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Indian Bank Personal Loan Eligibility Calculator

Indian Bank Personal Loan Eligibility 2021

Last Updated 07th Jun 2021

Eligibility CriteriaSalaried
Profession that are eligible for Indian Bank Personal LoanSalaried people working in government, private or MNCs companies
Applicant Age21 - 58 years
  • High credit score and better financial stability lead to high personal loan eligibility from Indian Bank.
  • Indian Bank requires you to meet certain eligibility factors related to age, number of years of work experience and type of residence you live in to be able to get a personal loan.
  • Indian Bank calculates the amount of personal loan you are eligible for using a formula that includes your net take home salary and your existing loans or EMIs you have to pay currently.
Personal Loan Eligibility Calculator
Indian Bank Personal Loan Eligibility

Indian Bank offers various personal loan schemes and offers, at affordable rates to eligible customers. Indian Bank Personal loan eligibility is based on factors like age, salary, occupation and cibil score. You can avail personal loan from Indian Bank, even if you are salaried or self-employed. The eligibility criteria, however may be slight different for self employed. A detail information on these factors is mentioned in the further sections.

Indian Bank Personal Loan Eligibility based on Age
  • Age: The minimum age requirement for availing a Indian Bank personal loan is 21 years and the maximum age is 58 years.If you are aged below 21 years, you are considered as ineligble borrower as you might not fulfil the income criteria for the loan.
Indian Bank Personal Loan Eligibility based on Salary
  • Net Income : Your eligibility is determined by your net monthly income to understand so that your loan EMI’s are not affecting your living standards. Indian Bank asks for a minimum net income of ₹ 20,000 per month to avail a personal loan.
  • FOIR : FOIR (Fixed Obligation to Income Ratio) is an important parameter that is used to determine your Indian Bank personal loan eligibility. Indian Bank takes all your fixed obligations (like rent or current EMIs) into account while estimating your eligibility. Minimum FOIR required to be eligible for personal loan from Indian Bank is 0.45. Use Indian Bank personal loan eligibility calculator to estimate your eligibility and apply online for the eligible loan amount hassle-free.

Illustration- Mr. A who is 25 years old has a net income of ₹ 20,000. He wants to take a personal loan of ₹ 1 Lakh for 36 months. Indian Bank allows a maximum FOIR of 0.45.

Based on the information provided by the applicant, Indian Bank will calculate his eligibility using the eligibility calculator. With a salary of ₹ 20,000, the maximum amount he is eligible for is ₹ 2.83 Lakh. The interest he has to pay for this amount for 36 months is 9.05%.

Indian Bank Personal Loan Eligibility based on CIBIL Score

  • CIBIL Score: When checking eligibility for a personal loan, Indian Bank will check the your complete Credit report, including all past running loans and your payment track record on loans and credit cards. Higher credit score increases your the chances that your loan application from Indian Bank will get approved. However, a low CIBIL score decreases your eligibility to get a personal loan. Indian Bank requires a minimum credit score of 650 to be eligible for a personal loan.

Indian Bank Personal Loan Eligibility based on Occupation

There are other factors related to you occupation which are responsible for the approval of the loan by Indian Bank, as listed below:

  • Job stability and profession - Job stability is important to improve your eligibility to get a personal loan from Indian Bank. Your total work experience and current work experience are assessed to evaluate your job stability and profession. Indian Bank looks for a minimum total experience of 0 months and also looks for applicants who have been employed in the current job for a minimum of 0 months.
  • Residence place and stability – Banks are very particular about your place of residence. Indian Bank has a pre-decided list of areas where the bank will lend the loan. The bank also has a negative list of area of locations in which it will not lend depending on the past credit behavior of borrowers from such localities. Indian Bank also gauges your residential stability by checking on the number of years since when you have been staying in your current residence. If you are staying in your own residence, it improves your chance of getting a loan from Indian Bank. Minimum residence stability to be considered by the bank is 12 months.
  • Industry Type – Indian Bank has a negative list of professions and type of industry, defined as customer or industry segments to which they will not give the loan. So, your chances of getting a loan approval also depends on your profession and industry you are employed in.
  • Salary Mode – Indian Bank considers salary transferred to the bank account as a secure and stable income with adequate income proofs. If you are earning well but getting salary through cash or cheque,the bank will not give you the loan because the bank needs concrete evidence of your salary to support your loan amount. So, salary cheque mode of payment is preferred by Indian Bank if you apply for a personal loan.

How can I Check my Indian Bank Personal Loan Eligibility?

To check Indian Bank personal loan eligibility you need to follow these steps:

  • Login to Indian Bank website
  • Go to Indian Bank personal loan
  • Now, check the eligibility criteria using the Personal Loan Eligibility Calculator. For this fill the required details such as Name, loan requirements, salary, age, etc.

In Addition to this, you can also contact the bank at their customer care number, 1800-4250-0000.

Indian Bank Personal Loan Eligibility for Self Employed

Indian Bank personal loan eligibility criteria for self employed is as follows:-

  • You must be an Indian citizen with a professional degree holder like CA, CS, Doctor, Architect etc with degree registration.
  • You must be minimum of 21 years at the time of loan application.
  • You must have filed ITR for atleast months to get a personal loan from Indian Bank.
  • You must have a gross annual reciept of more than .
  • Indian Bank checks your credit history to estimate your creditworthiness and your credit score must be above 650 to get a Indian Bank personal loan.

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FAQs

What are the eligibility criteria to avail Indian Bank personal loan?

The minimum age of the applicant required to get a personal loan from Indian Bank is 21 year as the chances of meeting income eligibility criteria are very less below this age. The maximum age for salaried employees can go up to 58 years.

Is age an eligibility criteria to apply for a Indian Bank personal loan?

Yes, age is an eligibility criteria to apply for a Indian Bank personal loan. You should be of minimum 21 years to avail a loan from Indian Bank.

Am I eligible for Indian Bank personal loan if my CIBIL score is less than 300?

It is unlikely that you will be able to avail Indian Bank personal loan if your CIBIL score is less than 300. If you have a credit score less than 300 then it is considered bad and to avail a personal loan from Indian Bank, you must have a credit score above 650.

How can I improve my eligibility for Indian Bank personal loan?

To improve your Indian Bank personal loan eligibility you can add a co-applicant, maintain a high credit score, pay EMI’s and credit card bills on time and reduce your existing debts. These steps will help improve Indian Bank personal loan eligibility.

What should be my income to secure a personal loan from Indian Bank?

The minimum income for a salaried employee should be at least ₹ 20,000 per month to secure a personal loan from Indian Bank.However, the income criteria of Indian Bank may vary for metro cities, tier-1 or tier 2 locations.

How much work experience is required for personal loan from Indian Bank?

To get a personal loan from Indian Bank, you must be an earning individual working in a central/state government, private company or MNC.You must have a minimum work experience of 0 months for Indian Bank personal loan.

What is the maximum loan amount an applicant can get?

The maximum loan amount an applicant can get under a personal loan from Indian Bank is up to ₹ 5 Lakh.However, the eligibility criteria for every borrower is different as it is based on various factors like age, employment etc.

Will CIBIL Score affect my personal loan from Indian Bank?

Yes, CIBIL Score does have an impact on your personal loan. A good score indicates a good repayment record and hence most banks avoid giving loans if you have a low credit score. The minimum CIBIL score for personal loan is 650 and above.

Does adding a co-applicant increase personal loan eligibility?

Yes, adding a co-applicant increases your eligibility for a Indian Bank personal loan as it increases your repayment capacity. While availing loan from Indian Bank ensure that you add a co-borrower who has good income flow, limited fixed obligations and a strong credit score.

Do I need to have a guarantor to apply for Personal Loan from Indian Bank?

Personal loan is an unsecured loan, so Indian Bank assure that the amount gets repaid on time. However, if your credit score is good and there is no default in your past repayment history, then you do not need a guarantor to get a loan from Indian Bank .

Where can I get the company list which is eligible for Indian Bank personal loan?

Indian Bank does not prefer lending personal loans to companies identified under customer or industry segments. For details you can contact Indian Bank or can use the personal loan eligibility calculator.


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Indian Bank Personal Loan News - Jun 2021
  • 2021-06-01 : Indian Bank reported a Q4 profit of 1,709-cr
    Indian Bank reported a net profit of Rs 1,708.85 crore in the March-ended quarter. Total income during the January-March quarter of 2020-21 increased to Rs 10,647.87 crore. It was Rs 6,334.37 crore in the same period of 2019-20. The net profit of the bank backed by retail loan like home, LAP, personal, two-wheeler, car education and doctor loan along business and mudra loan was recorded at Rs 3,004.68 crore.
  • 2021-01-25 : Indian Bank posted Q3FY21 net profit at Rs. 526.31 crore
    Indian Bank reported a total income of Rs.11571.33 crores backed by home, personal,education, gold, car and two wheeler loans along with business and mudra loans during the period ended December 31, 2020. Further, it posted net profit of Rs.526.31 crores for the period ended December 31, 2020 as against net profit of Rs.424.14 crores for the period ended September 30, 2020.
  • 2020-10-16 : Indian Bank sets up a portal to restructure retail loans
    Indian Bank launched a digital platform for restructuring all retail loan including home, personal, car, two-wheeler, and gold loans. The portal will allow the borrowers to submit recast requests on the portal and check eligibility criteria.
  • 2020-08-17 : Indian Bank Q1FY21 PAT at Rs. 369.26 crore
    Indian Bank has posted a net profit of Rs.369.26 crores for the period ended June 30, 2020, as against a net profit of Rs. 217.73 crores for the period ended March 31, 2020. In addition to this, the Bank reported a total income of Rs.11446.71 crores aided by retail loans like home, personal, car, two-wheeler.
  • 2020-06-23 : Indian bank reported an increase of 134% net profit
    Public sector lender Indian Bank reported an increase in a net loss in the 4th quarter of FY20 however, its net profit zoomed 134% for the full year on the back of the personal, home, car, two-wheeler, business, mudra, gold, education loans. The bank also reported an improvement in its asset quality.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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