Indian Bank Personal Loan that is easy to apply and gets disburses quickly ensures that you get funds instantly whenever there is an emergency. Offered to both salaried individuals (IB Clean Loan) and pensioners (IB Pension Loan), Indian Bank Personal Loan can be repaid easily with a flexible tenure that varies from individual to individual.
Indian Bank Personal Loan- Eligibility Criteria
IB Clean Loan
You should be a permanent employee with minimum service/experience of three years with govt./endowments/corporate industrial establishments/reputed companies, etc.
IB Pension Loan
- Central and state government pensioners, re-employed pensioners, family pensioners, Indian Bank retirees (both under VRS and superannuation) whose pension SB accounts are maintained at Indian Bank’s branch
- The age criteria is as follows:
|Type of Pensioner||Max entry level age||Max exit level age|
Indian Bank Personal Loan- Eligibility Calculator
Paisabazaar offers an online Personal loan Eligibility Calculator, which can be used to check your eligibility for Indian Bank personal loan. You would be asked necessary details like date of birth, monthly income, desired loan amount, profession, etc. and from the comfort of your home you will come to know if you are eligible for HSBC Bank personal loan.
How to Improve your Indian Bank Personal Loan Eligibility?
- Credit Rating: The credit history is one of the most important factors that impact the eligibility of Indian bank personal loans. Payment defaults and delays in paying EMIs, unclear credit card dues or other civil issues made in the past reflects on the Credit history or CIBIL score, which in turn affects the lender’s decision. A good credit rating can boost your eligibility
- Employment period: Having employment stability with a reputed employer is important to convince the bank for approval of Personal Loans from Indian Bank. A salaried person with at least 2 years of service including 1 continuous year in current profession is considered stable by most banks and hence are considered eligible for a personal loan
- Income: As a personal loan is an unsecured loan, the income of an applicant helps an individual to decide his eligibility or not. Higher the income, higher would be the chances of being approved for a personal loan
Frequently Asked Questions
What are the documents required to apply for IB Pension Loan?
- Authorization to recover monthly loan instalment from SB account where pension is credited
- Guarantee of spouse eligible for family pension. In case the spouse is not available, India bank also accepts suitable guarantee from legal heir or family member/third part guarantee
- Pensioner’s portion of PPO
What are the documents required to apply for IB Clean Loan?
- KYC documents: Aadhar Card, passport, ID card, ration card, driving license, etc.
- Proof of income: Last six months salary slip showing all deductions or latest form 16 (duly attested by the employer)
- Proof of employment: Copy of employment order, employee number, photo identity card issued by the employer, etc.
- Form 16/ITR
- Pan Card
- Authorization to debit SB account/ECS/NACH mandate
What is the customer care number of Indian Bank?
The customer care numbers of Indian Bank are 1800-425-00-000 and 1800-425-4422.
Benefits of Personal Loans
A temporary financial crisis can occur to anyone, no matter if they are financially stable overall. Personal loans are great to offset temporary financial needs like a vacation, wedding, education fees etc. It allows users to avail loans without any pre-set conditions and without providing collateral, which is a big relief for most loan borrowers. You can also apply for a personal loan online, making it even simpler and quicker.
- Easy Availability of Personal Loans from Indian Bank is one of the biggest factors why individuals prefer them over others. Further, Personal loans are available at reasonable interest rates and are not very expensive, making them a profitable immediate need option.
- Application approval for a personal loan does not involve any asset verification and require only a few key documents to be submitted, saving you from long processes. Indian Bank Personal loans are also quickly disbursed for the same reason, sometimes as early as within 24 to 48 hours of the loan application.
- Personal loans, today, are approved almost instantly, especially if you avail a personal loan from Indian bank online.
Eligibility criteria for Indian Bank personal loans
- Permanent Employees with minimum employment experience of three years with Government, Quasi –Government, Boards, reputed companies, Corporate Industrial Establishments etc.
- Minimum of 40% of gross salary after servicing the proposed EMI
Eligibility Criteria for Indian Bank Personal Loan Amount;
- Five times the gross salary for Indian Bank account holders or whose salary is credited in the IB branch account
- Maximum loan amount offered is of Rs.50000
- Seven times of gross salary with the employer sponsorship with an undertaking letter from the employer to recover EMI from salary and remit to Bank
- Maximum loan amount offered is of Rs.1 lakh
- Minimum age at the time of loan application must be 18 years
- Maximum age at the time of loan maturity must be 60 years
- 60 times of Net Monthly Income or 36 times of Gross Monthly Income, whichever is higher
- Spouse Income can be included for calculating eligible amount
Eligibility Criteria for Indian Bank Personal Loan Amount;
- Minimum loan amount offered is of Rs 25000
- Maximum loan amount offered is of Rs 1000000
Other requirements for Indian Personal Loan Eligibility:
- Applicant must have a good CIBIL credit score, the minimum required score is generally 700, may differ for different banks and on the basis on applicant’s profile. So, enquire before application.
- The applicant must possess good repayment capacity with a stable source of income.
- Overall bank ratings and the reputation of the company you work for must be considerable.
Factors Affecting Your Indian Bank Personal Loan Eligibility
- Age of the applicant
- Credit Rating
- Nature of Employment