Indian Bank Personal Loan Interest Rates

Indian bank Bank offers their products at competitive Interest rates. Interest rates for personal loans are comparatively lower as compared to other credit products. That is why, Personal loans are often even used to pay off credit card bills, personal loan interest rates depend on the type of loan, the type of borrower, and the credit score. The Interest rate will vary as per your eligibility. Below are mentioned the base Interest rates for personal loans.

Indian bank offers different kinds of personal loan products that can suit different kinds of requirements. They offer customised term loan plans for individuals as per their purpose. Below are some of the Personal loan types offered by Indian Bank.

IB Clean Loan :

• Available only to salaried employees working in any government office, bank, private companies, multinational companies, or any institution of good repute.
• Available for purposes like marriage, education, home-related expenses, functions, or any such purpose.
• Max loan amount that can be availed is up to 20 times the gross monthly salary.
• Up to 0.512% of the loan amount. The Max processing fee is 512 INR.
• Up to 84 months of tenure is allowed.
• Immovable and encashable property is required as collateral. If not available, an employer or third-party guarantor is needed.

IB Pension Loan :

• Available only for individuals who receive regular pensions. State or Government pensioners, family pensioners, IB bank retirees, etc are eligible for IB pension loans.
• Available for purposes like marriage, education, home-related expenses, functions, etc.
• Max loan amount that can be availed is 12-15 months worth of pension, not exceeding 2? 6 lakhs, depending on the type of pensioner
• In the case of regular pensioners, the age criteria is 75-78, and for a family pensioner, the age criteria is 70-73.
• The processing fee is nil for loan amounts up to 25,000. A flat fee of INR 255/- is levied for amounts greater than that
• Tenure is 60 months for a regular pensioner or until max age. For a family pensioner, the maximum tenure is 36 months or until the maximum age.
• Guarantee of the spouse or legal heir is required in the case of a family pensioner. Otherwise, authorization for recovering the loan amount from the pension account is required.

IB Home Loan Combo :

• Eligible for individuals/joint borrowers who have an existing Home Loan with Indian Bank and who have been paying the home loan installments consistently for 3 years.
• The loan can be availed for any personal use/purpose required by the applicants. They can also choose to avail of any of the loans provided by the bank such as vehicle loans, clean loans, education loans etc.
• The rate of interest depends on the type of loan availed. A concession of 0.50% is provided on the respective rate of Interest for the loan purpose.
• The processing fee is also offered a 50% concession as per the type of loan.
• Security also depends on the security that is required for the respective loan type.

The personal loan can be availed by anyone who can showcase a good credit score and a minimum regular monthly income which is sufficient to pay the EMI's. Please find other eligibility criteria mentioned below.

The bank will levy certain charges while applying for a personal loan. The charges depend upon your application type and loan amount. There are also some charges associated with failure to pay the EMI and special request charges. Below are the charges for an Indian bank Personal loan.

The bank asks for documentation along with your application form to go through with the process. The documents are used to verify the claims made in your loan application. Documents are mandatory for getting your loan approved. The documents are also used to verify your income to check whether you can satisfy the EMIs. Below are some documents that the Indian bank will ask for :

Duly filled application form with the relevant fields.

Identity proof (any of the below)

• Aadhar Card, PAN Card, Voter ID Card, International passport

Residential Proof (any of the below)

• Aadhar Card, Passport, Telephone Bill, Electricity Bill

Proof of Income (for salaried employees )

• 3 months of salary statement(for salaried employees).
• 6 months of bank statement
• Last 2 years Form-16 or IT-returns

Proof of income(for self-employed individuals)

• Business existence proof
• 6 months of bank statement
• 3 years of profit/loss statement
• 3 years of Income Tax returns(for self-employed individuals)

Other documents :

• Processing fee cheque
• 2 passport-sized photographs

The EMI(Equated Monthly Instalment) is a crucial part of the loan application process. The EMI amount has to be said by the borrower every month for a long term. That is why they need to ensure that the EMI amount is comfortable as per their income. The bank will also use the EMI amount as an indicator of your loan eligibility. The EMI amount should fall well within your disposable income bracket.

The EMI amount depends on your principal loan amount, rate of interest, and tenure. The EMI decreases with an increase in tenure. However, the rate of Interest also increases along with your increase in tenure. It is beneficial to figure out the ideal amount -tenure combination so that you can be confident in the eligibility of your loan application and also in the long-term financial burden on your finances.

Because of all these reasons, figuring out the EMI amount beforehand is very important. The EMI calculation can be a very time-consuming and difficult process. This is why a tool called the EMI calculator was introduced. EMI calculators are provided by most banks and financial institutions to make the EMI calculation an easy and fast process. The EMI calculators take your loan amount, rate of Interest, and tenure as input and return you the calculated EMI amount quickly.

MyMoneyMantra also provides an EMI calculator as part of their services. The EMI calculator can be accessed by anyone through their website. You can go to the Personal Loan section of the website and click on the EMI calculator tab. The EMI calculator tool opens up. Now you have to enter your loan amount, rate of Interest, and tenure and then click on calculate. The tool then returns you with the EMI amount calculated and also the total amount and Interest to be repaid. If the EMI amount seems inconvenient, you are free to tweak the tenure until you find a more comfortable EMI amount.

Indian Bank offers 24 x 7 customer care executives who can help you through the personal loan process. The customer care portal is open for 365 days to address your grievances and queries. You can also choose to e-mail them or send your queries through post. Please find the details below.

Toll-free numbers :

• 180042500000
• 18004254422

Chargeable customer care numbers :

• 044-28134300

Postal Address:

Indian Bank Corporate Office
PB No, 5555, 254-260, Avai Sanmugam Salai,
Royapettah, Chennai ? 600 014