Indian Bank Personal Loan
Indian Bank offers personal loans with competitive interest rates starting at 10.00% per annum. These loans are available for terms of up to 7 years for salaried individuals and up to 10 years for pensioners.
Indian Bank Personal Loan Interest Rates
The interest rates for Indian Bank personal loans begin at 10.00% per annum. The rates can vary depending on the specific loan scheme, the borrower's employment status, and the loan duration. Although the bank does not explicitly detail how credit scores or monthly incomes impact the interest rates, these factors may also play a role in the final rate offered to borrowers.
Floating Rates
Clean Loan
| Classification | Rate of Interest (p.a.) |
|---|---|
| Non-Priority Term Loan for GMRA Premium | 10.00% to 10.15% |
| IB Saral | 10.60% |
| IB Professional | 10.25%-10.50% |
| IB Insta Cash | 10.25% |
Salary Loan & IBCLS Plus
| Classification | Rate of Interest (p.a.) |
|---|---|
| Clean Loan to Salaried Class – Term Loan | 10.90% to 11.40% |
| Clean Loan to Salaried Class – Overdraft | 11.90% to 12.40% |
Pension Loan
| Product | Rate of Interest (p.a.) |
|---|---|
| Pension Loan | 11.15% to 11.40% |
Pre-approved Personal Loan
| Applicant Type | Rate of Interest (p.a.) |
|---|---|
| Pensioners, Salaried & Regular Income Applicants | 12.40% |
| Self-employed Applicants | 13.00% to 15.00% |
| Home Loan customers | 11.00% |
Fixed Rates
Clean Loan
| Classification | Rate of Interest (p.a.) |
|---|---|
| Non-Priority Term Loan for GMRA Premium | 10.20%-10.35% |
| IB Saral | 10.80% |
| IB Professional | 10.45%-10.70% |
| IB Insta Cash | 10.45% |
Salary Loan & IBCLS Plus
| Classification | Rate of Interest (p.a.) |
|---|---|
| Clean Loan to Salaried Class – Term Loan | 11.10%-11.60% |
| Clean Loan to Salaried Class – Overdraft | 12.10%-12.60% |
Pension Loan
| Product | Rate of Interest (p.a.) |
|---|---|
| Pension Loan | 11.35%-11.60% |
Pre-approved Personal Loan
| Applicant Type | Rate of Interest (p.a.) |
|---|---|
| Pensioners, Salaried & Regular Income Applicants | 12.60% |
| Self-employed Applicants | 13.20%-15.20% |
| Home Loan customers | 11.20% |
Indian Bank Personal Loan Fees and Charges
| Types | Processing Charges |
|---|---|
| IB Pension Loan Scheme | Up to ₹25,000- NIL |
| Above ₹25,000- ₹250 | |
| IB Clean Loan to Salaried | 1.00% on the loan amount |
| IND Covid Emergency Pension Loan | NIL |
| IND Covid Emergency Salary Loan | NIL |
Indian Bank Personal Loan EMI Calculator
(https://www.indianbank.in/emi-calculator/)
Calculate EMI on Personal Loan
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EMI Payment Schedule
Indian Bank Personal Loan Interest Rates vs Other Banks
| Interest Rates | Range (p.a.) |
|---|---|
| Bandhan Bank | 9.47% onwards |
| Navi | 9.90% – 45.00% |
| PNB | 10.40% – 16.95% |
| HDFC | 10.75% onwards |
| ICICI | 10.85% onwards |
| Bank of India | 10.85% – 14.85% |
| Canara Bank | 10.95% – 16.40% |
| IDFC | 10.99% – 23.99% |
| Tata Capital | 10.99% onwards |
| Yes Bank | 10.99% onwards |
| BOB | 11.15% – 18.75% |
| Axis Bank | 11.25% onwards |
| SBI | 11.35% – 15.50% |
| Union Bank | 11.35% – 15.45% |
(Source: Bank Websites)
Indian Bank Personal Loan Options
-
IB Clean Loan for Salaried Individuals
Purpose: This personal loan is designed to assist salaried individuals, both in government and private sectors, with their various financial needs such as medical expenses, educational costs, marriage expenses, family functions, and other household expenditures. Note: Speculative purposes are not covered.
Loan Amount:
Without Check-off/Undertaking: Up to 20 times the borrower's monthly gross salary, provided their salary is credited to Indian Bank.
With Check-off/Undertaking: Up to 20 times the borrower’s monthly gross salary, regardless of whether the salary is credited to Indian Bank or not.
Existing Home Loan and Salary Credited: Up to 20 times the borrower's monthly gross salary, if they already have a home loan with Indian Bank.
Tenure: Repayment period of up to 7 years, with the loan needing to be closed 3 months before the borrower’s retirement.
Processing Fee: 1% of the total loan amount.
-
IB Pension Loan Scheme
Purpose: This scheme caters to pensioners and family pensioners, helping them cover various expenses such as medical bills, educational fees, family events, and more.
Loan Amount:
For Regular Pensioners: Loans up to 15 times the monthly pension credited to the account, with no minimum or maximum limits specified.
For Family Pensioners: Loans up to 12 times the monthly pension credited, with a cap of ₹2 lakhs on the total loan amount. There is no minimum loan amount limit.
Tenure: Up to 10 years, aligned with the borrower’s exit age criteria.
Processing Fee:
For loan amounts up to ₹25,000: Nil
For loan amounts exceeding ₹25,000: ₹250
Eligibility Criteria for Indian Bank Personal Loans
IB Pension Loan Scheme
Eligibility:
Eligible Individuals:
- State and Central government pensioners
- Family pensioners
- Re-employed pensioners
- Indian Bank retirees (both under superannuation and VRS)
Ineligible Individuals:
- EPF pensioners
- CRS retirees
Age Limits:
- Regular Pensioners:
- Entry Age: Up to 75 years
- Exit Age: Up to 78 years
- Family Pensioners:
- Entry Age: Up to 70 years
- Exit Age: Up to 73 years
- Regular Pensioners:
Minimum Entry Age: No specific minimum entry age requirement.
Required Documents:
- Pension Payment Order (PPO) copy
- Intimation to Pension Payment Agency (PPA)
- Authorization for EMI recovery from the pension-credited savings account
- Suitable guarantor as per the bank’s acceptance criteria
IB Clean Loan for Salaried Individuals
Eligibility:
- Employment Criteria:
- Permanent employees of government, quasi-government, reputed companies, endowments, or large corporate industrial establishments with at least 2 years of experience.
- Employees of reputed private sector organisations (e.g., large MNCs or corporates with a turnover exceeding ₹100 crores) where the employer is rated “A” or higher (rating not older than 12 months).
- Minimum Entry Age: 21 years
- Credit Score: Minimum CIBIL score of 700 required
- Employment Criteria:
Required Documents for Indian Bank Personal Loans
Income Verification:
- Recent salary slips for the past six months, including tax deductions.
- Form 16 or Income Tax Returns (ITR) as applicable.
- Employer-attested proof of income.
Identification Proof:
- PAN Card (required).
- Any of the following KYC documents: Aadhar Card, Ration Card, Driving License, or Voter ID.
Employment Verification:
A copy of the employment ID card, employment order, or proof of employee number.
Authorization:
- An authorization for the automatic deduction of EMI from your savings bank account (SB account).
- NACH mandate or ECS (Electronic Clearing Service) details.
For IB Clean Loan (Salaried Individuals)
Pension Documents: Pension Payment Order (PPO) copy.
Bank Authorization: Authorization for EMI recovery from the savings bank account where your pension is deposited.
Guarantor: A guarantor who meets the bank's criteria for acceptance.
For IB Pension Loan Scheme
Indian Bank Personal Loans FAQs
For salaried individuals, the loan amount can be up to 20 times their monthly gross salary, depending on whether their salary is credited to Indian Bank or not.
To qualify for a personal loan from Indian Bank, you generally need a credit score of 700 or higher. Some lenders may offer personal loans to individuals with lower scores, but a higher score improves your chances of approval.
Indian Bank typically disburse personal loans within 2 to 7 days from the date of application, depending on various factors including the completeness of your application and verification process.
Indian Bank does not specify a strict minimum salary requirement for personal loans. However, applicants with a minimum monthly income of around ₹15,000 are generally eligible.
Processing charges are nil for loan amounts up to ₹25,000. For amounts exceeding ₹25,000, the charge is ₹250.
Get Instant Loan at Low Interest Rates
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Rate of Interest
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Processing Fee Upto
Upto 1.15% of loan amount
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