The present work reports a comprehensive investigation of the structural, magnetic, and transport behaviors of the rare‐earth indium‐based intermetallics Gd5In3 and Tb5In3. The high‐temperature paramagnetic‐to‐ferromagnetic transitions in both the compounds are found to be second order, obeying a mean‐field type critical behavior. The sample shows multiple low‐temperature anomalies and clear signatures of thermal hysteresis are observed in the magnetization versus temperature data in the vicinity of such transitions. Tb5In3 shows a moderate amount of magnetocaloric effect around its high‐temperature Curie point. Interestingly, Gd5In3 shows large negative magnetoresistance at low temperatures, which is comparable to many other bulk intermetallic compounds.