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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 |
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% |
IB Clean Loan
Key Highlights
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 | Loan Amount |
10.75% p.a. to 11.75% p.a. | 15 months pension |
Loan/OD against deposits
Key Highlights
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
Interest Rate | Loan Amount |
10.95% p.a. |
|
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 |
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)
Eligibility for IB Pension Loan
Eligibility for Loan/OD against deposit
Eligibility for IND Loan / OD Against NSC / KVP / Relief Bonds of RBI / LIC Policies
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) |
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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 |
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 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.
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.
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.
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.
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.
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.
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.
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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