• 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
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    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 BankBazaar 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

    Indian Bank COVID-19 Personal/Emergency Loans

    Indian Bank offers a slew of emergency loan products that are specifically meant to release financial stress during the COVID-19 crisis. The interest rates are lower than normal personal loan rates and can be a safe bet to beat the financial crunch during the pandemic. However, applications for these loans are valid till only a limited period of time. Also, the eligibility criteria are a bit different from the usual personal loan products. So, it’s advisable to check the Indian Bank emergency loans terms and conditions before applying.

    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.

      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.

    A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.

        

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    Indian bank personal loan Reviews

    Write a Review
    • Indian Bank
      "Good bank"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with INDIAN BANK on 3 years before which I had applied through bank directly. They have sanctioned a loan within a day and process was good. The amount was sufficient for 5 years. Rate of interest was 11% and processing fee was not applicable. EMI payment is 11K. Pre closure and part payment options are applicable.
      Was this review helpful? 55
      , chennai
      Reviewed on Nov 16, 2019
    • Indian Bank
      Indian Bank
      "Good Banking Experience"
      0.5 5.0/5 "Blown Away!"
      I hold a Savings Bank account around six years, they know all my records. Often I used to take business loan once in 24 hours. Even my family member have account with them. I do a have overdraft account and running trust account with the said bank.
      Was this review helpful? 25
      , chennai
      Reviewed on Sep 29, 2019
    • Indian Bank
      "Fast in loan process"
      0.5 5.0/5 "Blown Away!"
      Within one day I got the personal loan from Indian Bank the amount was approved around Rs.5 lakhs. The paper work was very simpler because on time they processed on their table without wasting my time. I am holding saving account with Indian Bank hence the process was faster.
      Was this review helpful? 20
      , chennai
      Reviewed on Sep 29, 2019
    • Indian Bank
      "Happy with loan process"
      0.5 4.0/5 "Great!"
      I had a good experience with Indian Bank on my personal loan. The rate of interest was satisfactory. The loan process was very immediate and sanctioned with the amount in one day because it was approved on the month end. The loan duration is 3 years and have done almost 1.5 years. There is minimal 1 to 1.5% charges for perclosure where other banks are charging 5% which is good.
      Was this review helpful? 16
      , chennai
      Reviewed on Sep 06, 2019
    • Indian Bank
      "Good bank tp apply for a personal loan "
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan in INDIAN bank on 1 year before which was processed directly to bank. The verification process was good. On time they have sanctioned my loan with sufficient amount for the tenure period of 5 years. The rate o f interest and fee are nominal.
      Was this review helpful? 20
      , chennai
      Reviewed on Jul 31, 2019
    • Indian Bank
      "100% satisfactory"
      0.5 5.0/5 "Blown Away!"
      I took a personal loan with Indian Bank before 3 years ago. I have chosen this bank mainly for the lower interest rate. They have charged me a processing fee of around 2K for the loan amount of 3L. The customer service is very good. The loan duration is 5 years.
      Was this review helpful? 19
      , bangalore
      Reviewed on Jul 02, 2019
    • Indian Bank
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The loan amount was 5L, and there was no processing fee and services charges of 900 rupees paid with the personal loan, i have paid the loan within 3years duration for 5 years to repay also EMI can be paid beyond the amount also there are no charges fore closer. I have completed before 3yrs, NOC too taken.
      Was this review helpful? 22
      , chennai
      Reviewed on Jun 30, 2019
    • Indian Bank
      "GOOD"
      0.5 4.5/5 "Excellent!"
      I have taken the prenatal loan with the INDIAN BANK where the documentation process was simple and easy also the process was fast. The customer support and responsiveness is good, the loan amount given was sufficient along with that the rate of interest was good.
      Was this review helpful? 14
      , chennai
      Reviewed on May 28, 2019
    • Indian Bank
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with Indian bank and it was a very good experience. The loan amount was based on my requirement and the rate of interest was nominal when compared to other banks. Customer service was good and the tenure period is for 1 year.
      Was this review helpful? 14
      , hyderabad
      Reviewed on Jan 26, 2019
    • Indian Bank
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal Loan from INDIAN BANK.the rate of interest they have charged me was nominal and there processing fee was also nominal , the loan amount which they have given me was sufficient and it got approval soon , there customer service is good and they responded very well..
      Was this review helpful? 19
      , hyderabad
      Reviewed on Nov 22, 2018
    • Indian Bank
      "GOOD SERVICE "
      0.5 4.0/5 "Great!"
      I have got the flood loan with this bank, with low interest rates, the loan value is 1 lakh ,its taken for 3 years tenure, only 3-4 EMIs are pending, processing was easy and i got it within a week of time so the process was quick as we were in urgency.
      Was this review helpful? 30
      , chennai
      Reviewed on Aug 14, 2018
    • Indian Bank
      "Personbal loan from Indian bank"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal Loan from INDIAN BANK.The approved loan amount was 20000 . The given rate of interest was 13%. The monthly EMI comes around 1000. the total tenure is for 24 months. It was a pre approved loan.The customer service and response is good.
      Was this review helpful? 25
      , chennai
      Reviewed on Jan 11, 2018
    • Indian Bank
      "Average"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with Indian Bank. It was recommended by the company. The interest rate was high where private bankers are doing for 12% but here its 14.5%. It is a tenure of 5 years and I have completed 3 years. I am paying premium of 4500 rupees through ECS.
      Was this review helpful? 15
      , chennai
      Reviewed on Jan 03, 2018
    • Indian Bank
      "Personal loan"
      0.5 1.0/5 "Really Bad"
      As a long time customer with Indian bank for the past 5 years they offered me a personal loan and I also availed the loan as I needed money at that time. It was a quick documentation and the processing time was also so quick to disburse the loan within an hour I got the funds.
      Was this review helpful? 28
      , bangalore
      Reviewed on Nov 21, 2017
    • Indian Bank
      "Good service"
      0.5 4.5/5 "Excellent!"
      As a long time customer with Indian bank for the past 5 years they offered me a personal loan and I also availed the loan as I needed money at that time. It was a quick documentation and the processing time was also so quick to disburse the loan within an hour I got the funds.
      Was this review helpful? 12
      , pondicherry
      Reviewed on Nov 17, 2017
    • Indian Bank
      "good service"
      0.5 4.0/5 "Great!"
      I can say it was a good service from INDIAN bank for my personal loan service during the documentation part it was fine I have submitted all my documents directly in their branch and the rate of interest they offered was also low compared to others in the market ,I can say the overall service is good from INDIAN bank for my personal service.
      Was this review helpful? 14
      , chennai
      Reviewed on Oct 11, 2017
    • Indian Bank
      "Good Response"
      0.5 4.0/5 "Great!"
      About five years ago, I had taken the personal loan from Indian bank. I do not remember about the rate of interest but it is better. All the services are really better with Indian bank. When it comes to customer service, it is far better than IOB.
      Was this review helpful? 16
      , madurai
      Reviewed on Jun 24, 2017
    • Indian Bank
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from Indian bank. This is an easy loan facility, where I can renew the loan once I have completed my tenure. Else I can also pre close the same without a fee taken. The interest offered is very low on these loans as I am a government employee. There are no processing charges as well taken for the loan.
      Was this review helpful? 16
      , chennai
      Reviewed on Jun 15, 2016
    • Indian Bank
      "So easy to take a loan "
      0.5 4.0/5 "Great!"
      Since I am holding my salary account with INDIAN bank got my personal loan easily from them. Based on my P F amount they have offered this loan. 3.4 lakhs I have taken with the higher rate of interest. Monthly EMI is around 12k but I am planning to pre close this loan after some time. There is no pre closing charges with this bank.
      Was this review helpful? 28
      , chennai
      Reviewed on Nov 24, 2015
    • Indian Bank
      "More than happy..."
      0.5 5.0/5 "Blown Away!"
      Interest rate is about 1.5% per month in Indian bank for the personal loan. One time charge was 650 rupees for the loan amount 84 thousand. The tenure is 36 months. I received the personal loan amount from Indian bank within 2 days of time, which is very short duration.
      Was this review helpful? 29
      , chennai
      Reviewed on Nov 17, 2015
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