Indian Bank Personal Loan Interest rates

Indian Bank provides personal loans to enable people to avail small funds whenever they require for any of their personal purposes. Get Indian Bank Personal Loan @ 10% Interest Rates.


Indian Bank Personal Loan Interest rates

Indian bank Bank offers their products at competitive Interest rates. Interest rates for personal loans are comparatively lesser as compared to other credit products. That is why, Personal loans are often even used to pay off the 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 Loan.

Loan product typeRate of Interest applicable
IB Clean Loan(for salaried employees who have an undertaking by the employer)10.35%
IB Clean Loan(for salaried employees who do not have any undertaking by employer, but the salary is deposited in Indian bank. 10.95%
IB Pension Loan(for tenure of up to 12 months11.90%
IB Pension Loan(for tenure of 12 ? 36 months12.65%
IB Pension Loan(for tenure of 36 ? 60 months12.90%
IB Home Loan Combo0.50% less than any of the above loans as per requirement

Types of Personal Loan offered by Indian bank

Indian bank offers different kinds of personal loan products that can suit different kinds of requirements. They offer customised term loam 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, multinationals companies or any institution of good repute.
  • Available for purposes like marriage, education, home-related expenses, functions or any such purposes.
  • Max loan amount that can be availed is up to 20 times the gross monthly salary.
  • Up to 0.512% of the loan amount. 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, employer or third-party guarantor is needed.

IB Pension Loan :

  • Available only for individuals who receive regular pension. State or Government pensioners, family pensioners, IB bank retirees etc are eligible for IB Pension Loan.
  • 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, age criteria is 75-78 and for a family pensioner, the age criteria is 70-73.
  • Processing fee is nil for loan amounts up to 25,000. A flat fee of INR 255/- is levied for amount greater than that
  • Tenure is 60 months for a regular pensioner or until max-age. For a family pensioner, the max tenure is 36 months or until max-age.
  • Guarantee of spouse or legal heir is required in case of a family pensioner. Otherwise, authorization for recovering loan amount from 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 instalments consistently for 3 years.
  • The loan can be availed for any personal use/purpose required by the applicants. They can also choose to avail any of the loans provided by the bank such as vehicle loans, clean loans, education loan 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.
  • 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.

Also, know about the Indian Bank Mini Statement service.

Indian Bank Personal Loan eligibility

The personal loan can be availed by anyone who is able to 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.

Eligible forSalaries professionals or self-employed individuals, pensioners, NRI?s, PIO's etc.
Minimum incomeThe minimum income required for approval depends on the loan amount and tenure applied for. The EMI amount should be no more than 40% of the gross monthly income
Age criteriaFor salaried/ self-employed individuals, the age criteria is 21-58 years. In case of pensioners, the age criteria depends on the type of pensioner. For regular pensioners, the age must be between 75-78 years and for family pensioners, the age must be between 70-73 years. 
Experience requiredThe experience required also depends on the type of loan that needs to be availed. In case of IB clean loan, up to 3 years of professional experience is required to be eligible for a personal loan.  

Fees and charges for Personal loan by Indian bank bank

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 Indian bank Personal loan.

Processing feedepends on the type and purpose of the personal loan. Up to 0.512% of loan amount can be charged for personal loan. Processing fee is nil for pension loans up to 25,000, and a flat fee of INR 225/- is charged for loan amount higher than that.
Prepayment chargesPre-payment is permitted with no minimum requirement of the number of EMI's paid. Pre-payment charges are usually nil, however, in certain cases, a certain fee maybe be charged.
Legal charges and Stamp Duty As per state laws.

Documents required for 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 personal loan application. Documents are mandatory for getting your personal loan approved. The documents are also used to verify your income to check whether you can satisfy the EMI's. Below are some documents that 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

How to calculate Indian bank Personal Loan EMI

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 increase 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 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 Personal Loan Customer Care numbers

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 :



Chargeable customer care numbers :


Postal Address

Indian Bank Corporate Office

PB No, 5555, 254-260, Avai Sanmugam Salai,

Royapettah, Chennai ? 600 014

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