Following are some of the important features of Indian Bank Pension Loan:
Indian Bank Pension Loan: Know Interest Rate & Documents Required
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Features of Indian Bank Pension Loan
Indian Bank Pension Loan Interest Rates
Indian Bank offers loans to pensioners at affordable rates of interest with rates varying based on the loan tenure. The following are the pension loan interest rates charged by Indian Bank for various tenures.
| Pension Loan Repayment Tenure | Interest Rate (p.a.) |
|---|---|
| Repayment of 12 months | 11.15% |
| Repayment above 12 months up to 36 months | 11.90% |
| Repayment above 36 months up to 60 months | 12.15% |
Eligibility Criteria
Given below are the eligibility criteria required to avail Indian Bank personal loan:
Documents Required for Indian Bank Pension Loan Application
Following are the lists of documents required for applying Indian Bank Pension Loan:
Quantum of Loan
Mentioned below are the maximum loan amounts which can be availed under the Indian Bank pension loan:
Fees and other Charges
If the loan amount is up to 25,000 then there are no processing charges, if the loan amount is above Rs.25,000 then a flat processing fee of Rs.255 + GST is levied. Other fees and charges will be notified to applicant at the time of loan approval.
Indian Bank Customer Care
For any query related to loans and advances, customers can get in touch with the Indian Bank customer care in the following ways:
How Can I Apply for a Personal Loan Online?
Get up to ₹40 Lakh in 5 Simple Steps
Step 1: Enter your mobile number in the application form
Step 2: Provide your personal details
Step 3: Enter OTP to verify your mobile number
Step 4: Select the loan purpose and loan amount
Step 5: Compare offers and apply for the best-suited loan
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View All ArticlesPaisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners.
The APR (Annual Percentage Rate) of a personal loan is its annualised cost of borrowing, which includes the interest rate as well as the processing fees, documentation fees and other fees charged during the loan origination. The APR is expressed in the form of a percentage and thus, allows personal loan applicants to detect personal loan schemes offered at lower interest rates but with higher processing fees and/or other charges.
The APR of personal loans usually ranges between 11.29% to 35%. For example, assume that you have availed a personal loan of Rs. 5 lakhs @ 10.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, which amounts to Rs 7,500. Therefore, the total borrowing cost of your personal loan will be Rs 1,52,317 and its APR will be 11.16%.
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