Indian Bank offers personal loans for the diverse financial needs of individuals and students. Whether it’s for a wedding, medical emergency, education, or any other personal requirement, Indian Bank provides flexible loan amounts with competitive interest rates. The repayment tenure is also flexible which allows borrowers to choose a plan that suits their financial situation. Check here all the major information about personal loans and its major features in this blog.
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Indian Bank Personal Loan: Major Highlights
Indian Bank provides quick personal loans of up to 20 times of your net monthly income. For example, if you earn INR 1 lakh per month, you can get up to INR 20 lakh personal loan from this bank. Indian Bank also provides a personal loan for education and you can use the loan amount to pay tuition fees, accommodation costs etc. Check major highlights of Indian Bank personal loans below:
| Indian Bank Personal Loan | Major Highlights |
| Loan Amount | Up to 20 times of your net monthly income |
| Repayment Period | 5-7 years |
| Interest Rate | 12-13% |
| Eligibility | – Must be 21 years old (minimum age) – Take-home pay (after EMI) should not be less than 40% of the gross salary – CIBIL score must be good |
| Processing Fee | INR 470.00 (as of August 2024) |
| Guarantor Requirement | Guarantee of spouse and/or PF/Gratuity/NPS Nominee |
Also Read: Want education loan from a government bank? Check here all about PNB Education Loan Interest Rate
Eligibility Criteria for Indian Bank Personal Loan
To be eligible for an Indian Bank personal loan, applicants must be salaried employees, self-employed professionals, or pensioners with a regular income. Usually, individuals who are existing customers of this bank are more likely to get a pre-approved personal loan. Check the major eligibility criteria below:
- The minimum age requirement is 21 years, with a maximum age limit of 60 years for salaried individuals
- The maximum age is 65 years for self-employed professionals and pensioners at the time of loan maturity.
- The applicants should have a stable income and a good credit history.
- Indian Bank may also require proof of income, employment, and identity as part of the eligibility criteria.
- The monthly income after EMI should not be less than 40% of the net monthly salary
Documents Required
The documents required for personal loan are mentioned on the bank’s official website. Check properly what documents are required and make sure that your documents are self-attested and visible. Check the complete list of documents required below:
- Aadhaar Card, PAN Card, Passport, Voter ID, or Driving License.
- Utility bills, Passport, Aadhaar Card, Voter ID, or Rental Agreement.
- Latest salary slips, Form 16, and bank statements for the last 3-6 months.
- Income Tax Returns (ITR) for the last 2-3 years, business continuity proof, and bank statements.
- Birth Certificate, PAN Card, Aadhaar Card, Passport, or school leaving certificate.
- Employment certificate or appointment letter.
- Recent passport-sized photographs.
- Duly filled and signed application form.
Also Read: Are you travelling to New Zealand for studies? Check here all about the best banks in New Zealand for International Students
Indian Bank Personal Loan Apply Online
Applying for an Indian Bank personal loan online is a quick and easy process. Applicants can visit the official website of the bank and go to the personal loan section. By filling out the online application form with the necessary details and uploading the required documents, applicants can submit their loan request within minutes. Check the steps involved in applying for the personal loan below:
- Visit the official website of the Indian Bank
- Visit the personal banking section and click on ‘Apply Now’
- The online platform provides a user-friendly interface, allowing for easy tracking of the loan status.
- Click on ‘Pre Approved Personal Loan’
- Enter your Account Number/customer ID/Phone number and click on ‘submit’
- Fill out the loan application form and upload the relevant documents
- Submit the form and wait for approval
FAQs
The maximum loan amount for an Indian Bank personal loan depends on various factors such as the applicant’s income, repayment capacity, and credit score. The bank will provide up to 20 times your net monthly income.
Indian Bank offers competitive interest rates on personal loans, which can vary depending on the applicant’s profile, credit history, and loan amount. The interest rates generally range from 12% to 13% per annum.
Indian Bank is known for its quick and efficient loan processing. Once all required documents are submitted and verified, the loan application is usually processed within a few working days.
Yes, Indian Bank allows borrowers to prepay or foreclose their loans before the end of the tenure. However, the bank may charge a prepayment or foreclosure fee ranging from 1% to 3% of the outstanding loan amount.
Indian Bank offers flexible repayment options for personal loans, with tenures ranging from 12 to 60 months.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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