*Note: Details about the Indian Bank COVID 19 personal loans provided on this page are for information purposes only. In case you want to apply for any of the COVID-19 personal loan products from Indian Bank mentioned here, you are requested to directly contact the bank. Customer care contact details of Indian Bank have been provided along with the product information on this page for your reference.
During the current difficult times due to the Coronavirus disease pandemic and the resultant lockdown, Indian Bank is offering IND-COVID emergency personal loans at concessional interest rates to both salaried individuals and pensioners. These limited time personal loans from Indian Bank are available only till June 30, 2020 and aimed at providing financial assistance during this difficult time. In the following sections, key aspects of Indian Bank COVID-19 emergency personal loans have been discussed.
Features of Indian Bank COVID-19 Emergency Personal Loan
Currently Indian Bank offers 2 different COVID-19 personal loans to individuals, the details of these are as follows:
Indian Bank IND-COVID Emergency Salary Loan
- Loan Amount: Twenty times of the latest monthly gross salary, with a maximum limit of Rs. 2 lakh.
- Repayment Tenure: Up to 36 months (3 years), including a moratorium period of 6 months.
- Purpose: To meet unforeseen expenses due to COVID-19.
- Validity: Up to 30th June, 2020.
- Guarantee: Either from the spouse, wherever applicable or from an employee of the same organization.
Indian Bank COVID Emergency Pension Loan
- Loan Amount: Up to 15 times of net monthly pension after TDS deduction with a maximum loan limit of Rs. 2 lakh for regular pensioners. And, up to 12 times of net monthly pension after TDS deduction with a maximum loan limit of Rs. 50,000 for family pensioners.
- Repayment Tenure: Up to 36 months (3 years), including a holiday period of 6 months.
- Purpose: To meet unplanned expenses due to COVID -19.
- Validity: Up to 30th June, 2020.
Also read about Indian Bank Personal Loan.
Indian Bank COVID-19 Emergency Personal Loan Interest Rate
The following are the interest rate for the Indian Bank COVID-19 personal loan:
|IND-COVID Emergency Salary Loan||9.50% per annum (fixed)|
|IND-COVID Emergency Pension Loan||8.75% per annum (fixed)|
Types of Indian Bank COVID-19 Emergency Personal Loan
Indian Bank offers following two types of COVID-19 Emergency personal loans:
- IND COVID Emergency Salary Loan: This is being offered to salaried individuals, who are at least 21 years old so that they can meet the unforeseen needs due to the pandemic.
- IND COVID Emergency Pension Loan:This is being offered to regular and family pensioners to help provide them funds during this difficult time.
Please note that both the loan schemes are only valid till 30th June, 2020.
Eligibility Criteria for Indian Bank COVID-19 Emergency Personal Loan
The eligibility criteria for Indian Bank COVID-19 loans differ slightly based on the type of loan opted for. The following are the eligibility details:
|IND-COVID Emergency Salary Loan||Who?||l Permanent employees of government/ quasi-government/ boards/ endowments/ MNCs and other reputed companies and organizations with at least 2 years of service.|
l Salary should be credited to an Indian Bank account or the applicant should be an existing home loan borrower.
l Existing salary loan borrowers, subject to maintenance of Net Take Home Pay (NTHP).
|Age||Minimum 21 years.|
|Account Category||All existing accounts in the “Standard Category”, excluding Special Mention Account (SMA) 1 and SMA 2.|
|Net Take Home Pay Norms||NTHP after deduction of proposed EMI should not be less than 40% of the gross salary**|
IND-COVID Emergency Pension Loan
|Who?||l Central and State Government Pensioners (both under VRS and superannuation), whose pension accounts are maintained with Indian Bank branches.|
l Existing borrowers under Indian Bank pension Loan Scheme subject to 40% or 30% of NTHP availability after deducting the existing and proposed EMIs.
l Please note that CRS retirees and EPF pensioners are not eligible for pension loan.
|Age||l Regular Pensioners: Maximum entry age 68 years and exit age 75 years.|
l Family Pensioners: Maximum entry age 68 years and exit age 73 years.
|Account Category||All existing accounts in the “Standard Category”, excluding SMA 1 and SMA 2, as on date of sanction.|
|Net Take Home Pay Norms||Overall Net Take Home Pay to Gross Pay should be at least 40 %.**|
**If you have already availed a loan from Indian Bank secured by immovable property, then you may get the loan with 30% NTHP against extension of EM subject to 100% availability of residual value of securities.
Documents Required for Indian Bank COVID-19 Emergency Personal Loan
The following are the list of documents required to avail these Indian Bank personal loans. Documents that are common for both existing and new borrowers irrespective of type of COVID loan include:
- Guarantor’s form.
- Proof of income: SalarySlips of last six months showing all deductions or latest Form 16, that should be duly attested by the employer.
- Proofof employment: Copy of the employment order, Photo Identity Card issued by the employer, employee number etc.
- Form 16 / ITR
- PAN Card (mandatory)
- KYCdocuments: Passport, Aadhaar Card, Ration Card, Election ID, Driving License etc.
- Authorization to debit savings bank account / ECS / NACH mandate.
Specific documents required depending on applicant profile include:
For Indian Bank COVID Emergency Salary Loan
- For existing borrowers: Duly filled COVID Salary Loan Application Form
- For new borrowers: Duly filled COVID Salary Loan Application Form (Fresh) and Assets and Liability Statement.
For Indian Bank COVID Emergency Pension Loan
- For existing borrowers: Duly filled COVID Pension Loan Application Form
- For new borrowers: Duly filled COVID Pension Loan Application Form (Fresh) and Assets and Liability Statement.
How to Apply for Indian Bank COVID-19 Emergency Personal Loan?
Currently, Indian Bank COVID-19 personal loans can only be availed through the website or branches of the bank. Following is the step by step procedure to apply for Indian Bank COVID-19 Emergency personal loan.
Step 1: Download fill out the COVID-19 Emergency personal loan application form and Assets and Liability Statement, if you are a new borrower.
Step 2: Arrange all the required documents along with the application form and submit them to the bank via an e-mail to ibCOVIDresponse@indianbank.co.in or in-person by visiting the nearest branch.
Please note that mere scanned copy of documents will not be sufficient as part of the application process unless physical documents are duly stamped and submitted by the borrower with the bank branch later.
The following are the contact details of Indian Bank in case you have additional queries or require further assistance:
|Helpline Numbers||(+91)7305898992 and|
NOTE: The timeline for appraisal, loan sanction, documentation and disbursement generally corresponds to 6 working days from the date of the receipt of loan application by the branch.
Fees and Other Charges
Currently, these emergency loans have minimal charges apart from interest at the following rates:
How to Login to the Indian Bank Online Portal?
Step 1: Visit the official website of Indian Bank.
Step 2: Navigate to NetBanking in the top menu and click on “Indian Bank NetBanking”.
Step 3: Click on “LOGIN for NET BANKING” on the subsequent web page.
Step 4: Enter your User ID and the captcha code to login.
EMI Calculation for Indian Bank COVID-19 Emergency Personal Loan
The following are sample EMI calculations for Indian Bank COVID loans for different loan amounts, interest rates and tenures:
|Loan Amount (Rs.) and Interest Rate|
Monthly EMI Payout (Rs.)
|1-year loan tenure||2-year loan tenure||3-year loan tenure|
|Rs. 50,000 @ 8.75% p.a.||4,367||2,279||1,584|
|Rs. 1 lakh @ 8.75% p.a.||8,734|
|Rs. 2 lakh @ 9.50% p.a.||17,537||9,183||6,407|
Comparison of Indian Bank COVID Personal Loan v/s Other Lenders
The following table compares the Indian Bank COVID-19 personal loan to similar emergency loans from other leading providers:
|Particulars||Indian Bank||Punjab National Bank||Bank of Baroda||Bank of Maharashtra||Indian Overseas Bank|
|Interest Rate||Starting from 8.75%||Starting from 9.05%||10.25%||Starting from 8.45%||Starting from 9.65%|
|Tenure||Up to 36 months including holiday period of 6 months||Up to 60 months||12 to 60 months||Up to 36 months including moratorium/ holiday period of 6 months||Up to 60 months including holiday period of 3 months|
|Loan amount||Up to Rs. 2 lakh||Up to Rs. 3 lakh||Up to Rs. 5 lakh||Up to Rs. 3 lakh||Up to Rs. 5 lakh|
|Processing Fee||NIL||NIL||Rs. 500/- plus applicable GST||NIL||NIL|
Indian Bank Customer Care
Following are the national toll free customer care numbers for Indian Bank:
- 1800-4250-0000, and
Alternatively, you can visit the nearest Indian Bank branch to get an answer to your queries.
Frequently Asked Questions (FAQs)
Q1. What is the turnaround time for Indian Bank COVID-19 Emergency personal loan?
Ans. The turnaround time for Indian Bank COVID-19 Emergency personal loan is typically within 6 working days from the receipt of the loan application form by the bank.
Q2. What are the types of Indian Bank COVID-19 Emergency personal loan?
Ans. There are currently two types of Indian Bank COVID-19 Emergency personal loan being offered:
- Indian Bank COVID Emergency Salary Loan: For salaried individuals.
- Indian Bank COVID Emergency Pension Loan: For pensioners.
Q3. What is the interest rate for Indian Bank COVID-19 Emergency personal loan?
Ans. Following are the interest rates for Indian Bank COVID-19 Emergency personal loan:
- IND-COVID Salary Loan: 50% per annum (fixed)
- IND-COVID Pension Loan: 75% per annum (fixed)
Q4. What is the maximum loan amount offered by Indian Bank for COVID-19 Emergency loan?
Ans. Rs. 2 lakh is the maximum loan amount offered by Indian Bank for COVID-19 Emergency loan.
Q5. What is the processing fee for Indian Bank COVID-19 persona loan?
Ans. Indian Bank does not charge any processing fee for COVID-19 Emergency personal loan, both for salaried individuals and pensioners.
Q6. What is the maximum repayment tenure for COVID-19 Emergency personal loan offered by Indian Bank?
Ans. You can repay the COVID-19 Emergency personal loan offered by Indian Bank in up to 36 months, including a holiday period of 6 months.
Q7. What is the validity of the COVID-19 personal loan offered by Indian Bank?
Ans. The Indian Bank COVID-19 persona loan scheme is valid till 30th June, 2020.
Q8. What is the customer care number for Indian Bank COVID-19 Emergency loan?
Ans. Following are the customer care numbers for Indian Bank COVID-19 Emergency loan:
Q9. For what purpose can the Indian Bank COVID-19 Emergency loan be used?
Ans. The Indian Bank COVID-19 Emergency loan amount can be used to meet unplanned expenses due to the disease outbreak and the resultant lockdown.
Q10. What is the minimum eligible age to avail Indian Bank COVID-19 Emergency Salary loan?
Ans. You should be at least 21 years old to avail the Indian Bank COVID-19 Emergency Salary loan.