Indian bank personal loan

Avail a personal loan from Indian Bank with interest rates starting at 9.20% for a tenure of up to 7 years. The processing fee charged by the bank starts at 1% of the loan amount.

Indian Bank Personal Loan Details

Interest Rate	9.20% p.a. onwards
Loan Amount	Up to 20 times of your gross monthly salary
Loan Tenure	Up to 7 years

Indian Bank Personal Loan Interest Rates

Schemes	Interest Rates
IB Clean Loan (To Salaried Class)	9.20% p.a. to 13.65% p.a.
IB Pension Loan	10.75% p.a. to 11.75% p.a.
Loan/OD against deposits	10.30% p.a. – 10.80% p.a.
Loan / OD Against NSC / KVP / Relief Bonds of RBI / LIC Policies	10.95%

Types of Indian Bank Personal Loans

IB Clean Loan

Key Highlights
•Maximum loan amount is 20 times the gross monthly salary
•Processing fee applicable will be at the discretion of the bank.
•Lowest interest offered is Rs.9.20% p.a.

Interest Rate	Loan Amount
9.20% p.a. to 13.65% p.a.	20 times the gross monthly salary

IB Pension Loan

Key Highlights
• Interest rate offered up to 11.75% p.a.
• Maximum loan amount is 15 months pension.

Interest Rate	Loan Amount
10.75% p.a. to 11.75% p.a.	15 months pension

Loan/OD against deposits

Key Highlights
• Maximum loan amount is 90% of the accrued deposit value.
• Flexible repayment tenure.
• Term deposit has to be pledged as security.

Interest Rate	Loan Amount
10.30% p.a. – 10.80% p.a.	90% of the accrued deposit value

Loan / OD Against NSC / KVP / Relief Bonds of RBI / LIC Policies

Key Highlights
• Maximum loan repayment tenure of 6 years.
• Processing fee of 1% of the loan amount charged. Minimum processing fee will be Rs.100.
• For loan facility the minimum loan limit is Rs.10,000 and Rs.2 lakh for overdraft facility.

Interest Rate	Loan Amount
10.95% p.a.	Minimum of Rs.10,000 for loan facility, and Minimum of Rs.2 lakh for overdraft facility

Fees and Charges

Schemes	Processing Fee
IB Clean Loan (To Salaried Class)	At the discretion of the bank
IB Pension Loan	At the discretion of the bank
Loan/OD against deposits	At the discretion of the bank
Loan / OD Against NSC / KVP / Relief Bonds of RBI / LIC Policies	1% of the loan amount. Minimum of Rs.100

Eligibility Criteria for Indian Bank Personal Loan

Given below are the eligibility criteria that prospective borrowers will have to meet to avail a personal loan from Indian Bank:

Eligibility for IB Clean Loan (To Salaried Class)

• Must be a permanent employee of the Government or Quasi-Government institutions, endowments, corporate industrial establishments, reputed companies, or boards, etc.
• Must be employed for at least three years before applying for the loan.
• Must earn a minimum take home salary of 40% of the gross salary following the servicing of the proposed EMI.

Eligibility for IB Pension Loan

• Central and State Government employees, family pensioners, pensioners who are re-employed, and former employees of the Indian Bank now retired can avail this loan. EPF pensioners and CRS retirees are not eligible for this loan.
• Maximum entry level age is 75 years and maximum exit level age is 78 years.

Eligibility for Loan/OD against deposit

• You must be the holder of the Term Deposit at Indian Bank.

Eligibility for IND Loan / OD Against NSC / KVP / Relief Bonds of RBI / LIC Policies

• Customers who have been properly introduced and who have the capacity to service the loan and the interest is appraised.

Documents Required to apply for Indian Bank Personal Loan

Photograph	Passport size (2 copies)
Identity Proof	PAN card/Voter ID/Driving License/Passport
Address Proof	Landline bill/Electricity bill/Ration card/Voter ID/Passport
Income Proof	Latest salary slip/Form 16/last 6 months account statement audited/ITR return for last 3 years
Employment Proof	Employee number, employee order, photo identity card, etc.
Other (related documents)	Loan application form Post-dated cheques Third-party guarantee Pensioners portion of PPO (For IB Pension Loan) Original NSC, KVP, RBI Relief Bond, or LIC Policy (for Loan / OD Against NSC / KVP / Relief Bonds of RBI / LIC Policies)

How EMI calculation works for Indian Bank personal loans?

You can use the Personal Loan EMI calculator by Bankzila to determine the EMI payable depending on the loan amount, repayment tenure, and the interest rate charged.

Consider a scenario, where you have availed a loan of Rs.1 lakh from Indian Bank for a repayment tenure of 1 year, with the rate of interest charged at 9.20% p.a. The processing fee charged is 0.51% of the loan amount. The monthly EMI you will have to pay is Rs.8,754. The loan repayment schedule is given as follows:

Year	Principal Paid(A)	Interest Paid(B)	Total Payment (A+B)	Outstanding Loan Balance
2021	Rs.82,691	Rs.4,854	Rs.87,545	Rs.17,310
Mar	Rs.7,988	Rs.767	Rs.8,755	Rs.92,012
Apr	Rs.8,049	Rs.705	Rs.8,754	Rs.83,963
May	Rs.8,111	Rs.644	Rs.8,755	Rs.75,853
Jun	Rs.8,173	Rs.582	Rs.8,755	Rs. 67,680
July	Rs.8,236	Rs.519	Rs.8,755	Rs.59,444
Aug	Rs.8,299	Rs.456	Rs.8,755	Rs.51,145
Sep	Rs.8,362	Rs.392	Rs.8,754	Rs.42,783
Oct	Rs.8,426	Rs.328	Rs.8,754	Rs.34,357
Nov	Rs.8,491	Rs.263	Rs.8,754	Rs.25,866
Dec	Rs.8,556	Rs.198	Rs.8,754	Rs.17,310
2022	Rs.17,310	Rs.200	Rs.17,510	Rs.0
Jan	Rs.8,622	Rs.133	Rs.8,755	Rs.8,688
Feb	Rs.8,688	Rs.67	Rs.8,755	Rs.0

How Indian Bank compares with other lenders

Fees and charges	Indian Bank	HDFC Bank Personal Loan	SBI Personal Loan	Citibank Personal Loan
Interest rate	9.20% p.a. onwards	10.75% p.a. onwards	9.60% p.a. onwards	9.99% onwards
Processing fee	0.512% of the loan amount onwards	2.5% + GST	0.5% + GST	3% of the loan amount
Foreclosure charges	At the discretion of the bank	2% to 4% of the outstanding loan amount	3% of the outstanding loan amount	Up to 4% of the outstanding principal amount
Late payment fee	At the discretion of the bank	2% of the overdue amount	2% of the overdue amount per month	No late payment charges

FAQs on Indian Bank Personal Loan

1. Who can take a personal loan from Indian Bank?

Indian Bank personal loans can be availed by permanent employees of Government and Quasi-Government institutions, boards, reputed companies, endowments, corporate industrial establishments, etc., provided they have work experience of at least 3 years.

2. What are the reasons for which I can avail a personal loan from Indian Bank?
A personal loan from Indian Bank can be used to meet education-related expenses, marriage-related expenses, payment of medical bills, or to meet any other household expenses.

3. Are there any charges levied when taking a personal loan from Indian Bank?
Indian Bank charges a processing fee of 1% of the loan amount, subject to a maximum of Rs.100 when taking a loan. The amount is deducted from the loan amount at the time of disbursal.

4. How many EMIs will I have to pay to repay my Indian Bank personal loan?
The maximum repayment tenure for an Indian Bank personal loan is generally set at 84 months, which means that you will have to clear your loan in 84 EMIs.

5. What kind of security will I have to place to avail a personal loan from Indian Bank?
Indian Bank personal loans can be availed against employer’s sponsorship, post-dated cheques, collateral security that can be encashed, third-party guarantee, or authorisation to debit your savings bank account.

6. Is there a moratorium offered by Indian Bank?
Yes, as per the directive issued by the Reserve Bank of India (RBI), Indian Bank is offering moratorium on EMIs due between 1 June 2020 to 31 August 2020. There will be no late payment charges during the moratorium period. However, your personal loan interest will keep getting accrued during the moratorium and you may end up paying more as interest. So, opt for moratorium only if you are facing a financial crunch.

7. How can I apply for Indian Bank personal loan moratorium?
You can also call the helpline numbers – +91-7305898992 and +91-9931094920 and get in touch with a customer care executive who will help you with the application process.

8. How can I apply for Indian Bank personal loan moratorium?
You can also request for a personal loan moratorium by sending a mail to ibCOVIDresponse@indianbank.co.in. The bank will then get in touch with you and will help you with the process of applying for a moratorium.

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