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 – Jan 2022
| Interest rate | 8.50% p.a. – 13.65% 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) |
Table of Contents
Indian Bank Personal Loan Interest Rates
IB Pension Loan Scheme
| Classification | For Women | For General Public |
| 1 year | 10.60% p.a. | 10.75% p.a. |
| Above 1 year- up to 3 years | 11.35% p.a. | 11.50% p.a. |
| Above 3 years- up to 10 years | 11.60% p.a. | 11.75% p.a. |
Clean Loan to Salaried
| Classification | For Women | For General Public |
| For Employees | ||
| Where check-off facility and undertaking is available | 9.05% p.a. | 9.20% p.a. |
| Where check-off facility and undertaking is not available but the salary is credited with the bank | 9.65% p.a. | 9.80% p.a. |
| For Housing Loan Borrowers | ||
| Salary credited with Bank of India | 9.05% | 9.20% |
| Above 5 years- up to 7 years | 13.50% | 13.65% |
Covid-19 Loans
| Personal Loan Schemes for Covid emergency expenses | 8.50% p.a. |
| IND Covid Emergency Pension Loan | 8.75% p.a. |
| IND Covid Emergency Salary Loan | 9.50% p.a. (fixed) |
Apply for a Personal Loan online starting at only 10.25%* p.a. 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 | 9.05% – 13.65% |
| HDFC Bank | 10.25% – 21% |
| SBI | 9.60% – 13.85% |
| PNB | 7.90% – 14.50% |
| ICICI Bank | 10.50% – 19% |
| Axis Bank | 10.25% p.a. onwards |
| Kotak Mahindra Bank | 10.25% onwards |
| IndusInd Bank | 11.00% onwards |
| IDFC First Bank | 10.49% – 23% |
| Bajaj Finserv | 13.00% onwards |
| Tata Capital | 10.99% onwards |
Also Compare: Best personal loan interest rates offered by top banks
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
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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 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.
Q. 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.
Q. 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.
Q. What are the different tenure options available on Indian Bank personal loans?
The loan tenure can range between 12-84 months.
Q. 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.
Q. Is collateral required to avail a personal loan from Indian Bank?
No collateral is required to avail a personal loan from the bank.
Q. 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.
Q. 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.
