Indian Bank
Personal Loan

Indian Bank offers the following Personal Loan variants:

• IB Clean Loan (to Salaried Class): This type of Personal Loan is offered to the salaried individuals who are working with Government/ Quasi Government/ Endowments/ Boards/ Corporate Industrial Establishments/ Reputed Companies.
  • The loan can be availed to meet marriage, medical, educational, or other personal expenses.
  • The borrower must have a clear history with no defaults in loan repayment, in order to be eligible for the loan.
  • The tenure of the loan is up to 84 months.
  • The loan amount varies according to the repayment capacity of the borrower. A maximum of 20 times of the gross monthly salary is available, subject to the employer obtaining NOC from the bank for change of salary account and the net take home pay should not be below 40% of the gross salary after the proposed EMI.
  • The Indian Bank Personal Loan interest rates starts from 10% p.a. For Overdraft facilities, 1% additional interest will be charged over the applicable interest rate on the term loan.
  • This loan comes with a processing fee of 1% of the approved loan amount.
• IB Pension Loan: This Personal Loan variant, as the name suggests, is offered to the pensioners.
  • Any Central/ State Government pensioner, family pensioner, re-employed pensioner, Indian Bank retiree (both under VRS and superannuation) whose pension accounts are with Indian Bank's branch are eligible for this loan.
  • The loan can be availed to meet marriage, medical, educational, or other personal expenses.
  • The maximum loan amount that pensioners can avail of is Rs. 6 Lakhs if they are regular pensioners and Rs. 2 Lakhs if they are family pensioners.
  • Interest rates for these loans vary between 9.90% to 10.40% p.a.
  • The processing fee for this loan is Nil for a loan up to Rs. 25,000 and Rs. 250 for a loan above Rs. 25,000.
• IB Home Loan Combo: The Home Loan combo is made for salaried individuals who have already availed a Home Loan (individually or jointly) from the Indian Bank.
  • The borrower must have repaid the existing home loan satisfactorily for at least 3 years after the holiday period.
  • The previous Home Loan borrowers can avail Clean Loan (Personal Loan variant) at a discounted interest rate.
  • The interest rate for this loan varies from 9.90% to 10.40% p.a.
  •  A concession of 50% on applicable processing charges is available for Vehicle Loan, IB Clean Loan, IB Pension Loan, IB Home Improve borrowers.

Here's what makes Indian Bank Personal Loans different:

• Maximum loan amount: Up to 20 times of the gross monthly salary is available, subject to the employer obtaining NOC from the bank for change of salary account and the net take home pay should not be below 40% of the gross salary after proposed EMI. Pensioners can avail a loan amount of up to Rs. 6 Lakhs (if regular pensioners) and Rs. 2 Lakhs (if family pensioners).
• Flexible repayment tenure: The loan can be repaid within tenure of 7 years.
• Competitive interest rates: The Indian Bank Personal Loan Interest rate starts at 10% p.a., one of the most competitive in the industry at present.
• Low processing fees: Processing fee for Indian Bank Persona Loan is up to 1% of the loan amount.

• You have the flexibility to get the loan for different schemes and amounts according to your needs.
• Application eligibility and loan disbursal procedures are processed quickly, which let you get the money quickly.
• You can check if you are eligible, and even apply for the loan online from the comfort of your home.
• Personal loan at Indian Bank is available as Term Loan as well as an Overdraft facility.
• Pensioners can also apply for a personal loan at Indian Bank.
• The hassle-free disbursal procedure will help you procure the cash you require quickly, be it for your personal or business-related needs.

The Indian Bank personal loan EMI amount can be computed using the MyMoneyMantra Personal Loan EMI Calculator. The EMI Calculator lets you set parameters such as the loan amount, tenure, and interest rate, which let borrowers know what their monthly EMI amount comes to.

Apart from calculating the EMI amount accurately, this Indian bank personal loan EMI Calculator tool also provides the amortization schedule for the loan repayment.

Here’s an example:

Personal loan amount required: Rs. 5 Lakhs

Applicable rate of interest: 10% p.a.

Tenure: 7 years

EMI to be paid every month: Rs. 8,275

Total interest to be paid: Rs. 1,95,082

Total amount to be paid to the bank: Rs. 6,95,082

Amortization schedule of the above example:

In addition to the duly signed loan application and recent passport size photographs, the following documents are required when a person applies for an Indian Bank Personal Loan online:

Here are the Personal Loan Eligibility Criteria for Indian Bank Personal Loans based on the loan scheme:

Eligibility Criteria for IB Clean Loan:

• Applicant must be a salaried individual working with Government/ Quasi Government/ Endowments/ Boards/ Corporate Industrial Establishments/ Reputed Companies.
• The minimum take-home pay of the applicant must be 40% of their gross salary after deducting the proposed EMI.
• The minimum age of the applicant must be 21 years and maximum 60 years.
• Applicant must have at least 3 years of work experience.
• Applicant must provide security in the form of employer's sponsorship, authorisation to debit SB account, third party guarantee, encashable collateral security, post dated cheques.
• Indian Bank Personal Loans require a good CIBIL score, preferably over the 700 mark. The higher your CIBIL score the greater your chances are of acquiring a loan at a low interest rate.

Eligibility Criteria for IB Pension Loan:

• Applicant must be a Central/ State Government pensioner, family pensioner, re-employed pensioner, Indian Bank retiree (both under VRS and superannuation) whose pension accounts are with Indian Bank's branch to be eligible for this loan.
• EPF pensioners and CRS retirees are not eligible for the loan.
• Age requirement:

• Applicant must provide the guarantee of spouse (or guarantee of legal heir/family member/third party acceptable by the bank, in the absence of spouse).

Eligibility Criteria for IB Home Loan Combo:

• Applicant must be a salaried individual who has already availed a Home Loan (individually or jointly) from the Indian Bank and has repaid it satisfactorily for at least 3 years after the holiday period
• Applicant should have created an equitable mortgage.
• Applicant should have maintained a security margin of minimum 15% for house purchase/ plot purchase/ house construction.
• Applicant must have been regular with the Home Loan repayment.

The borrower can repay the Indian Bank personal loan through EMIs in three ways:

• Electronic Clearing System (ECS)
• Post-dated Cheques (PDCs)
• Standing Instruction (SI)

In the case of an ECS, the borrower must give the bank standing instruction to allow Indian Bank to auto-debit the EMI amount every month.

In the case of post-dated cheques, borrowers will have to sign a number of cheque leaves in advance so that Indian Bank can deposit them at the given payment dates. Sufficient funds must be maintained in the account to be able to opt for the post-dated cheque facility since payments made may bounce back if the borrower doesn't have enough money in their account every month. There are separate charges which will be levied if the cheque bounces.

Borrowers have the additional option of changing the payment method, but they have to visit an Indian Bank branch to let the bank know of these changes. They must submit an application for change in payment mode to Indian Bank in the event they wish to switch from ECS to post-dated cheques or vice versa.

If you already have an account with Indian Bank, then you can allow them to debit the amount directly from your account at the end of each month - this is called the Standing Instruction method.

Indian Bank charges the following processing fees on their Personal Loans:

• Processing fee for IB Clean Loan: 1% of the sanctioned loan amount.
• Processing fee for IB Pension Loan: Nil for loans up to Rs. 25,000 and Rs. 250 for loans above Rs. 25,000
• Processing fee for IB Home Loan Combo: 50% of IB Clean Loan processing fee.

For any query related to your loan you can contact on their customer care number.

It's extremely easy and quick to apply for Indian Bank Personal Loan through MyMoneyMantra,. You just have to follow some simple steps mentioned below:

• Visit MyMoneyMantra and click on Personal Loan under Loans section
• Fill in the required details, like your name, gender, profession type (salaried/ self-employed professional/ self-employed business owner), details of current employer, loan amount required, city of residence, salary, and so on.
• Enter your email ID and phone number
• Enter the OTP received on your mobile number
• Our loan specialist will soon contact you to guide you to the further process