IndusInd Bank Personal Loan is a financial product that allows individuals to raise funds for personal purposes. The interest on the personal loan commences from 10.49% per annum, and one avail of funds from anywhere between Rs 30,000 to Rs 25 Lakhs. This financial institution has designed convenient application procedures with minimal documentation.
Check Latest Rate of Interest for Personal Loan from IndusInd Bank
Compare IndusInd Bank Personal Loan Rates with Other Banks
The following table showcases a comparison between the interest rates offered by the IndusInd Bank with other financial institutions.
- Starting Interest Rate (p.a)
- Processing Fee
- Rating
- Min. Loan Amount
HDFC Bank PL Interest Rate
10.5% - 24%
Up to 2.5%
4.5
₹50K - ₹40L
Tenure(Up to 5 Years)
ICICI Bank PL Interest Rate
10.75% - 19%
Up to 2.5%
4.5
₹50K - ₹25L
Tenure(1 - 6 Years)
Axis Bank PL Interest Rate
10.49% - 21%
Up to 2%
4.5
₹50K - ₹15L
Tenure(1 - 5 Years)
IDFC FIRST Bank PL Interest Rate
10.49% - 36%
Up to 3.5%
4.5
Up to ₹1Cr
Tenure(1 - 5 Years)
IndusInd Bank Personal Loan Rate of Interest
The IndusInd Bank Personal Loan interest rates are offered to the applicant based on their application. Individuals can apply for a personal loan with the IndusInd Bank to raise funds for various personal purposes.
Interest Rates | |
Q3 2022-2023 | 10.25% - 10. 26% per annum |
Mean | 15.79% per annum |
Annual Interest Rate (Financial Year 2022-23) | Interest Rates |
10.26% per annum - 32.02% per annum | |
IndusInd Bank Personal Loan Interest Rate by Schemes
The IndusInd Bank personal loan is a financial product that allows the borrowers to raise funds for their projects for various reasons. One can avail of a personal loan from the IndusInd Bank for the following reasons:
IndusInd Bank Personal Loan Interest Rate for Education
Starting 10.25% - 10. 26% per annum, an individual can apply for an education loan from the IndusInd Bank to raise funds for higher education and other such pursuits. One can pursue their educational goal through funds raised.
IndusInd Bank Personal Loan Interest Rate for Medical Expenses
The IndusInd Bank personal Loan interest rate for medical expenses 10.25% - 10. 26% per annum anyone can obtain funds to facilitate medical procedures. This personal loan product enables the borrower to receive medical treatment. The bank has also established a hassle-free application process to cater to emergencies.
IndusInd Bank Personal Loan Interest Rate for Home Renovation
Individuals can also apply for personal loan at 10.25% - 10. 26% per annum, from the bank to conclude their home renovation projects. The personal loan allows borrowers with funds for their home renovations. One can avail of the customised plans to commence renovations on their current residence.
IndusInd Bank Personal Loan Interest Rate for Wedding
An Indian wedding is an extravagant event. IndusInd Bank wedding loan Interest Rate starts at 10.25% and allows the borrowers to organise it without financial restrictions.
One can utilise the funds raised for jewellery, clothing and other wedding expenses.
IndusInd Bank Personal Loan for Balance Transfer
This financial institution also allows customers to transfer the balance of their existing personal loan to IndusInd bank to avail of the lucrative interest rates. It will enable the borrowers to reduce the burden of EMIs and make the repayment more manageable.
IndusInd Bank Personal Loan Interest Rates for Salaried and Self-Employed
The interest rate for salaried and self-employed individuals ranges based on the application and the borrower's credit score. The IndusInd Bank Personal Loan interest rate for salaried and self-employed individuals can range from 10.25% per annum to 26% per annum.
IndusInd Bank Pre-Approved Personal loan Interest Rate
The IndusInd Bank provides pre-approved interest rates on personal loans after examining the financial standing, income and creditworthiness of the applicant. The IndusInd Bank personal loan interest rate can range from 10.25% to 26% per annum, depending on the borrower's application. Generally, lower interest rates are offered to borrowers with a satisfactory CIBIL score.
IndusInd Bank Personal Loan Balance Transfer Interest Rates
The IndusInd Bank balance transfer allows the borrower to avail of lower interest rates. One can transfer their existing personal loan to this financial institution to reduce their EMI amount. It will enable the repayment to be more manageable.
IndusInd Bank Personal Loan Fees Charges
The IndusInd Bank levies the following charges to process the personal loan.
Processing Fee | Upto 3% of the loan amount |
Pre-Payment Charges | 4% of the outstanding principal amount |
Dishonour Charges | Rs 450/- per Instance |
Statement Charge (Duplicate) | Rs 250/- per instance |
Cheque/ECS/Swapping Charges | Rs 500/- per instance |
Duplicate No Dues Certificate | Rs 250/- per event |
Duplicate Amortisation Schedule Charge | Rs 250/- per event |
Rescheduling Charges | Rs 1,000/- per event |
Loan Cancellation Charges | Rs 1,000/- per event |
Charges of Photocopy of Agreement | Rs 250/- per event |
Penal Charges | Rs 150/- per EMI delay |
Legal Charges | As per Actuals |
Stamp Duty | As per State Laws |
CIBIL Report | Rs 50/- per instance |
How to Get Low-Interest Rates on IndusInd Bank Personal Loan?
Individuals can avail of lower interest rates on their personal loans by implementing the following tips:
- A borrower must maintain a satisfactory CIBIL score to ensure their creditworthiness. They can do so by making diligent and punctual credit payments. A good credit score is necessary if the borrower wants lower interest rates.
- Borrowers can also apply for a smaller loan to make the EMI repayments against the loan more manageable.
- Borrowers can utilise online personal loan calculators to derive the EMI and the loan amount that fits their budgetary goals.
Factors Affecting IndusInd Bank Personal Loan Interest Rates
The following factors directly impacts the IndusInd Bank Personal Loan Interest Rates. However, it is to be noted that the interest rate offered varies from applicant to applicant.
- The interest rate offered by the bank will vary based on the CIBIL score of the applicant. A satisfactory CIBIL Score indicates creditworthiness and diligence. The IndusInd Bank personal loan interest rate varies based on the CIBIL score.
- The applicant with a strong financial standing and a consistent income helps the bank to determine the repayment on the personal loan. The applicant must ensure the financial institution's stability as the loan is unsecured.
- The applicant can also reduce the EMI amount by opting for a lengthier repayment tenure. A longer tenure will spread out the repayments and make them more manageable. The IndusInd Bank, personal loan tenure can range from 1 to 6 years.
IndusInd Bank Personal Loan Interest Rate Calculation
IndusInd Bank employs the following formulae to calculate the EMI on the Personal Loan.
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Here,
‘P’ stands for the Principal amount,
‘R’ stands for the interest rate,
And
‘N’ stands for the tenure.
One can also utilise Personal Loan EMI Calculators available online to calculate and derive the EMI amount on their personal loan from the comfort of their home. A calculator is an AI-Powered tool that provides users with values such as the EMI and the total cost of the loan after the user mention information such as the loan amount, interest rate and repayment tenure.
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Indusind Bank's IFSC Codes
- Indusind Bank Andhra Pradesh
- Indusind Bank Assam
- Indusind Bank Bihar
- Indusind Bank Chandigarh
- Indusind Bank Chhattisgarh
- Indusind Bank Delhi
- Indusind Bank Gujarat
- Indusind Bank Haryana
- Indusind Bank Himachal Pradesh
- Indusind Bank Jammu and Kashmir
- Indusind Bank Jharkhand
- Indusind Bank Karnataka
- Indusind Bank Kerala
- Indusind Bank Madhya Pradesh
- Indusind Bank Maharashtra
- Indusind Bank Manipur
- Indusind Bank Mizoram
- Indusind Bank Nagaland
- Indusind Bank Odisha
- Indusind Bank Puducherry
- Indusind Bank Punjab
- Indusind Bank Rajasthan
- Indusind Bank Tamil Nadu
- Indusind Bank Telangana
- Indusind Bank Uttarakhand
- Indusind Bank Uttar Pradesh
- Indusind Bank West Bengal
Personal Loan by Other Banks
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- ICICI Bank Personal Loan
- HDFC Bank Personal Loan
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- Canara Bank Personal Loan
- IndiaBulls Personal Loan
- YES Bank Personal Loan
- CITI Bank Personal Loan
- Union Bank of India Personal Loan
- DHFL Personal Loan
- Federal Bank Personal Loan
- State Bank of India Personal Loan
- Punjab National Bank Personal Loan
- Hero FinCorp Personal Loan
- IDFC FIRST Bank Personal Loan
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- Kotak Bank Personal Loan
- Deutsche Bank Personal Loan
- HDFC Sales Personal Loan
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- Capital First Ltd. Personal Loan
- Clix Capital Personal Loan
- Aditya Birla Finance Limited Personal Loan
- L&T Finance Personal Loan
- HSBC Personal Loan
- Shriram Urban Co Operative Bank Limited Personal Loan
- Loantap Credit Products Private Limited Personal Loan
- Reliance Capital Personal Loan
- Fullerton India Personal Loan
- Muthoot Finance Ltd Personal Loan
- Bank of India Personal Loan
- Paysence Service Pvt Ltd Personal Loan
- IIFL Finance Personal Loan
- InCred Financial Services Personal Loan
- Edelweiss Financial Services Personal Loan
- Poonawalla Fincorp Limited Personal Loan
- DCB Bank Personal Loan
- Punjab & Sind Bank Personal Loan
- Bank of Maharashtra Personal Loan
- karnataka bank Personal Loan
- Ujjivan Small Finance Bank Personal Loan
- AU Small Finance Bank Personal Loan
- karur Vysya Bank Personal Loan
- RBL Bank Personal Loan
- FT Cash Personal Loan
- Tata Capital Financial Services LTD Personal Loan
- Tata Capital Housing Finance Limited Personal Loan
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Financial Calculators
Personal Loan Calculators
Frequently Asked Questions (FAQs)
What is the current interest rate of IndusInd Bank personal loans?
The interest rate offered to the application varies depending on the application. It can range from anywhere between 10.25% to 26% per annum.
How can I reduce my interest in IndusInd Bank personal loans?
An applicant can reduce the interest rate by maintaining a satisfactory CIBIL score and increasing the loan repayment tenure.
Is IndusInd Bank personal loan a floating-rate loan or a fixed-rate loan?
The IndusInd Bank offers both floating and fixed-rate interest options. One can opt from either at their discretion.
Do IndusInd Bank demand collateral or security for personal loans?
No, personal loans are unsecured in nature, and one does not have to pledge any collateral for the same.
Can individuals pay off their IndusInd Bank loans EMI early?
The IndusInd Bank allows salaried employees to pre-pay their loans after 12 months. A self-employed individual can prepay their loans after 6 EMI instalments.
What is the EMI for a 1 lakh personal loan?
The EMI for a personal loan of Rs 1 Lakh would depend on the interest rate and tenure offered to the borrower. Generally, the interest rates range from 10.26% to 32.02% per annum. And the loan tenure ranges from 1 to 6 years.
What is the EMI for a 10 lakh personal loan?
The EMI for a personal loan of Rs 10 Lakhs would depend on the interest rate and tenure offered to the borrower. Generally, the interest rates range from 10.26% to 32.02% per annum. And the loan tenure ranges from 1 to 6 years.