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  #2  
January 22nd, 2016, 07:18 PM
Super Moderator
 
Join Date: Mar 2012
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.


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