General Questions
Q:Do I have to be an existing customer to apply for a loan?
A:No, you do not have to be an existing customer to apply for a loan online, by phone or in person.
Q:Who can apply for a Indiana Bank & Trust Company personal loan?
A:To be eligible for this Indiana Bank & Trust Company personal Loan you must be 18 years or older, and also a permanent U.S. resident.
Q:What are the minimum qualifications for a loan approval?
A:You must be employed or have a verifiable stable source of income, the ability to repay the debt, and a stable credit history.
Q:What type of income verification is required for self-employed individuals?
A:We may require copies of your tax returns from the two most recent years. The requirement to verify income is dependent on other factors in addition to your source of income.
No you do not have to be a customer to apply for a loan online, by phone or in person.
Q:My salary is commission based. Will you need to see my tax returns?
A:We may ask you to provide two years tax returns as we consider your loan request. The requirement to verify income is dependent on other factors in addition to your source of income.
Q:What will the final approval of my application depend on?
A:The final approval of your application will depend upon many factors including the verification of the information you provided. Additional information may be required. Indiana Bank & Trust Company terms and conditions will also apply.
Loan Questions
Q:Is there a fee charged to apply for a loan?
A:There are no fees involved when applying for a Indiana Bank & Trust Company consumer loan. We may charge a fee at the closing on certain types of loans.
Q:Does Indiana Bank & Trust Company lend in all 50 states?
A:Primarily Indiana Bank & Trust Company makes loans to residents of Indiana and a few counties in northern Kentucky.
Q:What is the maximum repayment period?
A:The term of your loan will depend upon your loan type. The maximum terms are as follows:
Auto Loan - up to 72 months for new vehicles and generally 60 months for used vehicles
Boat/Camper Loan - up to 120 months
Mobile Home loan - up to 180 months
Home Equity Loan - up to 180 months
Home Equity Line of Credit - up to 240 months
Unsecured Loan - up to 60 months
Q:Are there any prepayment penalties for paying off a consumer loan?
A:No, you can pay off any Consumer Loan without incurring a pre-payment penalty. There are potential prepayment penalties associated with our home equity line of credit. See our product disclosure for details.
Q:I have my vehicle financed with another lender. Can I refinance with you?
A:Yes, you may refinance your car loan through Indiana Bank & Trust Company. You will qualify for a 1/4 % discount off your interest rate when you register for automatic payment from your Indiana Bank & Trust Company checking account.
Q:What type of loan is best for me?
A:To determine the best loan, please take a few minutes to read the descriptions of the various loans available. If you have a loan that is to be secured by collateral, you should select that product type in order to obtain the best rate. The actual term of your loan will be based upon the monthly payment that you feel comfortable with.
Q:What is the difference between a home equity line of credit and home equity loan?
A:A home equity line of credit (HELOC) differs from a conventional home equity loan in that you are not advanced the entire sum up front, but you may use the line of credit to borrow sums that total no more than the maximum line of credit. At closing you are assigned a specified credit limit that you can borrow up to. During a "draw period" HELOC funds can be borrowed and you pay back only what you use plus interest. You may borrow the funds again once funds become available on your line of credit. Another important difference from a conventional loan is the interest rate on a HELOC is variable based on an index such as prime rate. This means that the interest rate can change over time.
Q:What will my monthly payment be?
A:Your monthly payment will be determined by the amount borrowed and the term of your loan. You may use our online calculator to calculate your monthly payment prior to submitting your application. Your actual monthly payment will be provided to you when we confirm your closing time and then again on your truth in lending disclosure form at closing.
Q:Will my monthly payment change?
A:If you select a loan with a fixed interest rate, your monthly payment will remain the same throughout the term of the loan. The monthly payment for a variable rate loan will vary throughout the life of the loan.
Q:When will my loan be paid off?
A:Your payoff date will be based on the term of your loan. For example, a 10 year loan will be paid off at the end of ten years. You always may pay off your loan early.
Q:Is there a "balloon" payment on my home equity line of credit? If so, when is it due, and how much will I owe?
A:A balloon payment is a large, lump-sum payment due at the end of the loan term. A balloon loan may keep monthly payments low in the early years, but it must be refinanced or paid off in full at the end of the loan term, and the low payments mean that relatively little of the loan balance has been reduced. For some borrowers, a balloon loan can be very appropriate. For others, the consequences can be costly, perhaps even resulting in the loss of their home if they can't repay or refinance the amount due.
Q:What is the APR-the annual percentage rate-for this loan?
A:The APR is the total cost of the loan, including interest charges and other fees, expressed as a yearly rate. The APR for the loan you are applying for is provided on your truth in lending disclosure at your loan closing.
Q:What is the prepayment penalty on a home equity line of credit or loan?
A:We do not require a prepayment penalty on our home equity loan. However, our home equity line of credit requires the payment of a 2% prepayment penalty unless you keep the line of credit open at least three years, suffer a catastrophic insurance loss on your property, or refinance your loan with Indiana Bank & Trust Company.
Application Process
Q:How can I apply for a loan?
A: You may apply for a loan 24 hours a day at www.myindianabank.com. You may apply for a loan in person or via the telephone during normal banking hours.
Q:How long will my application take?
A:The online application process should take you approximately 5 to 10 minutes to complete. Upon submission, you will receive an immediate response verifying your application has been received. No later than the next business day, a Indiana Bank & Trust Company representative will personally contact you to discuss your application. Please allow up to two working days for your application to be processed.
Q:How long does it take to get a loan decision?
A:If you apply using our online loan application, you can get an instant response. Using other application methods, you will usually have an answer the same day.
Q:How long does it take to fund the loan?
A:If you are requesting a Indiana Bank & Trust Company consumer loan, funding can usually take place the same day provided all required documents are received and signed. Home equity loans and lines of credit can generally be completed within 7 to 15 days provided all appropriate documents are received and signed.
Q:How secure is the online application?
A:Our site and your online application are protected by a secured socket layer with 128 bit encryption.
Q:How will I know if my application for credit has been approved?
A:In some instances, you will be notified within minutes that your application has been approved. In other cases, a representative from Indiana Bank & Trust Company will contact you for additional information on your application. From
Q:When and where will my loan closing be held?
A:Once your application is complete, a Indiana Bank & Trust Company representative will contact you to schedule a convenient time for your loan closing. You may select the branch to close your loan during the application process.
Q:What will I need for my closing?
A:Two (2) forms of identification
Confirmation of insurance (if applicable)
Flood insurance may be required for home equity loans or lines of credits
Q:When will I receive the funds from my loan?
A:The law provides a 3-business day cancellation period prior to the disbursement of any funds when you use your primary residence as collateral. As such, your proceeds will be available to you on the fourth business day after the date of your closing. All other loans allow funding the same day as your closing.
