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A personal loan from Indian Bank can be used to meet a variety of personal financial needs. Common uses of the personal loan from Indian Bank include expenses related to medical treatment, travel plans, and other household expenses. But before applying for a personal loan from any lender, some of the key things you should always know include the interest rate and the factors affecting the interest rate applicable to you. Read this article to know all about Indian Bank personal loan interest rate, including some tips to get your personal loan at a low interest rate.
Indian Bank Personal Loan Interest Rates
Indian Bank offers different types of personal loans with different interest rates. The following table summarizes the interest rate for all the loan types.
IB Pension Loan Scheme
| Classification | For Women | For General Public |
| 1 year | 10.60% p.a. | 10.75% p.a. |
| Above 1 year- up to 3 years | 11.35% p.a. | 11.50% p.a. |
| Above 3 years- up to 10 years | 11.60% p.a. | 11.75% p.a. |
Clean Loan to Salaried
| Classification | For Women | For General Public |
| For Employees | ||
| Where check-off facility and undertaking is available | 9.05% p.a. | 9.20% p.a. |
| Where check-off facility and undertaking is not available but the salary is credited with the bank | 9.65% p.a. | 9.80% p.a. |
| For Housing Loan Borrowers | ||
| Salary credited with Bank of India | 9.05% | 9.20% |
| Above 5 years- up to 7 years | 13.50% | 13.65% |
Covid-19 Loans
| Personal Loan Schemes for Covid emergency expenses | 8.50% p.a. |
| IND Covid Emergency Pension Loan | 8.75% p.a. |
| IND Covid Emergency Salary Loan | 9.50% p.a. (fixed) |
Indian Bank Personal Loan Balance Transfer Interest Rates
Personal loan balance transfer refers to a process by which you can transfer an ongoing personal loan with one bank to another for better interest rate and terms of loans. The rate of interest for such a personal loan is usually comparable to the personal loan interest rate starting at 9.05% p.a. However, the actual interest rate for Indian Bank personal loan balance offers depend on key factors such as outstanding loan amount, repayment period, interest rate of current loan, etc.
Also Know: Who can avail the balance transfer and top-up of personal loan?
Comparison between Indian Bank and other Banks/NBFCs
The following table compares interest rate of Indian Bank personal loan to other key lenders offering similar loans:
| Banks/NBFCs | Interest Rates (per annum) |
| SBI | 9.60% – 13.85% |
| HDFC Bank | 10.25% – 21% |
| PNB | 7.90% – 14.50% |
| ICICI Bank | 10.50% – 19% |
| Axis Bank | 10.25% p.a. onwards |
| Kotak Mahindra Bank | 10.25% onwards |
| IndusInd Bank | 11.00% onwards |
| IDFC First Bank | 10.49% – 23% |
| Bajaj Finserv | 13.00% onwards |
| Tata Capital | 10.99% onwards |
How to Get Low Interest Rates on Indian Bank Personal Loan?
Follow the below mentioned tips to get a low rate of interest on Indian Bank personal loan:
- Maintain a good credit score. Higher the score, higher are the chances of getting a loan at a lower rate of interest.
- Try to keep your credit utilization ratio below 30%.
- Ensure that your current debt level is low. A lower FOIR suggests greater repayment ability, and hence helps you to get a personal loan at a lower rate of interest.
- Try to apply for a personal loan at a bank with which you have a good pre-existing relationship.
- Avoid submitting multiple loan applications simultaneously. Doing this may portray you as credit hungry. Moreover, doing so results in multiple hard enquiries of your credit report, which will decrease your credit score.
Check Your Free Credit Score to know personal loan eligibility Check Now
FAQs
Q. What will be the interest rate after GST?
Interest rate on personal loans is not affected by GST and hence remains the same as specified in your loan agreement. However, charges like processing fees, balance transfer fees, etc. are subject to GST.
Q. What is Indian Bank personal loan interest rate for an existing customer?
The pre-existing customers of Indian Bank may get a personal loan at a lower rate of interest, however, it completely depends on your profile and bank’s discretion.
Q. Which method of interest calculation does Indian Bank use?
Indian Bank uses reducing balance method of interest calculation for personal loans.
Q. Can pensioners get a personal loan from Indian Bank?
Yes, pensioners can avail a personal loan from Indian Bank, provided they meet the eligibility criteria.
Q6. What is the customer care number for Indian Bank?
The 24×7 toll free customer care numbers of Indian Bank are:
- 1800-4250-0000
- 1800-425-4422
Q. What is the repayment tenure for Indian Bank personal loan?
You can repay the personal loan taken from Indian Bank in up to 84 months.
Q. How can I compare interest rate of various personal loan offers?
You can compare multiple loan offers with their respective interest rates and chances of approval on the Paisabazaar platform. It not only saves you from the hassle of visiting the individual bank websites, but also doesn’t affect your credit score.
Q. How can I maintain a good credit score?
Credit score is a direct reflection of your repayment history. Hence, you can maintain a good score by paying your loan EMIs and credit card dues on time. Moreover, keeping your debt at low levels and maintaining a credit utilization score of less than 30% can also help you maintain a high score.
Q. What are the processing fees for Indian Bank personal loan for salaried applicant?
The processing fee for Indian Bank personal loan to salaried employees is 1% of the loan amount.