Compare & Choose from the Best Personal Loan OffersPlease Note: Indian Bank is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.
| Indian Bank Personal Loan Highlights – June 2022 | |
| Interest rate | 9.40%-9.90% 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 23rd June 2022
Table of Contents
Indian Bank Personal Loan Interest Rates
Pension Loan
| Loan Tenure | Rate of Interest (p.a.) |
| Up to 5 years | 9.65% |
| 5-10 years | 9.90% |
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 | 9.40% |
| Where salary is credited with Indian Bank but undertaking and check-off facility by the employer is not available | 9.90% | |
| For Housing Loan Borrowers | Where salary is credited with Indian Bank | 9.40% |
Note: For OD facilities – 1% additional interest shall be charged from above interest rates
Apply for a Personal Loan online with minimal documentation Apply Now
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:
| Banks/NBFCs | Interest Rates (per annum) |
| Indian Bank | 9.40% onwards |
| HDFC Bank | 10.50% – 21% |
| SBI | 9.80%-13.80% |
| ICICI Bank | 10.50% onwards |
| Axis Bank | 10.25% onwards |
| Kotak Mahindra Bank | 10.99% onwards |
| IndusInd Bank | 10.49% onwards |
| IDFC First Bank | 10.49% – 25% |
| Bajaj Finserv | 13.00% onwards |
| Tata Capital | 10.99% onwards |
EMI Calculation
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Personal Loan at Attractive Interest Rates Apply Now
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 |
Types of Indian Bank Personal Loan
IB Pension Loan Scheme
- Purpose: To meet the various financial requirements like marriage, education, family functions, medical, etc. of pensioners/family pensioners
- 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
IB Clean Loan to Salaried
- Purpose: For meeting medical/educational/marriage/family functions/other household expenses of government 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
IND Covid Emergency Pension Loan
- Purpose: For meeting emergency expenses due to Covid- 19 of pensioners/ family pensioners both under VRS and superannuation (CRS retirees and EPF pensioners are not eligible)
- Rate of Interest: 75% p.a.
- Loan Amount:
Up to 15 times of monthly pension net of TDS Up to Rs 2 lakh Net Take Home Pay (NTHP) should be up to 40% of the gross salary after deducting existing EMIs and EMI of the new loan
- Tenure: Up to 3 years (inclusive of holiday period of 3 months)
- Processing Fees: NIL
IND Covid Emergency Salary Loan
- Purpose: For meeting emergency expenses due to Covid-19 for government/ quasi-government/ MNCs/ Boards/ Endowments/ other reputed organizations with minimum 2 years of service and existing home loan borrowers with net take home pay of up to 40% of the gross salary after deducting EMI of the new loan and existing loan.
- Rate of Interest: 50% p.a. (fixed)
- Loan Amount: 20 times of monthly gross income subject to loan up to Rs 2 lakh
- Tenure: Up to 3 years (including moratorium period of 6 months) 3 months prior to superannuation of the borrower
- Processing Fees: NIL
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
IND Covid Emergency Pension Loan
- Central and State Government pensioners/ family pensioners, IB retirees, re-employed pensioners, RBI pensioners (both under VRS and superannuation)
- Pension accounts maintained with the Indian Bank
- Existing borrowers under IB Pension Loan can avail the loan
- All existing accounts in “Standard Category” excluding SMA1/SMA2 as on the sanction date
IND Covid Emergency Salary Loan
- Permanent employees with 2 years’ service in State Government/ Boards/ Endowments/ Quasi- Government/ MNCs/ other reputed organizations
- Salary account holder with the Indian Bank
- Existing home loan borrowers: Salary account maintained with the bank Salary account is some other bank Availability of Net Take Home Pay of up to 40% of the gross salary after the deduction of existing and proposed EMI
- All existing accounts in “Standard Category” excluding SMA1/SMA2 as on the sanction date
Check Your Free Credit Score to know personal loan eligibility Check Now
Documents Required
To avail Indian Bank personal loan customers need to furnish the following documents:
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
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
IND Covid Emergency Pension Loan
- Completely filled application form of the borrower
- Application for new borrowers
- Statement of asset and liability of the borrower
IND Covid Emergency Salary Loan
- Completely filled applicant’s form along with the guarantor’s form
- Income Proof (attested by the employer)-Form 16/ last 6 months salary slips with tax deductions
- ITR/Form 16
- Liabilities and assets form
- PAN card (mandatory document)
- Passport/ Aadhar card/ Driving License/ Voter ID/ Ration card for KYC
- Authorization to deduct EMI from SB account/ECS/ NACH mandate
Your pre-approved Personal Loan offers are just a click away Apply Now
Indian Bank Customer Care
The customer care department of Indian Bank can be contacted via any of the following means:
- 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
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.