Personal loans from Indian Bank can be availed for various purposes as long as you fulfill the eligibility criteria. The interest rates start from 9.00% p.a. and come with a repayment tenure of up to 7 years.
Now more than ever, make it easy to avail a personal loan with minimum effort for maximum benefit from your loan journey.
Indian Bank Personal Loan Details
Find all the details needed to apply for a personal loan from the Indian bank below:
| Interest rate | Starts at 9.00% p.a. |
| Tenure | Up to 7 years |
| Loan Amount | Up to 20 times your gross monthly salary |
| Processing Fee | Up to 1% of the loan amount |
Comparison of Indian Bank Personal Loan vs. Other Banks
The loan application process has one of the crucial steps, & it is to understand the different rates and charges added by different banks. You can refer to the table below and compare different rates before applying for an Indian bank loan.
| Loan Lenders | Interest Rates (p.a.) | Processing Fees |
| Indian bank | 9% onwards | Up to 1% |
| State Bank of India | 10% onwards | Up to 1.5% |
| HDFC Bank | 9.99% onwards | Up to ₹6,500 |
| ICICI | 9.99% onwards | Up to 2% |
| Axis | 9.99% onwards | Up to 2% |
| IndusInd | 10.49% onwards | Up to 3.5% |
| Yes Bank | 10.85% onwards | Up to 2.5% |
| Shriram City | 11% onwards | Up to 5% |
Indian Bank Loans Processing Fee & Charges
Besides interest rates, Indian Bank also levies processing fees and other applicable charges on certain loan products. The current processing fees for the schemes listed below are
1. For IB Home Loan to Residents, Home Loan to NRI, IB Home Advantage, IB Plot Loan to NRI
- IB Home Loan to Residents: ₹1,500 for loans up to ₹25 lakh
- ₹2,500 for loans above ₹25 lakh and up to ₹75 lakh
- ₹5,000 for loans above ₹75 lakh
- Home Loan to NRI and IB Plot Loan to NRI: ₹25,000 + GST
- Nil processing fee for eligible takeover cases
2. For IB Home Improve, IB Home Loan Plus, IB Home Enrich, Plot Loan to Residents, and Repair and Renovation
- 1% of the loan amount
- Minimum: ₹5,000
- Maximum: ₹15,000
- Nil processing fee for takeover cases
3. For IB Home Loan Combo
- IB Home Loan Combo is not separately listed in Indian Bank’s current processing-fee schedule.
4. For Jewel Loan (Non-Priority) and OD Against Gold Jewels
- Processing fee: Nil
5. For Loan for Purchase of “Van / Minibus / Bus / Ambulance” to Institutions / Firms / PSU / Company / Hospitals
- 1% of the loan amount
- Maximum: ₹1,00,000 per loan
6. For IB Reverse Mortgage
- 0.30% of the loan limit
EMI Calculator
Planning to apply for an Indian Bank personal loan? Calculate your Equated Monthly Instalment (EMI) easily with a Personal Loan EMI calculator. This handy tool allows you to quickly determine your monthly installment.
Just enter the loan amount, interest rate, and tenure, and get an instant estimate of your monthly installment.
Your Amortization Schedule (Yearly/Monthly)
Indian Bank Personal Loan Eligibility
There are certain criteria you need to meet for an Indian Bank personal loan eligibility. These are the general eligibility criteria:
| Factors | General Eligibility Criteria |
| Age | 21 yrs to 68 yrs |
| Monthly Income (Salaried) | Minimum ₹15,000 |
| Monthly Income (Self-salaried) | Minimum annual income: ₹2 lakh |
| Work Experience | Minimum 2 years completed at the current organization |
Scheme Wise Personal Loans Offered By Indian Bank
Personal loans give individuals an opportunity to use them when they require it the most. Indian Bank offers personal loans that cater to several different objectives and needs. Check out the different types of personal loans offered by Indian Bank
IB Home Loan Combo
A special package offered by Indian Bank wherein customers can avail a home loan along with an additional loan such as a vehicle loan, personal loan, pension loan, or home improvement loan. The second loan helps the borrower meet his/her other financial needs.
Reverse Mortgage
Indian Bank offers the Senior Citizen Home Loan as a reverse mortgage option for homeowners aged 60 years and above. This loan allows senior citizens to convert their home equity into cash without making monthly mortgage payments. The bank recovers the loan when the borrower dies, permanently moves out of the property, or sells the home.
Ind Mortgage
Indian Bank offers Ind Mortgage to individuals and businesses that want to purchase a residential or commercial property. Borrowers can use the loan for repairs, renovations, marriage, education, festivals, medical expenses, and other bankable needs, excluding speculative purposes.
Home Loan
Indian Bank offers the IB Home Loan to individuals and families who want to purchase a residential property in India. Borrowers can use the loan for purposes such as:
- Purchasing a new home.
- Purchasing a second home.
- Refinancing an existing loan.
- Improving or renovating a home.
IB Home Improvement
- For the purchase of household furnishings, kitchen storage, cabinets, TVs, refrigerators, computers, wall paper, lighting, interior accents, air conditioners, kitchen chimneys, modern kitchen gadgets, modular kitchens and piped gas supply.
- For the cost of digging a bore well with appropriate water lifting devices, such as jet pump sets, compressors, solar systems and immersible pump sets.
NRI Plot Loan
- When buying a house site on an ownership basis, the site must be situated in a layout that has been authorised by the appropriate government agency.
- Loans are not allowed to be used to purchase home sites in rural areas.
NRI Home Loan
For the purchase, building, repair, renovation, or alteration of a home or flat. Both non-resident Indians (NRIs) and people of Indian origin (PIOs) are covered under the program.
IB Home Advantage
Home loans can be used for various purposes, including purchasing/constructing a new house/flat, acquiring a house site and constructing on it, buying an existing house/flat, extending or renovating an existing property, taking over home loans, and reimbursing costs for a recent house/flat purchase or construction.
IB Home Enrich
IB Home Enrich is a home loan product offered by Indian Bank to homeowners who are looking to renovate their existing home. The loan is available to both salaried and self-employed individuals.
Jewel Loan
Domestic requirements, consumption, activities related to raising a family, medical costs, and any bankable activity other than speculation.
OD Against Gold Jewels
- OD Against Gold Jewels or Overdraft against Gold Jewels is a loan facility that Indian Bank offers to its customers. Under this facility, customers can avail a loan against the security of their gold jewelry. The loan amount is based on the value of the jewelry and the customer’s creditworthiness.
- The interest rate on OD against gold jewels is higher than the interest rate on other types of loans, such as personal loans or home loans. This is because the bank takes on more risk when it lends against gold jewelry, as the jewelry can lose its value over time.
Loan for Purchase of “Van / Minibus / Bus / Ambulance” to Institutions / Firms / PSU / Company / Hospitals
- Indian Bank offers a loan facility for the purchase of vans, minibuses, buses, and ambulances to institutions, firms, PSUs, companies, and hospitals.
- The loan is available for both new and used vehicles.
- The loan amount is based on the purchase price of the vehicle, the borrower’s creditworthiness, and the purpose of the loan.
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Loan Against Lease Rentals
- Loan Against Lease Rentals (IB Rental) is a loan product offered by Indian Bank to individuals or businesses who own commercial or residential properties that are leased out.
- The loan amount is based on the monthly rental value of the property and the unexpired lease period.
- The maximum loan amount is Rs. 5 crores, and the repayment period is up to 180 months.
Indian Bank Loan Offers
1. IB Home Loan Combo
The following are the benefits of the IB Home Loan Combo:
- Concessional interest rate: The borrower is entitled to a concessional interest rate on the additional loan, subject to repayment capacity and other eligibility criteria.
- Reduced processing charges: The borrower is entitled to a reduction in processing charges on the additional loan, subject to repayment capacity and other eligibility criteria.
- Single loan account: The borrower only needs to maintain a single loan account for both the home loan and the additional loan. This helps to simplify the repayment process and reduces the risk of default.
Applicable Interest Rates and Processing Charge Concessions
| Product | Concession in Interest Rate | Concession in processing fee |
| IB Vehicle Loan, Salary Loan, IB Pension Loan | 0.50% from the applicable card rate of the respective period | 50% on applicable processing charges of the respective product. |
| IB Home Loan | NIL | 50% on applicable processing charges of the respective product. |
Indian Bank Personal Loan Documents Required
The following documents are required to apply for an Indian bank. Personal Loan:
- Proof of Identity: Aadhaar Card, PAN Card, Passport, or Voter ID Card.
- Proof of Address: Copy of your electricity bill, water bill, or gas bill.
- Proof of Income: This can be a copy of your salary slips for the last 3 months or your Form 16.
- Bank Statement: This can be a copy of your bank statement for the last 3 months.
- Photograph: You will need to submit a recent passport-size photograph.
If you are a self-employed individual, you will also need to provide the following documents:
- IT Returns: You will need to provide a copy of your IT Returns for the last 2 years.
- Balance Sheet: You will need to provide a copy of your balance sheet for the last 2 years.
- Profit and Loss Statement: You will need to provide a copy of your Profit and Loss Statement for the last 2 years.
Features of Indian Bank Personal Loan
Indian Bank offers different personal loan options for salaried employees, pensioners, and eligible digital borrowers. Some of the key features include:
- Multiple personal loan options: Indian Bank offers products such as Clean Salary Loan, Pension Loan, Online Personal Loan, Digi Personal Loan, and Digi Pension Loan for different borrower profiles.
- Digital loan availability: Eligible customers can apply for select personal loans online through Indian Bank’s digital loan platform.
- Low processing charges: Government and PSU employees can get a Clean Salary Loan with no processing fee, while other eligible borrowers may pay up to 1% of the loan amount, capped at ₹10,000.
- Affordable pension loan charges: Indian Bank charges no processing fee for pension loans up to ₹25,000 and ₹250 for amounts above ₹25,000.
- No prepayment charge on term salary loans: Borrowers can prepay a Clean Salary Term Loan without a prepayment charge under the current service-charge schedule.
- Simple application support: Indian Bank provides personal loan application forms and Key Fact Statement documents to help borrowers understand the loan terms before applying.
Apply for Indian Bank Personal Loan with Buddy Loan
Here’s the step-by-step process that you can follow to apply for Indian Bank personal loan on Buddy Loan:
- Step 1: Visit buddyloan.com or download & install the Buddy Loan app (Android or iOS)
- Step 2: Open the personal loan application page. Provide the mobile number and enter the received OTP.
- Step 3: Specify the desired loan amount. Next, choose the Personal Loan option
- Step 4: Choose the employment type (salaried or self-employed) and the salary mode (bank or cash).
- Step 5: Enter your work details (including company name, years of service and designation)
- Step 6: Enter your personal details (including full name, PAN, address, DOB & gender)
- Step 7: Provide your communication address and income details, and click the ‘Submit’ button.
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