#1
January 22nd, 2016, 07:17 PM
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Indian Personal Loans
I want to take personal loan from Indian Bank to purchase vehicle so can you please tell me the eligibility criteria and the requirements to apply for the loan?
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#2
January 22nd, 2016, 07:18 PM
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Re: Indian Personal Loans
Indian Bank is an Indian state-owned financial services company established in 1907 and headquartered in Chennai, India. It has 2416 branches in India and is one of the big public sector banks of India. Personal Loan- IB Vehicle Loan For purchase of New Two Wheeler or New / Used Four Wheeler Eligibility - Minimum Gross monthly income for purchase of a car should be Rs.20,000/- p.m. For Salaried Class: 20 times of Gross monthly Salary. Net Take Home Pay after deducting proposed Loan EMI, must be ensured at 40% of Gross Pay. for professionals and Businessmen: 20 Months Income – to be calculated based on their average income earned in the last 2 years and Capacity / ability to repay the loan. Amount of Loan Maximum loan ceiling: Two Wheelers: Rs. 10 Lakhs Four Wheelers: Rs. 200 Lakhs Margin - 15% for New Vehicle 40% for used vehicle (Four wheeler) Processing fee - 0.228% Maximum Rs.10146/- Documents to be submitted for processing the application Completed Application Form with passport size photograph Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter’s ID Proof of business address in respect of businessmen / industrialists Proof of Employment Salary Certificate Proof of other income like rent, interest on investment, if any Balance Sheet for the past three financial years in the case of Professionals, Businessmen & Self employed Income Tax / Wealth Tax (if applicable) Returns for the past 3 years Copy of Driving License Quotation for Vehicle to be purchased from the authorized dealer. |