Indian Bank Personal Loan – Apply Online 2022

Last Updated : Jan. 5, 2022, 1:09 p.m.

Indian Bank is a state-owned financial services company established in the year 1907. Headquartered in Chennai, this top performing public sector bank with over 2,565 braches in India is no doubt a trustworthy name to reckon with. With its best suite of products and services such as Personal Loan , this bank is all set to fulfill every personal need of yours. By offering you instant funds at lowest interest rates and charges, the bank ensures to give wings to your dreams. If you want to know more about Indian Bank Personal Loan, this article is for you.

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Indian Bank Personal Loan Interest Rates 2024

Eligibility Criteria

• The minimum age of the applicant should be 21 years, while the maximum being 58 years
• The applicant should be a permanent employee with a minimum work experience of 3 years in organizations such as Govt./Quasi -Govt./ Boards/ reputed companies/Endowments/Corporate Industrial Establishments and others

Know Your Eligibility for Indian Bank Personal Loan

The candidate can know the loan amount he/she is eligible to receive by using an eligibility calculator , which takes into account the savings of the applicant, tenure and the rate of interest.

For Example – Mr. Ravi Malhotra is working in a manufacturing firm at an emolument of INR 80,000. Of which, he manages to save, say INR 40,000. How much personal loan is he eligible to get from Indian Bank to fulfill his travel expedition?

The savings can be used to repay the loan, this is what the bank’s reasoning would be while assessing Ravi’s eligibility. The loan disbursal will depend upon the savings and repayment tenure. You can see below the calculation of per lakh EMI.

Loan Amount – INR 1 Lakh

Loan Tenure – 3 years

Rate of Interest – 14.80%-15.30% p.a.

Per Lakh EMI – INR 3,457-3,481

Personal Loan Eligibility Calculation

INR 1 Lakh x 40,000/3457 = INR 11.57 Lakhs and INR 1 Lakhx40,000/3481 = INR 11.49 Lakhs

The candidate is eligible to receive the loan of amount ranging from INR 11.49 Lakhs – INR 11.57 Lakhs.

Indian Bank Personal Loan EMI Calculator

EMI refers to the amount that a borrower pays to the lender each month with respect to the loan repayment. This amount constitutes a part of principal and the interest charged on the loan amount over the tenure. The calculation of this amount is done using an EMI calculator which specifies both the EMIs and the interest portion on a loan. To calculate the EMI amount the user has to enter the loan amount, tenure and the rate of interest in the calculator. The EMI calculator , while computing the monthly installments, first calculates the interest portion, followed by the principal amount.

For Example: Sukesh is planning to avail a INR 3 lakh loan for a period of 3 years at the prevailing interest rates of 11% per annum. To check the EMI, interest amount and total amount payable on the same amount of loan for different tenures refer the table below :

Documentation Required

Features & Benefits

• Maximum Loan Amount: You can borrow upto 20 times of your monthly income from Indian Bank. For urgent financial requirements such as money for medical aid, debt payment, the loan is best suited.
• Convenient Loan Repayment Options: The borrower can pay the loan with a maximum of 84 EMIs. You can choose the tenure as per your convenience.
• Attractive rate of interest: The interest rate on your borrowed loan amount ranges from 10.00% - 15.00% per annum, which is quite attractive if you consider the prevailing personal loan rate in India. The loan is approved faster as the documentation process is quite simple.
• Quick disbursal: Loan is disbursed to your account instantly after the sanction, and you can withdraw the funds easily.
• Attractive rate of interest: The interest rate on your borrowed loan amount ranges from 10.00% - 15.00% per annum, which is quite attractive if you consider the prevailing personal loan rate in India.

Indian Bank’s IND-COVID Emergency Salary Loan

In view of the financial crisis faced by many in the wake of the Covid-19 outbreak, Indian Bank has introduced a new product – IND-COVID Emergency Salary Loan. With this, an individual can get a loan equivalent to 20 times the latest monthly gross salary. However, the maximum loan amount won’t exceed INR 2 Lakh. The loan will be offered at lower rates to ensure you have something to spend on medical treatment and other needs.