenty (20) times the latest monthly gross salary income subject to maximum loan limit of Rs.2 lakhs
Margin	NIL
Rate of Interest	Concessional ROI @ 9.50% p.a. Fixed
Repayment	Maximum 36 months including holiday period of 6 months

	However sanctioning authority to ensure that the repayment is fixed in such a way that the loan is fully adjusted 3 months prior to superannuation of the borrower.
Net Take Home Pay norms	Take home pay (after proposed EMI) should not be less than 40% of the gross salary.

	Wherever the applicant has availed loans from our Bank secured by immovable properties, Sanctioning Authority can consider loan with 30% NTHP against extension of EM subject to 100% availability of residual value of securities for this loan.
Security	NIL
Security	Wherever 30 % NTHP has been considered, extension of EM over immovable property is required. MOD registration is not mandatory.
Guarantee	1. Guarantee of spouse (wherever applicable)
Guarantee	2. Employee from the same organisation
Processing Fee / Pre-payment charges	Nil
Documents to be submitted by Applicant	Ø Application form duly signed along with guarantor’s form
	Ø Assets & Liabilities form
	Ø Proof of income (last six months ‘Salary Slips showing all
	deductions or latest Form 16) duly attested by the employer
	Ø Proof of employment (copy of the employment order, Photo Identity Card issued by the employer, employee number etc)
	Ø Form 16 / ITR (wherever available)
	Ø PAN Card (mandatory)
	Ø KYC documents (like – Passport, Aadhar Card, Ration Card, Election ID, Driving License etc).
	Ø Authorisation to debit SB account / ECS / NACH mandate.

Other details:

Acceptable Mode of Submission of Request for Credit facility	By E Mail / In-Person to the Branch
Documents required	Duly filled in Application form for Existing Borrowers Application form for New Borrowers Assets and Liability statement for New Borrowers
Helpline Numbers & Email ID for queries, facilitations and Grievances.	Mobile: +917305898992 / +919931094920 Email: ibcovidresponse@indianbank.co.in
Timeline for appraisal, sanction, documentation / disbursement	Within 6 working days from the date of receipt of application by Branch.
Frequently Asked Questions (FAQs)	FAQs about IND COVID PENSION LOAN and SALARY LOAN

( Last modified on May 16, 2020 at 05:05:03 PM )