Indian Bank Personal Loan: Interest Rates, Eligibility, How to Apply

Indian Bank Personal Loan Kaise Le: Indian Bank gives personal loan up to a maximum of 20 times our monthly salary. The loan can be taken for a repayment tenure of 84 months. The interest rates are low and range from 9.05% to 13.65% p.a. A processing fee of up to 1% of the loan amount is also charged.

Indian Bank Personal Loan Details

loan amount 20 times of monthly salary
rate of interest 9.05% to 13.65%
repayment period up to 84 months
Possibly Minimum EMI Rs 1,611 per lakh
processing fee 1% of the loan amount
CIBIL Score 700 or more
guarantor Spouse Guarantee (if applicable)
minimum age 21 years

Indian Bank Personal Loan Types

Indian Bank offers the following personal loan types:

IB Clean Loan (For Salaried): This type of personal loan is given to salaried individuals who are working with Govt/Semi Govt/Reputed companies. Loans can be availed for meeting wedding, medical or other personal expenses.

IB Pension Loan: This personal loan variant, as the name suggests, is offered to pensioners. Any Central/State Government pensioner having pension account with Indian Bank branch is eligible for this loan.

IB Home Loan Combo : Home loan combo is designed for salaried individuals who have already availed a home loan from Indian Bank.
The interest rate of this loan ranges from 9.05% to 9.20% per annum.

Documents Required for Indian Bank

Following are the important documents to be submitted while applying for a personal loan from Indian Bank:

  • Well filled application form
  • 3 passport size photographs
  • Bank account/passbook details for the last six months
  • Proof of residence (photo copy of recent telephone bill / electricity bill)
  • Proof of Identity (Photocopy of Voter ID / Passport / Driving License / PAN Card)
  • IT returns for three years for self-employed professionals
  • Form 16/IT Return for the last two financial years for salaried people

Indian Bank charges

Indian Bank charges the following processing fees for its personal loan:-

  • Processing Fee for IB Clean Loan : 1% of the sanctioned loan amount
  • Processing fee for IB pension loan: Nil for loan up to Rs 25,000 and Rs 250 for loan up to Rs 25,000.

How to make EMI payment of Indian Bank?

Indian Bank personal loan can be repaid through EMI in three ways:-

  • Electronic Clearing System (ECS)
  • By Post Dated Check (PDC)
  • By Standing Instruction (SI)

How long does it take to get a personal loan from Indian Bank?

The loan documentation process takes around 5 days, but may take less than that depending on the documents submission and their accuracy.

What is the minimum age to take loan from Indian Bank?

You must be above 21 years of age and have at least 3 years of work experience to apply for Indian Bank Personal Loan.

Are there any charges for foreclosure of loan?

No additional charges are levied for foreclosure of a personal loan taken from Indian Bank.

Can Indian Bank change the mode of payment of personal loan EMI amount?

Yes, for this you will have to submit an application to the bank saying that the payment method needs to be changed.

What is the credit score I need to avail Indian Bank Personal Loan?

A minimum CIBIL score of 700 is required to avail the loan.

What is the interest rate for Indian Bank Personal Loan?

Interest rates range from 9.05% to 13.65% p.a.

What is the maximum repayment period for availing the loan?

The maximum loan repayment tenure allowed by the bank is 7 years for IB Clean Loan and 5 years for IB Pension Loan.

What is the Indian Bank Personal Loan customer care number?

1800 425 00 000

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