Indian Bank Personal Loan Interest rates from 10.90% p.a
Apply for a personal loan with Indian Bank at attractive interest rates starting from 10.90%. Quick approvals, flexible terms, and easy repayments!
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Compare Indian Bank Personal Loan Interest rate Vs others
Banks
Institution | Interest Rates |
---|---|
HDFC Bank | 10.85% – 24.00% |
Axis Bank | 11% – 24.00% |
Bandhan Bank | 11.90% Onwards |
ICICI Bank | 10.85% – 16.25% |
DBS Bank | 10.99% – 24.00% |
Bank of Baroda | 11.05% – 18.75% |
SBI | 11.45% – 14.85% |
IndusInd Bank | 10.49% – 24.00% |
Yes Bank | 11.25% – 21.00% |
Standard Chartered | 11.50% – 24.00% |
IDFC First | 10.99% – 23.99% |
Kotak Mahindra Bank | 10.99% – 24.00% |
PNB | 11.40% – 17.95% |
Indian Bank | 10.90% – 24.00% |
Indian Bank Personal Loan Interest Rates
Overview of Rates Indian Bank offers personal loans with interest rates ranging from 12.15%. The rate applied to your loan depends on factors such as:- Credit Score: A higher credit score can fetch you lower rates.
- Income: Stable and higher income levels reduce risk for the lender, resulting in better rates.
- Employment Type: Salaried individuals with secure jobs may enjoy lower rates.
Factors That Drive Indian Bank Personal Loan Interest Rates
- Credit Score: A score above 750 will get you the best interest rate in the market.
- Loan Amount and Tenure: Larger amounts or longer repayment periods may warrant small changes in the interest rate.
- Employment Type and Stability: Government employees and individuals with stable jobs receive preferential rates.
- Existing Relationship with Indian Bank: If you have a salary account or have been banking with Indian Bank, you may get added advantages.
How to Get the Best Interest Rate on Indian Bank Personal Loans
- Improve Your Credit Score: Clear your dues and keep balances low.
- Negotiate Rates: Financially secure individuals can negotiate better rates.
- Look for Pre-Approved Offers: Customers pre-approved by Indian Bank might get lower interest rates.
Indian Bank Personal Loan EMI Calculator
Using an EMI calculator is a simple way to estimate your monthly payments and plan better. Steps to Calculate Your EMI- Input Loan Amount: Enter the total credit required.
- Select Interest Rate: Enter the applicable interest rate.
- Choose Tenure: Decide the repayment tenure in months.
- Loan Amount: ₹7,00,000
- Interest Rate: 13.5%
- Tenure: 5 years
Using the formula for EMI calculation, the monthly EMI would be approximately ₹16,107.
Types of Personal Loan from Indian Bank
Type of Personal Loan | Details |
Indian Bank Clean or Secured Loan Scheme for the Salaried | Purpose: To meet medical, education, or home requirements. |
Eligibility: Salaried individuals (government/private employees). | |
Loan Amount: Up to 20 times the monthly gross salary. | |
Tenure: Up to 7 years. | |
Processing Fee: 1%. | |
Indian Bank Pension Loan Scheme | Purpose: To meet expenses like marriage, education, or medical needs. |
Eligibility: Pensioners, family pensioners (State/Central government), re-employed pensioners. | |
Loan Amount: Up to 18 times the monthly pension. | |
IB Professional Loan | Purpose: Financial support for professionals (Doctors, Engineers, Chartered Accountants). |
Eligibility: Minimum 2 years of experience. | |
Income: Minimum gross income of ₹7.5 Lakhs per year. | |
Loan Amount: 2.5 times the lowest Gross Annual Income in the last two years. | |
Eligibility Criteria | |
IB Pension Loan Scheme | – State/Central Government Pensioners, Family Pensioners, and Re-employed Pensioners. |
– Not Allowed: Pensioners under EPF and CRS retirees. | |
IB Clean Loan to Salaried | – Employees from government/quasi-government approved institutions or reputed private companies. |
– Minimum Entry Age: 21 years. | |
– CIBIL Score: Not less than 700. |
FAQs for Indian Bank Personal Loan Interest Rate
- Can I apply for a lower interest rate after loan disbursal?
- No, the interest rate is fixed at the time of disbursal.
- Are concessional rates available for women or professionals?
- Yes, Indian Bank offers lower rates for women and certain professionals.
- What happens if I miss an EMI payment?
- A late payment penalty is incurred; consult the bank for financial advice.
- Are there penalties for prepayment or foreclosure?
- Yes, charges may apply, but early repayment reduces the overall interest burden.
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