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Indian Bank
Many times, we have an unexpected need for a lump sum of cash. When you need funds urgently, a personal loan might be a good option. It does not require any collateral and the end use is flexible – meaning you can use the loan amount in any way you wish. Interest rates for personal loans in India are relatively high as compared to other consumer loans because lenders need to safeguard their money against customer default. They charge a higher interest rate in order to protect their money.
The amount can be used for any purpose so long as it is legitimate. You could use the money for a variety of reasons - funding an expensive vacation, improving your business cash flow, consolidating your credit card debt, to celebrating a wedding, buying an expensive gadget, medical treatment, or sudden loss of income.
The interest rate on a personal loan could range from 11% to as high as 32% per annum or more. It is determined by a variety of factors, like your credit history including your repayment track record, your credit score, your net annual income, debt-to-income ratio, employment stability etc.
About Indian Bank Personal Loan Interest Rate
Some features and benefits of Indian Bank personal loans:
- Flexible end use of loan amount
- Tenures up to 36 months
- No collateral required
- Loan payable in easy installments
- Indian Bank loan payment options include payment by Standing Instruction
- Easy and simple documentation
- Eligibility: Permanent Employees with minimum service/ experience of three years with government or reputed private companies with minimum take home pay of 40% of gross salary after proposed EMI.
Indian Bank Personal Loan Interest Rate 2018: 14.50% p.a. upward (dependent on current MCLR)
Personal Loan Interest Rates in Indian Bank and other fees and charges are subject to regular reviews and can vary with each customer. Indian Bank Personal Loan Interest is calculated based on current MCLR amongst other factors. The final interest rate will be based on your income, loan amount, loan tenure, and the bank’s internal policies and the applicable rates at the specific time among other factors. For the most accurate information on the Indian Bank Personal Loan Rate of Interest and other associated fees and charges, it is advisable to contact the bank directly.
How to calculate Interest/EMI on Indian Bank Personal Loan
An Equated Monthly Instalment (or EMI) is the amount that you need to pay every month to pay off your personal loan in full. It is a fixed amount that is paid on a fixed date every month. Each EMI consists of payment towards the principal and interest component.
It is simple to calculate your personal loan EMI payments by using an online Personal Loan EMI Calculator. The calculator can help you calculate the exact EMI outflow every month as well as the interest amount you pay. Using the calculator is free, easy and simple, and you can find out your EMI in a matter of minutes to help you with your monthly personal budgeting.
How CIBIL™™ score affects Indian Bank Personal Loan Interest Rates
Keep in mind that your credit score is a crucial factor in getting approval for a personal loan. Be aware of your credit score when you plan to apply for a personal loan, or any line of credit, for that matter. You can obtain your credit score by requesting a copy of your credit report from one of the three main credit rating bureaus in India. It is generally advisable to have a credit score of at least 750 when applying for a personal loan.
If you have bad credit, it is difficult to secure a personal loan with a low interest rate. If your loan application is approved despite having a poor credit score, you might be charged a high interest rate and other unfavorable terms on your loan.
Indian Bank Personal Loan Status
Once the bank receives a completed application form with the required documentation, your eligibility for a personal loan is determined. If you qualify, you will get an approval for a specific loan amount based on your requirement and repayment capability. You can contact the customer care department for help with tracking your loan application.
Indian Bank Personal Loan Interest Rate FAQs
1. What are the minimum and maximum loan amounts?
The final loan amount is at the sole discretion of the Bank but is subject to a maximum of Rs 10 lakhs. The loan amount is influenced by different parameters like your income, credit history, repayment patterns and capacity, among various other factors. You can contact the bank directly for details on minimum and maximum amount applicable to you.
2. What are the tenures available?
You can choose a loan tenure of up to a maximum of 4 years.
3. I need a personal loan as soon as possible. How much time will it take for my loan to get approved?
If eligible and the documents are in order, personal loans are generally approved within 7 to 10 working days from the submission of the application. However, if you are an existing customer, it may take less time for the loan to be processed.
4. What is personal loan EMI?
Personal Loan EMI or the Equated Monthly Instalment is the fixed amount that you need to pay on the same date every month for the entire loan tenure, towards servicing your personal loan.
5. Is there a processing fee or documentation charges?
You may be charged a processing fee which is 0.51% of the total loan amount, subject to a maximum of Rs 510.
6. Is there a prepayment charge?
It is best to check directly with Indian Bank for specific prepayment and foreclosure charges applicable – you will need to check this at the time of applying for the loan.
How to apply for an Indian Bank Personal Loan
There are several ways of applying for an Indian Bank Personal Loan. You may not be able to apply online at the website. However,
-You can go in person to your nearest branch with the required documentation
-You can contact the customer care department of Indian Bank
Need help with advice on eligibility and on which loan offer suits you the best?
If you want to apply for a personal loan with the lowest interest rates as applicable to your unique credit profile, CreditMantri can guide you through the entire application process and match you with the loan offer best suited to your credit needs.
Indian Bank Personal Loan Interest Rate - Customer Reviews
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