Indian Bank Personal Loan Review

Indian Bank is a public sector bank. The bank was established in 1907 and was nationalized in 1969.

Loan amount

The minimum loan amount is 60,000 and the maximum is only 1 lac. This is nowhere near what competitors are offering in the market.

Interest rate

The interest rate is fixed throughout the tenure at 14.5% for all borrowers. It is among the lowest rates in the market.

Charges

The processing fees are upto Rs. 250. This is probably the lowest available in the market. The prepayment charges are 2% of the outstanding amount. This is a deterrent for people who plan to repay their loan ahead of schedule.

Tenure

The loan tenure ranges from 1 year to 3 years. This is lower than what most banks offer.

Ratings

Reputation: 3/5

Loan amount: 2/5

Interest rate: 3/5

Charges: 3.5/5

Tenure: 2/5

Overall: 2.75/5