Indian Bank Personal Loan

About Indian Bank Personal Loan

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.

Indian Bank Personal Loan Interest Rates

Interest Rates14.80%-15.30% p.a.
Loan AmountUpto ₹1 Lakh
Tenure36 Months
Processing Fees0.51% of the loan amount
Prepayment ChargesNil

Personal Loan

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    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 ₹80,000. Of which, he manages to save, say ₹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- ₹ 1 Lakh
    Loan Tenure-3 years
    Rate of Interest-14.80%-15.30% p.a.
    Per Lakh EMI-₹3,457-3,481

    Personal Loan Eligibility Calculation

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

    The candidate is eligible to receive the loan of amount ranging from ₹11.49 Lakhs-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 ₹3 lakh loan for a period of 3 years at the prevailing interest rates of 14.80%-15.30% per annum. In that case, the EMI, total interest outgo and the overall amount payable will be upto ₹3,457-3,481, ₹24,443-25,325 and ₹1,24,443-1,25,325 over the course of your loan period.

    To check the EMI, interest amount  and total amount payable on the same amount of loan for different tenures refer the table below :

    Table showing EMI, interest outgo and total amount payable on your personal loan

    Loan Amount (in ₹)Loan Tenure (in years)Interest Rate (in p.a.)EMI (in ₹)Total Interest Outgo (in ₹)Total Amount (EMI+Interest) (in ₹)
    3,00,000114.80%-15.30% 9,016 - 9,0408,197 - 8,480 1,08,197 - 1,08,480
    3,00,000214.80%-15.30% 4,839 - 4,863 16,140 - 16,710 1,16,140 - 1,16,710
    3,00,000314.80%-15.30% 3,457 - 3,481 24,443 - 25,3251,24,443 - 1,25,325

     Amortization Table

    Year (in years)Principal Payment (in ₹)Interest Outgo (in ₹)Balance Amount (in ₹)
    128,571 - Rs. 28,409

    12,913 - Rs. 13,363

    71,429- Rs. 71,591

    233,100 - Rs. 33,0738,384 - Rs. 8,69938,329 - Rs. 38,518
    338,371 - Rs. 38,5623,142 - Rs. 3,2670

    Documentation Required

    Signed application form with photographSigned application form with photograph
    Copy of passport/voter ID card/driving licenseCopy of passport/voter ID card/driving license
    Processing fee chequeProcessing fee cheque
    Last 3 months bank statement/6 months bank passbookLast 3 months bank statement/6 months bank passbook
    Latest salary slipLatest Bank statement
    Current dated salary certificate with the latest Form 16Latest ITR or Form 16

    Features & Benefits

    • Maximum Loan Amount
    • Convenient Loan Repayment Options
    • Fast approval
    • Quick disbursal
    • Compatible rate of interest

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