Indian Bank Personal Loan

Indian Bank Personal Loan Details

Key Features of Indian Bank Personal Loan

The following are some of the key features of the Indian Bank Personal Loan. They are:

• Competitive Interest Rates: Indian banks offer personal loans with interest rates starting from 9%, depending on the scheme and profile.
• Pre-approved Digital Loans: Existing customers with good credit history are eligible for pre-approved personal loans through digital channels.
• Flexible Loan Tenures: The tenure of these personal loans ranges from 1 to 7 years. For many pensioners, the loan tenure can extend up to 10 years.
• Loan Amount: For Salaried individuals, the loan amount can extend up to 20 times their gross salary. Pensioners will have a customized limit based on their pension amount.
• Collateral-Free: One of the significant advantages of this Indian Bank Personal Loan is that it does not require any collateral.
• Simple Documentation: The documents required for an Indian Bank Personal Loan application are straightforward to obtain.
• No Prepayment Charges: Indian Bank allows customer to close their account with minimal prepayment and foreclosure charges.

Indian Bank Personal Loan Interest Rates 2025

The individual eligibility criteria for the Indian Bank Personal Loan are enlisted as follows:

Salary Loan:

Permanent Employees with 2 years of experience with the Government/Quai-Government/Boards/Endowments/Reputed Companies/Corporate Industrial Establishments

Pension Loan:

• Individuals who are
• Central and State Government Pensioners
• Family Pensioners
• Re-employed Pensioners
• Indian Bank Retired Employees (Both Voluntary and Super Annuation)
• Age:
• Regular Pensioner: 75 to 78 Years Old
• Family Pensioner: 72 to 75 Years Old
• Quantum of Loan:
• Regular Pensioner: 18 times of Monthly Pension Credit
• Family Pensioner: 12 times of Monthly Pension Credit
• Repayment Period:
• Maximum Repayment Period is for 10 years

Overdraft Facility in SB Salary Account:

• Regular Employees of Government/State Government/PSUs/Listed Companies/Autonomous Bodies where salaries is credited into savings account maintained by the Bank.
• Minimum Monthly Salary to be credited in the account is Rs.25,000.
• OD facility is allowed to employees of organizations whose salary is credited in SB accounts maintained by the bank.
• Amount:
• Maximum Overdraft Amount: Rs.2,00,000
• Minimum Overdraft Amount: Rs.25,000
• Minimum NTHP (after servicing interest of the OD Facility) should be 40%
• Period:
• One Year
• Repayment:
• On Demand
• OD Facility to be liquidated 3 months before Borrower’s Retirment.

Documents Required for Indian Bank Personal Loan

The following are the list of documents required to get the Indian Bank Personal Loan. They are:

IB Clean Loan for Salaried

• Income Proof (Attested by the Employer)
• Salary slips for the last 6 months with deductions/Form 16
• PAN card
• Employment Proof – ID card given by the employer, Copy of the employment order, Employee number
• KYC Documents – Aadhar card/Ration card/Driving License/Voters ID
• Authorization to debit the EMI from SB account/NACH Mandate/ECS

IB Pension Loan Scheme

• PPO portion of the pensioner
• Intimation to PPA
• Authorization for recovering the EMI from the savings bank account where the pension is credited.
• A suitable guarantor as per the bank’s acceptance criteria.

Overdraft Facility in SB Salary Account Personal Loan

• OD Application by the Borrower
• Copy of Salary Slip
• Demand Promissory Note Signed by the Borrower
• Letter Accepting all Terms and Conditions of Sanction of the Loan
• Intimation to the Employer

Types of Personal Loans Offered by Indian Bank

The following are some of the types of personal loans offered by Indian Bank. They are:

Salary Loan

You will get quick access to funds when you need them the most with our hassle-free salary loan. This loan is designed for salaried employees. The loan offers attractive interest rates and minimal documentation, with quick approvals. When you need emergency expenses, education, or personal needs, you can manage your finances without disruption and repay in easy EMIs that suit your income cycle.

Pension Loan

Retirement years are meant to be enjoyed with stress-free situations. Our pension loan will help pensioners to meet urgent financial needs without the need to be dependent on others. With flexible repayment options, quick disbursement, and no hidden charges, pensioners can confidently handle medical bills, home repairs, or family expenses, all while enjoying financial independence.

Overdraft Facility

You can take control of your cash flow with the help of our convenient Overdraft facility. This is a flexible credit option that allows you to withdraw funds at any time up to the limit sanctioned for you. This loan is ideal for managing urgent short-term needs, irregular expenses, or any other business requirements. This ensures your liquidity without the need to break your savings.

Professional Loan

You can empower your practice or business growth with our professional loan. This loan is meant for doctors, lawyers, chartered accountants, and other professionals. Enjoy higher loan amounts, competitive interest rates, and fast processing to invest in infrastructure, technology upgrades, or working capital. You can reach your professional goals with our financial support.

Processing Fees and Other Applicable Charges

The following is the list of processing fees and other applicable charges that come with an Indian Bank Personal Loan. They are:

Indian Bank Personal Loan FAQs