Indian Bank Personal Loan of 10 lakh

From purchasing a dream home and revamping your living space to consolidating debt and financing unexpected medical bills, life presents numerous circumstances that often necessitate financial backing. An Indian Bank personal loan of ₹10 lakh can be valuable to bridge the gap between your aspirations and reality. This guide explores everything you need to know about securing a 10 lakh personal loan from Indian Bank, empowering you to make informed financial decisions as you navigate your financial journey.

Personal Loan Options for 10 Lakh in Indian Bank

Indian Bank offers diverse personal loan schemes catering to various needs and financial profiles. Here are some options that might be relevant for a 10 lakh loan:

• IB Clean Loan (Salaried Class): This popular option caters to salaried individuals seeking a general-purpose personal loan. It boasts competitive interest rates and flexible repayment options.
• Loan/OD against Deposits: If you have a fixed deposit with Indian Bank, you can leverage it as security for a loan or overdraft facility. This can offer lower interest rates compared to unsecured loans.
• Jewel Loan: This scheme allows you to use your gold jewellery as collateral to secure a personal loan. Since an asset backs the loan, it might have a more favourable interest rate than unsecured options.

Features of Indian Bank 10 Lakh Personal Loan

Let’s delve into the key features of a 10 lakh personal loan from Indian Bank:

• Flexible Repayment Tenure: With a 10 lakh personal loan, you can choose a repayment tenure that aligns with your financial comfort. Indian Bank typically offers repayment terms of up to 7 years (sometimes even 84 months), allowing you to manage your monthly EMIs comfortably.
• Competitive Interest Rates: Indian Bank strives to offer personal loans with attractive interest rates, starting from 8.50% per annum. The exact rate you qualify for depends on factors like your creditworthiness, your chosen loan scheme, and the loan amount itself.
• Collateral Security: Generally, Indian Bank personal loans are unsecured; however, depending on the chosen scheme, you may need to provide collateral security like property papers or gold ornaments (as in the case of a Jewel Loan).
• Transparent Fee Structure: The Indian Bank emphasises transparency in its loan offerings. Processing fees are typically a percentage of the loan amount, with a minimum charge applicable. It’s always a good practice to carefully review the loan agreement to understand all associated fees before finalising the loan.

Can I Get a 10 Lakh Personal Loan Instantly From Indian Bank?

While an Indian Bank personal loan of 10 lakh won’t be available the same day you apply, you can speed up the process by preparing all your documents beforehand. This can get your loan approved within 4 business days, with the bank’s processing usually taking 3-5 business days.

What is the EMI for a 10 Lakh Loan?

Let’s analyse the EMI for an Indian Bank personal loan of 10 lakh with an interest rate of 10% and loan terms ranging from 1 to 5 years:

Eligibility Criteria a 10 Lakh Loan in Indian Bank

Obtaining a 10 lakh personal loan from Indian Bank can help you to accomplish various financial needs. However, to ensure a smooth application process, it is crucial to understand the eligibility requirements. Here are the details of the key factors the Indian Bank typically considers:

• Nationality: You must be an Indian citizen or a resident with a valid passport and visa.
• Age Limit: The minimum age requirement is generally 18 years. The upper age limit can vary depending on your chosen loan scheme and retirement age.
• Occupation: Indian Bank usually caters to salaried individuals, self-employed professionals, and businessmen.
• Minimum Income: While the Indian Bank might not publicly disclose a specific minimum income requirement, it is likely necessary. The exact income level needed will depend on your chosen loan scheme and amount. 
• Credit Score: A good credit score improves your chances of loan approval and can lead to more favourable interest rates.
• Property Location (for homeownership purposes): If you intend to use the loan for homeownership-related expenses, the property you plan to purchase or renovate should be located within India in an area approved by the bank.

Documents Required 10 Lakh Indian Bank Loan

When applying for an Indian Bank personal loan of 10 lahks, ensure you have the following documents to expedite the process:

• Proof of Identity: Present documents like your PAN Card, Passport, Voter ID, or Driving License to verify your identity.
• Address Proof: Utility bills (electricity, water, landline), ration card, or passport with your current address can serve as address proof.
• Income Proof: The latest salary slips will be required for salaried individuals. Self-employed individuals should provide Income Tax Returns (ITR), and businessmen will need business documents.
• Employment Proof (for salaried individuals): Salary certificate, appointment letter, or other documents showcasing your employment status.
• Property Documents (if applicable): If you’re using the loan for homeownership purposes, documents like a sale agreement, allotment letter, or approved building plans might be required.
• Bank Statements: Indian Bank may request bank statements from all your accounts for the past few months to assess your financial standing.

How to Apply for a 10 Lakh Personal Loan From Urban Money?

Urban Money offers a seamless application process to make your borrowing experience hassle-free. Follow these simple steps to start your Indian Bank personal loan 10 lakh application:

• Open Urban Money’s official website from your preferred web browser.
• Locate the “Loan” section and choose “Personal Loan” from the available options.
• You will be directed to a new page dedicated to personal loans.
• Scroll through the list provided to discover the leading banks in India offering personal loans.
• Identify “Indian Bank” from the list and click the “Apply Now” button.
• Fill out the online form with the necessary details, such as your name, mobile number, and city.
• You’ll receive a 6-digit OTP on your registered mobile number upon submission. Submit this OTP in the designated field to proceed.
• After verifying the OTP, click the “Submit” button to finalise your loan application.
• You will receive a call from one of Urban Money’s loan experts shortly to guide you through the next steps of your loan application process.