- Indian Bank offers personal loans to cater to the personal requirements of applicants, except for speculation.
- The loan proceeds can be used for marriage, education, medical emergencies and other household expenses.
- The lender offers takeover facility to applicants having their salary accounts with Indian Bank.
- Indian Bank also offers personal loans to pensioners drawing their pension from Indian Bank.
- Individuals employed with government bodies/listed companies and autonomous bodies with their salary credited in the savings account maintained with Indian Bank are eligible for overdraft facility.
Indian Bank Personal Loan
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Filters
Processing Time3 - 5 Days
Interest Rate9.99% onwards
Processing FeesUpto 2.5%
Max. Loan Amount₹2 Crore
Processing Time3 - 5 Days
Interest Rate9.99% onwards
Processing FeesUpto 2.5%
Max. Loan Amount₹2 Crore
Processing Time3 - 5 Days
Interest Rate9.99% onwards
Processing Fees₹4999+GST
Max. Loan Amount₹50 Lakh
Processing Time3 - 5 Days
Interest Rate9.99% onwards
Processing Fees₹4999+GST
Max. Loan Amount₹50 Lakh
Processing Time3 - 5 Days
Interest Rate11% onwards
Processing FeesUpto 3%
Max. Loan Amount₹5 Lakh
Processing Time3 - 5 Days
Interest Rate11% onwards
Processing FeesUpto 3%
Max. Loan Amount₹5 Lakh
Processing Time3 - 5 Days
Interest Rate9.99% onwards
Processing Fees₹12999+GST
Max. Loan Amount₹50 Lakh
Processing Time3 - 5 Days
Interest Rate9.99% onwards
Processing Fees₹12999+GST
Max. Loan Amount₹50 Lakh
Processing Time1 - 2 Days
Interest Rate10% onwards
Processing FeesUpto 1.2%
Max. Loan Amount₹75 Lakh
Processing Time1 - 2 Days
Interest Rate10% onwards
Processing FeesUpto 1.2%
Max. Loan Amount₹75 Lakh
Processing Time1 - 2 Days
Interest Rate9.99% onwards
Processing FeesUpto 2%
Max. Loan Amount₹1 Crore
Processing Time1 - 2 Days
Interest Rate9.99% onwards
Processing FeesUpto 2%
Max. Loan Amount₹1 Crore
Processing Time3 - 5 Days
Interest Rate17% onwards
Processing FeesUpto 4%
Max. Loan Amount₹50 Lakh
Processing Time3 - 5 Days
Interest Rate17% onwards
Processing FeesUpto 4%
Max. Loan Amount₹50 Lakh
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About Indian Bank Personal Loan
Indian Bank Personal Loan Highlights
Indian Bank Personal Loan Interest Rates
Indian Bank Personal Loan interest rates start from 9.00% p.a. The bank has mentioned its interest rate differentiation based on the type of Indian Bank Personal Loan scheme, employment profile and loan tenure. While the bank has not disclosed the credit score or monthly income based interest rate differentiation, Indian Bank may also consider these factors, just like many lenders do, while setting its personal loan rates.
Floating Rates
Clean Loan
| Classification | Rate of Interest (p.a.) |
|---|---|
| Non-Priority Term Loan for GMRA Premium | 9.00% to 9.15% |
| IB Saral | 9.60% |
| IB Professional | 9.25%-9.50% |
| IB Insta Cash | 9.25% |
Salary Loan & IBCLS Plus
| Classification | Rate of Interest (p.a.) |
|---|---|
| Clean Loan to Salaried Class – Term Loan | 9.90% to 10.40% |
| Clean Loan to Salaried Class – Overdraft | 10.90% to 11.40% |
Pension Loan
| Product | Rate of Interest (p.a.) |
|---|---|
| Pension Loan | 10.15% to 10.40% |
Pre-approved Personal Loan
| Applicant Type | Rate of Interest (p.a.) |
|---|---|
| Pensioners, Salaried & Regular Income Applicants | 11.40% |
| Self-employed Applicants | 12.00% to 14.00% |
| Home Loan customers | 10.00% |
Fixed Rates
Clean Loan
| Classification | Rate of Interest (p.a.) |
|---|---|
| Non-Priority Term Loan for GMRA Premium | 10.25%-10.40% |
| IB Saral | 10.85% |
| IB Professional | 10.50%-10.75% |
| IB Insta Cash | 10.50% |
Salary Loan & IBCLS Plus
| Classification | Rate of Interest (p.a.) |
|---|---|
| Clean Loan to Salaried Class – Term Loan | 11.15%-11.65% |
| Clean Loan to Salaried Class – Overdraft | 12.15%-12.65% |
Pension Loan
| Product | Rate of Interest (p.a.) |
|---|---|
| Pension Loan | 11.40%-11.65% |
Pre-approved Personal Loan
| Applicant Type | Rate of Interest (p.a.) |
|---|---|
| Pensioners, Salaried & Regular Income Applicants | 12.65% |
| Self-employed Applicants | 13.25%-15.25% |
| Home Loan Customers | 11.25% |
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. The maximum limit is capped at Rs 50 lakhs.
- 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)
Overdraft:
- No check-off/undertaking available and salary credited in Indian Bank-
- The overdraft limit is equal to 1 month’s gross salary of the applicant subject to a maximum of Rs 2 lakhs
- The limit is for a tenure of 1 year
- The maximum limit is up to Rs 50 lakhs
- Check-off/undertaking available and salary may or may not be credited in Indian Bank (or) Home loan is already availed by the customer and salary is credited in the Indian Bank
- For limits up to Rs 5 lakhs – Maximum 5 years
- For limits above Rs 5 lakhs – Maximum 7 years
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 18 times of pension credited monthly
- For Family Pensioners: Up to 12 times of pension credited monthly
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
IB Professional
Purpose: Indian Bank offers personal loan to professionals for personal purposes such as household articles, setting up or renovation of office, to celebrate family functions, purchase of consumer durables and other personal/household expenses etc.
Loan Amount:
The maximum loan amount is to be lower of the following
- 2.50 times of lowest Gross Annual Income during the last 2 years
- Rs 30 lakhs
Tenure: Maximum 84 equated monthly instalment
IB Insta Cash – Overdraft Facility in Savings Bank Salary Account
Purpose: Indian Bank offers overdraft facility in savings accounts to employees of eligible organisations whose salaries are credited in a savings bank account maintained with Indian Bank
Loan Amount:
The maximum loan amount is to be lower of the following
- Minimum overdraft amount – Rs 25,000
- Maximum overdraft amount – Rs 2 lakhs or 2 month’s salary, whichever is lesser
- Minimum NTHP (after servicing interest of the overdraft facility) should be 40%
Tenure: The overdraft facility is available for a period of 1 year
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Indian Bank Personal Loan 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 |
Eligibility Criteria for Indian Bank Personal Loan
Apply for a personal loan on Indian Bank, applicants must meet certain eligibility criteria. Here are the key requirements
IB Pension Loan Scheme
IB Clean Loan to Salaried
IB Professional
IB Insta Cash
In addition, the bank may require you to have a strong credit score. You can check your credit score for free and stay aware about your credit profile.
Documents Required for Availing Indian Bank Personal Loan
IB Clean Loan to Salaried
IB Pension Loan Scheme
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FAQs
What is the credit score to avail personal loan at Indian Bank?
Indian Bank approves personal loan applications made by those having credit scores of 700 & above.
What is the turnaround time for disbursal of Indian Bank Personal Loan?
Most banks/NBFCs take 2-7 days to disburse pa ersonal loan from the date of making personal loan application.
Does Indian Bank provide pre-approved personal loan to select customers?
No, Indian Bank does not provide pre-approved personal loans to select customers.
What is the minimum salary requirement to avail personal loan from Indian Bank?
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.
Is there any restriction on the prepayment of Indian Bank Personal Loan?
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.
Personal Loan Articles
View All ArticlesPaisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners.
The APR (Annual Percentage Rate) of a personal loan is its annualised cost of borrowing, which includes the interest rate as well as the processing fees, documentation fees and other fees charged during the loan origination. The APR is expressed in the form of a percentage and thus, allows personal loan applicants to detect personal loan schemes offered at lower interest rates but with higher processing fees and/or other charges.
The APR of personal loans usually ranges between 11.29% to 35%. For example, assume that you have availed a personal loan of Rs. 5 lakhs @ 10.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, which amounts to Rs 7,500. Therefore, the total borrowing cost of your personal loan will be Rs 1,52,317 and its APR will be 11.16%.
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