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Indian Bank is a state-owned financial service Indian company with their headquarters serving at Chennai in South India. The Government of India has owned this bank since 1969, which celebrates its centenary in 2007. This bank has 2100 branches operating in India with 22,000 employees in the country.

What is a Personal Loan?

A personal loan is an unsecured loan where a customer gets the amount of loan from the bank on the basis of his/her monthly income and the CIBIL score. Furthermore, the applicant is free to use this amount of loan anywhere he/she wants. This amount of loan can be used for wedding purposes, for educational purposes or to fulfill any personal need of the customer. 

 

Are you eligible for getting a Personal Loan from any financial institution? There are some Eligibility Criteria regulated by Banks to get a loan. You must be eligible if you want finance to meet your requirement. Check your Eligibility in 1 minute. Apply Online and get Dialabank for you.

Eligibility Criteria for Personal Loan

Eligibility

Not everyone can get a personal loan. There are some criteria on the basis of them the bank provide a personal loan to the applicants. Let us discuss them.

There are two categories of the applicants.

  1. Salaried
  2. Self-employed

There are different criteria for both categories. Let us see both of them one by one.

Salaried

  1. First of all the age of the applicant should be more than 21 years.
  2. After that he/she should be earning Rs. 18000 per month at least.
  3. After that, the applicant should have the work experience of 3 years at least.
  4. After that he/she should be getting the salary in his/her bank account.
  5. The credit history of the applicant should be good.

Self-employed

  1. If the applicant is self-employed than his/her age should be 25 years at least.
  2. He/she should be filing ITR for last three years at least.
  3. His/her CIBIL score should be good.

 

The ITR should be of Rs. 2.5 Lakhs per annum at least.

Salaried People

Parameters

Metro

Tier-2

Tier-3

Tier-4

CitizenShip

Indian

Same as Metro

Same as Metro

Same as Metro

Minimum Age

21 Yrs

Same as Metro

Same as Metro

Same as Metro

Maximum Age

58 / 60 Years at
Loan Maturity

Same as Metro

Same as Metro

Same as Metro

Salary

18,000

12,000

10,000

10,000

Experience

Overall 3 years

Same as Metro

Same as Metro

Same as Metro

Telephone / Mobile

Mandatory

Mandatory

Mandatory

Mandatory

Current Experience

One year

One Year

One Year

One Year

Salary in Cash

Not Applicable

Same as metro

Same as Metro

Same as metro

 

Self Employed People

Parameters

Metro

Tier-2

Tier-3

Tier-3

Citizenship

Indian

Same as Metro

Same as metro

Same as Metro

Minimum Age

25 /28 Yrs

Same as Metro

Same as metro

Same as Metro

Maximum Age

65 Year at the
Loan Maturity

Same as Metro

Same as metro

Same as Metro

ITR required

2.5 lakhs - 3.0 Lakh

Same as Metro

Same as metro

Same as Metro

Residence

Office or Home
should be Owned

Same as Metro

Same as metro

Same as Metro

Telephone / Mobile

Mandatory

Mandatory

Mandatory

Mandatory

Business Stability

Business Should be running
from last 3 years

Same as Metro

Same As metro

Same as Metro

 

Special Note

 

Bank does not provide Personal Loan to poor credit holders. However; one can fulfill their financial requirement with a Gold Loan easily.

 

Indian Bank Charges and Rates

Interest Rates

17 % for salaried and 14 % for self employed

Processing Fee

0.50 % of loan amount with min of Rs 500

Repayment

36 EMI’s to pay

Benefits

A personal loan can be taken for different needs. If you need finance, you can borrow from financial institutions. There are different rules and criteria to get a personal loan. One must check its eligibility for getting loan amount. Personal loans are multipurpose finance options. There are various benefits of taking a personal loan online. You can avail a good deal by comparing offers and finalizing the best one as per your needs. Here are some benefits of personal loan:

A Loan without any collateral or security

 A Personal Loan is not a secured loan. Banks don’t ask for any security or collateral. So, there is no need of pledging a collateral or security. It is purely given as per the customers' income.

Simple Documentation

 Personal Loans are simple and easy. You can get it with minimum documentation with a quick process. Banks need some basic documents of a borrower like identity proof, address proof, income proof, etc.

Loan Amount

The amount can be ranging from Rs. 50,000 to Rs. 20 lakh.

Quick Loan Approval

 It is easily sanctioned within 48-72 hours without any hassle. After getting the documents, banks will do the verification of the given details and the loan will get disbursed within 24 hours of verification.

Multipurpose finance

 A personal loan can be used for various purposes i.e. in paying old bills, home improvements, wedding shopping, financing trips and many more.

No Third party involvement

 The loan is directly given to the borrower without an involvement of the third party. It is a relationship between the borrower and the lender.

Hassle free

 Getting a personal loan is now a hassle-free process. Online loan portals have made it more convenient and easy. You can get the loan amount in your account without stepping out of your place.

Avail the benefits of a personal loan by applying online. Get the best deal and lowest interest rates with a quick approval. Call 60011600 or 9878981166.

 

What are the features of Indian Bank Personal Loan?

  1. Purpose: To meet the expenses of marriage, education, and college.
  2. Loan Amount: Five times the gross salary maximum of Rs 50,000
  3. Margin: Not Involved:
  4. No security requirements.
  5. Fewer hassles.
  6. 2 days approval.
  7. Less documentation.

Interest Rates

A Personal loan is an immediate finance provided by the lender to the borrower. The borrower can avail personal loan from any lending institution, private sector bank as well as from government sector banks. Personal loan interest rates vary according to banks and customer profile. Some Institutions provide special offers to their regular customers like affordable interest rates, low processing fee, affordable EMIs and long tenure period. Check interest rates offered by different banks in the country.

Personal Loan Interest Rates - Updated Monday 8 Oct, 2018

Banks

CAT A Company

CAT B Company

CAT C & CAT D Company

Pre-Payment Charges

Processing Fees

HDFC Bank

13.00%- Salary Rs. 70000 or above

14.00%- Salary Rs. 70000 or above

16% and above

1.00 % to 4.00 %

2.00% to 2.5%

13.25%- Salary Between 50000 to & 70000

14.25%- Salary Between 50000 to & 70000

14.00%- Salary Between 30000 to & 50000

14.50% - Salary Between 30000 to & 50000

14.00%- Salary Below 30000

14.75%- Salary Below 30000

ICICI Bank

13.00% to 14.00%

13.50% to 15.00%

14.00% to 15.00%

2.00% to 5.00%

2.00%

Fullerton India

17.25% to 22.00%

17.25% to 25.00%

18.00% to 32.00%

NA

2.00%

Bajaj Finserv

13.99% - 16.75%

13.99% - 16.75%

13.99% - 16.75%

N.A.

2.00% - 3.00%

Axis Bank

16.00% to 18.00%

18.00% to 20.00%

18.50% to 22.00%

Special Offers

2.00%

Citibank

16.00%- Salary Up to 30000

17.00%- Salary Up to 30000

17.00%- Salary Up to 30000

3.00%

1.00% to 2.00%

15.00%- Salary above 30000

16.00%- Salary above 30000

16.00%- Salary above 30000

N.A.

N.A.

Standard Chartered Bank

16.00% to 17.00%

17.25% to 18.50%

18.25% to 19.00%

N.A.

N.A.

United Bank Of India

16.00% to 18.00%

16.00% to 18.00%

16.00% to 18.00%

N.A.

N.A.

State Bank of India and Group

16.75% to 21.00% with Guarantor 

16.75% to 21.00 % with Guarantor 

16.75% to 21.00% with Guarantor 

4.00%

2.00% to 3.00%

Kotak Bank

18.00% to 19.00%

18.00% to 19.00%

18.00% to 19.00%

4.00%

2.00%

Corporation Bank

14.50% to 17.00%

14.50% to 17.00%

14.50% to 17.00%

N.A.

1.5% to 5.00%

Andhra Bank

15.75% to 18.75%

15.75% to 18.75%

15.75% to 18.75%

N.A.

2.00% - 3.00%

Bank of Baroda

15.00% to 17.00%

15.00% to 17.00%

15.00% to 17.00%

N.A.

2.00%

ING Vysya

15.00%- Salary Rs. 70000 or above

15.50% to 16.50% Salary Rs. 70000 or above

16.5% to 18.00% Salary Rs. 70000 or above

4.00%

2.00%

Vijaya Bank

16.00% to 18.00%

16.00% to 18.00%

16.00% to 18.00%

N.A.

N.A.

 

 

How to avail the lowest personal loan Interest Rates?

Following are the features of lowest interest rates

Company Profile

 The company profile may impact a lot in terms of interest rates. Banks have categorized the companies in different categories. They offer interest rates as per the category of company. So, if you are looking for a good deal, do check your company category.

Online Comparison

 A person should do a detailed research online to compare the interest rates of all lenders. It helps the borrower to choose the best lender that suits their requirements. A person can use various tools like EMI Calculator, online comparison portals, loan helplines, etc.

Negotiate with the lender

 In case a consumer is already a customer of the lender, then chances of getting a good discount on interest rates will be more.

Co-borrower

 If a borrower’s credit rating is low then, the borrower can merge the income of spouse/father/mother to increase the loan eligibility.

Apply now to get Best Personal Loan Interest Rates.

Leading Personal Loan Providers (Click to Apply)

Citibank

SBI

Axis Bank

Other Banks

 

Why choose Dialabank for Personal Loan?

  1. It is very easy to avail loan from every bank online.
  2. But Dialabank is only one place with different banks in hand.
  3. It is a financial platform where you can check and compare different loan rates across different banks.
  4. Even you can solve all of your queries on the phone by dialing toll-free number 60011600. You will get personalized service on the phone from our trained relationship manager.

Special Note:

Indian Bank does not provide Personal Loan to poor credit holders. However, one can fulfill their financial requirement with a Gold Loan easily.


Personal Loan EMI Calculator SIP Calculator
EMI Calculator SIP Calculator

 

 

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