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Key Features Of Indian Bank Personal Loan

  • Loan Amount: Up to 20 times the gross monthly salary for salaried individuals, capped at ₹50 lakh. For pensioners, up to 18 times monthly pension (regular pensioners) or 12 times (family pensioners), with a maximum of ₹6 lakh for regular pensioners and ₹2 lakh for family pensioners.
  • Competitive Interest Rates: Starting from 9.75% p.a. for salaried individuals, with rates ranging up to 14.75% depending on the scheme, employment profile, and loan tenure. Pension loans start at 10.90% p.a.
  • Flexible Repayment Tenure: Up to 7 years (84 months) for salaried individuals and up to 10 years for pensioners, subject to exit age criteria (e.g., 78 years for regular pensioners).
  • Minimal Documentation: The documentation process is streamlined, requiring only basic documents like ID proof (Aadhaar, PAN, passport), address proof, and income proof (salary slips, bank statements, or IT returns).
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    • Quick Approval and Disbursal: Existing Indian Bank customers can receive faster processing with potential disbursal within 1-3 days. Processing typically takes 2-7 working days for new customers.
    • Low Processing Fees: 1% of the loan amount for salaried loans, with a maximum of ₹100. For pension loans, up to ₹25,000. 50% concession on processing fees for certain schemes like IB Home Loan Combo.
    • Hassle-Free Application Process: Apply online via the Indian Bank website or visit any branch. The process is simple with minimal documentation requirements.
    • Versatile Usage: Funds can be used for any personal purpose such as medical emergencies, education, marriage, family functions, household needs, or professional setup/renovation (excluding speculative purposes).
    • No Collateral Required: Loans are unsecured requiring no collateral. Options for repayment include employer sponsorship, post-dated cheques, third-party guarantee, or authorization to debit savings accounts.
    • Prepayment Flexibility: Prepayment is allowed after 12 months without penalty, allowing early closure if financial conditions improve.
    • Special Schemes: IB Clean Loan for salaried individuals, IB Pension Loan tailored for pensioners, IB Home Loan Combo for existing home loan borrowers with discounted rates, and Overdraft Facility for eligible salaried employees.
    • Wide Eligibility: Available to salaried individuals, pensioners (central/state government or Indian Bank retirees), and self-employed professionals (doctors, engineers, CAs etc.) with a credit score of 700+.
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Benefits of Indian Bank Personal Loans

  • Flexible Loan Amounts: Borrowers can access loan amounts tailored to their financial capacity, up to ₹50 lakh for salaried individuals (20 times gross monthly salary), ₹6 lakh for pensioners (18 times monthly pension), or 2.5 times annual income for professionals.
  • Competitive Interest Rates: Rates start at 9.75% p.a. for salaried individuals and 10.90% p.a. for pensioners, with special rates (e.g., 10.75% p.a.) for existing home loan borrowers. These are among the lower rates in the market for unsecured loans.
  • Long Repayment Tenure: Loan repayment can extend up to 7 years for salaried individuals and 10 years for pensioners, allowing smaller, manageable EMIs.
        • No Collateral Required: Indian Bank personal loans are unsecured, meaning no assets (e.g., property, vehicle) need to be pledged.
        • Quick and Hassle-Free Application: The online application process is simple, with minimal documentation. Approvals and disbursals are fast, especially for existing Indian Bank customers.
        • Low Processing Fees: Processing fees are minimal (1% of loan amount, capped at ₹100 for salaried loans; up to ₹25,000 for pension loans) with concessions (e.g., 50% off for IB Home Loan Combo).
        • Wide Eligibility Criteria: The loan is available to a broad group, including salaried employees (government, PSU, or private sector), pensioners, and self-employed professionals with a credit score of 700+.
        • Versatile Usage: Funds can be used for any personal purpose, such as education, marriage, home renovation, medical expenses, or professional setup, except speculative activities.
        • Special Schemes for Targeted Groups: Schemes like IB Pension Loan cater specifically to pensioners, while IB Home Loan Combo offers discounted rates for existing home loan borrowers.
        • Prepayment Flexibility: Borrowers can prepay the loan after 12 months without penalties, allowing early closure if financial conditions improve.
        • Multiple Repayment Options: Repayment can be made via Standing Instructions (SI) for Indian Bank accounts, Electronic Clearing Service (ECS), or post-dated cheques (PDCs), offering convenience.
        • Support for Pensioners: Pensioners, including family pensioners and Indian Bank retirees, get tailored loans with relaxed age limits (up to 78 years at loan closure) and competitive rates.
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How to Apply for Indian Bank Personal Loans

  • 1. Check Eligibility:
    • Salaried Individuals: Permanent employees of government, PSUs, listed companies or reputed firms with 2-3 years of service. Minimum take-home salary must be 40% of gross salary after EMI.
    • Professionals: Doctors, engineers, architects, chartered accountants, etc., with a credit score of 700 or above.
    • Minimum monthly income: ₹15,000 for salaried; salary credits for at least 1 month with ₹25,000 minimum for overdraft facilities.
  • 2. Gather Required Documents:
    • Identity Proof: Aadhaar, PAN, passport, voter ID, or driving license.
    • Address Proof: Aadhaar, utility bill, passport, or rental agreement.
    • Income Proof:
      • Salaried: Last 3-6 months' salary slips, Form 16/ITR
      • Professionals: ITR for last 2-3 years
  • 3. Choose Application Method:
    • Online Application:
      • Visit the official Indian Bank website: www.indianbank.in
      • Navigate to "Loans" section and select "Personal Loan"
      • Fill the online form with personal, employment and loan details
      • Upload necessary documents
      • Submit and note the application reference number
    • In-Branch Application:
      • Locate nearest Indian Bank branch
      • Fill out the loan application form with bank staff assistance

Eligibility Criteria for Indian Bank Personal Loans

  • Salaried Individuals:
    • Permanent employees of government, PSUs, listed companies or reputed firms
    • Minimum 2-3 years of service with current employer
    • Minimum gross monthly salary: ₹15,000
    • Take-home salary after EMI must be 40% of gross salary
    • Age: 21-60 years at loan closure
  • Pensioners:
    • Central/state government pensioners or Indian Bank retirees
    • Pension must be credited to Indian Bank account
    • Maximum age at loan closure: 78 years (regular), 75 years (family pensioners)
    • Loan amount: Up to 18 times monthly pension (max ₹6 lakh regular, ₹2 lakh family)
  • Professionals:
    • Doctors, engineers, architects, CAs etc. with valid registration
    • Minimum credit score: 700
    • Loan amount up to 2.5 times lowest gross annual income (based on last 2 years ITR)
    • Age: 21-65 years at loan closure
  • General Requirements:
    • Resident of India
    • Good credit history (no major defaults)
    • Valid ID and address proof
    • Purpose must be for personal expenses (not speculative)
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Documents Required for Indian Bank Personal Loans

  • Identity Proof (Any one):
    - Aadhaar Card, PAN Card (mandatory)
    - Passport, Voter ID, Driving License
  • Address Proof (Any one):
    - Aadhaar Card, Passport, Utility Bill
    - Rental Agreement, Voter ID
  • Income Proof:
    Salaried:
    - Last 3-6 months salary slips
    - Form 16 (last 1-2 years)
    - 6 months bank statements showing salary credits
    Pensioners:
    - Pension Payment Order (PPO)
    - 6 months pension account statement
    Professionals:
    - ITR for last 2-3 years with computation
    - Profit & Loss Account and Balance Sheet (CA certified)
  • Employment Proof:
    - Appointment letter/employment certificate
    - Employee ID card (if available)
  • Other Documents:
    - Recent passport-size photographs
    - Post-dated cheques or ECS mandate for repayment

Factors for Indian Bank Personal Loans

  • Credit Score:
    - Minimum 700 score preferred (CIBIL or equivalent)
    - Higher scores (750+) may secure lower interest rates
    - Reflects repayment history and financial discipline
  • Income Level:
    - Determines loan amount and repayment capacity
    - Salaried: Minimum ₹15,000 gross monthly
    - Pensioners: Loan up to 18 times monthly pension
    - Professionals: Based on 2.5 times lowest annual income
  • Employment/Pension Status:
    - Stable employment or pension source improves approval
    - Salaried: Permanent employees preferred
    - Pensioners: Must have pension credited to Indian Bank
  • Debt-to-Income Ratio:
    - Existing EMIs should not exceed 60% of income
    - Take-home after EMI must be 40% of gross salary
  • Age of Applicant:
    - Salaried: 21-60 years
    - Pensioners: Up to 78 years (regular), 75 (family)
    - Professionals: 21-65 years
  • Relationship with Indian Bank:
    - Existing customers get faster processing
    - Salary/pension account holders may get better terms
    - Home loan borrowers eligible for combo offers

Frequently Asked Questions (FAQs)

What types of personal loans does Indian Bank offer?
Indian Bank offers the following personal loan schemes:
- IB Clean Loan: For salaried individuals, up to ₹50 lakh
- IB Pension Loan: For pensioners, up to ₹6 lakh (regular) or ₹2 lakh (family)
- IB Home Loan Combo: For existing home loan borrowers with discounted rates
- Personal Loan Overdraft Facility: For salaried employees with salary accounts
- Personal Loan for Professionals: For self-employed professionals
Who is eligible for an Indian Bank personal loan?
Salaried Individuals: Permanent employees with minimum ₹15,000 monthly salary, 2-3 years service
Pensioners: Central/state government pensioners or Indian Bank retirees
Professionals: Doctors, engineers, CAs etc. with credit score 700+
Age: 21-60 (salaried), up to 78 (pensioners), 21-65 (professionals)
What is the maximum loan amount I can get?
Salaried: Up to 20 times gross monthly salary (max ₹50 lakh)
Pensioners: Up to 18 times monthly pension (max ₹6 lakh regular, ₹2 lakh family)
Professionals: Up to 2.5 times lowest annual income (based on ITR)
What are the interest rates?
IB Clean Loan: 9.75%-14.75% p.a.
IB Pension Loan: Starting at 10.90% p.a.
IB Home Loan Combo: Starting at 10.75% p.a.
Overdraft: 1% higher than term loan rates
Rates depend on credit score, employment type and tenure
What is the repayment tenure?
Salaried/Professionals: Up to 7 years (84 months)
Pensioners: Up to 10 years, subject to maximum age limits
Tenure depends on loan amount, income and age
What documents are required?
Common: ID proof (Aadhaar, PAN), address proof, bank statements
Salaried: Salary slips, Form 16
Pensioners: Pension Payment Order (PPO)
Professionals: ITR for 2-3 years, professional certificates
Existing customers may need fewer documents
How can I apply?
Online: Visit www.indianbank.in, fill application and upload documents
Branch: Visit nearest Indian Bank branch with documents
Processing typically takes 2-7 working days
Is collateral required?
No, all Indian Bank personal loans are unsecured. However, repayment security like post-dated cheques or third-party guarantee may be required.
What are the processing fees?
IB Clean Loan/Overdraft/Professionals: 1% of loan amount (max ₹100)
IB Pension Loan: Up to ₹25,000
IB Home Loan Combo: 50% concession on standard fee
Can I prepay my loan?
Yes, prepayment is allowed after 12 months without any penalty. This can reduce your interest costs.

List of Indian Bank Personal Loans

  • IB Clean Loan
  • IB Pension Loan
  • Personal Loan for Professionals
  • IB Home Loan Combo
  • Personal Loan Overdraft Facility