Indian Bank
Indian Bank

Indian Bank

Indian Bank is an Indian state-owned financial services company headquartered in Chennai. Established on 15th August 1907 as part of the Swadeshi Movement, it has 20464 employees, 2700 branches, and is one of the largest public sector banks in the country today. It has overseas branches in countries such as Singapore, Colombo, including a Foreign Currency Banking Unit at Colombo and Jaffna. It also has to its credit 223 correspondent banks in 71 countries. The Government of India nationalized the bank in 1969. Indian Bank has truly proven itself to be a forerunner in specialized banking with its 94 Forex authorized branches inclusive of 2 specialized overseas branches at Chennai and Bangalore exclusively for handling Forex transactions which arise out of Export, Import, Remittance, and Non Resident Indian business. 

About Indian Bank

There are 73 special SME branches extending finance exclusively to SSI units. It has also entered into a Memorandum of Understanding with National Small Industries Corporation (NSIC) to focus on MSME segment.

The Bank has also assumed a position of leadership when it comes to Rural Development. Under Financial Inclusion Plan, it has been allotted with1692 villages with population above 2000 and 4210 villages with population below 2000. Indian Bank services have been a pioneer in introducing self-help groups and financial inclusion project in the country. It has also been a proud recipient of an Award for Excellence in Agricultural Lending, from the Honorable Union Minister of Finance. Further, it has established 45 specialized exclusive Microfinance branches called “Microsate” across the country to cater to the needs of Urban Poor through SHG (Self Help Group)/ JLG (Joint Liability Group) concepts. Besides many other endeavours in the field of rural development, Indian Bank banking services have also put the best foot forward as far as adopting latest technology in banking in concerned. With 100% Core Banking Solutions (CBS) branches, 100% business computerization, 2784 ATMs (as on 31st March 2016), Internet and tele-banking services to all core banking customers, e-payment facility for corporate customers, and many other such services, the bank has progresses in leaps and bounds in keeping itself updated in technological advancement.

Vision and Mission:

The bank aims to be a competitive and strong financial institution with an unwavering commitment to excellence and focus on adding value to customers, share holders, and employees. It also stresses immensely on adherence to best practices and core institutions values that the institution upholds. The bank’s mission is “to be a common man’s bank”- to provide all financial products and services under one roof, at affordable costs. The bank believes in being absolutely fair and transparent in all its dealings.

Indian Bank Loans:

Indian Bank Home Loan: Indian Bank Home Loan eligibility criteria has it that the minimum age of the applicant should be 18 years, while the maximum age limit is 60 years. The amount of loan is 36 times of Gross Monthly Income or 60 times of Net Monthly Income, whichever is higher. For repair or renovation of house, the quantum of finance is up to Rs. 5 lakhs. The repayment period for a loan taken with the purpose of purchase/construction of house/flat is 20 years, whereas for undertaking repairs and renovation, the repayment period is 120 months.

Indian Bank Home Loan Plus Scheme has been designed for all existing Home Loan customers who have repaid a minimum of 36 EMIs regularly. NRIs and staff members of the Bank, including retired staff members, may also be considered for the loan by sanctioning authority. The minimum loan amount is Rs. 1 lakh, while the maximum amount is Rs. 10 lakhs. The repayment period is 120 months.

What’s more, Indian Bank’s Home Improve Loan offers financial assistance for purchase of household furniture, kitchen racks, cupboards, TV sets, computers, lighting, interior decorations, air-conditioners, and so on. Existing Home Loan borrowers (both residents and non-residents) or prospective Home Loan borrowers are eligible for this loan. The maximum repayment period allowed for TV, computer, and other electronic items with lesser life span is 48 months, while for others it is 60 months. The amount of loan is 30 times of Net Monthly Income subject to a maximum of Rs. 5 lakhs. The income of the applicant’s spouse can be included for eligible amount if he/she is in Government/Public Sector organization/reputed private sector.

Further, the Bank has a separate Plot Loan facility for purchase of House Site on ownership basis. The House Site should be located in layout which is approved by Competent Authority. The borrower should be at least 18 years of age, and not more than 60 years. The repayment is to be completed in 180 EMIs. The maximum amount sanctioned under Plot Loan is 30 times of Gross Monthly Income. Also, the limits on Plot Loan per borrower laid down by the bank are as follows:

  1. For purchase of property in Rural area : Rs. 50 lakhs
  2. For purchase of property in semi-urban area : Rs. 100 lakhs
  3. For purchase of property in urban area : Rs. 200 lakhs
  4. For purchase of property in Metros: Rs. 300 lakhs. 

Indian Bank Loan Against Property: The eligibility criteria for this type of loan entails that permanent employees of Central/State Govt. /Quasi Govt. Bodies/Public Limited Companies/Reputed Private Limited Companies can apply. He/she should have completed minimum 3 years of service, and should have regular monthly income of minimum Rs. 15,000 and take home pay should be more than 40% of gross income after deduction of EMI for the proposed loan, besides other deductions. If the applicant is self-employed/professional/businessman, the loan may be sanctioned based on the average income earned in the last 3 years. The minimum net annual income has to be Rs. 1,50,000 after deduction of proposed EMI. The applicant should be at least 18 years of age, and not more than 60 years. The maximum amount of loan under this category is Rs. 200 lakhs, and the repayment should not exceed 84 EMIs.

Indian Bank Business Loan : Indian Bank Business Loan advantage is in the form of - SME Secure, IB Doctor Plus, My Own Shop, IB Vidhya Mandir, IB Contractors, IB Tradewell, IND Star Rice Mill, IB-BAL Commercial Vehicle, and IND Auto.

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