Indian Bank Personal Loan Interest Rates
Indian Bank gives consumers affordable financing options by providing personal loans with interest rates as low as 10.00% annually and also provides pensioner-specific loans with flexible payment terms and interest rates as low as 11.15% annually. Moreover, Indian Bank has a processing fee that starts at 1% of the loan amount, making it an inexpensive choice for borrowers.
Here we give a lowdown on personal loan interest rate details of Indian Bank:
It offers personal loans for a variety of purposes such as marriage/ educational and medical expenses, to celebrate family functions, for other household expenses or any other bankable purpose.
However, the state lender does not offer loans for speculative purposes.
Documents required for personal loan:
- Proof of income (last six months’ Salary Slips showing all deductions or latest Form 16) duly attested by the employer
- Proof of employment (copy of the employment order, Photo Identity Card issued by the employer, employee number etc).
- Form 16 / ITR
- PAN Card
- KYC documents (e.g., passport, aadhaar, ration card, election ID, driving license etc).
- Authorization to debit SB account / ECS / NACH mandate.
Indian Bank Personal Loan Interest Rates 2024:
Indian Bank personal loan interest rate starts at 10.90 per cent to 11.40 percent (lean Loan to Salaried Class), as on September 8, 2024.
Indian Bank Personal Loan Interest Rate Fees & Charges:
On clean salary loan overdraft: For government/ PSU Employees: Nil
For others: 1 per cent on the Loan amount; Maximum : Rs.10000.00
Pre-approved Personal Loan: ₹470
Indian Bank Personal Loan Eligibility:
- Permanent Employees with minimum service/ experience of two years with Government /Quasi-government / Boards/ Endowments/ reputed companies/ Corporate Industrial Establishments etc.
- Minimum age should be 21 years but it should end at least three months before the superannuation.
- The net monthly pay (after the deduction of EMI) should not be less than 40 per cent of the gross salary.
Maximum limit of Indian Bank Personal Loan:
- When salary is credited to Indian Bank savings account:
Term loan: 20 times of the monthly gross salary.
Repayment tenure: Maximum 84 months
Overdraft: Limit equal to 1 month’s gross salary of the applicant subject to maximum of Rs.2.00 Lakh
Maximum limit is capped at ₹50 lakhs (term Loan and overdraft together)
- When salary is not credited to Indian Bank:
Term Loan / Overdraft: Maximum of 20 times of monthly GROSS salary
Maximum limit: No cap
Repayment tenor of Term Loan: Max 84 month
Indian BANK Personal Loan EMI Calculator
At the time of taking a personal loan, borrowers generally use a personal loan EMI calculator which helps them streamline finances. The EMI calculator calculates the monthly instalment based on three inputs: loan amount, tenure of loan and rate of interest.
You can access the Indian Bank EMI calculator here:
https://www.livemint.com/loans/indian-bank-personal-loan-emi-calculator
Other banks’ Personal Loan Interest Rates
The table below provides the interest rates available from various banks, allowing you to compare and choose the best option for your needs. However, the rate you are offered will vary based on the bank's policies and your credit profile. Indian Bank provides personal loans with interest rates starting at 10% per annum, depending on your profile.
Note: All the interest rates are as of January 2025. For latest interest rates, please refer to the bank’s website.
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Factors Affecting Indian Bank Personal Loan Interest Rate
There are several factors which influence the Indian bank personal loan interest rate, some of which are explained below:
- Credit Score: When determining their interest rates most NBFC's consider the applicant's credit history. Applicants with loan applications for a personal loan possess a good credit rating and are probably going to successfully get a personal loan at a reasonable interest rate compared to the average interest rate when Indian Bank stipulates 700 as the base credit score.
- Income: As it is, the majority of loan providers consider giving lower interest rates to loan applicants with higher incomes because they incur lower credit risks due to the larger repayment capacities, even if the bank is not disclosing such differences in Indian Bank Personal Loan interest rates, which are considered based on the monthly income generated by its loan applicants.
- Current Relation with the Lender: The bank offers special Indian Bank Personal Loan Interest Rates of 10.40 percent per annum for current home loan borrowers whose salaries are credited to Indian Bank. Similarly, other lenders provide low-interest personal loans to people who already have a deposit or lending account with them.
Indian Bank Personal Loan Interest Rate FAQs
What are the categories of personal loan given by Indian Bank?
The four categories of personal loan given by Indian Bank are: 1. Clear loan to salaried class. 2. IB Pension Loan 3. Overdraft facility in savings bank account. 4. Personal loan for professionals such as doctors, engineers, architects, CAs, CS, designers, management or financial consultants, cost accountants.
What are the various purposes for which Indian Bank gives personal loans?
The bank gives personal loans for meeting marriage/educational and medical expenses, to celebrate family functions, for other household expenses or any other bankable purpose, but not for speculative purposes.
What is the minimum age to raise Indian Bank personal loan?
Minimum age to raise a personal loan from Indian Bank is 21 years.
How much loan can one take?
The key criteria is that the take home pay (after proposed EMI should not be less than 40 percent of the gross salary.
What is the maximum repayment tenor of a personal loan borrowed from Indian Bank?
The maximum repayment tenor is 84 months (i.e., 7 years).
What is the maximum cap on personal loan?
The maximum limit is capped at ₹50 lakhs (term loan and overdraft together). Also, salaried persons cannot raise more than 20 times of the monthly gross salary.
What are the documents required to raise a personal loan?
The key documents include a proof of monthly income (last six months’ Salary Slips showing all deductions or latest Form 16) duly attested by the employer, Proof of employment (copy of the employment order, Photo Identity Card issued by the employer, employee number etc), Form 16 / ITR, PAN Card, KYC documents (such as Passport, Aadhar Card, Ration Card, Election ID, Driving License etc) and authorization to debit SB account / ECS / NACH mandate.