Indian Bank has decreased its loan against securities interest rates by 0.10%, or 10 basis points with effect from Monday, February 12, 2018. This interest rate cut will reduce the cost for those people who want to avail loan against mortgage of their securities.
Indian Bank – Current Interest Rates for Loan Against Mortgage of Securities
New Delhi (Delhi, India), February 24, 2018
Indian Bank Cuts Loan Against Securities Interest Rate to 10.55% Per Annum
The Indian Bank has decreased its loan against securities interest rates by 0.10 percent, or 10 basis points with effect from Monday, February 12, 2018.
Indian Bank has revised its minimum loan against securities interest rate from 10.65 percent to 10.55 percent per annum (MCLR-1Year + 2.30%) for the loan against mortgage of securities.
The loan against mortgage of securities interest rate of Indian Bank is benchmarked or linked to its One-Year MCLR (Marginal Cost of Funds based Lending Rate). Indian Bank’s current One-Year MCLR, which is called MCLR-1Y, is 8.25 percent per annum with effect from Monday, February 12, 2018.
Indian Bank’s current interest rate cut will reduce the cost of funds for those people who want to avail loan against mortgage of their securities.
Securities Eligible for Indian Bank Loan Against Mortgage of Securities
– National Savings Certificate (NSC)
– Kisan Vikas Patra (KVP)
– RBI Relief Bonds
– LIC Life Insurance Policies
– Savings Bonds
– NABARD’s Bhavishya Nirman Bonds
Indian Bank – Current Loan Against Mortgage of Securities Interest Rates
Indian Bank Loan Against Mortgage of Securities Interest Rate: 10.55% Per Annum
Indian Bank Loan Against Mortgage of Equity Shares Interest Rate: 10.55% Per Annum
Indian Bank Loan Against Mortgage of Securities Rate of Interest is Floating or Fixed: Floating Rate of Interest
Quantum of Indian Bank Loan Against Mortgage of Securities: Up to 75% of the Value of the Securities
Indian Bank Loan Against Mortgage of Securities Minimum Borrowing Limit: Minimum Loan Amount is Rs. 10,000
Indian Bank Loan Against Mortgage of Securities Maximum Borrowing Limit: Maximum Loan Amount is Rs. 20,00,000
Indian Bank Loan Against Mortgage of Securities Processing Fee and Documentation Charges: 0.306% of the Loan Amount (Minimum Rs. 306 plus GST)
Maximum Tenure for the Indian Bank Loan Against Mortgage of Securities: Maximum Loan Tenure is 60 Months (This is reviewed and renewed annually)
Indian Bank Loan Against Mortgage of Securities Pre Closure Charges or Prepayment Penalty: Nil Charges or Penalty
Minimum Age Limit for Getting the Indian Bank Loan Against Mortgage of Securities Sanctioned: Minimum Age 18 Years at the Time of Loan Commencement
Charges for Indian Bank Loan Against Mortgage of Securities Ovedue: Minimum 2% Per Month of the Indian Bank Loan Against Mortgage of Securities Outstanding Amount
Security Requirement for the Indian Bank Loan Against Mortgage of Securities: Pledge of Adequate Value of Securities and Equity Shares in Dematerialised Form from the Approved Scrip List
Guarantor Requirement for the Indian Bank Loan Against Mortgage of Securities: No Guarantor is Required
Indian Bank – Deposits and Loans Interest Rates
Current Deposits and Loans Interest Rates of Indian Bank