About Indian Bank Personal Loan
A personal loan is an unsecured loan where a customer gets the amount of loan from the bank on the basis of their monthly income and the CIBIL score. Furthermore, the applicant is free to use this amount of loan and there are no restrictions on its use. The loan amount can be used for wedding purposes, for educational purposes or to fulfill any personal need of the customer.
About Indian Bank
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 anniversary in 2007. This bank has 2100 branches operating in India with 22,000 employees in the country.
Eligibility for Indian Bank Personal Loan
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. 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.
There are different criteria for both categories. Let us see both of them one by one.
- The minimum age of the applicant should be 21 years and maximum up to 60 years.
- If the applicant is residing in a metropolitan city, then they should have a minimum income of Rs 18,000. And if the applicant is from a non-metropolitan city, then they should have a minimum salary of Rs 12,000.
- The applicant should have the work experience of the last three years, and the salary should come in their account only.
- If an applicant is applying for the personal loan, then they must have a good credit history.
- The documentation process is easy; they have to submit their bank statement of the last three months and the salary slip of the previous six months.
- The minimum age of the self-employed applicant should be 25 years and maximum up to 65 years.
- The applicant should file ITR for the last three years.
- The credit score of the applicant should be good, and no debt should be left due, and the credit score should be more than 650.
- The ITR which the applicant files should be of Rs 2.5 lakhs per annum at least.
- And if the applicant is having a business than his business should be running from the last three years.
Documents for Indian Bank Personal Loan
When the applicant applies for the loan after that, they have to go through some documentation process. For this process, they have to submit some of their documents. They are
- The applicant has to submit their identity proof which includes Aadhaar Card, Passport, Voter Card, Driving License.
- They have to submit residence proof which includes Updated passbook, Aadhaar Card, Passport, Voter Card, Ration Card. And if the applicant is living in a rented apartment, then they have to submit their rental agreement, electricity & water bill which has to be in the name of the applicant and the address of the owner.
- They have to submit their PAN card which is an essential document under the KYC formality.
- If the applicant is a salaried one, then they have to submit their salary slip of the last three months and the bank statements of the previous six months.
- And if the applicant is a self-employed then they have to submit the ITR of the last three years and registration of their business should be done.
- Two passport size colored photographs ( the applicant should not wear glasses).
Self Employed People
Last 3 months salary slips & last 6 months bank statement
ITR of 2.5 lac minimum for last 3 years
Identity Proof: Aadhaar Card/ Voter Card/ Driving License/ Passport
Address Proof: Aadhaar Card/ Voter Card / Passport/ Driver License/ Ration Card and if the person is living in a rented apartment then rental agreement, electricity & water bill and owner’s address
Two passports size colored photographs
PAN Card photocopy
Interest Rate on Indian Bank Personal Loan
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. The interest rate offered by the bank starts from 10.75% per annum.
Indian Bank Charges and Rates
Starts @ 10.75% Per Annum
0.50 % of loan amount with a min of Rs 500
36 EMI’s to pay
Benefits of Indian Bank Personal Loan
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 guarantee. So, there is no need of pledging collateral or security. It is purely given as per the customers’ income.
- Simple Documentation – Indian Bank Personal Loan is simple and easy. You can get it with minimum documentation with a quick process. Banks need some necessary 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 – Indian Bank Personal Loan 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 confirmation.
- 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 the participation 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 comfortable. You can get the loan amount in your account without stepping out of your place.
How to avail the lowest Interest Rates on Indian Bank Personal Loan ?
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 division of the company. So, if you are looking for a good deal, do check your company category.
- Online Comparison: A person should do 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.
Why choose Dialabank for Indian Bank Personal Loan ?
- It is very easy to avail loan from every bank online. But Dialabank is only one place with different banks in hand.
- It is a financial platform where you can check and compare different loan rates across different banks.
- 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.
FAQs About Indian Bank Personal Loan
Q. What is Indian Bank Personal Loan?
If you are in urgent need of financial help but can not provide security in exchange for a loan then Indian Bank Personal Loan is just the right help you need. A Personal Loan can be availed without the need for submitting a security and loan amount can be used for any personal need.
Q. How does Indian Bank Personal Loan work?
Indian Bank Personal Loan works like any other loaning product except that you are not required to submit any security to avail Personal Loans. All you need is your KYC and income proof. Once approved and disbursed the loan amount can be used for a number of personal purposes.
Q. What is Personal Loan rate of interest in Indian Bank?
Personal Loan rate of interest in the Indian Bank starts at 11.20% per annum. You can visit Dialabank’s online portal to compare the rates of different banks and finance companies across India.
Q. How can I get Indian Bank Personal Loan?
To get a Personal Loan you will have to visit the nearest branch with basic documents(Aadhar Card, PAN Card) and income proof(salary slip, bank statement) and fill an application form. You can also contact Dialabank to avail of the best financial advice and get the personally curated deals and offers for all your financial needs.
Q. How to apply for Personal Loan in Indian Bank?
Apply for Personal Loan by visiting the nearest Indian Bank branch with all the requisite documents. You can also apply online with Dialabank and avail personalized assistance for all your financial needs.
Q. Why apply for Indian Bank Personal Loan?
Indian Bank Personal Loans can be used for any personal financial need. You do not have to provide any collateral security in exchange for your loan and the repayment can be done in monthly installments, EMIs.
Q. How much EMI on Indian Bank Personal Loan?
Calculate your Indian Bank Personal Loan EMI using your loan tenure, loan amount, and rate of interest. Use Dialabank’s EMI calculator to calculate your estimated EMI and apply for all your Personal Loan needs with us.
Q. How much CIBIL score required for Indian Bank Personal Loan?
A CIBIL score above 700 is preferred by Indian Bank to disburse a Personal Loan. Being an unsecured loan your CIBIL score plays a big role in determining your loan eligibility as it calculates the risk of default for your lender.
Q. Minimum credit score needed for Indian Bank Personal Loan?
The credit score is a measurement and estimate of your creditworthiness. Indian Bank requires you to have a credit score of at least 700 to consider your loan application for approval.
Q. How to calculate Indian Bank Personal Loan EMI?
Use your loan amount, loan tenure, and rate of interest to calculate your Personal Loan EMI using the EMI calculator available on Dialabank’s website.
Q. What can I use Indian Bank Personal Loan for?
You can use your Indian Bank Personal Loan for a number of financial needs such as funding your marriage or that of a relative, pay all your big and small bills, renovate or repair your home, and etc.
Q. Can I prepay Indian Bank Personal Loan?
If you have the required funds you can pre-close your loan by visiting the branch and asking your banker about the prepayment facilities. Any charges as would be applied will have to be paid by you.
Q. How to prepay Indian Bank Personal Loan?
When you have the required money and feel the need to close your loan at once, just visit the nearest Indian Bank branch with your loan documents and apply for a foreclosure. You may be asked to pay a small foreclosure fee in addition to your outstanding loan amount.
Q. How to repay Indian Bank Personal Loan?
Repay your Personal Loan in easy burden-free EMIs that are automatically deducted from your bank account each month. Indian Bank’s Personal Loan can be repaid through post-dated cheques too.
Q. What documents are needed for Indian Bank Personal Loan?
Aadhar Card, Voter ID, PAN Card for KYC and Salary Slips, Bank Statement, and ITR File as Income proof are the only documents that you will need for Indian Bank Personal Loan.
Q. How to check Indian Bank Personal Loan status?
Visit your loan branch or contact the customer care number of the Indian Bank to know the status of your loan application and stay updated.