Personal Loan is offered by Indian Bank to salaried individuals as well as pensioners to meet their personal expenses such as medical bills, higher education, purchase of gadgets, etc.
The rate of interest for Indian Bank Personal Loan starts from as low as 9.05% per annum with a maximum repayment tenure of up to 84 months.
| Particulars | Details |
| Interest Rate | 9.05% per annum onwards |
| Loan Amount | According to applicant profile |
| Loan Tenure | Up To 84 Months |
| Processing Fee | Up to 1% of Loan Amount |
| Types of Loans | Clean Loan and Pension Loan |
1. Flexible Tenure : The repayment tenure of Indian Bank Personal Loan is flexible ranging from 1 Year to 7 Years.
2. Less Documentation : Indian Bank Personal Loan requires very little documentation from the customers, thus making the application process easy and a quick one.
3. Loan Amount : Indian Bank provides personal loans not only to salaried and self-employed individuals but also to pensioners to fulfill the requirement of finance for personal needs.
4. Online Application : Indian Bank personal loan is very easy to apply online, as you don't need to go to the bank for this process. You can apply online from your Personal or office.
Once your application form is submitted online your loan is approved immediately.
Indian Bank Personal Loan Interest Rates
| Indian Bank Personal Loan Scheme | Interest Rates |
| Pension Loan | 10.50% Onwards |
| Clean Loan (to Salaried) | 9.05% Onwards |
1. Indian Bank Pension Loan
Indian Bank Pension Loan is offered to pensioners and family pensioners in order to help them fulfill their financial needs such as funds for child’s marriage, buy a dream home, medical aid, and much more.
| Eligibility Profiles | Pensioners |
| Interest Rate | 10.50% Onwards |
| Loan Tenure | Up to 60 Months(for regular pensioner) Up to 36 Months(for family pensioner) |
2. Indian Budget Loan
Budget Loan provided by Indian Bank is offered to salaried individuals and professionals in order to meet one-time expenses, without disturbing your planned budget.
| Eligibility Profiles | Salaried individuals and professionals |
| Interest Rate | 9.05% Onwards |
| Loan Tenure | Up to 84 Months |
The following are the key fees and charges other than interest charges applicable to a personal loan from Indian Bank:
| Processing Fees | Amount |
| Indian Bank Pension Loan | Rs.0 for loans up to Rs. 25,000. Rs. 255/- for loans above Rs. 25,000/ |
| Indian Bank Clean Loan | 0.512% of the loan amount subject to a minimum of Rs. 512 |
In order to avail Indian Bank Personal loan, an individual has to meet certain eligibility criteria put up by the bank.
| CRITERIA | DETAILS |
| Minimum Age | 21 Years |
| Maximum Age | 58 Years |
| Minimum Income | Rs. 20,000 per month |
| Nationality | Indian |
| Employment type | Salaried persons working in government, private, or MNCs companies, and Pensioners |
In order to avail Indian Bank Personal loan, an individual has to provide certain documents required by the bank.
| ID Proof |
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| Address Proof |
|
| Employment Proof |
|
| Income Proof | For Salaried
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COMPARE OTHER BANK PERSONAL LOAN INTEREST RATE:
| BANKS | INTEREST RATES |
| AXIS Bank Personal Loan | 12% to 24% |
| SBI Personal Loan | 11.30% to 16.40% |
| SBI Xpress Bandhan | 12.15% to 15.15% |
| SBI Xpress Credit Personal Loan | 11.50% to 12% |
| HDFC Bank Personal loan | 10.75% to 21.50% |
| Kotak Mahindra Bank Personal Loan | 10.50% to 16.99% |
| Yes Bank Personal Loan | 20.00% to 22.00% |
| Citi Bank Personal Loan | 10.50% to 17.99% |
| ICICI Bank Personal Loan | 10.99% to 16.25% |
| Standard Chartered Bank Personal Loan | 11.00% to 19.20% |
| IDBI Bank Personal Loan | 12.00% to 14.00% |
| RBL Bank Personal Loan | 14.00% to 23.00% |
| HSBC Bank Personal Loan | 10.75% to 17.84% |
| IndusInd Bank Personal Loan | 11.00% to 16.75% |
| Bank of Baroda Personal Loan | 7.65% to 12.65% |
| Bank of India Personal Loan | 12.15% to 14.15% |
| Canara Bank Personal Loan | 12.05% onwards |
A Personal loan calculator helps you to know the amount of EMIs that you need to pay towards your Personal Loan.
As a Personal loan can go from 20 - 30 years, so you have to be aware of your monthly installments in advance. For that, you can use the EMI Calculator provided by BankSathi to calculate your monthly EMIs on your Personal Loan.
The formula for the same is:
[P x R x (1+R)^N]/[(1+R)^N-1], where
1800-425-00-000 or 1800-425-4422
FAQs On Indian Bank Personal Loan
The maximum age of a family pensioner can be 75 years and 78 years at the time of exit level.
The maximum age of a family pensioner can be 70 years at the time of loan application while the exit age at the time of loan maturity can be a maximum of 73 years.
No, it is not mandatory to have an account if you are planning to apply for Indian Bank Clean Loan. However, if you want to apply for Indian Bank Pension Loan, then you need to have a Pension Savings account with the bank.
Last Updated on : 25/Mar/2021Know More About
You're eligible for a Indian Bank Personal Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Personal Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Indian Bank Personal Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 10.35% - 0% |
| Processing Fees | 0.51% |
| Loan Tenure | 1 year to 3 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Personal Loans EMI Calculator