Urban Money

IndusInd Bank Personal Loan

IndusInd Bank
4.5

IndusInd collaborates with you to help you realise your dreams. One of the most reliable house finance businesses, HDFC Ltd., is a partner in our home loans. Home loan applications and approvals are handled quickly, easily, and securely.

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Personal Loan Banks

Interest Rate

Processing Fee

Rating

Loan Amount/Tenure

IndusInd Bank Home loan Interest Rate

IndusInd Bank

6.7%

Up to 5%

4.5

₹3L - ₹75L

Tenure(1 - 50 Years)

Details

Features and Benefits of IndusInd Bank Personal Loan

Meet your financial obligations with the IndusInd Bank Personal Loan, with minimal sanction amounts starting from INR 30,000 up to INR 5 lacs. These no-collateral loans are readily approved, require no paperwork, and have competitive interest rates starting at 10.49%. This loan comes with flexible end-use and an instant online approval feature, making it a truly unique loan offering.

  • Seamless loan application process.
  • No security or collateral is required.
  • Flexible repayment tenure and end-use.

When you apply for an IndusInd bank personal loan, you unlock the below-depicted features and benefits:

  • Quick personal loan approval starting from INR 30,000 up to INR 50 lacs.
  • Minimum loan processing fees, i.e. 3% of the borrowed loan amount. 
  • Attractive personal loan interest rate starting from 10.49%. 
  • Minimal documentation and straightforward loan procedure
  • Flexible loan repayment tenure
  • Doorstep service
  • Collateral-free personal loan with flexible end use
  • No need for guarantors for loan approval

IndusInd Bank Personal Loan Eligibility Criteria

To get hassle-free IndusInd bank personal loan approval, applicants must meet pre-specified eligibility criteria. Here are the basic eligibility criteria that the applicant must adhere to:

IndusInd Bank Personal Loan Eligibility Criteria : Salaried Employees

  • The minimum age for the applicant to apply for a personal loan is 21 years.
  • At maximum, the applicant can be 60 years at the time of loan closure.
  • The minimum monthly salary to apply for an IndusInd bank personal loan is INR 25000.
  • The applicant should be employed for at least two years.
  • To apply for a personal loan, the applicant must serve the current organisation for more than one year.
  • Should be living at the current address for one year at minimum.

IndusInd Bank Personal Loan Eligibility Criteria : Self-Employed Professionals

  • Minimum age: 25 years
  • Maximum age: 65 years (at loan maturity)
  • Minimum income: INR 4.8 lakh (post-tax)
  • Applicants must have post-qualification experience of four years (at a minimum).

IndusInd Bank Personal Loan Eligibility Criteria: Self-Employed Individuals

  • Minimum age: 25 years
  • Maximum age: 65 years (at loan maturity)
  • Minimum income: INR 4.8 lakh (post-tax)
  • Applicants must have post-qualification experience of five years (at a minimum).

IndusInd Bank Personal Loan Interest Rates

Apply for an IndusInd bank personal loan and get attractive interest rates from 10.49% onwards. However, the offered IndusInd bank personal loan interest rates are determined per the loan amount, repayment tenure and applicant's credibility.

IndusInd Bank Personal Loan Interest Rate (2022-23)

Starting from  10.49%
Up to  26.50%
Mean Interest Rate  15.08%

Annual Percentage Rate for Financial Year 2022-2023

Minimum Rate 10.49%
Maximum Rate 29.50%
IndusInd Bank's personal loan is the foremost way to meet financial obligations. Don't compromise on the crucial things in daily life; get credit at attractive rates with IndusInd bank.

Factors Affecting IndusInd Bank Personal Loan Interest Rates

Several factors influence IndusInd bank personal loan interest rates. To determine at what interest rate the bank will provide you with a personal loan, consider the following factors.

CIBIL Score

CIBIL score reflects the repayment potential and credibility of the loan applicant, thus making it the most powerful tool to secure lower IndusInd bank personal loan interest rates. The higher the CIBIL score, the better the deal and the lower the interest rates.

Repayment History

After evaluating the credit score, the lender's next consideration is the applicant's repayment history. The payment towards existing credits and other repayment helps to determine creditworthiness. An applicant with a food repayment record unlocks a better deal regarding personal loan interest rates.

Income

An applicant in a high-income bracket is expected to make more timely payments than those with lower income. On-time payments are equal to better credibility, which further helps the applicant to unlock lower interest rates on their IndusInd bank personal loans.

Debt-to-income Ratio

If an applicant already has ongoing loans and credit card payments to make, the debt load will consume a significant chunk of the monthly salary. In such a scenario, the lender considers the applicant a high-risk applicant who might default on repayments. Thus, an applicant with a high debt-to-income ratio may get loan approval but at a higher interest rate.

Employer's Reputation

If you are a working professional, your employer's reputation greatly matters. Finance providers give a rating to an organisation as per their reputation. You might have to pay higher interest rates if you work for an organisation with a bad reputation.

IndusInd Bank Personal Loan Fees and Charges

When you apply for an IndusInd bank personal loan, you must get acquainted with associated fees and charges. It will help you to get a personal loan with utmost ease and eliminate later-stage hurdles.
  • Personal loan processing fee that is usually 3% of the approved loan amount. 
  • To make prepayments and part prepayments, you will have to bear prepayment charges which are, in general, 4% of the outstanding principal loan amount. 
  • If you default on payments, you will have to pay payment dishonour charges, i.e. INR 450 per instance. 
  • To get a duplicate statement of your loan payments, you will have to pay INR 250 per instance. 
  • You must pay INR 500 per event when you swap interest rates, pay EMI via cheque or carry out ECS.
  • To get a duplicate no-dues certificate, you will have to pay INR 250.  
  • To get a detailed amortisation schedule (duplicate), you must pay associated charges of INR 250. 
  • To put forward loan rebooking and loan rescheduling, you will have to bear a cost of INR 1000 per instance. 
  • The applicant will have to pay INR 1000 as associated charges to cancel the personal loan application. 
  • To secure loan documents and a photocopy of the loan agreement, you will have to pay INR 250 per instance.
  • If you delay your monthly instalment beyond five days, you will be bound to pay INR 150 as penal charges. 
  • Legal charges will be applicable as per the actual, and Stamp Duty charges will be levied as per the state laws. 
  • To get a detailed CIBIL report, the lender will charge INR 50.

Documents Required for IndusInd Bank Personal Loan

Documentation is the key to easy access to loan products; the same applies to personal loans. Be prepared with the following documents beforehand to get loan approval with utmost ease:

Documents Required for IndusInd Bank Personal Loan

  • Application - Valid personal loan application form with recent photographs
  • Identity Proof Documents - Photocopy of any of the said documents:
    • Driving licence
    • Aadhaar Card
    • Valid Passport
    • Voters ID Card
    • PAN Card
  • KYC Documents - Valid ID proof, Address Proof, and Signature Proof
  • Income Proof Documents
    • Form 16 or ITR (3 years)
    • Latest salary slips for three months 

Additionally, in the case of a salaried employee, the applicant will have to provide a bank statement of the last three months showcasing salary credits. At the same time, self-employed professionals will require bank statements for the previous six months.

How Does the EMI Calculation Work for IndusInd Bank Personal Loans?

By using the flat rate approach and reducing the balance method, one may determine the interest rate on a personal loan.

The interest paid is static (remains the same throughout the loan tenure) when using the flat rate method. Throughout the loan term, the total interest due is calculated based on the amount received. Therefore, even though the principal on your loan decreases as you make monthly payments, the interest rates are fixed and do not change.

On the other hand, the reducing balance method applies an interest rate based on the amount of the outstanding balance, which decreases each time you make a personal loan EMI.

An applicant can put forward the interest rate calculated using the below-depicted formula:

  • Flat Rate Method

Equated Monthly Instalment: (Principal amount + Total Interest Payable) / Repayment Tenure in Months)

To compute the total interest payable amount, use the following formula:

Principal x Personal Loan Rate x Loan Tenure/100

  • Reducing Balance Method

Equated Monthly Instalment: [P x R x (1+R)^N]/[(1+R)^ (N-1)]

Where P is the Principal Amount, R is the IndusInd bank personal loan interest rate, and N is the loan repayment tenure in months.

How does IndusInd Bank compare with Other Lenders?

To know how IndusInd Bank compares with other lenders, refer to the below given tabular data:

Bank or NBFC Personal Loan Interest Rates (per annum) 
Tata Capital Personal Loan 10.99%
ICICI Bank Personal Loan 10.25%
SBI Personal Loan 9.60%
HDFC Bank Personal Loan 10.25%
Kotak Mahindra Bank Personal Loan 10.25%
PNB Personal Loan 7.90%
IndusInd Bank Personal Loan 10.49%
Axis Bank Personal Loan 10.25%
IDFC First Bank Personal Loan 10.49%
Bajaj Finserv Personal Loan 13.00%
Clix Capital Personal Loan 14.99%

IndusInd Bank Personal Loan Customer Care Number

To resolve your queries, get in touch with the IndusInd representative by calling on any of the below-mentioned numbers:

  • 022 68577777
  • 022 44066666
  • 022 42207777
  • 1860 267 7777

FAQs

From refinancing to reducing your interest, we have the answers right here.

What is the interest rate of a personal Loan in IndusInd Bank?

You can secure an IndusInd bank personal loan with an attractive interest rate starting from INR 10.49%.

What are the benefits IndusInd bank provides on a personal loan?

The IndusInd bank offers several benefits on a personal loan, including attractive interest rates, flexible repayment tenure and end use, easy process, quick approval, minimum documentation, the loan without collateral and guarantor, etc.

What are the documents required in IndusInd bank for a personal Loan?

An applicant needs to provide basic documents to secure a personal loan, including identity-proof documents, address-proof documents, an application form, and income-proof documents.

Does IndusInd bank check for CIBIL scores for a personal loan?

Like other banks, IndusInd bank also checks the CIBIL score for a personal loan to determine the applicant’s credibility and offered interest rate.

What is the maximum and minimum personal Loan amount I can get from IndusInd Bank?

The IndusInd bank offers personal loans with a minimum amount starting from INR 30,000. At maximum, this amount can go up to INR 5 lacs.

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