Indian Bank Personal Loan Eligibility

There are certain factors or criteria stipulated by banks which needs to be satisfied before loan applications are approved. They are

Documents Required for Indian Bank Personal Loan

Important documents to be submitted while applying for personal loans

• 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

Factors Affecting Indian Bank Personal Loan Application

Apart from the eligibility criteria there are certain factors that affect your loan application mainly the minimum salary expectation and your loan amount eligibility. They are

• Location: the place where you stay play an important part in your loan application. This determines the minimum salary amount for you to be eligible for a personal loan. The minimum salary is higher in the cities and more so in the case of metropolitan cities like Mumbai.
• Income: The higher the income the better loan amount you will get. This also shows that your repayment capability is excellent.
• Housing situation: Whether you stay in your own house or in a rental property also play a part in determining your loan amount. This is because staying in a rental property reduces the disposable income, which means that your repayable capacity is reduced.
• Company of employment: Working for a reputed company close to a year could indicate to the lender you are in a stable job, the better the rating of the company the better the personal loan interest rate can be negotiated.
• Existing credit: If you already have another loan or credit card debt will play a major factor in determining your loan amount and interest rate.
• Credit history: Your credit history based on which your credit score is calculated is very important. It is a primary factor upon which the loan amount, interest rate and tenure depend upon. If there is any discrepancy in your credit history, there are chances of your loan being rejected outright.

Indian Bank Personal Loan

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.

Indian Bank personal loan eligibility criteria for salaried and self-employed person

Age limit: Minimum – 21, Maximum – 60

Maximum Loan Amount for Indian Bank Personal Loan:Loan amount could be up to a maximum five times the gross salary with maximum of Rs.50000/- for account holders whose salary is credited in the branch account or 7 times of gross salary with maximum Rs.1 lakh with employer sponsorship with undertaking letter from the employer to recover EMI from salary and remit to Bank

Total work experience: Minimum 2 years

Indian Bank Personal Loan Tenure: Indian Bank offers loans for a tenure with maximum of 36 months

Indian Bank Personal Loan Interest Rate: The interest rate for Indian Bank personal loan is 9.65% to 14.90%

Indian Bank Personal Loan Charges

Loan processing charges: 0.51% on loan amount with a max. of Rs.510

How can I get Indian Bank Personal loan?

Personal loan Application Process for Existing Customers

Existing customers can apply for a Indian Bank Personal online or visit a nearby Indian Bank branch for the application. You can also download the home loan application form from the Indian Bank official website, complete the form and submit it to the bank representative. Due to already existing scenario the chances of approval of the application will be high and dispersion of funds fast.

Personal loan Application Process for New Customers

The process to apply for Indian Bank personal loan when it comes to new customers is same as with existing customers. The only difference is due to lack of previous relationship the loan approval process will take some time – maximum of a week as all the verification process will take place.

You can also check your eligibility for a personal loan through CreditMantri and apply for it.

Indian Bank Personal Loan Customer Care

In case of any queries regarding Indian Bank personal loan – be it application process, eligibility criteria, loan approval or loan dispersal can be obtained through Indian Bank Personal Loan Customer Care toll-free number 1800 4250 0000

Ways to reduce your EMIs

• Check your credit score: Before you even think of going for a loan it is best to check your credit score and credit report. If you have a good credit score (750 and above) then you have paid all your dues on time and are an ideal customer for the bank. This gives you the upper hand in any negotiations to get a better deal on your loan.

  On the other hand, checking your credit score helps to rectify any negative points on your report as a bad credit score is grounds for loan rejection.

• Negotiate with the bank: If you are in good standing with your bank who knows about all your salary details and expenses then you can negotiate good terms for your loan. Also, the same can be applied for existing lenders or previous lenders where you have paid your dues on time show casing that you are very disciplined when it comes to financial matters, you can negotiate a better deal with them.
• Opt for a longer tenure: If you have a long loan period, your EMI reduces proportionately as your principal and interest is divided over a greater number of months. However, while the actual monthly outflow will be smaller, you will be paying out EMIs for a longer period and paying interest for a longer period. So, while your monthly burden might be smaller, you might end up paying more over the entire duration of the loan.
• Making an early prepayment: One way to significantly reduce your EMI for the majority of your tenure is to make an early pre-payment. If you are able to afford the option of prepaying part of your loan, it is better to do it in the early months/years of the tenure so that your principal decreases, thereby saving you interest on later payments.

Paying Your Indian Bank Personal Loan

The Indian Bank personal loan can be repaid in following three ways.

Standing Instruction (SI): If you are an existing account holder with Indian Overseas Bank(IOB), 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.

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.

Electronic Clearing Service (ECS): This 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.

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.

CreditMantri Personal Loan EMI Calculator

To make life easy for customers and know exactly how much they need to pay every month customers can make use of the CreditMantri Personal Loan EMI calculator

The importance of this is that customers will know how much EMI they will have to pay based on their loan requirement. This helps them to plan accordingly. CreditMantri’s Personal Loan EMI Calculator is probably the easiest way to compare various personal loan offers and choose the loan best suited to your requirements. Using the Personal Loan EMI Calculator gives you a simple and quick way to accurately compare the various loans and determine what your EMI will be with the different lenders.

Why Apply for a Personal Loan Through CreditMantri

CreditMantri pre-screens your application and suggests the lender who suits your eligibility and is willing to lend to you. This increases the chances of approval rate and helps you get you the right loan and credit card much easier.

FAQ for Indian Bank Personal Loan