Indian Bank Personal Loan Interest Rates

Indian Bank Personal Loan Interest Rates start from 9.10% per annum. With an attractive loan interest rate, Indian Bank also offers a loan amount that can be seven times the customer’s income. Moreover, borrowers can choose a loan tenure of up to 7 years. 

Indian Bank Personal Loan Interest Rate by Schemes

Indian Bank offers personal loans at different interest rates based on the schemes. Below are the interest rates of Indian Bank personal loans by schemes:

Schemes	Interest Rates
Indian Bank Clean Personal Loan	The interest rate for this scheme ranges between 9.10% to 13.65% per annum.
Indian Bank Pensioners Personal Loan	The interest rate for this scheme ranges between 10.75% to 11.75% per annum.
Indian Bank Loan Overdraft Against Deposits	The interest rate range for this scheme is 10.30% to 10.80% per annum.
Indian Bank Loan Overdraft Against NSC/KVP/LIC Policies	The interest rate for this scheme starts from 10.95%

Indian Bank Personal Loan Interest Rates for Salaried and Self-Employed

Here are the interest rates for personal loans offered to salaried and self-employed individuals:

For Salaried Individuals:

• Interest Rate: 12.40%
• Loan Amount: Up to Rs. 5 lakhs to 20 lakhs
• Repayment Tenure: Up to 60 months

For Self-Employed Individuals:

• Interest Rate: 13.00% to 15.00%
• Loan Amount: Up to Rs. 5 lakhs to 20 lakhs
• Repayment Tenure: Up to 60 months

Indian Bank Pre-approved Personal Loan Interest Rate

Indian Bank offers pre-approved personal loans to its existing customers with a good credit history and repayment track record. Pre-approved loans are offered based on the customer’s credit score, income, and repayment history, making it an attractive option for those who need quick access to funds. The loan amount and interest rate offered may vary depending on the customer’s profile and creditworthiness. However, the bank offers competitive interest rates starting from 9.95% p.a. with flexible repayment options for up to five years.

Rate of Interest	Salaried/Regular income/Pensioners: 12.15% Self-employed: 12.75% to 14.75%(varies based on CIBIL Score)
Processing fee	INR.470/- plus GST.
CIBIL Charges	Rs.30/-
Pre-payment charges	NIL

Indian Bank Personal Loan Balance Transfer Interest Rates

Indian Bank Personal Loan Balance Transfer is a process of transferring an existing personal loan from one bank or financial institution to another bank or financial institution. This can be done to take advantage of a lower interest rate or better loan terms offered by the new lender. Indian Bank offers balance transfer options for its personal loans. To transfer a personal loan to Indian Bank, the applicant needs to apply for a balance transfer loan with Indian Bank and provide all the necessary documents. Balance transfer interest rates start from 9.10% per annum.

Indian Bank Personal Loan Fees and Charges

Customers will have to incur certain fees and charges when applying for an Indian Bank Personal Loan. With a minimum processing fee of INR 100, the amount can increase depending on the loan amount. Indian Bank personal loan processing fee is set as 1% of the loan amount, a non-refundable fee to the borrower. Moreover, other charges, such as prepayment penalties, are disclosed at the bank’s discretion. 

Factors Affecting Indian Bank Personal Loan Interest Rates

Here are some factors that can affect Indian Bank personal loan interest rates:

• Credit score: Your credit score is the most important factor that affects your personal loan interest rate. A good credit score increases the chances of getting a lower interest rate.
• Income: Your income and employment history also play a role in determining the interest rate for a personal loan. The higher your income, the lower the interest rate you can get.
• Loan amount: The loan amount you seek can also affect the interest rate. Generally, the higher the loan amount, the higher the interest rate.
• Loan tenure: The tenure of the loan also affects the interest rate. Shorter loan tenure generally results in a lower interest rate.
• Relationship with the bank: If you have a long-standing relationship with the bank and have a good credit history, you may be able to negotiate a lower interest rate.
• Economic conditions: Economic conditions such as inflation, interest rates, and economic growth can also affect personal loan interest rates.
• Competition: Competition among banks and financial institutions can also lead to lower interest rates as they compete to attract customers.

How to Calculate Indian Bank Personal Loan Interest/EMI

The formula to calculate the EMI for a personal loan:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

where,

P = Principal amount (loan amount)

R = Rate of interest per month

N = Loan tenure (in months)

To calculate the EMI, you need to know the loan amount, the interest rate, and the loan tenure. Once you have these details, you can use the above formula to calculate the EMI. Alternatively, you can use Urban Money’s Online EMI calculator. The calculator will require you to enter the loan amount, interest rate, and tenure, and it will calculate the EMI for you.

How to Get Low-Interest Rates on Indian Bank Personal Loans?

There are some basic ways to get low Indian Bank Personal Loan Interest Rates. They are described below. 

• Good credit score: A high credit score indicates a good repayment track record, which makes you a low-risk borrower. Thus, banks are more likely to offer you a personal loan at a lower interest rate if you have a credit score of 750 or above.
• Compare interest rates: Before applying for a personal loan, it is advisable to compare the interest rates offered by different banks. This way, you can find the bank that offers the lowest interest rate.
• Negotiate with the bank: If you have a good relationship with the bank, you can try negotiating for a lower interest rate. However, it is important to remember that the bank will only lower the interest rate if they believe you are a low-risk borrower.
• Apply for a personal loan during the festive season: Banks often offer discounts and lower interest rates during the festive season. You can use these offers to get a personal loan at a lower interest rate.
• Choose a shorter loan tenure: Shorter loan tenures attract lower interest rates than longer ones. Therefore, if you can afford to pay higher EMIs, choosing a shorter loan tenure is advisable to get a lower interest rate.
• Provide collateral: If you have an asset you can pledge as collateral, banks are more likely to offer you a personal loan at a lower interest rate as the collateral reduces risk. However, this option may not be feasible for everyone.
• Maintain a good repayment track record: It is important to maintain a good repayment track record with the bank, as it indicates that you are a responsible borrower. This will make the bank more likely to offer you a personal loan at a lower interest rate.