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  • Indian Bank offers personal loans up to Rs.1 lakh at attractive interest rates starting from 14.20% p.a. The processing fees charged by the bank are just 0.51% of the loan amount, and the repayment tenure can extend up to 36 months.
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    Indian Bank Personal Loan Fees and Charges 

    Loan Scheme  IB Clean Loan (To Salaried Class) 
    Interest Rate  14.20% p.a. onwards (BPLR) 
    Loan Amount  Up to Rs.1 lakh 
    Processing Fees  0.51% of the loan amount, subject to a maximum of Rs.510 
     

    Eligibility Criteria for Indian Bank Personal Loan 

    • 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.  
     

    Documents Required for Indian Bank Personal Loan 

    • Loan application form, duly signed, with two passport-sized photographs 
    • ID proof in the form of Aadhaar Card or Voter’s ID or driving license or PAN card or passport 
    • Address proof in the form of Voter’s ID or passport or electricity bill or telephone bill or property tax receipt 
    • Salary certificate for the past six months 
    • Income Tax Returns or Form 16 for the past three years 
    • Account statement for the past six months 
    • Post-dated cheques 
    • Third-party guarantee 
     

    Other Types of Indian Bank Personal Loan Schemes

    Loan or OD against Deposits 

    You can take a loan or an overdraft against your deposit as per the following: 

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

    Loan amount – 90% of the accrued value of your deposit. 

    Margin – 10% of the accrued value of your deposit. 

    Flexible repayment options are available. The maximum repayment tenure is the maturity date of your term deposit. 

    Prepayment fee – You will be charged 2% on top of the rate applicable on the deposit you have pledged as a prepayment fee. 

    Security – You must pledge your term deposit as security for this loan. 

    IND Mortgage 

    You can take a loan against your property with the IND Mortgage loan. 

    Features of IND Mortgage: 

    Loan amount – You can take a maximum loan amount of Rs.200 lakhs. 

    Margin and security – The margin is 50% of the realizable sale value of your property that you have pledged as security for this loan. Agricultural property, disputed property or a property attached to IT authorities will not be accepted as security and will not be applicable for this mortgage loan. 

    A processing fee of 1.173% will be applicable on the loan amount. 

    Repayment – You can repay this loan within a maximum of 84 EMIs. Holiday Period is not applicable for this loan. 

    Prepayment fee – You will not be charged a pre-closure fee if the loan has been terminated using your own funds. However, if the loan is taken over by another bank or financial institution (refinancing), you will be charged 2.25% on your outstanding balance or the applicable drawing limit, depending on whichever of the 2 is higher. 

    Insurance - You must insure the property (to be offered as collateral) at your own cost with the bank’s clause against flood, fire, earthquake, riots and any other risks that are generally covered under insurance. 

    Eligibility Criteria for IND Mortgage: 

    You must be between the ages of 18 years and 60 years to apply for this loan. 

    Salaried class including permanent employees of state/central government, Quasi government bodies, public and private limited companies are eligible to apply for this loan. 

    Self-employed persons, businessmen and professionals who meet the income criteria of the bank are eligible to apply for this loan. 

    You can take your pick from these specific personal loan products that Indian Bank offers to meet your individual financial requirements. 

    Indian Bank Personal Loan FAQ

    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. 

    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. 

    Are there any charges levied when taking a personal loan from Indian Bank? 

    Indian Bank charges a processing fee of 0.51% of the loan amount, subject to a maximum of Rs.510 when taking a loan. The amount is deducted from the loan amount at the time of disbursal. 

    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 set at 36 months, which means that you will have to clear your loan in 36 EMIs.  

    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. 

        

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    Indian bank personal loan Reviews

    • Indian Bank Personal Loan
      "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? 0
      , chennai
      Reviewed on Sep 29, 2019
    • Indian Bank
      Indian Bank Personal Loan
      "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? 0
      , chennai
      Reviewed on Sep 29, 2019
    • Indian Bank Personal Loan
      "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? 0
      , chennai
      Reviewed on Sep 06, 2019
    • Indian Bank Personal Loan
      "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? 2
      , chennai
      Reviewed on Jul 31, 2019
    • Indian Bank Personal Loan
      "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? 1
      , bangalore
      Reviewed on Jul 02, 2019
    • Indian Bank Personal Loan
      "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? 2
      , chennai
      Reviewed on Jun 30, 2019
    • Indian Bank Personal Loan
      "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? 2
      , chennai
      Reviewed on May 28, 2019
    • Indian Bank Personal Loan
      "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? 3
      , hyderabad
      Reviewed on Jan 26, 2019
    • Indian Bank Personal Loan
      "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? 6
      , hyderabad
      Reviewed on Nov 22, 2018
    • Indian Bank Personal Loan
      "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? 13
      , chennai
      Reviewed on Aug 14, 2018
    • Indian Bank Personal Loan
      "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? 7
      , chennai
      Reviewed on Jan 11, 2018
    • Indian Bank Personal Loan
      "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? 6
      , chennai
      Reviewed on Jan 03, 2018
    • Indian Bank Personal Loan
      "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? 5
      , bangalore
      Reviewed on Nov 21, 2017
    • Indian Bank Personal Loan
      "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? 3
      , pondicherry
      Reviewed on Nov 17, 2017
    • Indian Bank Personal Loan
      "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? 4
      , chennai
      Reviewed on Oct 11, 2017
    • Indian Bank Personal Loan
      "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? 5
      , madurai
      Reviewed on Jun 24, 2017
    • Indian Bank Personal Loan
      "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? 3
      , chennai
      Reviewed on Jun 15, 2016
    • Indian Bank Personal Loan
      "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? 4
      , chennai
      Reviewed on Nov 24, 2015
    • Indian Bank Personal Loan
      "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? 2
      , chennai
      Reviewed on Nov 17, 2015
    • Indian Bank Personal Loan
      "Satisfied.."
      0.5 4.0/5 "Great!"
      Indian bank moved the personal loan immediately as they processed within 5 days. Indian bank offered me limit of one lakh but I got 50 thousand only. Interest rate was about 15%. In respect to customer service Indian Bank is not up to mark however branch banking is very good.
      Was this review helpful? 3
      , chennai
      Reviewed on Nov 17, 2015
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