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 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 type||Rate 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 months||11.90%|
|IB Pension Loan(for tenure of 12 ? 36 months||12.65%|
|IB Pension Loan(for tenure of 36 ? 60 months||12.90%|
|IB Home Loan Combo||0.50% less than any of the above loans as per requirement|
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.
Also, know about the Indian Bank Mini Statement service.
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 for||Salaries professionals or self-employed individuals, pensioners, NRI?s, PIO's etc.|
|Minimum income||The 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 criteria||For 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 required||The 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.|
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 fee||depends 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 charges||Pre-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.|
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 :
Aadhar Card, PAN Card, Voter ID Card, International passport
Aadhar Card, Passport, Telephone Bill, Electricity Bill
3 months of salary statement(for salaried employees).
6 months of bank statement
Last 2 years Form-16 or IT-returns
Business existence proof
6 months of bank statement
3 years of profit/loss statement
3 years of Income Tax returns(for self-employed individuals)
Processing fee cheque
2 passport sized photographs
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 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 :
Indian Bank Corporate Office
PB No, 5555, 254-260, Avai Sanmugam Salai,
Royapettah, Chennai ? 600 014
Now get IDFC First Bank personal loan of Rs. 1 Lakh to Rs. 1 Crore at lowest interest rate starting from just 10.49% per annum and the processing fee is 3.5% of the sanctioned limit + GST.
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