|Loan amount||Up to 20 times of monthly gross salary|
|Rate of interest||9.05% - 13.65%|
|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|
Indian Bank offers the following Personal Loan variants:
Here's what makes Indian Bank Personal Loans different:
The Indian Bank personal loan EMI amount can be computed using the MyMoneyMantra Personal Loan 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.
Apart from calculating the EMI amount accurately, this Indian bank personal loan EMI Calculator tool also provides the amortization schedule for the loan repayment.
Here’s an example:
Personal loan amount required: Rs. 5 Lakhs
Applicable rate of interest: 9.05% p.a.
Tenure: 7 years
EMI to be paid every month: Rs. 8,057
Total interest to be paid: Rs. 1,76,808
Total amount to be paid to the bank: Rs. 6,76,808
Amortization schedule of the above example:
Amount paid by
Interest paid during
Principal paid during
|1||Rs. 5,00,000||Rs. 32,229||Rs. 14,888||Rs. 17,341||Rs. 4,82,659|
|2||Rs. 4,82,659||Rs. 96,687||Rs. 41,426||Rs. 55,261||Rs. 4,27,398|
|3||Rs. 4,27,398||Rs. 96,687||Rs. 36,212||Rs. 60,475||Rs. 3,66,924|
|4||Rs. 3,66,924||Rs. 96,687||Rs. 30,506||Rs. 66,181||Rs. 3,00,743|
|5||Rs. 3,00,743||Rs. 96,687||Rs. 24,262||Rs. 72,425||Rs. 2,28,318|
|6||Rs. 2,28,318||Rs. 96,687||Rs. 17,429||Rs. 79,258||Rs. 1,49,060|
|7||Rs. 1,49,060||Rs. 96,687||Rs. 9,951||Rs. 86,736||Rs. 62,324|
|8||Rs. 62,324||Rs. 64,458||Rs. 2,134||Rs. 62,324||Rs. 0|
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|
|Suitable third party guarantee (desirable)|
Here are the Personal Loan Eligibility Criteria for Indian Bank Personal Loans based on the loan scheme:
|Pensioner Type||Maximum Entry Level Age||Maximum Exit Level Age|
|Regular||75 years||78 years|
|Family||70 years||73 years|
The borrower can repay the Indian Bank personal loan through EMIs in three ways:
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 charges the following processing fees on their Personal Loans:
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:
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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.
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.
There are no extra charges for the foreclosure of the Personal Loan taken from the Indian Bank.
Yes, but you will have to give an application at the bank which states that you need to change the payment method.
A CIBIL score of minimum 700 is required to get the loan.
The interest rates vary from 9.05% to 13.65% p.a.
The maximum loan tenure permitted by the bank is 7 years for IB Clean Loan and 5 years for IB Pension Loan.