Indian Bank Personal Loan

Features and Benefits of Indian Bank Personal Loan

Indian Bank is among the esteemed PSUs established in the early 20th century. Its headquarters is in Chennai, Tamil Nadu and is managed wholly by the Government of India. They are quite visionary, with a quote which states that they deliver meritorious financial services keeping in mind the customer focus, sustainable growth and employee engagement. It is one of the institutions which gives a captivating interest rate on personal loans that can cover untimely emergencies.

If you have any queries like how you can apply for an Indian Bank personal loan or what is the current Indian Bank personal loan interest rate, this piece can answer those queries.

You must wonder why will you choose Indian Bank for your loan, then below are the features and benefits mentioned to make you sure for the choice of Indian Bank:-

• Engaging Rate of Interest

Indian Bank offers an array of interest rate which ranges from 9.05%-13.65% per annum which is quite attractive to other bank’s offers. The loan approval process is faster as the documentation required for loan approval is quite simple.

• Easy disbursement of Loan Amount

Loan withdrawal becomes very easy as the loan amount is deposited to the candidate’s bank account, making it easy to use.

• Beneficial options for Loan Repayment

Indian Bank provides the candidate with the option of a maximum of 84 EMIs for loan repayment, and the tenure can be chosen at their convenience.

• Sufficient Loan Amount

Indian Bank covers emergencies like debt payment, medical aid, weddings etc., with the loan amount up to 20 times against the candidate’s monthly income.

Eligibility Criteria for Indian Bank Personal Loan

Certain criteria lie in the category of Indian Bank personal loan eligibility:-

• Age Limit – From 21 years to 65 years
• Nationality – Indian
• Credit Score – 750 (Preferred)
• Type of Employment – Self-employed or Salaried
• Status of Employment – should be In-business or Employed for at least 2 years and a minimum of 1 year with current business/employer
• Maximum Amount of Loan – INR 70 lakh (Depends on the repayment capability)
• Minimum Income – INR 4000 to INR 20,000 per month (depends on the area, which is higher in cities)
• Time Period – Minimum 6 months to Maximum of 5 years

Documents Required for Indian Bank Personal Loan

Banks issue personal loans after these documents are verified:-

1. You need 2-3 passport-size photographs.
2. Any of the following identity documents- Aadhaar card/ PAN Card/ Driving license/ Passport etc.
3. Any of the address proof- VOTER ID/ Ration Card/ Passport/ Electricity Bill/ Landline Bill etc.
4. Any document for Employment Proof- Employee ID/ Employee order/ Photo ID etc.
5. Any of the Income Proof- FORM 16/ Latest Salary Slip/ ITR for last three years/ Audited account statement of last three months.
6. These other relatable documents- Post-dated cheques, Guarantee by the third party, Form of Loan Application, PPO Pensioners portion (in case of IB Pension Loan), RBI Relief Bond, Original NSC, LIC Policy etc.

How Can You Calculate the EMI for Indian Bank Personal Loans?

EMI is the amount of loan that you have to repay over a specified period at a fixed interest rate. As Indian Bank offers a range of 9.05%-13.65% interest rates, EMI is calculated on these rates depending upon the different categories of the loan issued like IB Pension Loan scheme, IB Clean Loan to Salaried etc. 

The basic formula by which EMI is calculated is [P x R x (1+R)^N]/[(1+R)^N-1] where P is the Principal amount which means P is the total loan amount issued by the bank, R is the interest rate, N is the period in months, i.e. if the loan is issued for two years, the value of N will be 24 months or as such.

Comparison of Indian Bank with other lenders

Below table shows the comparison of Indian Bank with other such banks and their interest rates:-

Customer Care Number of Indian Bank personal loan

If you face any difficulty in filing or issue regarding Indian Bank personal loan, you can contact the toll-free number:-  1800-425-00-000/ 1800-425-4422.