Please Note: Indian Bank is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.
Indian Bank Personal Loan Highlights | |
Interest rate | Starting at 9.05% p.a. |
Loan Amount | As per applicant profile |
Loan Tenure | Up to 84 months |
Processing Fees | Up to 1% of loan sanctioned |
Eligible Applicant Categories |
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Types of Loans | Clean Loan and Pension Loan |
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. The interest rate for Indian Bank personal loan starts as low as 9.05% p.a. however different rates may be applicable depending on individual applicant profile.
Table of Contents
Features of Indian Bank Personal Loan
- Loan amount: The loan amount varies for both salaried professionals and pensioners 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 84 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 requirement to apply for Indian Bank personal loan is minimum which ensures maximum convenience for the applicant

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Indian Bank Personal Loan Interest Rates
The following are the interest rates applicable to different types of Indian Bank personal loans:
Type of personal loan | Interest Rate (p.a.)* |
Pension Loan | 10.50% onwards |
Clean Loan to Salaried | 9.05% onwards |
*The above rates are subject to periodic change and actual interest rates for the loan may vary based on various criteria including but not limited to credit score, loan amount, employment type
Types of Indian Bank Personal Loan
The two types of personal loan products available with Indian Bank are given below:
1. IB Clean Loan (for salaried individuals): IB Clean Loan is offered to salaried individuals to meet their personal needs including medical expenses, household expenses, home renovation, vacation, etc. Some features IB Clean Loan are given below:
- To avail the loan, an individual must be a permanent employee with minimum experience/service of three years with Govt./Quasi -Govt./ Endowments/ Boards/ Corporate Industrial Establishments/reputed companies etc.
- The loan tenure can be up to 84 months
- The following are the applicable interest rates that vary based on the applicant type:
Clean Loan to Salaried Class Scheme | ||
For employees of Government organizations / State Government / PSUs & Central and for Salaried individuals of reputed Private Sector / other reputed organizations approved by respective Zonal Office | If Check-off facility & undertaking by the employer is available | 10.35% p.a. |
If Check-off facility & undertaking by the employer is not available, but salary is credited with our Bank. | 10.95% p.a. | |
For Housing Loan Borrowers (Salaried Class) | Where applicant’s salary is credited to Indian Bank salary account | 10.35% p.a. |
2. IB Pension Loan: This loan by Indian Bank is offered to pensioners to meet expenses like medical bills, family function, home renovation, etc. The repayment tenure for regular pensioners is up to a maximum of 60 months (subject to the exit age fixed at 78 years) and for family pensioners it is 36 months (subject to the exit age at 73 years). Indian Bank Pension loans have the following features:
- To avail the loan, an individual must be Central or State Government Pensioner, Re-employed Pensioner, Family Pensioner, Indian Bank Retiree (both under superannuation and VRS) having Pension SB accounts with Indian bank
- No processing fee is charged for loans up to Rs. 25,000 and Rs. 255 is charged as processing fees for loans above Rs. 25,000
- The loan tenure can go up to a maximum of 60 months for a regular pensioner and 36 months for a family pensioner
- The following are the interest rates depending on the type of pension loan an applicant opts for:
Indian Bank Pension Loan Type | Interest Rate |
Repayment within 12 months | 11.90% p.a. |
Repayment over 12 months and up to 36 months | 12.65% p.a. |
Repayment over 36 months and up to 60 months | 12.90% p.a. |
Eligibility
To avail Indian Bank personal loan, the following details must be taken into consideration:
Loan Type | Particulars of Applicant | Eligibility Criteria |
IB Clean Loan | Work Experience | Permanent employees with at least service/experience of 3 years with Govt./ Quasi -Govt./ Endowments/ Boards/ Corporate Industrial Establishments/ reputed companies etc. |
Security | ● Employer’s sponsorship ● Authorisation to debit SB account or ● Encashable collateral security and/ or Third party guarantee ● Post-dated cheques | |
Guarantee | Guarantee of spouse (wherever applicable) & another employee | |
IB Pension Loan | Pension Type | State & Central Government Pensioners, Re-employed Pensioners, Family Pensioners, Indian Bank Retirees (both under superannuation & VRS) whose Pension SB accounts are maintained with the bank |
Security/ Documents | ● Authorization to recover monthly loan installment from SB Account where pension is credited ● Guarantee of spouse eligible for family pension. In the absence of spouse, the guarantee from the legal heir or family member/ third party guarantee (acceptable to bank) ● Pensioner’s portion of PPO |
Know more about India Bank Personal Loan Eligibility

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Documents required for Indian Bank Personal Loan
To avail Indian Bank personal loan customers need to furnish the following documents:
- Photo Identity Proof: A copy of your Aadhaar/PAN/Voter ID/Passport/Driving License etc.
- Proof of Income : Latest Form 16 or salary slips of the past six months showing all deductions (duly attested by the employer)
- Address Proof: A copy of your Ration Card / Electricity Bill (not more than 3 months old) / Passport
- Employment Proof: A copy of the employment order, employee number, Photo Identity Card issued by the employer, etc.
Additional documents required for IB Clean Loan:
- ITR/Form 16
- PAN (mandatory)
- Authorisation to debit SB account/ECS/NACH mandate
Additional documents required for IB Pension Loan:
- Authorization to recover monthly loan installment from SB Account where pension is credited
- Pensioner’s portion of PPO
- Guarantee of spouse eligible for family pension. In the absence of spouse, the guarantee from the legal heir or family member/ third party guarantee (acceptable to bank)
How to Apply for Indian Bank Personal Loan with Paisabazaar?
The application process for Indian Bank Personal Loan with Paisabazaar involves the following steps:
Step 1- Visit Paisabazaar.com and fill out the online application form to check best personal loan offers.
Step 2 – You will get a list of offers from several NBFCs/ banks sorted as per the chances of approval.
Step 3 – Select a prospective lender from the list or contact Paisabazaar for assistance.
Step 4 – Complete and submit your loan application online.
Personal Loan Verification Process
Once your personal loan application has been submitted online on Paisabazaar, the verification process involves the following steps:
Step1. Your loan application is forwarded to the chosen lender by Paisabazaar. Following this, usually within 48 hours of online submission of your loan application, you will receive a call from the lender’s representative.
Step2. The prospective lender will schedule pickup of your income, KYC, etc. documents or provide an option to upload them online. These documents will be subsequently be used to verify your application.
Step3. Upon successful completion of the lender’s verification and the approval of the loan, you will receive another call to verify the loan offer and ask for your consent to the loan terms and conditions for disbursal.
Step4. After successful verification and loan approval, the loan is typically disbursed within 48 hours of approval by the lender.
Note: Depending on Indian Bank’s internal requirements as well as other criteria, the above stated turn-around time for personal loan verification/disbursal may vary.
Check Indian Bank Personal Loan Application Status
Customers can check the status of their personal loan application by following the steps given below:
- Visit the official website of Indian Bank
- Click on ‘Links’ and select ‘Online Services’.
- Click on ‘Loan Application Status’ under ‘Online Services’.
- Enter reference number and password and enter the captcha code as shown in the image to know the status of your loan application.
Fees and other Charges
Processing Fees | IB Clean Loan (for salaried class) | 0.512% of 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/- |
How to Login on Indian Bank Portal?
The login process involves the following steps:
- Visit the official website of Indian Bank and click on ‘Net Banking’.
2. On the page that opens next, click on ‘Login for Net Banking’.
3. Enter your User ID and captcha code as shown in the image and click on Login.
Indian Bank Personal Loan Statement
You can either check your Indian Bank personal loan statement online by logging into your Internet banking account with Indian bank or call up customer care to request a copy of your personal loan statement. Additionally you can visit your nearby Indian Bank branch to request a copy of your personal loan statement in person.

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Indian Bank Personal Loan EMI Calculation
The interest rate for Indian Bank personal loan starts as low as 10.35% p.a.
The table below depicts a sample of loan amounts against different loan tenures and interest rates along with monthly EMIs.
Loan Amount (Rs.) and Interest Rate | Monthly EMI Payout (Rs.) | ||||
1-year loan tenure | 2-year loan tenure | 3-year loan tenure | 4-year loan tenure | 5-year loan tenure | |
2 lakh @ 10.35% p.a. | Rs. 17,616 | Rs. 9,261 | Rs. 6,486 | Rs. 5,106 | Rs. 4,284 |
3 lakh @ 10.95% p.a. | Rs. 26,508 | Rs.13,975 | Rs. 9,815 | Rs. 7,746 | Rs. 6,515 |
5 lakh @ 13% p.a. | Rs. 44,659 | Rs. 23,771 | Rs. 16,847 | Rs. 13,414 | Rs. 11,377 |
Comparison of Indian Bank Personal Loan vs Other Lenders
The following table gives a comparison of the key features of a personal loan from Indian Bank vs. other top lenders in India:
Particulars | Indian Bank | ICICI Bank | State Bank of India | Citi Bank | Axis Bank | HDFC Bank |
Interest Rate | Starting from 9.05% | 11.25% to 22.00% | Starts at 10.50% | Starting at 10.50% | 11.49% to 17.49% | 10.75% to 21.30% |
Tenure | Up to 84 months | 12 to 60 months | Up to 72 months | 12 to 60 months | 12 to 60 months | 12 to 60 months |
Loan amount | Up to 20x monthly gross income | Up to Rs. 20 lakh | Up to Rs. 20 lakh | Up to Rs. 30 lakh | Rs. 50,000 to Rs. 15 lakh | Up to Rs. 40 lakh |
Processing Fee | Up to 0.512% of the loan amount (minimum Rs. 512) | Up to 2.25% of loan amount | Up to 1% of loan sanctioned | Up to 3% of the loan amount | 2% of loan amount | Up to 2.50% of the loan amount |
Indian Bank Customer Care
The customer care department of Indian Bank can be contacted via any of the following means:
- By Phone: You can call the national toll free numbers 1800-425-00-000 or 1800-425-4422
- Branch Visit: You can visit the nearby Indian Bank branch to get your queries answered
Benefits of Applying for Personal Loan at Paisabazaar
Some advantages of applying for a personal loan on Paisabazaar.com are given below:
- The completely online platform eliminates the need to physically visit the branch office or website of multiple prospective lenders
- The Paisabazaar website can be accessed anytime and anywhere as per the applicants’ convenience
- The Paisabazaar website enables you to make the right decision with respect to your personal loan by providing you the option to compare key personal loan features like processing fees, interest rates, foreclosure charges, etc. of various personal loan providers on a single platform
- Customers can check the status of their personal loan that is applied through the company’s website using the application number provided to them

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Important Aspects
- To avail the best deal, different interest rates and charges should be compared online before actually applying for a personal loan
- Avoid applying for a personal loan with multiple lenders at the same time. It may result in an increase in the number of hard inquiries showing up on your credit report which may adversely affect the chances of loan approval
- Check your credit score before applying for a loan. It is one of the first things that lenders consider before lending money to a person. Low credit score might lead to an increase in the interest rate charged by the bank or the rejection of your loan application
- Consider the complete cost of the loan. Interest is not the only cost that you need to pay. Other charges like processing fees, prepayment fees, late payment fee, etc. might also be considered while deciding upon a particular personal loan
- Borrow only what you need and can pay back. Don’t borrow simply because you are eligible to borrow a higher amount
FAQs
Q1. What can be the maximum entry level and exit level age of a pensioner at the time of applying for an IB personal loan?
The maximum age of a regular pensioner at entry level can be 75 years and 78 years at exit level.
Q2. What can be the maximum entry level and exit level age of a family pensioner at the time of applying for an IB personal loan?
The maximum age of a family pensioner can be 70 years at the time of loan application while the exit age at the time of loan maturity can be a maximum of 73 years.
Q3. What is the repayment tenure for a pensioner applying for the Indian Bank personal loan?
The repayment tenure for a personal loan by a regular pensioner cannot exceed 60 months.
Q4. What is the repayment tenure for a family pensioner in case of Indian Bank personal loan?
The repayment tenure for a family pensioner cannot exceed 36 months.
Q5. What are the different tenure options available on Indian Bank personal loans?
The loan tenure can range between 12-84 months.
Q6. What are the different ways to get in touch with Indian Bank in case I want to secure a personal loan?
Customers can get in touch with the bank via any of the following means:
- Visit the nearby branch office
- Call up the bank’s national toll free number 1800-425-00-000 or 1800-425-4422
- Apply online on the bank’s website
Q7. Do I have to be an account holder with Indian bank to secure a personal loan?
No, it is not mandatory to be an account holder with Indian Bank in case you wish to obtain an Indian Bank Clean Loan. However, you need to have a Pension SB account with the bank in case you want to obtain the IB Pension Loan.
Q8. Is collateral required to avail a personal loan from Indian Bank?
No collateral is required to avail a personal loan from the bank.
Q9. What is the minimum credit score required to avail a personal loan from Indian Bank?
There is no minimum fixed credit score to obtain a personal loan from Indian bank. However, a score closer to 900 is considered to be a good score and increases the chances of the approval of your loan application.
Q10. Is it possible to negotiate the interest rate on personal loans with Indian Bank?
While it may be possible to negotiate some of the terms of a personal loan, the actually terms and conditions applicable to a personal loan tend to vary on a case by case basis.