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Finance & Loan/ finance-loan

INDIAN BANK PERSONAL LOAN DETAILS

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About Indian Bank Personal Loan

  • Indian Bank offers personal loans to cater to the personal requirements of applicants, except for speculation.
  • The loan proceeds can be used for marriage, education, medical emergencies and other household expenses.
  • The lender offers takeover facility to applicants having their salary accounts with Indian Bank.
  • Indian Bank also offers personal loans to pensioners drawing their pension from Indian Bank.
  • Individuals employed with government bodies/listed companies and autonomous bodies with their salary credited in the savings account maintained with Indian Bank are eligible for overdraft facility.

Indian Bank Personal Loan Highlights

  • Interest rate- 9.00%-15.25% p.a.
  • Loan Amount-
  • Up to 20 times of monthly gross salary (for salaried applicants)
  • Up to 15 times of monthly pension (for pensioners)
  • Loan Tenure-
  • Up to 7 years (for salaried applicants)
  • Up to 10 years (for pensioners)
  • Processing Fees- Up to 1% of the loan amount

Indian Bank Personal Loan Interest Rates

Indian Bank Personal Loan interest rates start from 9.00% p.a. The bank has mentioned its interest rate differentiation based on the type of Indian Bank Personal Loan scheme, employment profile and loan tenure. While the bank has not disclosed the credit score or monthly income based interest rate differentiation, Indian Bank may also consider these factors, just like many lenders do, while setting its personal loan rates.

Floating Rates

Clean Loan 

ClassificationRate of Interest (p.a.)Non-Priority Term Loan for GMRA Premium9.00% to 9.15%IB Saral9.60%IB Professional9.25%-9.50%IB Insta Cash9.25%

Salary Loan & IBCLS Plus

ClassificationRate of Interest (p.a.)Clean Loan to Salaried Class – Term Loan9.90% to 10.40%Clean Loan to Salaried Class – Overdraft10.90% to 11.40%

Pension Loan

ProductRate of Interest (p.a.)Pension Loan10.15% to 10.40%

Pre-approved Personal Loan

Applicant TypeRate of Interest (p.a.)Pensioners, Salaried & Regular Income Applicants11.40%Self-employed Applicants12.00% to 14.00%Home Loan customers10.00%

Fixed Rates

Clean Loan 

ClassificationRate of Interest (p.a.)Non-Priority Term Loan for GMRA Premium10.25%-10.40%IB Saral10.85%IB Professional10.50%-10.75%IB Insta Cash10.50%

Salary Loan & IBCLS Plus

ClassificationRate of Interest (p.a.)Clean Loan to Salaried Class – Term Loan11.15%-11.65%Clean Loan to Salaried Class – Overdraft12.15%-12.65%

Pension Loan

ProductRate of Interest (p.a.)Pension Loan11.40%-11.65%

Pre-approved Personal Loan

Applicant TypeRate of Interest (p.a.)Pensioners, Salaried & Regular Income Applicants12.65%Self-employed Applicants13.25%-15.25%Home Loan Customers11.25%

Types of Indian Bank Personal Loan

IB Clean Loan to Salaried

Purpose: Regular personal loan scheme for meeting medical, educational, marriage, family functions and other household expenses of individuals employed in government sectors or private salaried borrowers (other than speculative purposes)

Loan Amount:

  • No check-off/undertaking available and salary credited in Indian Bank- Up to 20 times of monthly gross salary. The maximum limit is capped at Rs 50 lakhs.
  • Check-off/undertaking available and salary may or may not be credited in Indian Bank- Up to 20 times of monthly gross salary
  • Home loan is already availed by the customer and salary is credited in the Indian Bank- Up to 20 times of monthly gross salary

Tenure: Up to 7 years (loan closure 3 months prior to superannuation)

Overdraft:

  • No check-off/undertaking available and salary credited in Indian Bank-
  • The overdraft limit is equal to 1 month’s gross salary of the applicant subject to a maximum of Rs 2 lakhs
  • The limit is for a tenure of 1 year
  • The maximum limit is up to Rs 50 lakhs
  • Check-off/undertaking available and salary may or may not be credited in Indian Bank (or) Home loan is already availed by the customer and salary is credited in the Indian Bank
  • For limits up to Rs 5 lakhs – Maximum 5 years
  • For limits above Rs 5 lakhs – Maximum 7 years

Processing Fee: 1% on the loan amount

IB Pension Loan Scheme

Purpose: Pension loan offered to pensioners/family pensioners for meeting their various financial requirements like marriage, education, family functions, medical, etc.

Loan Amount:

  • For Regular Pensioners: Up to 18 times of pension credited monthly
  • For Family Pensioners: Up to 12 times of pension credited monthly

Tenure: Up to 10 years with respect to the exit age criteria

Processing Fee:

  • Up to Rs 25,000- NIL
  • Up to Rs 25,000- Rs 250

IB Professional

Purpose: Indian Bank offers personal loan to professionals for personal purposes such as household articles, setting up or renovation of office, to celebrate family functions, purchase of consumer durables and other personal/household expenses etc.


https://indianbank.bank.in/


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