One of the most popular types of loan is personal loan. These are unsecured loans provided to consumers for a short term without keeping collateral against the loan. To explain a personal loan, the consumer has to understand the offer's basics before taking the loan. This involves various aspects such as basic features, requirements, etc.; the loan providers also focus on the information offered by the consumer. Also, most banks possess personal loan eligibility criteria, which are a pre-requisite to get a personal loan. These usually include the following :
Age.
The income of the client.
Salaried/self-employed individual.
Valid tax returns and salary receipts to support the claimed income .
In some cases, policies are designed for special individuals(governmental employees, pensioners, defence personnel, etc.).
To show how personal loans are usually marketed, we can see the design utilized to promote the Indian Bank Personal Loans, which can be explained as follows:
Features :
Loan amount: The loan amount varies for each salaried professionals and pensioners and is customized to meet all individual's non-public wants.
Flexible tenure: The tenure to repay the Indian Bank consumer loan goes up to eighty-four months relying upon the kind of non-public loan you want to avail.
Online application: you'll apply for Indian Bank consumer loan online and might avail instant funds by simply finishing some formalities.
Minimum documentation: The documentation demand to use for Indian Bank consumer loan is a minimum that ensures the most convenience for the applicant.
Indian bank offers two types of personal loan they are explained as follows:-
IB Clean Loan (for salaried individuals): IB Clean Loan is offered to salaried individuals to meet their personal needs, including medical expenses, household expenses, home renovation, vacation, etc. the Personal Loan Eligibility criteria of this loan.
Work Experience: Permanent workers with a minimum of service/experience of three years with Govt./ similar -Govt./ Endowments/ Boards/ company Industrial Establishments/ putative corporations etc.
Security: Employer's sponsorship Authorization to debit SB account or en-cashable collateral security and/ or Third-party guarantee Post-dated cheques.
Assurance: Guarantee of spouse (wherever applicable) & another employee.
IB Pension Loan: This loan by Indian Bank is obtainable to pensioners to satisfy expenses like medical bills, family operate, home renovation, etc. The reimbursement tenure for normal pensioners is up to a most of sixty months (subject to the exit age mounted at seventy-eight years), and for family pensioners, it is 3 years (subject to the exit age at seventy-three years).
The eligibility criteria for this policy are:
Pension Type: State & Central Government Pensioners, Re-employed Pensioners, Family Pensioners, Indian Bank Retirees (both beneath superannuation & VRS) whose Pension SB accounts square measure maintained with the bank.
Security/ Documents: Authorization to recover monthly loan instalment from SB Account wherever pension is attributable.
Assurance of a relative eligible for family pension: Within the absence of a relative, the guarantee from the legal heir or family member/ third party guarantee (acceptable to the bank).
Pensioner's portion of PPO.
The required paperwork for both the policies are as follows:
Photo Identity Proof: A duplicate of your Aadhaar/PAN/Voter ID/Passport/Driving License etc.
Proof of financial gain: Latest type sixteen or remuneration slips of the past six months showing all deductions (duly echt by the employer).
Address Proof: a duplicate of your identity card / Electricity Bill (not quite three months old) / Passport.
Employment Proof: a duplicate of the utilization order, worker variety, photograph identification issued by the leader, etc.
Additional documents needed for IB Clean Loan: income tax returns or Form sixteen with PAN Authorization to debit SB account/NACH /ECS/mandate.
Additional documents needed for IB Pension Loan: Authorization to recover monthly loan instalment from SB Account wherever pension is attributable to Pensioner's portion of PPO Guarantee of partner eligible for family pension. within the absence of a partner, the guarantee from the legal heir or family member/ third party guarantee (acceptable to the bank).
