Apply for Personal Loan Starting From 10.50%* 
Indian Bank offers personal loan to salaried individuals and pensioners with repayment period of up to 84 months that can be used to fulfil a variety of personal needs. Before you apply for a personal loan from the bank, it is a good idea to check Indian Bank personal loan eligibility to figure out if you can avail one or more of their products. You can apply for personal loan through the online as well as the offline mode.
Indian Bank Personal Loan Eligibility Criteria
Indian bank offers two types of personal loan i.e. IB Clean Loan and IB Pension Loan. Mentioned below are the eligibility criteria to avail Indian Bank Personal Loan:
IB Clean Loan
- Applicant must not be over 55 years of age
- Permanent employees with at least service/experience of 3 years with Govt./ Quasi -Govt./ Endowments/ Boards/ Corporate Industrial Establishments/ reputed companies etc.
IB Pension Loan
- Central & State Government Pensioners, Family Pensioners, Re-employed Pensioners, Indian Bank Retirees (both under VRS & superannuation) whose Pension SB accounts are maintained at our Bank’s Branch
- CRS retirees and EPF Pensioners are not eligible for pension loan
Eligibility for Top-up Loan
Indian Bank offers select existing borrowers the option of opting for a top-up personal loan. The terms and conditions of these offers are decided on a case by case basis. Typically, top-up personal loan interest rates are similar to personal loans from Indian Bank that starts at 10.35% p.a.
Eligibility for Personal Loan Foreclosure
Indian Bank allows foreclosure of personal loans as per individual loan agreements. While foreclosure charges for personal loans can be as high as 4% of the personal loan principal foreclosed, the actual charge is clearly mentioned on the loan agreement.
Indian Bank Personal Loan Eligibility Calculator
In order to avail Indian Bank Personal Loan, you can use Personal Loan Eligibility Calculator available at Paisabazaar. For this, you are required to fill online form which asks for details such as loan amount, current profession, monthly income, current city of residence, etc. Now click ‘Proceed’ to get the best personal loan offers from various Paisabazaar lending partners.
How to Improve your Indian Bank Personal Loan Eligibility?
- Maintain a high credit score: Your credit score determines credit worthiness and the repayment capacity in order to avail personal loan. It is suggested that, individuals should have a credit score close to 900 mark which will ultimately help in availing personal loan hassle-free.
- Payoff Outstanding Debt: Before applying for personal loan, ensure that you pay-off your outstanding debt such as outstanding loans and credit card bills. This will help in decreasing your debt-to-income ratio and will increase you chance of getting personal loan approved.
- Do not apply for multiple loans at the same time: if you apply for multiple loans at the same time, this will lead to increased number of hard enquiries listed on your credit report. This may lead to rejection of your personal loan application.
FAQs
Q1. What is the interest rate of Indian Bank Personal Loan?
The interest rate of Indian Bank Personal Loan starts from 10.35% which may vary based on different criteria such as credit score, loan amount, employment type, etc.
Q2. Is there any processing fee for Indian Bank Personal Loan?
Yes, a processing fee of 0.51% on loan amount with a max. amount of Rs.510 is applicable as processing fee in case of Indian Bank personal loan.
Q3. What is the customer care number of Indian Bank?
You can call the national toll free numbers 1800-425-00-000 or 1800-425-4422 to get your queries resolved by Indian Bank customer care.
Q4. What are the different tenure options available in case of Indian Bank personal loan?
The loan tenure can range between 12-84 months.
Q5. Is collateral required to avail a personal loan from Indian Bank?
No collateral is required to avail a personal loan from Indian bank.
