Indian Bank Personal Loan Features
- Loan amount: If you meet the criteria for eligibility, you can use a personal loan from Indian Bank as high as Rs. 15 lakh.
- Flexible tenure: Indian Bank personal loan can be paid back without any constraints as the tenure offered is flexible and varies from 12 to 36 months.
- A fair interest rate: Indian Bank’s personal loan interest rates start at 11.05 percent, lower than the rates offered by many NBFCs operating in India.
- Hassle-free application process: It is easy, 100% paperless, and can be done online to apply for a personal loan at Indian Bank.
- Minimum documentation: To get your Indian Bank personal loan application approved, only a few basic documents are needed.
- Prepayment fees for Nil: Indian Bank currently offers this unsecured loan with a zero prepayment fee, making it more flexible for applicants.
Criteria for Eligibility
The following are the main eligibility requirements for Indiabulls’ personal loan:
- You are expected to be a resident of India.
- You should be 21 years of age, at least, and 58 years of age to the maximum.
- You should be a salaried worker or self-employed entrepreneur.
Indian Bank Personal Loan Charges
- Part Payment charges: Part payment charges are allowed at Indian Bank at Nil Prepayment charges.
- Processing Fee: A negligible amount of 0.5% is charged on the loan that the borrower avails which is deductible once the loan is transferred to his account.
- Foreclosure charges: Indian Bank charges a Nil Amount if an applicant wants to repay the loan amount before the end of the tenure period.
- Other charges: These might include EMI cheque bounce charges, loan cancellation charges, or maybe interest charges when the loan is repaid after the last date.
