Indian Bank Personal Loan Interest Rates

There are varied kinds of personal loan schemes offered by Indian Banks for different purposes and groups, and they are-

Regular personal loan scheme for individuals employed in government or private salaried sectors to fulfil medical, educational, marriage, family functions, and other home needs (other than speculative purposes.) This scheme can offer the applicant 20x the monthly gross salary value. The pay-off tenure for this scheme is up to 7 years, with a processing fee of 1%.

Pension loans are provided to pensioners/family pensioners to cover their varied financial needs such as marriage, education, family functions, medical, and so on. The loan amount for this personal loan scheme from Indian Bank is up to a value of 15 times the pension that is credited each month.

There is also no capital needed for the minimum and maximum amounts. The pay-off tenure for this loan is ten years, with processing fees that can range from an amount of Rs. 25,000. 

Here are the tables of the Indian Bank personal loan interest rates 2024-

The bank charges a processing fee for the personal loan schemes, and they are-

1) For Indian Bank Pension Loan Scheme - Up to Rs. 25,000.

2) For the Indian Bank Clean Loan to Salaried - 1% of the loan amount.

Following are eligible for the Personal Loan Scheme from the Indian Bank-

• Pensioners from the state and central governments, family pensioners, re-employed pensioners, and IB retirees (both under superannuation and VRS.)
• EPF and CRS pensioners are not eligible.
• Age: For regular retirees: The entry age is up to 75 years old. The exit age is up to 78 years old.

• Permanent personnel having at least two years of experience in government/quasi-government/reputable companies/endowments/corporate industrial establishments.
• Known Private Sectors:
• Large MNCs/Corporations with a turnover of more than Rs 100 crores Externally, the employer is graded "A" or higher (not more than 12 months old as per current rating.)
• The minimum entry level age is 21 years old.
• The CIBIL score needs to always be at least 700.

Here are the documents that would be needed while applying for both of the personal loan schemes from the Indian Bank-

• Information to PPA
• Guarantor for the Bank
• Authorization to get EMI from the account
• Income proof
• Form 16
• PAN
• Employment proof
• KYC