Indian Bank Personal Loan Interest Rates

Personal loans are available from Indian Bank at 9.90% p.a. for terms of up to 7 years. It also offers personal loans to retirees at 10.15% p.a. for terms of up to ten years.

Details of the Indian Bank Personal Loan

Particulars

Details

Amounts

20x of the applicant's gross salary

Tenures

7 years

Interest Rates

Above 9.90%

Types of Indian Bank Personal Loans

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

1) Indian Bank Clean or Secured Loan Scheme for the Salaried

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%.

2) Indian Bank Pension Loan Scheme

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. 

Indian Bank Personal Loan Interest Rate 2022

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

1) Indian Bank Personal Loan Interest Rate for the Secured or Clean Personal Loan 

Scheme

Indian Bank Personal Loan Rate of Interest

For employees

9.90% - 10.40%

For home loan borrowers

9.90%

2) Personal Loan Rate of Interest in Indian Bank for Pension Loan

 

Term

Interest Rate

Up to 5 years

10.15%

5 to 10 years

10.40%

3) Pre-Approved Personal Loan of Indian Bank Interest Rate

Pre-approved loan

11.40%

Other Charges of the Indian Bank Personal Loans

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.

Other Bank's Personal Loan Interest Rates

Banks/NBFCs

Interest Rates(p.a.)

SBI

10.30%-15.10%

HDFC Bank

11.00% onwards

ICICI Bank

10.75% onwards

Axis Bank

10.25% onwards

IndusInd Bank

10.49% onwards

Kotak Mahindra Bank

10.99% onwards

IDFC First Bank

10.75% onwards

Tata Capital

10.99% onwards

Bajaj Finserv

13.00% onwards

Who is Eligible for the Personal Loan Scheme from the Indian Bank?

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

a) For the Indian Bank Personal Loan for Pensioners

  • 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.

b) For the Indian Bank Secured Personal Loan

  • 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.

Required Documents to Apply for the Loan

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
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