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Indian Bank Personal Loan
Max Tenure
nil*
Best Rate
9.65%
Processing Fee
nil*
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Quick Links To Handle Your Personal Loan
Indian bank
Indian Bank is an Indian state-owned financial services company established in 1907 and headquartered in Chennai, India. It has 20,661 employees, 2594 branches and is one of the top performing public-sector banks in India. It has overseas branches in Colombo and Jaffna in Sri Lanka, and in Singapore, and 223 correspondent banks in 71 countries. Since 1969 the Government of India has owned the bank.
What is a personal loan?
A personal loan is an unsecured (i.e. without collateral), multi-purpose loan usually taken to cover short-term money requirements. Personal loans usually have a speedy approval process hence making it one of the most popular loans in the market.
An Introduction to Indian Bank Personal Loans
Being one of the largest bank in India, Andhra Bank offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. For any immediate financial requirement like wedding, medical treatments, house repair, pleasure vacation etc. can be fulfilled using the personal loans offered by Andhra Bank.
Advantages of Indian Bank
- Low interest rate
- No hidden costs and administrative charges
- Less paperwork
- Long tenure
- Minimum Income Requirement
- Pensioners get attractive offers
Documentation Required for Indian Bank Personal Loans
Important documents to be submitted while applying for personal loans with Andhra Bank
- Completed loan application
- 3 Passport size photographs
- Statement of Bank Account/ Pass Book for last six months
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
- Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
- IT returns for the three years for self-employed professionals
- Form 16/IT returns for the last two financial years for salaried employees
Indian Bank Personal Loans
Catering to the needs of various sections of people, tailor-made Andhra Bank personal loans is the best option to fulfil your short-term needs. You can choose the best personal loan based on your requirement.
Key Highlights
| Particulars | Indian Bank Clean Loan | Indian Bank Pensioners Loan |
| Age | 21 years and above | Upto 75 years |
| Maximum loan amount | 1 lakh | 6 lakhs |
| Tenure | 36 months | 60 months |
| Interest rate | 9.65% to 14.90% | 9.65% to 13.65% |
Indian Bank Clean Loan
Purpose / Objective
For meeting Marriage/Educational and medical expenses, to celebrate family functions and for other household expenses
Target Group
Permanent Employees with minimum service/ experience of three years with Govt./Quasi -Govt./ Boards/ Endowments/ reputed companies/ Corporate Industrial Establishments etc. with minimum take home pay of 40% of gross salary after servicing the proposed EMI.
Eligibility
Permanent Employees with minimum service/ experience of three years with Govt./Quasi -Govt./ Boards/ Endowments/ reputed companies/ Corporate Industrial Establishments etc. with minimum take home pay of 40% of gross salary after servicing the proposed EMI.
Amount of Loan
Eligible amount is calculated at five times the gross salary (maximum of Rs.50000/-) for account holders whose salary is credited in the branch account or at 7 times of gross salary (maximum Rs.1 lakh) with employer sponsorship with undertaking letter from the employer to recover EMI from salary and remit to Bank.
Margin: Nil
| Base rate | 9.65% |
| Up to 36 months | BR + 5.00% + 0.25% = 14.90% Fixed |
Processing fee
0.51% on loan amount with a max. of Rs.510
Repayment
36 Equated Monthly Instalments (EMI)
Security
(a) Employer's sponsorship
(b) Authorization to debit SB account (or)
(c) Third party guarantee and/or en-cashable collateral security, (d)Postdated cheques
Indian Bank Pension Loans
Purpose / Objective
To meet any expenses like Medical, Education, Family & Domestic Functions, Marriage etc.
Target Group
- Central & State Government Pensioners, Family Pensioners, Re-employed Pensioners, Indian Bank Retirees (both under VRS & superannuation) whose Pension SB accounts are maintained at our Bank’s Branch.
- CRS retirees and EPF Pensioners are not eligible for pension loan.
Amount of Loan
| Regular Pensioner | 15 months` pension subject to a maximum of Rs.6.00 lakhs |
| Family Pensioner: | 12 months` pension subject to a maximum of Rs.2.00 lakhs |
Age Group
| Type of Pensioner | Max Entry level age | Max Exit level age |
| Regular Pensioner | 75 | 78 |
| Family Pensioner | 70 | 73 |
Margin:
Nil
Processing fee
Nil for Loans upto Rs.25000/-. Rs.255/- for Loans above Rs.25000/-
Interest Rates
| Tenure | Rate of Interest (BR + Spread + TP) |
| Repayment of 12 months | BR+3.00% =12.65% |
| Repayment above 12 months up to 36 months | BR+3.50%+0.25%=13.40% |
| Repayment above 36 months up to 60 months | BR+3.50%+0.50%=13.65% |
Repayment
Regular Pensioner: Maximum 60 months subject to exit age at 78 yrs. Family Pensioner: Maximum of 36 months subject to exit age at 73 yrs.
Security
- Guarantee of spouse eligible for family pension.
- If spouse is not available, suitable guarantee from legal heir or family member / third party guarantee – acceptable to Bank.
Other terms and conditions
- Where Branch is receiving credit of Pension only - Pensioner’s portion of PPO should be retained with documents. The Pensioner should furnish an irrevocable undertaking that he / she will not shift pension credited account to other banks during the currency of our pension loan.
- Where Branch is disbursing & crediting pension - A Xerox copy of Pensioner’s half to be kept with documents
EMI Payment Methods
Your Indian Bank personal loan can be repaid in following three ways.
Standing Instruction (SI):
If you are an existing account holder with Indian Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Indian Bank account you specify.
Electronic Clearing Service (ECS):
his mode can be used if you have a non-Indian Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
Post-Dated Cheques (PDCs):
You can submit post-dated EMI cheques from a non-Indian Bank account at your nearest Indian Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.
It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
Indian Bank Personal Loans Overview
Indian Bank provides attractive interest rates on personal loans when compared to other lenders. The processing fee is 0.51% on loan amount with a max. of Rs.510 which is among the lowest fees in the industry. Low interest rate with no hidden charges makes Indian Bank personal loans a prospective and viable option for borrowing for your urgent financial requirements. With long tenure and part-prepayment, Indian Bank personal loans do not impose much burden on the customers.
Indian Bank Personal Loan FAQs
1. What are my loan limits?
Your personal loan limit would be determined by your income and repayment capacity.
2. Can my spouse income be included for calculating the loan amount?
Yes, your spouse's income can be included provided he/she guarantees the loan or the loan is taken jointly.
3. Do I have to pledge some form of security?
No Security is Needed
4. What is the repayment schedule like?
The minimum amount that you are expected to pay every month is the EMI. You are allowed to pay more than the EMI if you wish to, and we do not charge any prepayment penalty.
5. What is EMI?
EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Use the EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.
6. What is the processing fee? Are there any other charges?
Processing charges are 0.51% on loan amount with a max. of Rs.510. This is amongst the lowest fees in the industry. Processing fees have to be paid upfront. There are no hidden costs or other administrative charges.
7. Do I have the option of choosing a fixed or floating rate for the loan?
You have the option to avail the loan with either a fixed interest rate or a floating one. In the case of a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could decline or rise in line with the changes in the Bank's Medium-Term Lending Rate (SBMTLR).
8. How does Indian Bank Personal loan compare with those offered by other banks?
There is total transparency with regard to the rate of interest and the fees charged by us. Indian Bank offers personal loans at the cheapest rates of interest, with no security or collateral Indian Bank offer loans for the longest tenors (36 months), with the flexibility provided to reduce the tenor by prepaying the loan without any penalty. The Bank provides finance for any personal need or requirement; the total amount being determined on the basis of repaying capacity. With an AXIS BANK personal loan, you can choose between fixed rates of interest and floating interest rates.
9. How can I apply for the Indian Bank personal loan?
You can either apply online or visit the nearest Indian Bank loan centre for a personal loan.
10.Will there be any charges for prepayment towards my Indian Bank personal loan?
No pre-payment charges are levied towards the personal loan. You can make part-prepayment at the nearest Indian Bank branches.
Indian Bank Personal Loan - Customer Reviews
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