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Indian Bank Personal Loan Interest Rate

Current Indian Bank Personal Loan Interest Rates, Nov 2021

Last Updated 15th Nov 2021

Interest Rate 9.05% - 13.65% Check Best Offers
Tenure Upto 36 months
Processing Fee N.A
Loan Amount ₹ 50,000 to ₹ 5 Lakh
Minimum Income ₹ 20,000
Eligible Age 21 to 58 years
Part Prepayment Charges Allowed after paying 0 EMIs with charges ranging from, Nil prepayment charges of the outstanding loan amount.
Foreclosure Charges Allowed with charges ranging from Nil prepayment charges of the outstanding loan amount.
  • You can avail lowest rates on Indian Bank Personal loan if you are an existing customer of the bank or working with top corporations.
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

Indian Bank Personal Loan Rates and Charges

  • Indian Bank offers personal loans to salaried individuals at a low rate in comparison to self employed.
  • Apart from the interest rate, the bank also charges processing fees and penalty fees for pre-payment, foreclosure, and late payment as Indian Bank personal loan rates and charges. As listed below:
Indian Bank Personal Loan Rates and Charges
Interest Rate 9.05% to 13.65%
Part Prepayment Charges Allowed after paying 0 with charges ranging from, Nil prepayment charges of the outstanding loan amount.
Foreclosure Charges Allowed with charges ranging from, Nil prepayment charges of the outstanding loan amount.
Processing Fees N.A

Interest rates on Indian Bank Personal Loans Schemes

Indian Bank Personal loan interest rates are lower for existing customers of the bank with a strong CIBIL Score and for those working with reputed corporations with a stable employment history. The lowest rate on Indian Bank personal loan remains unchanged at 9.05% as on 12 Jul, 2021. Indian Bank also runs special schemes in which it offers lower rates for defense, armed forces and government employees.Personal loan interest rate for government employee and defense personnel is different from private salaried employees.

Indian Bank Personal Loan Rate Comparison with Other Banks

Here is a comparison of Indian Bank Personal Loan with top lenders based on interest rate, loan tenure, amount, processing fee, and other charges. It is always better to compare various personal loan lenders before proceeding with the personal loan process.

Particulars Indian Bank HDFC Bank SBI
Rate of Interest Starting from 9.05% Starting from 10.25% Starting from 9.60%
Loan Tenure 12 - 36 months 12 - 60 months 6 - 72 months
Minimum Age 21 years 21 years 21 years
Processing Fee N.A Upto 2.50% Min ₹ 999 Nil
Maximum Loan Amount ₹ 5 Lakh ₹ 75 Lakh ₹ 15 Lakh
Prepayment charges Allowed after 0 EMI's, Nil prepayment charges Allowed after 12 EMI's, 2-4% Not allowed
Pre closure charges Allowed after 0 EMI's, Nil prepayment charges Allowed after 12 EMI's, 2 - 4% Allowed after 6 EMI's, 3%

Indian Bank Personal Loan Balance Transfer Interest Rates

Indian Bank personal loan balance transfer facility is ideal for existing personal loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing personal loan with Indian Bank at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender. Currently Indian Bank offers the lowest personal loan balance transfer rate of Nil.

How to Get Low Interest Rates on Indian Bank Personal Loan?

You can get the lowest Indian Bank personal loan rate, by ensuring the below-mentioned things:

  • Ensure that you are aware of the Indian Bank personal loan eligibility and documentation requirements beforehand so that you do not end up paying a higher rate as compensation for lack of any document.
  • Ensure that you maintain a good credit score of 650. The higher the credit score, the higher is your chance of getting a low-interest rate.
  • Always check if you are eligible for a pre-approved offer from Indian Bank as that allows you to get instant loans at the best rates.
  • Compare lenders to get competitive interest rates. Further keep track of the loan rates trends, Indian Bank may offer lower interest rates in the festive season.
  • If you are a high salary earning employee and work in a reputed firm, then leverage it. Indian Bank offers lower rates to employees working in top firms drawing high salaries.

FAQs

What is Indian Bank personal Loan interest rate?

Today, the lowest interest rate on Indian Bank Personal Loan is 9.05% and ranges up to 13.65%. Borrowers with high income and CIBIL score are eligible for the lowest interest rate. Also, Indian Bank personal loan interest rates for salary account holders are comparatively lower than that for other customers.

How can I reduce my interest in Indian Bank personal loan?

You can reduce the interest to be paid on Indian Bank personal loan by any of Following ways: (i) By maintaining a good CIBIL score. (ii) By showing all proofs of income. (iii) By maintaining a good debt to credit ratio. (iv) By applying at peak time when Indian Bank provides discounted personal loan offers.

Is Indian Bank personal a floating rate loan or fixed-rate loan?

Indian Bank is offered at both fixed and floating rates. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the personal loan rates keep varying according to the market.

Did Indian Bank personal loan rate drop in 2021?

Presently, Indian Bank offers personal loans at an interest rate starting at 9.05%. There has been no change in personal loan rates of Indian Bank since 12 Jul, 2021.

How do I check my eligibility to get a personal loan at a low rate from Indian Bank?

The lowest rate on Indian Bank is mostly offered to individuals with high CIBIL and high income. You can check the eligibility for the personal loan at Indian Bank official website. Apart from that you can also use MyLoanCare Personal Loan Eligibility Calculator.

Can I ask for a reduction in the Indian Bank personal loan interest rate?

You can ask for a reduction in your Indian Bank personal loan interest rate. However, it depends upon the policy of the bank, whether it allows negotiation or not. Good credit score, high income, and existing relationship with the bank are some of the points which can contribute to the talks going your way.

Is there any need for security or collateral while availing Personal loan from Indian Bank?

No, there is no need for any collateral or security while availing a personal loan from Indian Bank. Indian Bank personal loan is an unsecured loan; thus, it does not require pledging of any asset as security to avail the loan.

How can I close my Personal Loan from Indian Bank early?

If you want to prepay your entire personal loan from Indian Bank, then you can do so by making a lump sum payment. However, you should also inquire about the prepayment and foreclosure charges based on the Indian Bank personal loan scheme availed by you, before making any decision.

How does Indian Bank calculate the interest on a personal loan?

The interest for Indian Bank personal loan is calculated based on the following methods:

Flat rate method:   Under this method, Indian Bank personal loan rate is estimated on the original loan amount throughout the original loan tenure. Thereby, the principal amount for calculation remains the same. This method is also called the fixed method of Indian Bank personal loan interest calculation.

Reducing rate method:  As per the Indian Bank personal loan reducing balance method the interest rate is calculated on the outstanding loan amount. Therefore, the principal component that is paid during the monthly EMI is not chargeable for interest calculation. In this case, the outstanding balance and the interest reduces with time, and the interest is charged only on the remaining principal amount.

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Indian Bank Personal Loan News - Nov 2021
  • 2021-11-10 : Indian Bank Launches Video KYC Facility
    Indian Bank has launched a Video KYC (Know Your Customer) facility. This facility allows customers to open accounts or avail any other services sitting at home. The VKYC is enabled with VCIP technology developed in conjunction with Gieom Business Solutions.
  • 2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
    The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
  • 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.
*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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