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INDIAN BANK PERSONAL LOAN 

ABOUT INDIAN BANK PERSONAL LOAN :

Indian Bank established on 15 August 1907 and their headquarters in Chennai, India. Indian Bank provides attractive interest rates starting from 10.35 percent onwards. This loan is offered for both salaried and self employed professionals. The maximum tenure of indian bank is 36 months. It is the most preferred bank by all kinds of people for any financial service

BENEFITS OF INDIAN BANK PERSONAL LOAN :

1. Flexible loan tenure :

Indian bank personal loan offers the best and flexible loan tenure of 1 years to 3 years. The Indian Bank personal loans are taken to meet their sudden needs of the customers.

2. Required age criteria :

Yes age criteria is necessary to apply for Indian bank personal loan. The minimum age should be 21 years and maximum age should be 58 years. So, age is the basic factor to apply for the personal loan.

3. No foreclosure and prepayment charges are apply :

Indian bank personal loan is an unsecured loan so there is no requirement of foreclosure and prepayment charges.

4. Less paperwork :

Indian Bank personal loan provides less and minimal paperwork for the customers. It is not required to submit so many documents for a personal loan. The process of documentation is very simple and fast.

 

FEE & CHARGES OF INDIAN BANK PERSONA LOAN :

TYPE OF FEE 

CHARGES

Processing fees 

0.51% of loan amount (Max Rs.512)

Foreclosure and prepayment charges

No charges apply

 

ELIGIBILITY CRITERIA FOR INDIAN BANK PERSONAL LOAN :

ELIGIBLE 

Must be a permanent employee of the Government or Quasi-Government institutions, endowments, corporate industrial establishments, reputed companies, or boards, etc.

AGE

21 years to 58 years

INCOME

Rs. 20000 per month 

 

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


DOCUMENTS REQUIRED FOR INDIAN BANK PERSONAL LOAN :

  • Identity Proof : A copy of your Aadhaar/PAN/Voter ID/Passport/Driving License etc.

  • Address Proof : A copy of your Ration Card / Electricity Bill (not more than 3 months old) / Passport

  • Employment Proof : A copy of the employment order, employee number, Photo Identity Card issued by the employer, etc.

  • Proof of Income : Salary certificate for last 6 months.

  • ITR or Form 16 for last 3 years

  • Account statement for last 3 years 

 

HOW TO APPLY ONLINE FOR INDIAN BANK PERSONAL LOAN :

1. Visit the official website of Indian Bank

2. Click on ‘Links’ and select ‘Online Services’.

3. Click on ‘Loan Application Status’ under ‘Online Services’.

4. Enter reference number and password and enter the captcha code as shown in the image to know the status of your loan application.

 

HOW TO CALCULATE EMI OF INDIAN BANK PERSONAL LOAN :

The Indian bank personal loan calculate EMI with this formula :

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where,

EMI = Equated Monthly Installment

P = Principal Loan Amount

R = Monthly Interest Rate

N = Number of Monthly Installments

 

FREQUENTLY ASKED QUESTIONS :

1. What is the minimum and maximum tenure of personal loan in Indian Bank?

The tenure of personal loan in Indian bank is minimum 1 year and maximum 3 years.

2. How much interest is charged by Indian Bank on personal loan?

The interest rate is charged by Indian Bank personal loan is 10.35% onwards

3. How much processing fee is charged by Indian Bank on personal loan?

Indian Bank charges a processing fee of 0.51% of loan amount (Max Rs. 512)

4. Is age an eligibility factor to get a personal loan from Indian Bank?

Yes, age is an important eligibility factor to get a personal loan as you should be at least  21 years to 58 years   

5. Is collateral required to avail a personal loan from Indian Bank?

No collateral is not required to avail a personal loan from Indian Bank.

Last Updated on : 16/Jul/2020

Know More About

Indian Bank Personal Loan

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

Indian Bank Personal Loan Interest Rates

Updated on 25 Nov 2017

Indian Bank Personal Loan Details
Interest Rate (Monthly reducing balance) 10.35% - 0%
Processing Fees 0.51% (max. Rs. 512)
Loan Tenure 1 year to 3 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Personal Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959