Getting a personal loan in Bangalore is easy since multiple numbers of lenders are available in the city. However, when it comes to being reliable, the Indian Bank is top on the list.
Indian Bank personal loan would help you out if a financial crunch is needed to sort out. So, we will check the essential details you needed to know. After it, taking a decision would be easy.
Indian Bank Personal Loan 2021
Indian Bank personal loan 2021 is offered to a wide range of borrowers such as salaried individuals, self-employed professionals and pensioners. Here is the loan specifics..
The loan amount is offered up to Rs 5 lakhs.
The Indian bank personal loan interest rate starts at 9.05% P.A
The loan repayment term is up to 7 years.
The processing charge is up to 1% of the loan amount.
The lowest EMI is Rs 3,276 per lakh.
The pre-payment charge is NIL.
Types of Indian Bank Personal Loan 2021
The IB Clean loan
Indian Bank pension loan
Loan/OD against deposits
Loan against LIC Policies, relief bonds of RBI
Features & Benefits of Indian Bank Personal Loan
The loan amount is offered up to Rs 5 lakhs to handle any financial distress.
The Indian bank personal loan interest rate is low compared to other lenders such as ICICI or HDFC Bank.
The eligibility criteria is easy to meet.
There is a wide range of loans available, which are mentioned above.
The processing fee and other charges are low.
The documents required are minimal.
The Eligibility Criteria for Indian Bank Personal Loan 2021
A person should be a permanent employee of a reputed company, institution or government organization.
The person should be working for at least 3 years before applying for the Indian bank personal loan .
Former employees of Indian banks are eligible for the loan. However, CRS and EPF pensioners are not eligible for the loan.
** If you are not certain whether you qualify for the Indian Bank personal loan or not. You can use the eligibility calculator. Just enter the basic info; it will tell you the eligibility.
The EMI Calculator
Before applying, it Is important to know the monthly EMI. For this, use the Indian Bank loan EMI calculator. It is available on Afinoz.com. It will tell how much you will have to monthly along with the total payable amount.
What documents will you need to submit?
2 Passport size photographs
Identity proof – PAN Card, Aadhar Card, Driving license, Voter ID card
Address proof – The electricity bill, Landline bill, ration card, Rent agreement
Income proof- Salary slips, Form 16, ITR return for the last 3 years
Employment proof- Employment order, employee number
Loan application form
Third-party guarantee if necessary
PPO portions of pensioners
The loan application form
How to apply for an Indian Bank personal loan?
There are two ways of applying for an Indian Bank personal loan 2021. The first way is to visit its nearest branch to do it.
However, if you do not want to apply offline, the online way is there too. Visit Afinoz.com. It is a personal loan website. Where you will have to register yourself to receive offers from this lender. From there, you can easily get a loan.
Conclusion
The Indian Bank personal loan 2021 offer a great deal to have a personal loan in Bangalore. The interest rate is low, the processing charges and the pre-payment are minimal too. Overall this is a good loan considering the service it’s offering.
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