About Indian Bank Personal Loan

A state-owned financial services company, Indian Bank was established in the year 1907, and is headquartered in Chennai, India. There are 2836 branches of the bank and it employs close to 21,000 people all over India. Its rich legacy spans over 100 years and the bank is counted amongst the top performing banks in the public sector today. Indian bank offers various personal loan products to help people meet their different types of urgent expenses. All these personal loans are specific to the individual requirements and are as follows: Indian Bank Clean Loan, Indian Bank Pension Loan, Loan/OD against LIC policy / RBI Relief Bonds / KVP / NSC, Loan/OD against deposits and more. As the Indian Bank personal loan products are tailor-made to meet immediate requirements of the borrowers, the approval and disbursal is quicker compared to other loan products. The processing is transparent and is kept hassle-free to ensure maximum transparency and trust. The bank believes in harnessing the full potential of Information and Communications Technology (ICT), something that greatly contributes to its efficiency.

Personal Loan Eligibility Criteria for Salaried / Self-Employed

As regards the eligibility criteria of Indian Bank personal loan, they might differ depending upon the exact type of personal loan you are availing. In case of IB Clean Loan, you should be a permanent employee of Govt. / Quasi -Govt. / Boards / Endowments / reputed companies / Corporate Industrial Establishments etc., with minimum experience or service period of three years. Your take-home salary should be minimum 40% of your gross pay after deducting the proposed EMI. In addition, there should be no history of any defaults in your relationship with any lending establishment in the past. You can go through the precise Indian Bank personal loan eligibility criteria for salaried / employed individuals below.

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

4k – 65k

Minimum Income (Doctors/ Chartered Accountants)

4k – 65k

Minimum Income (Company Secretary / Architect)

4k – 65k

Minimum Income Self Employed (Businessman)

Indian Bank Personal Loan Features / Details

When availing an Indian Bank personal loan, there are several features you’d be expected to be aware of. The amount you’re eligible to apply for would depend upon your experience and current financial standing. In case of salaried people, it is normally five times their gross salary (maximum of INR 50,000), provided they receive their salary through an account with the Indian bank. It can also be seven times your gross salary (maximum of INR 1 lakh) if you can get your employer to sponsor. The interest rate would depend upon the exact personal loan product type and the prevailing lending rates at that time. Following are the exact features or details of Indian Bank personal loan.

18.25%

Interest Rate (Min)

Upto XX Years.

Loan Tenure

25k – 50Lacs

Loan Amount (Min – Max)

Indian Bank Personal Loan Fees / Charges

If you are applying for the Indian Bank Clean Loan (meant for salaried individuals), you’d be asked to pay a fee of 0.51% of the loan amount (maximum of INR 510) for processing of the loan application. Other charges like part payment charges, foreclosure charges, late fee etc. might also come into picture depending upon the product and situation. You can get details of these charges below. Please also note that such fees and charges might be changed from time to time depending upon the bank’s policies.

2.4% of Loan Amount.

Processing Fees

2.4% – 5.2% of amount prepaid.

Pre-payment Charges

Yes / No

Part Payment Facility

2000

Part Payment Processing Fees