Indian Bank



Apply Indian Bank Personal Loan

About Indian Bank Personal Loan

At some point in life, all of us find ourselves in a situation when we are unable to meet a spending obligation due to lack of finances. You might have property and assets, but nothing beats the flexibility that having liquid cash offers. Even though you may have saved a lot of money for a rainy day, you are sure to find yourself in a dilemma since you do not have the liquid cash as an obligation. It might be something as simple as lending money to your family members, medical emergency, or spending for a wedding - life is unpredictable, like that.

It is in such situations that a Personal Loan comes in handy. Personal Loans are usually given to individuals with a good record of money management, whether they are salaried or self-employed. These loans comparatively have short tenures and are perfect since they help you manage the immediate emergency at hand.

Indian Bank Personal Loan Interest Rate - June 2021

Interest rate

9.05 %

Loan tenure

3 Years

Loan turn around period

1-7 Days

Processing Charges

0.5 % of loan sanctioned + Taxes

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Dishonour Charges

500 per instance

Lowest EMI

 3182  Per Lakh

Indian Bank is one of the largest and oldest commercial establishments in the nation. The bank has a rich history and is ingrained in the Independence struggle of India. It was established in 1907, as part of the Swadeshi Movement against the British rulers. The bank has since grown into one of the largest financial services, with around 20,000 full-time employees and around 3,000 branches spread across the nation. It presents core banking solutions in all its 2820 domestic branches, for the benefit of the customers. With branches in Singapore and Sri Lanka, the bank has an established international presence too. There are also 99 Forex Authorised branches including a Specialised Overseas Bank in Chennai for managing transactions arising out of Import, Export, Remittances and NRI business.

All in all, Indian Bank has a long and cultured history and track record which makes it one any customer can trust.

 Indian Bank has a history of excellence, particularly when it comes to helping individuals and Micro, Small and Medium Enterprises.

The mission of the bank is to be recognized as a 'Common Man's Bank', which provides financial services and products under one roof, at an affordable cost and in a fair and transparent manner - making it well-suitable for any loans, including Personal Loans.

The bank offers attractive Personal Loans to salaried persons, self-employed individuals, and pensioners to help them cater to their short-term financial needs.

Why Indian Bank Personal Loan?

Having no financial back-up at critical points like a wedding, medical emergency or bearing other such crucial expenses can have huge implications and are ought to be avoided. At times like these, Personal Loans are the best way to find your way out. With Personal Loans from banks bearing a history of customer support as the Indian Bank, you can obtain the best support possible to overcome and avoid situations like these in the long run.

An Indian Bank Personal Loan has been divided into multiple categories for several purposes, and the Clean Loan option is the most similar one to the Standard Personal Loan. The Indian Bank Personal Loan has one of the most competitive interest rates available across similar products in the industry and thus can be the best choice for your immediate needs.

Features and Benefits of Indian Bank Personal Loan

Here's what makes Indian Bank Personal Loans different:

  • Maximum Loan Amount: 1 Lakh for salaried individuals whose salary is credited to the Indian Bank account, 50,000 for others. Pensioners can avail a loan amount of up to 6 Lakhs (if regular pensioners) and 2 Lakhs (if family pensioners)
  • Different Plans: You have the flexibility to get the loan for different schemes and amounts according to your needs.
  • Competitive Interest Rates: Interest rate for Indian Bank Personal Loan starts at 10.65% p.a., one of the most competitive in the industry at present.
  • Low Processing Fees: Processing fee for Indian Bank Persona Loan is 0.51% of the loan amount (a maximum of 510).
  • Quick Eligibility: Application eligibility and loan disbursal procedures are processed quickly, which let you get the money quickly.
  • Flexible Repayment Tenure: The loan can be repaid within a tenure of 3 years (for salaried individuals) and 5 years (for regular pensioners).
  • Apply Online: You can check if you are eligible, and even apply for the loan online from the comfort of your home.

Indian Bank Personal Loan Interest Rates

Indian Bank Personal Loans vary according to the loan scheme, type of applicant, applicant's creditworthiness and repayment capacity. Here are the interest rates for Personal Loans charged by the Indian Bank.

Loan Type Borrower Type/ Sub Category Interest Rate

IB Clean Loan

  • For Salaried Employees of Govt. Organisations/ PSUs /  Central  or State Government/ Reputed Private Sector/ Other Reputed Organisation approved by respective Zonal Office
  • Where Check-off facility and undertaking by the employer is available


  • For Salaried Employees of Govt. Organisations/ PSUs /  Central  or State Government/ Reputed Private Sector/ Other Reputed Organisation approved by respective Zonal Office
  • Where Check-off facility and undertaking by the employer is not available, however, the salary is credited with the Indian Bank


IB Pension Loan

  • For repayment tenure of up to 12 months


  • For repayment tenure of above 12 months and up to 36 months


  • For repayment tenure of above 36 months and up to 60 months


IB Home Loan Combo

  • For Salaried Home Loan Borrowers
  • Where applicant's salary is credited with the Indian Bank


*Interest rates are updated as on 08.03.2019.

Types of Personal Loans Offered by Indian Bank


Indian Bank offers the following Personal Loan variants:

  • IB Clean Loan (to Salaried Class): This type of Personal Loan is offered to the salaried individuals who are working with Government/ Quasi Government/ Endowments/ Boards/ Corporate Industrial Establishments/ Reputed Companies. The loan can be availed to meet marriage, medical, educational, or other personal expenses. The borrower must have a clear history with no defaults in loan repayment, in order to be eligible for the loan. The tenure of the loan is up to 36 months and the interest rates may vary between 10.65% to 11.25% p.a. The loan amount varies according to the repayment capacity of the borrower, subject to a maximum of 1 Lakh.
  • IB Pension Loan: This Personal Loan variant as the name suggests is offered to the pensioners. Any Central/ State Government pensioner, family pensioner, re-employed pensioner, Indian Bank retiree (both under VRS and superannuation) whose pension accounts are with Indian Bank's branch are eligible for this loan. The loan can be availed to meet marriage, medical, educational, or other personal expenses. The maximum loan amount that pensioners can avail is 6 Lakhs (if they are regular pensioners) and 2 Lakhs (if they are family pensioners). Interest rates for these loans vary between 12.20% to 13.20% p.a.
  • IB Home Loan Combo: The Home Loan combo is made for salaried individuals who have already availed a Home Loan (individually or jointly) from the Indian Bank and have repaid it satisfactorily for at least 3 years after the holiday period. These previous Home Loan borrowers can avail Clean Loan (Personal Loan variant) at a discounted interest rate of 0.50% on the actual rate from the Indian Bank. The processing fee is also reduced by 50%.

Indian Bank Personal Loan Eligibility

Indian Bank Personal Loan eligibility criteria must be met for the successful approval of the loan application. Personal Loans are provided to individuals who would like to finance any spending obligation they are currently facing.

Here are the eligibility criteria for Indian Bank Personal Loans based on the loan scheme:

Eligibility Criteria for IB Clean Loan:

  • Applicant must be a salaried individual working with Government/ Quasi Government/ Endowments/ Boards/ Corporate Industrial Establishments/ Reputed Companies.
  • The minimum take-home pay of the applicant must be 40% of their gross salary after deducting the proposed EMI.
  • The minimum age of the applicant must be 21 years and maximum 60 years.
  • Applicant must have at least 3 years of work experience.
  • Applicant must provide a security in the form of employer's sponsorship, authorisation to debit SB account, third party guarantee, encashable collateral security, post dated cheques.

Eligibility Criteria for IB Pension Loan:

  • Applicant must be a Central/ State Government pensioner, family pensioner, re-employed pensioner, Indian Bank retiree (both under VRS and superannuation) whose pension accounts are with Indian Bank's branch to eligible for this loan.
  • EPF pensioners and CRS retirees are not eligible for the loan.
  • Age requirement:
Pensioner Type Maximum Entry Level Age Maximum Exit Level Age


75 years

78 years


70 years

73 years

  • Applicant must provide the guarantee of spouse (or guarantee of legal heir/family member/third party acceptable by the bank, in the absence of spouse).

Eligibility Criteria for IB Home Loan Combo:

  • Applicant must be a salaried individual who has already availed a Home Loan (individually or jointly) from the Indian Bank and has repaid it satisfactorily for at least 3 years after the holiday period
  • Applicant should have created equitable mortgage.
  • Applicant should have maintained security margin of minimum 15% for house purchase/ plot purchase/ house construction.
  • Applicant must have been regular with the Home Loan repayment.

Indian Bank Personal Loans require a good CIBIL score, preferably over the 700 mark. The higher your CIBIL score the greater your chances are of acquiring a loan at a low interest rate. The lower your CIBIL score the higher your Personal Loan interest rate will be. CIBIL score details your financial profile, including your financial history, your ability to pay back loan on time, and your proficiency in the utilisation of funds in an appropriate manner. 

In most cases, you do not need a guarantor in order to get the loan processed. The processing time is quicker so that you can get the money as soon as you need it.

The hassle-free disbursal procedure will help you procure the cash you require quickly, be it for your personal or business-related needs.

If you have any existing loans such as car loan or business loan, then a restriction may be placed on the loan amount you are eligible for. Once the application is approved and the interest rate has been decided, borrowers will be expected to pay back in monthly EMIs. EMI is your total loan amount divided by the repayment tenure, with the interest rate added to it, payable every month until the completion of the loan tenure.

Time Taken to Process a Personal Loan Application

Indian Bank Personal Loans are usually approved quickly so that you get the funds when you need them the most. You can submit the relevant documents online, and then wait for the bank to contact you with the eligibility criteria. This process is extremely quick at Indian Bank. It is important to remember that it is the bank's discretion to decide whether to approve the loan in such a short amount of time, based on the applicant's profile and other documentation provided. 

Documents Required for Indian Bank Personal Loan

In addition to the duly signed loan application and recent passport size photographs, the following documents are required when a person applies for an Indian Bank Personal Loan online:

Documents for IB Clean Loan Documents for IB Pension Loan

KYC Documents

KYC Documents

Employment proof

Security: Guarantee of spouse who is eligible for family pension/ guarantee of a family member or legal heir or any eligible person (in the absence of spouse)

Salary certificate for the last 6 months

Pension credit statement

Last 3 years ITR / Form 16

An irrevocable undertaking by the pensioners that they will not shift their pension account to another bank during the Pension Loan tenure.

Last 6 months' bank account statement

Post-dated cheques

Suitable third party guarantee (desirable)

Other Products by Indian Bank

Indian Bank offers a host of loans and other financial products apart from Personal Loans. The list is given below:

IB Home Loan

New IB Jeevan Vidya

IB Rent Encash

Loan/OD Against Deposits

IB Balavidhya Scheme

IB Vehicle Loan

Ind Reverse Mortgage

Ind Mortgage

Plot Loan

Home Improve

IB Home Loan Plus

Loan/OD Against NSC/KVP/Relief Bonds of RBI/LIC Policies

Agricultural Godowns/ Cold Storage

SHG Bank Linkage Programme - Direct Linkage to SHGs

SHG -Vidhya Shobha

Loans for Maintenance of Tractors Under Tie-up with Sugar Mills

Agricultural Produce Marketing Loan

Financing Agriculturists for Purchase of Tractors

Purchase of Second Hand (Pre-used) Tractors by Agriculturists

Agri Clinic and Agri Business Centres

Joint Liability Group (JLG)

Rupay Kisan Card

DRI Scheme

Gramin Mahila Sowbhagya Scheme

Sugar Premium Scheme

Golden Harvest Scheme

Agricultural Jewel Loan Scheme

IB Vidhya Mandir

My Own Shop

IB Doctor Plus

IB Contractors

IB Tradewell

Ind Auto

IB-BAL Commercial Vehicle (Under Tie-up with Bajaj Auto Ltd)

IND STAR Rice Mill

IND SME Secure

Revised IBA Model Education Loan Scheme (2015)

IB Educational Loan Prime

IB Skill Loan Scheme

NRI Accounts

NRI Plot Loan

NRI Home Loan

Savings Bank Account

Current Account

Term Deposits

How to Calculate Indian Bank Personal Loan EMI?

The Indian Bank Personal Loan EMI amount can be computed using the MyMoneyMantra EMI Calculator. The EMI Calculator lets you set parameters such as the loan amount, tenure, and interest rate which let borrowers know what their monthly EMI amount comes to. Low EMI tenures start as less as 3,257 on a borrowed sum of 1 Lakh. There are several factors which influence the EMI amount calculation and they are:

  • Interest Rate: If you are applying for a huge loan amount, your interest rates will be comparatively lower. The lowest interest rate provided to customers at Indian Bank is 10.65%, which equates to 3,257 per 1 Lakh borrowed, over a tenure of 3 years. This amount increases since the interest rates depend upon the amount borrowed and the repayment capability of the borrower.
  • Loan Tenure: The longer your repayment duration is, the lower is your EMI amount. For a Personal Loan of 1 Lakh, the EMI may vary from 8,822 to 3,257 per month on tenures of 1 to 3 years. The loan tenure you will be approved for will depend on your age, and the financial health you are in. The maximum loan tenure for salaried borrowers is 3 years.
  • Loan Amount: Indian Bank Personal Loan EMIs are higher for higher loan amounts. For example, the lowest EMI per Lakh is 3,257 at 10.65% per annum for the tenure of 3 years. However, the EMI is 19,544 for a loan of 6 Lakhs, under the same conditions.

Repayment of Indian Bank Personal Loan EMI

The borrower can make EMI payments in two ways:

  • Electronic Clearing System (ECS)
  • Post-dated Cheques (PDCs)
  • Standing Instruction (SI)

In the case of an ECS, the borrower must give the bank standing instruction to allow Indian Bank to auto-debit the EMI amount every month.

In the case of post-dated cheques, borrowers will have to sign a number of cheque leaves in advance so that Indian Bank can deposit them at the given payment dates. Sufficient funds must be maintained in the account to be able to opt for the post-dated cheque facility since payments made may bounce back if the borrower doesn't have enough money in their account every month. There are separate charges which will be levied if the cheque bounces.

Borrowers have the additional option of changing the payment method, but they have to visit an Indian Bank branch to let the bank know of these changes. They must submit an application for change in payment mode to Indian Bank in the event they wish to switch from ECS to post-dated cheques or vice versa.

If you already have an account with Indian Bank, then you can allow them to debit the amount directly from your account at the end of each month - this is called the Standing Instruction method.

Indian Bank Personal Loan Processing Fees

Indian Bank charges the following processing fees on their Personal Loans:

Processing Fee for IB Clean Loan: 0.51% of the sanctioned loan amount (a maximum of 510)

Processing Fee for IB Pension Loan: Nil for loans up to 25,000 and 255 for loans above 25,000

Processing Fee for IB Home Loan Combo: 50% of IB Clean Loan processing fee

Indian Bank Personal Loan Customer Care

You can call the Indian Bank Customer Care if you have any doubts or simply want to check if you are eligible for the loan

The toll-free numbers are:

1800 425 00 000 and 1800 425 4422

Email ID:

Postal address of Indian Bank corporate office:

Indian Bank, Corporate Office,

PB No: 5555, 254-260, Avvai Shanmugam Salai,

Royapettah, Chennai - 600 014

Phone number of corporate office: 044 28134300

Indian Bank Latest News

Indian Bank Offers 3 Months Moratorium for Loan EMIs to Support RBI's Move

State-run Indian Bank has announced to provide a 3-month moratorium to its customers. As per the COVID 19 regulatory package of RBI, the bank allows a moratorium by deferring EMI payment / Term Loan Instalments and Interest/ Interest on Working Capital for 3 months w.e.f 01.03.2020.Read More

Indian Bank announces 5 covid loans for individuals, pensioners & corporates

The Indian bank has announced 5 special COVID-19 emergency loan products for different customer segments such as pensioners, salaried individuals, self-help groups, MSMEs as well as large corporates. Read More

Indian Bank Announces Appointment of MD and CEO

Indian Bank has announced that Ms. Padmaja Chunduru will take over as the MD and CEO of Indian Bank, on 20th September 2018. She was previously the Deputy Managing Director of the State Bank of India.

Indian Bank organises Home Expo

Indian Bank organised a home expo and sensitised the first-time home buyers about the Pradhan Mantri Awas Yojana Initiative in the process. The Home Expo was held in Coimbatore, on the 8th of September.

Indian Bank exits Experian

Indian Bank, along with Punjab National Bank announced that it is exiting relations with the credit data firm Experian.

Frequently Asked Questions

How long will it take to get the Personal Loan from Indian Bank?

The processing of the paperwork for the loan takes around 5 working days, but it might be lower than that, depending on the documents submission and their accuracy.

What should be my age to get the loan?

You should be older than 21 in order to apply for the Indian Bank Personal Loan and must have at least 3 years of work experience.

Are there any charges for foreclosure of the loan?

There are no extra charges for the foreclosure of the Personal Loan taken from the Indian Bank.

Can I change the mode of EMI amount payment?

Yes, but you will have to give an application at the bank which states that you need to change the payment method.

What is the credit score I require to get Indian Bank Personal Loan?

A CIBIL score of minimum 700 is required to get the loan.

How can I apply for the loan easily?

Through MoneyMantra, you can apply for the loan with ease.

What are the Interest Rates for the Indian Bank Personal Loans?

The interest rates vary from 10.65% to 13.20% p.a.

What is the maximum tenure of the loan?

The maximum loan tenure permitted by the bank is 3 years for IB Clean Loan and 5 years for IB Pension Loan.

Why Apply for Indian Bank Personal Loan on MyMoneyMantra?

At MyMoneyMantra, we are committed to making the process of taking a Personal Loan from Indian Bank conveniently and without any hassle. Not only do our loan specialists guide you to the scheme which is best suited to your requirements, but they also assist you in the application process. Our team helps complete your documentation, collects your kit from your home and deposits it to the bank. We also help you through the approval and disbursement process.

Applying for Indian Bank Personal Loan through MyMoneyMantra has following benefits:

  • End-to-end loan process handling
  • Free documents pick-up service
  • Complete information about each product
  • Quick comparison between various offers and instant loan application
  • Easy eligibility check
  • Online EMI Calculator
  • Personal Loan offers from 70+ banks and non-banking financial companies (NBFCs)

How to Apply for Indian Bank Personal Loan on MyMoneyMantra?

It's extremely easy and quick to apply for Indian Bank Personal Loan through MyMoneyMantra,. You just have to follow some simple steps mentioned below:

  • Visit MyMoneyMantra and click on Personal Loan under Loans section
  • Fill in the required details like: name, gender, profession type (salaried/ self-employed professional/ self-employed business owner), details of current employer, loan amount required, city of residence, salary, and so on.
  • Enter your email ID and phone number
  • Enter the OTP received on your mobile number
  • Our loan specialist will soon contact you to guide you to the further process.

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