Indian Bank Personal Loan

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Get Indian Bank Personal Loan at lowest interest rates

  • Loan Amount: 20x Monthly Gross Salary
  • Processing Fees: Upto 0.51%

Apply for Personal Loan Starting From 10.50%*

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City: Gurgaon

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :31/03/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

CIBIL TERMS AND
CONDITIONS

To,
TransUnion CIBIL Limited
[Formerly known as Credit Information Bureau (India) Limited]
One Indiabulls building ,Unit No 1901 – 1905,
19th Floor, Tower 2A-2B, Jupiter Mill compound,
Senapati Bapat Marg, Lower Parel, Mumbai 400 013

Sub: Grant of Consent

Dear Sirs,

In connection with submission of the application for my credit information offered by CIBIL (“Consumer Credit Information”) through Paisabazaar (referred to as the “Company”) and delivery of the Consumer Credit Information to the Company, I hereby acknowledge and agree to the following:

A. The Company is my lawfully appointed agent and he / it has agreed to be my agent for the purposes, including, without limitation, to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, and the Company has granted its consent for being appointed for the aforesaid purpose.

B. I grant my unconditional consent to the Company to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, as the case may be, and the Company has granted its consent for being appointed for the aforesaid purpose. I hereby represent and acknowledge that: the Terms of Understanding in relation to the use of the Consumer Credit Information has been agreed between me and the Company.

C. I hereby expressly grant unconditional consent to, and direct, TUCL to deliver and / or transfer my Consumer Credit Information to the Company on my behalf.

D. I shall not hold TUCL responsible or liable for any loss, claim, liability, or damage of any kind resulting from, arising out of, or in any way related to: (a) delivery of my Consumer Credit Information to the Company ; (b) any use, modification or disclosure by the Company of the contents, in whole or in part, of my Consumer Credit Information , whether authorized or not; (c) any breach of confidentiality or privacy in relation to delivery of my Consumer Credit Information to the Company ; (d) for any use made by the Company which is contrary to the Agreement entered into between the Company and TUCL

E. I acknowledge and accept that: (a) TUCL has not made any promises or representations to me in order to induce me to provide my Consumer Credit Information or seek any consent or authorization in this regard; and (b) the implementation of the Agreement between TUCL and the Company is solely the responsibility of the Company.

F. I agree that I may be required to record my consent / provide instructions electronically and in all such cases I understand that by clicking on the "I Accept" button below, I am providing "written instructions" to Paisabazaar authorizing Paisabazaar to obtain my Consumer Credit Information from my personal credit profile from TransUnion CIBIL LIMITED, [formerly known as Credit Information Bureau (India) Limited]]. I further authorize Paisabazaar to obtain such information solely to confirm my identity and display my Consumer Credit Information to me. Further in all such cases “By checking this box and clicking on the ‘Authorize button, I agree to the terms and conditions, acknowledge receipt of TUCL privacy policy and agree to its terms, and confirm my authorization for Paisabazaar to obtain my Consumer Credit Information.

G. I understand that in order to deliver the product to me, I hereby authorize Paisabazaar, to obtain my Consumer Credit Information from TUCL.

H. By submitting this registration form, I understand that I am providing an express adhoc one-time written instructions for Paisabazaar to request and receive information about me from third parties, including but not limited to a copy of my consumer credit report and score from consumer reporting agencies, at any time for so long as I have an active Paisabazaar account. I further authorize Paisabazaar to retain a copy of my information for use in accordance with the terms of use of this service, Paisabazaar’s Terms of Use and Privacy Policy.

I. I UNDERSTAND THAT THE PRODUCT IS PROVIDED ON AN “AS-IS”, “AS AVAILABLE” BASIS AND TUCL EXPRESSLY DISCLAIMS ALL WARRANTIES, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.

J. I shall not sue or otherwise make or present any demand or claim, and I irrevocably, unconditionally and entirely release, waive and forever discharge TUCL , its officers, directors, employees, agents, licensees, affiliates, successors and assigns, jointly and individually (hereinafter “Releasee”), from any and all manner of liabilities, claims, demands, losses, claims, suits, costs and expenses (including court costs and reasonable attorney fees) (“Losses”), whatsoever, in law or equity, whether known or unknown, which I ever had, now have, or in the future may have against the Releasee with respect to the submission of my Consumer Credit Information and / or my decision to provide TUCL L with the authority to deliver my Consumer Credit Information to the Company . I agree to defend, indemnify, and hold harmless the Releasee from and against any and all Losses resulting from claims made against TUCL L by third parties arising from and in connection with this letter.

K. I agree that the terms of this confirmation letter shall be governed by the laws of India and shall be subject to the exclusive jurisdiction of the courts located in Mumbai in regard to any dispute arising hereof. TUCL is entitled to assign its rights hereunder to any third person without taking my prior written consent.

Yours faithfully,
Name :

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :31/03/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

EQUIFAX TERMS AND
CONDITIONS

I Mr./Ms. -------------------- ---------------------residing at ------------------------ ---------------------------------------- do hereby authorise Paisabazaar Team ,to do all acts on my behalf as may be necessary including to execute/sign application(s), make payment of applicable fees* and generally to all other acts as may be necessary to receive, on my behalf and at my request, my Credit Information Report (CIR) from Equifax Credit Information Services Private Limited("Equifax") at the following address/email id:

I hereby confirm that all the powers hereby conferred may be exercised by officer(s) or manager(s) / agent(s) / employees of the Paisabazaar who is duly authorized by the Paisabazaar.

I hereby confirm, agree, undertake and accept that I shall at all times be solely responsible for all the above actions and omissions of the Paisabazaar shall be binding on me as though such actions had been carried out by me directly. I further confirm that my CIR shall be used only for the purpose as mentioned in the attached standard terms and conditions and I shall be solely liable for, and indemnify and hold harmless Equifax for and against, any and all third party claims or damages or proceedings of any kind, arising from or in connection with (a) any misrepresentations, incorrect information or omission of any critical information in my application, or (b) furnishing my CIR based on this authorization letter, and shall not at any time hold Equifax or its affiliates and their respective officers, directors, employees or representatives liable in this respect.

I hereby also confirm that I have only appointed Paisabazaar to be my authorized agent/representative for collection of my CIR.

I undertake to keep Equifax intimated and informed at all times, of any renewals or termination of the authorization to Paisabazaar or any amendments, modifications or changes in the terms governing the obligations or my relationship with Paisabazaar.

I shall at all times co-operate with Equifax and execute and deliver to Equifax such instruments and documents and take such other actions as may be required by Equifax from time to time in connection with this authority letter.

By signing on this authorization letter, I hereby acknowledge and accept the Standard Terms and Conditions mentioned above.

Date : 31/03/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :31/03/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

EXPERIAN TERMS AND
CONDITIONS

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM EXPERIAN.

YOU HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY EXPERIAN TO YOU AND PAISABAZAAR AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU HEREBY ALSO AGREE AND ACKNOWLEDGE THAT FOR PAISABAZAAR TO SERVICE YOU AS A CUSTOMER, THE CREDIT INFORMATION SHALL BE SHARED BY EXPERIAN WITH YOU AND PAISABAZAAR ON A MONTHLY BASIS. YOU FURTHER ALSO AGREE AND CONSENT TO RECEIVE SUCH CREDIT INFORMATION DIRECTLY FROM EXPERIAN AND ALSO THROUGH YOUR PAISABAZAAR ACCOUNT AS PER YOUR INDEPENDENT REGISTRATION WITH PAISABAZAAR.

Please read the Terms and Conditions of this document carefully before accepting. By clicking on the "I ACCEPT" button below, you are expressly agreeing to access the Experian Credit Information Report and Credit Score (as defined in the Important Information Section below) (together referred as "Credit Information") and share a copy of the Credit Information with Paisabazaar in the "as is" format. Please click on the link below to read and understand the Important Information section below.

** This document is an electronic record in terms of the Information Technology Act, 2000 and Rules made there under, and the amended provisions pertaining to electronic records.

Information Collection, Use, Confidentiality, No-Disclosure and Data Purging

PAISABAZAAR/ We/ Us can only access your Credit Information as your authorized representative and we shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from us on the Website. We shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

We shall protect and keep confidential the Credit information both online and offline and use best in class security measures in line with applicable laws. The Credit Information shared by You, or received on your behalf shall be destroyed, purged, erased promptly upon the earlier of: (i) your written request to terminate this relationship with Paisabazaar (ii) the completion of provision of the Services by us to you.

Governing Law and Jurisdiction The relationship between you and the Parties shall be governed by laws of India and all claims or disputes arising there from shall be subject to the exclusive jurisdiction of the courts of [Mumbai].

Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
"Credit Information Report" means the credit information / scores / aggregates / variables or reports which shall be generated by Experian;
"Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by Experian.
"CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
PLEASE READ THE ABOVE MENTIONED IMPORTANT INFORMATION AND CLICK ON "ACCEPT" FOLLOWED BY THE LINK BELOW TO COMPLETE THE AUTHORISATION PROCESS FOR SHARING OF YOUR CREDIT INFORMATION BY EXPERIAN WITH YOU AND PAISABAZAAR, IN ITS CAPACITY AS YOUR AUTHORISED REPRESENTATIVE.
BY CLICKING "ACCEPT" YOU AGREE AND ACCEPT THE DISCLAIMERS AND TERMS AND CONDITIONS SET OUT HEREIN. THE TERMS AND CONDITIONS MENTIONED HEREIN MAY CHANGE IN ORDER TO COMPLY WITH GOVERNING LAWS OF THE COUNTRY AND THE CONSUMER SHALL BE BOUND TO ANY CHANGES TO THIS AGREEMENT

Name :
Date : 31/03/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :31/03/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

CRIF HIGH MARK TERMS
AND CONDITIONS

This End User Agreement (the "Agreement") is made between you (the "User" or "You") and Paisabazaar Marketing and Consulting Pvt Ltd ("PaisaBazaar"), a private limited company having its registered office at Plot No 119, Sector-44, Gurgaon-122001, Haryana ("PAISABAZAAR", "Us" or "We", which term shall include its successors and permitted assigns). The User and PAISABAZAAR shall be collectively referred to as the "Parties" and individually as a "Party".

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM CRIF HIGH MARK. BY EXECUTING THIS AGREEMENT / CONSENT FORM, YOU ARE EXPRESSLY AGREEING TO ACCESS THE CRIF HIGH MARK CREDIT INFORMATION REPORT AND CREDIT SCORE, AGGREGATE SCORES, INFERENCES, REFERENCES AND DETAILS (AS DEFINED BELOW)(TOGETHER REFERRED AS "CREDIT INFORMATION"). YOU HEREBY ALSO IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY CRIF HIGH MARK TO YOU AND PAISABAZAAR BY USING CRIF HIGH MARK TOOLS, ALGORITHMS AND DEVICES AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU ALSO ACKNOWLEDGE THAT YOU SHALL NOT RAISE ANY CLAIM OR HOLD LIABLE CRIF HIGH MARK CREDIT INFORMATION SERVICES PRIVATE LIMITED IN RELATION TO YOUR CREDIT INFORMATION REPORT AND CREDIT SCORE PROVIDED OR TO BE PROVIDED BY CRIF HIGH MARK TO PAISABAZAAR.

Terms and Conditions: Information Collection, Use, Confidentiality, No-Disclosure and Data Purging PAISABAZAAR shall access your Credit Information as your authorized representative and PAISABAZAAR shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from PAISABAZAAR. PAISABAZAAR shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

The Parties agree to protect and keep confidential the Credit Information both online and offline. The Credit Information shared by you, or received on by us on your behalf shall be destroyed, purged, erased promptly upon request from the consumer or the consumer withdrawing the consent to retain such credit information / reports by deleting/deactivating the consumers account with Paisabazaar.

Governing Law and Jurisdiction Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
" Business Day" means a day (other than a public holiday) on which banks are open for general business in Gurgaon and Mumbai.
" Credit Information Report" means the credit information / scores/ aggregates / variables / inferences or reports which shall be generated by CRIF High Mark;
" Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by CRIF High Mark.
" CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
IN CASE THERE IS ANY DISCREPANCY OR INABILITY IN COMPLETION OF ONLINE AUTHENTICATION, PLEASE SUBMIT YOUR SELF ATTESTED KYC DOCUMENTATION IN SCANNED COPIES FOR SHARING OF YOUR CREDIT INFORMATION BY CRIF HIGH MARK WITH YOU AND PAISABAZAAR (YOUR AUTHORISED REPRESENTATIVE).
ONLINE SUBMISSION - DOES NOT REQUIRE SIGNATURE AND EXECUTION"

Name :
Date :31/03/2020

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हिंदी में पढ़े
Updated: 27-02-2020 11:45:56 AM

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 10.35% p.a. however different rates may be applicable depending on individual applicant profile.

 

Features of Indian Bank Personal Loan

  • 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 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

Indian Bank Personal Loan Interest Rates

The following are the interest rates applicable to different types of Indian Bank personal loans:

Type of personal loanInterest Rate (p.a.)*
Pension Loan11.90% onwards
Clean Loan to Salaried10.35% 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 account10.35% 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 TypeInterest Rate
Repayment within 12 months11.90% p.a.
Repayment over 12 months and up to 36 months12.65% p.a.
Repayment over 36 months and up to 60 months12.90% p.a.

Eligibility

To avail Indian Bank personal loan, the following details must be taken into consideration:

Loan TypeParticulars of ApplicantEligibility Criteria
IB Clean LoanWork ExperiencePermanent 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

GuaranteeGuarantee of spouse (wherever applicable) & another employee
IB Pension LoanPension TypeState & 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

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?

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:

  1. Visit the official website of Indian Bank
  2. Click on ‘Links’ and select ‘Online Services’.
  3. Click on ‘Loan Application Status’ under ‘Online Services’.
  4. 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 FeesIB Clean Loan (for salaried class)0.512% of loan amount with a minimum of Rs. 512.
IB Pension LoanNil 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:

  1. Visit the official website of Indian Bank and click on ‘Net Banking’.

1. 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’.

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.

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.

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 tenure2-year loan tenure3-year loan tenure4-year loan tenure5-year loan tenure
2 lakh @ 10.35% p.a.Rs. 17,616Rs. 9,261Rs. 6,486Rs. 5,106Rs. 4,284
3 lakh @ 10.95% p.a.Rs. 26,508Rs.13,975Rs. 9,815Rs. 7,746Rs. 6,515
5 lakh @ 13% p.a.Rs. 44,659Rs. 23,771Rs. 16,847Rs. 13,414Rs. 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:

ParticularsIndian BankICICI BankState Bank of IndiaCiti BankAxis BankHDFC Bank
Interest RateStarting from 10.35%11.25% to 22.00%Starts at 10.50%Starting at 10.50%11.49% to 17.49%10.75% to 21.30%
TenureUp to 84 months12 to 60 monthsUp to 72 months12 to 60 months12 to 60 months12 to 60 months
Loan amountUp to 20x monthly gross incomeUp to Rs. 20 lakhUp to Rs. 20 lakhUp to Rs. 30 lakhRs. 50,000 to Rs. 15 lakhUp to Rs. 40 lakh
Processing FeeUp to 0.512% of the loan amount (minimum Rs. 512)Up to  2.25% of loan amountUp to 1% of loan sanctionedUp to 3% of the loan amount2% of loan amountUp 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

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.

Indian Bank Personal Loan
(4.6/5 ) 9 Reviews
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Jun 17 , 2019
4/5
Service is average

I have been a customer of Paisabazaar for not so long period, but they helped me in processing for personal loan.

Feb 20 , 2019
5/5
Highly recommended

I will highly recommend the Indian Bank personal loans.

Feb 20 , 2019
5/5
Loans for everyone

Thanks Indian Bank for working at such a quick pace. It was very professional on your part and I appreciate it.

Feb 20 , 2019
4/5
Very Good Service

The Indian Bank website is very helpful and has all the information I needed for personal loans.

Feb 20 , 2019
5/5
Good Loan to purchase

I am happy I choose Indian Bank as my loan provider as they are very efficient and gave me a personal loan at an excellent rate of interest.

Feb 20 , 2019
5/5
Best service

I would like to congratulate Indian Bank for their good digital presence that has helped immensely.

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