Indian Bank Personal Loan Eligibility
To meet the Indian Bank Personal Loan eligibility criteria, the borrower must be a salaried individual aged 21 years or above. Applicants should be permanent employees with a minimum experience of 2 years with a government or private sector company.
Indian Bank Personal Loan Eligibility Criteria
Here are the detailed eligibility criteria for Indian Bank personal loan according to the loan scheme:
Eligibility Criteria for IB Clean Loan:
- Applicants should be salaried, working with Government/ Quasi Government/ Endowments/ Boards/ Corporate Industrial Establishments/ Reputed Companies.
- The minimum take-home pay must be 40% of the applicant’s gross salary after deducting the proposed EMI.
- The minimum age required is 21 years and the maximum is 60 years.
- Applicants must have a minimum of 2 years of work experience.
- Applicants must provide security in the form of employer's sponsorship, third-party guarantee, encashable collateral security, authorisation to debit SB account, or post-dated cheques.
- Indian Bank Personal Loan requires a good CIBIL score, preferably more than 700.
Eligibility Criteria for IB Pension Loan:
- Applicants must be Central or State Government pensioners, family pensioners, re-employed pensioners, or Indian Bank retirees (under VRS or superannuation) whose pension accounts are held with Indian Bank's branch.
- CRS retirees and EPF pensioners are not eligible for the loan.
- Age requirement:
- Regular Pensioner: Maximum entry level age is 75 years and maximum exit level age is 78 years.
- Family Pensioner: Maximum entry level age is 70 years and maximum exit level age is 73 years.
- Applicants must provide the guarantee of the spouse (or legal heir/family member/third party acceptable by the bank if there is no spouse).
Eligibility Criteria for IB Home Loan Combo:
- Applicants must be salaried and have already availed of a Home Loan (either individually or jointly) from Indian Bank and have repaid the same satisfactorily for at least 3 years after the holiday period
- Applicants should have created an equitable mortgage.
- Applicants should have maintained a security margin of at least 15% for house/ plot purchase or house construction.
- Applicants must have been regular with the Home Loan repayment.
Indian Bank Personal Loan Features
| Loan amount | Up to 20 times of monthly gross salary |
| Rate of Interest | 10% |
| Tenure | Up to 84 months |
| Lowest EMI possible | Rs. 1,611 Per Lakh |
| Processing Fee | 1% of the approved loan amount |
| Minimum CIBIL Score | 700 |
| Guarantee | Guarantee of spouse (if applicable) & another employee |
| Minimum Entry Age | 21 years |
Benefits of Indian Bank Personal Loan
The benefits of Indian Bank personal loans are as follows.
- Available for meeting domestic emergencies like medical expenses, educational needs, and so on
- The bank does not question the reason for availing the personal loan.
- Indian Bank has a transparent pricing policy where they charge competitive rates of interest.
- Indian Bank has a simplified loan application procedure with relaxed eligibility norms.
- The bank charges affordable processing fees.
Indian Bank Personal Loans without Collateral
| Loan Product | Ideal for | Maximum Loan | Interest Rate | Loan tenure |
|---|---|---|---|---|
| IB Clean Loan to Salaried Class | For meeting all personal requirements | Depending on the income and repaying capacity | 9.05% to 13.65% | 84 months |
| IB Pension Loan | Meet the individual needs of pensioners | 6 Lakhs | 10.60% to 11.75% | 60 months |
| IND COVID-Emergency Salary Loan (IBCESL) | To meet emergency financial demands of COVID-19-affected salaried customers | 2 Lakhs | 9.50% | 36 months |
| IND COVID-Emergency Pension Loan (IBCEPL) | To meet the emergency financial demands of COVID-19-affected pensioners | 2 Lakhs | 8.75% | 36 months |
Indian Bank Personal Loans with Collateral
| Loan Product | Ideal for | Maximum Loan | Interest Rate | Loan Tenure |
|---|---|---|---|---|
| Loan/OD against deposits | Meeting all kinds of personal requirements | 90% of the value of the deposit | 10.30% - 10.80% | Within the deposit maturity period |
| Loan/OD against NSC, KVP, LIC Policies, RBI Relief Bonds | For personal consumption | 75% of the value of the security | 10.95% | Maximum of 6 years |
| Ind Mortgage | Personal and Business requirements | 40% to 50% of the value of the property | 11.05% | 84 months |
| IB Home Loan Plus | Bonafide needs of HL borrowers | 60 Lakhs | 9.15% to 9.65% | 120 months |
| IB Rent Encash | Personal or business requirements | 5 Crores | 10.80% | 120 months |
| IB Reverse Mortgage | Meet the needs of senior citizens | 40 Lakhs | 9.40% | 15 years with a rollover period |
Indian Bank Personal Loan Interest Rate
Indian Bank links the personal loan interest rates to the repo rates announced by the Reserve Bank of India. As of date, the repo rate is 4%.
| IB Clean Loan to Salaried Class |
|
| IB Pension Loan |
|
| IB Loan/OD against Deposit |
|
| IB Loan/OD against NSC, KVP, LIC Policies, and RBI Relief Bonds | 10.95% |
| IB Rent Encash | 10.25% - 10.40% |
| Ind Mortgage | 10.50% - 10.65% |
Indian Bank Personal Loan Eligibility FAQs
Yes, Indian Bank has a personal loan product for non-salaried employees having the necessary repayment capacity. The condition is that these persons should have a regular and documented source of income.
The check-off facility is one where the employer deducts the EMI amount from the salary due to the employee and deposits it into the bank.
No, such a person is not eligible for a personal loan from Indian Bank.
Yes, an individual can avail of a personal loan for jewellery, provided it is for personal consumption and not for speculative use. An individual cannot invest in bullion by availing a personal loan.
Yes, a borrower should undertake that the personal loan will not be utilised for illegitimate or speculative purposes.
Any investment made to earn a quick and unnatural profit is speculation. Investing in shares or bullion is speculative. Playing online lottery games or gambling is also risky.
Usually, banks do not allow jewellery stores or pawnshop owners to avail of gold loans from them.
The factors that determine the interest rate on personal loans are,
- Occupation of the borrower
- Quantum of the loan
- Repayment tenure
- The nature of security provided
Any loan that does not come with collateral or prime security is clean. Usually, banks sanction personal loans without collateral based on the income and repaying capacity of the borrower.
Yes, Indian Bank does not offer personal loans, especially clean ones to applicants with low CIBIL scores. The general qualifying criterion is that the applicant should have a minimum CIBIL score of 650 to 700. Some banks have a higher threshold level.