Very few banks in India have reach and presence like Indian Bank. So, it would make sense to get a loan since you would not face any issue getting it. We will explore Indian Bank personal loan to make sure you know what the lender is offering.
Once you are familiar with the details, it would become easy to apply for it. But, first, we will check out the loan details such as loan amount, interest rate, etc.
Indian Bank Personal Loan 2021
The Indian Bank personal loan 2021 is available for both salaried individuals and self-employed professionals.
- The loan amount is offered from Rs 50,000 to Rs 10 lakhs.
- The interest rate starts at 9.99% P.A
- The loan payment period is up to 5 years.
- The processing charge for the loan is up to 1% of the loan amount.
- The lowest EMI per lakh is Rs 3,182.
- The ideal CIBIL score required is a minimum of 700 or above.
- The pre-payment charge is Nil.
Features of Indian Bank Personal Loan 2021
- The loan amount is significant enough to tackle any financial issue.
- The lender requires minimal documentation to apply.
- The loan repayment tenure is flexible too for a borrower.
- The application process to apply is available online & offline.
Types of Indian Bank Loans
Indian Bank personal loan 2021 has to offer two types of loans.
I.B. Clean Loan
- This loan is offered to salaried individual who are permanent employees of the government or private institution for at least 3 years.
- The loan term could go up to 7 years, depending upon the borrower profile.
- The interest starts at 9.05% per annum for this loan.
I.B. Pension Personal Loan
- This loan is specially curated for those pensioners who require immediate financial assistance. The loan tenure could be up to 5 years.
- The person should be a state or central government pensioner.
- For loan amounts up to Rs 25,000, there is no processing fee.
- The interest rate starts at 10.60% P.A
What is the eligibility criteria for Indian Bank personal loan 2021?
- The borrower age should be from 21 years to 65 years.
- The borrower nationality should be Indian.
- A borrower should be a salaried individual or self-employed professional.
- The borrower should have at least 2 years of working experience while working with the current employer for a minimum 1 years.
- The income should be at least Rs 20,000. However, depending upon the location, it may change.
- The preferred credit score is 700.
The Indian Bank Personal Loan EMI Calculator 2021
A personal loan EMI calculator could help you to see the monthly EMI for the loan. It is essential to know it, so you could see what EMI you could afford. The Indian Bank personal loan calculator 2021 tool is helpful for it.
The Required Documents for the Indian Bank Personal Loan
- Proof of Identity – Aadhar card, PAN card, Driving license, Voter ID card, etc
- Proof of income – Salary slips, bank statement, and latest form 16
- Address proof – Ration card, Electricity bill, rent agreement, telephone bill, water bill
- Employment proof – employee number, employment order, Identity card issued by the employer
How to apply for an Indian Bank personal loan 2021?
To apply for an Indian Bank personal loan in 2021 easily, you can head to Afinoz.com. It is an online platform for personal loans. You start by signing up. Then, a representative will contact you with further details.
Conclusion
As we can see, the Indian Bank personal loan 2021 has to offer a lot. Depending upon your requirement, choose the loan amount and the tenure. Make sure you have all the documents before applying to avoid any delay.
