Indian Bank Personal Loan

Please Note: Indian Bank is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.

Indian Bank Personal Loan Highlights
Interest rate	9.90%-11.40% p.a.
Loan Amount	Up to 20 times of monthly gross salary (salaried) Up to 15 times of monthly pension (pensioners)
Loan Tenure	Up to 7 years (salaried) Up to 10 years (pensioners)

Note: Rates as of 12th September 2022

Indian Bank Personal Loan Interest Rates

Clean Loan to Salaried

Loan Product	Classification	Rate of Interest (p.a.)
For employees of Government organization/ PSUs and State/Central Government and for Salaried individuals of reputed private organizations/other reputed organizations approved by reputed zonal office	Where salary is credited and undertaking and check-off facility by the employer is available	9.90%
	Where salary is credited with Indian Bank but undertaking and check-off facility by the employer is not available	10.40%
For Housing Loan Borrowers	Where salary is credited with Indian Bank	9.90%

Pension Loan

Loan Tenure	Rate of Interest (p.a.)
Up to 5 years	10.15%
5-10 years	10.40%

Note: For OD facilities – 1% additional interest shall be charged from above interest rates

Pre-approved Personal Loan

11.40% p.a.

While the Indian Bank Personal Loan interest rates set on the basis of credit score and monthly income have not been disclosed, lenders usually consider the monthly income and credit score, etc. of their loan applicants for setting their personal loan interest rates.

Comparison of Personal Loan Interest Rates offered by Various Lenders

Banks/NBFCs	Interest Rates(p.a.)
HDFC Bank	11.00% onwards	Apply Now
SBI	10.30%-15.10%
ICICI Bank	10.75% onwards	Apply Now
Axis Bank	10.25% onwards	Apply Now
Kotak Mahindra Bank	10.99% onwards	Apply Now
IndusInd Bank	10.49% onwards	Apply Now
IDFC First Bank	10.49% - 25.00%	Apply Now
Bajaj Finserv	13.00% onwards	Apply Now
Tata Capital	10.99% onwards	Apply Now

Types of Indian Bank Personal Loan

IB Clean Loan to Salaried

Purpose: Regular personal loan scheme for meeting medical, educational, marriage, family functions and other household expenses of individuals employed in government sectors or private salaried borrowers (other than speculative purposes)

Loan Amount:

• No check-off/undertaking available and salary credited in Indian Bank- Up to 20 times of monthly gross salary
• Check-off/undertaking available and salary may or may not be credited in Indian Bank- Up to 20 times of monthly gross salary
• Home loan is already availed by the customer and salary is credited in the Indian Bank- Up to 20 times of monthly gross salary

Tenure: Up to 7 years (loan closure 3 months prior to superannuation)

Processing Fee: 1% on the loan amount

IB Pension Loan Scheme

Purpose: Pension loan offered to pensioners/family pensioners for meeting their various financial requirements like marriage, education, family functions, medical, etc.

Loan Amount:

• For Regular Pensioners: Up to 15 times of pension credited monthly
• No cap on minimum and maximum loan amount
• For Family Pensioners: Up to 12 times of pension credited monthly subject to loan amount up to Rs 2 lakhs
• No cap on minimum loan amount

Tenure: Up to 10 years with respect to the exit age criteria

Processing Fee:

• Up to Rs 25,000- NIL
• Up to Rs 25,000- Rs 250

Know more about personal loan for salaried individuals

EMI Calculator

Fees & Charges

Types	Processing Charges
IB Pension Loan Scheme	Up to Rs 25,000- NIL
	Above Rs 25,000- Rs 250
IB Clean Loan to Salaried	1.00% on the loan amount
IND Covid Emergency Pension Loan	NIL
IND Covid Emergency Salary Loan	NIL

Also check the processing fee for personal loan charged by other lenders

Eligibility Criteria for Indian Bank Personal Loan

IB Pension Loan Scheme

• State and Central government pensioners, family pensioners, re-employed pensioners, IB retirees (both under superannuation and VRS)
• EPF pensioners and CRS retirees are not eligible
• Age: For regular pensioners: Entry age- Up to 75 years Exit age- Up to 78 years

For family pensioners: Entry age- Up to 70 years Exit age- Up to 73 years

No minimum entry age

IB Clean Loan to Salaried

• Permanent employees with government/ quasi-government/ reputed companies/ endowments/ corporate industrial establishments with an experience of at least 2 years
• Reputed Private Sectors:Large MNCs/Corporates with turnover above Rs 100 crores The employer is externally rated as “A” and above (not more than 12 months old as per current rating)
• Minimum Entry Age: 21 years
• Minimum CIBIL score should be 700

Also check personal loan eligibility set by other lenders

Documents Required

IB Clean Loan to Salaried

• Income proof (attested by the employer)- Salary slips for last 6 months with tax deductions/ Form 16
• PAN Card (mandatory document)
• Form 16/ ITR
• Employment Proof – ID card given by the employer, copy of employment order, employee number
• KYC documents – Aadhar card/ ration card/ Driving license/ Voter ID
• Authorization to debit the EMI from SB account/ NACH mandate/ ECS

IB Pension Loan Scheme

• PPO portion of the pensioner
• Intimation to PPA
• Authorization for recovering the EMI from the savings bank account where the pension is credited
• A suitable guarantor as per the bank’s acceptance criteria

FAQs

Q. What is the credit score to avail personal loan at Indian Bank?

Ans. Indian Bank approves personal loans applications made by those having credit scores of 700 & above. However, there are some lenders who sanction personal loans to those having lower credit score. Applicants with credit scores of below 700 can click here to avail personal loans.

Q. What is the turnaround time for disbursal of Indian Bank Personal Loan?

Ans. Most banks/NBFCs take 2-7 days to disburse personal loan from the date of making personal loan application. Some lenders including HDFC Bank, Axis Bank, Bajaj Finserv and ICICI Bank offer pre-approved instant personal loans to select customers. Click here to apply for personal loans with quicker disbursal.

Q. Does Indian Bank provide pre-approved personal loan to select customers?

Ans. No, Indian Bank does not provide pre-approved personal loans to select customers.

Q. What is the minimum salary requirement to avail personal loan from Indian Bank?

Ans. Although, Indian Bank has not mentioned any specific minimum salary requirement, the applicants with a minimum monthly income of Rs 15,000 would be able to avail personal loan from Indian Bank.

Q. Is there any restriction on the prepayment of Indian Bank Personal Loan?

Ans. No, there are no restrictions on the prepayment of Indian Bank Personal Loan. The prepayment charges are NIL for the applicants availing personal loan from Indian Bank.