Indian Bank personal loan is offered to salaried individuals as well as pensioners for meeting personal expenses like higher education, medical bills, purchase of household items or gadgets, etc. The loan can be availed online from the comfort of your home or office and can be sanctioned without any hassle if you meet the eligibility criteria.
Indian Bank Personal Loan - Features and Benefits
- Loan amount: The loan amount varies for both salaried professionals and self- employed individuals and is customized to fulfill all the personal needs of each and every individual
- Flexible tenure: The tenure to repay Indian Bank Personal Loan goes up to 83 months depending upon the type of personal loan you wish to avail
- Online application: You can apply for Indian Bank Personal Loan online and can avail instant funds by just completing a few formalities
- Minimum documentation: The documentation process to apply for Indian Bank Personal Loan is minimum and ensures convenience
Indian Bank Personal Loan - Interest Rate and Fees
|Interest Rates||Starting from 14.20%|
|Processing Fees||IB Clean Loan (for salaried class)||0.512% on loan amount with a minimum of Rs. 512/-|
|IB Pension Loan||Nil for loans upto Rs. 25,000/-, Rs. 255/- for loans above Rs. 25,000/-|
Indian Bank Clean Loan (For Salaried Class)
IB Clean Loan is offered to salaried professionals to meet their personal needs including medical expenses, household expenses, higher education, vacation, etc.
IB Clean Loan – Quantum of Loan
|Salary of the employee is credited in Indian Bank and no check-off undertaking is available||Maximum of twenty times of the monthly gross salary, subject to the condition that the employer will obtain NOC from the bank for change of salary account and take home pay should not be less than 40% of gross salary|
|Salary of the employee may or may not be credited in Indian Bank and check- off/undertaking is available||Maximum of twenty times of monthly gross salary subject to the condition that the take home pay should not be less than 40% of the gross salary|
|Customer has already availed home loan with Indian Bank, account is regular and salary is credited to the bank|
IB Clean Loan – Eligibility Criteria
You should be a permanent employee with minimum service/experience of three years with govt./endowments/corporate industrial establishments/reputed companies, etc.
IB Clean Loan – Documents Required
- 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
Indian Bank Pension Loan
This loan by Indian Bank is offered to the pensioners to meet expenses like medical bills, family function, home renovation, etc. The repayment criteria for regular pensioners is maximum 60 months (subject to exit age at 78 years) and for family pensioners it is 36 months (subject to exit age at 73 years)
IB Pension Loan – Quantum of Loan
|Regular Pensioner||15 months pension subject to a maximum of Rs. 6 lakh|
|Family Pensioner||12 months pension subject to a maximum of Rs. 2 lakh|
IB Pension Loan – Eligibility Criteria
- 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|
IB Pension Loan – Documents Required
- Authorization to recover monthly loan installment 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
Indian Bank Personal Loan - EMI Calculator
An individual can check the EMIs of Indian Bank Personal Loan at Paisabazaar.com by using the personal loan EMI Calculator and can plan his future expense accordingly. Also, EMI calculator helps you to borrow a loan amount as per your repayment ability. The process is simple and involves selecting the following things:
- Loan amount
- Interest rate
Compare Indian Bank Personal Loan VS Other Lenders
|Particulars||Indian Bank||HDFC Bank||Citi Bank||Axis Bank||ICICI Bank||Bajaj Finserv|
|Interest Rate||Starting from 14.20%||11.25% to 21.50%||Starting from 10.99%||15.75% to 24%||11.50% to 22.00%||Starting from 12.99%|
|Tenure||Upto 84 months||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months|
|Loan amount||Upto 20x monthly gross income||Upto Rs. 40 lakh||Upto Rs. 30 lakh||Rs. 50,000 to Rs. 15 lakh||Upto Rs. 20 lakh||Upto Rs. 25 lakh|
|Processing Fee||Upto 0.51% of the loan amount||Upto 2.50% of the loan amount||Upto 3% of the loan amount||2% of loan amount plus GST||Upto 2.25% of loan amount plus GST||Up to 3.99% of the loan amount|
|Apply Now||Apply Now||Apply Now||Apply Now||Apply Now||Apply Now|
Indian Bank - Customer Care
- You can call on national toll free number 1800-425-00-000 and 1800-425-4422
- You can visit the corporate office at PB No. 5555, 254-260, Avvai Shanmugam Salai, Royapettah, Chennai- 600 014
What should be the age of the pensioner at the time of applying for an IB personal loan?
The maximum age of the pensioner should be 75 years and the exit age should be maximum of 78 years.
What should be the age of the family pensioner?
The maximum age of the family pensioner should be 70 years at the time of loan application while the exit age at the time of loan maturity is a maximum of 73 years.
What is the repayment tenure for the pensioner applying for the Indian bank personal loan?
The repayment tenure for the personal loan by the pensioner cannot exceed 60 months.
What is the repayment tenure for the family pensioner for the Indian bank personal loan?
The repayment tenure for the family pensioner cannot exceed 36 months.