Indusind Bank Personal Loan of 8 Lakh

An IndusInd Bank ₹8 lakh personal loan is a great option for borrowers requiring quick financial assistance to meet their diverse needs. IndusInd Bank combines competitive interest rates, flexible repayment options, and a straightforward online application process to ensure a hassle-free borrowing experience. This guide delves into the specifics of availing an ₹8 lakh personal loan from IndusInd Bank, outlining the key features, eligibility criteria, necessary documentation, and the application process, empowering you to make informed financial decisions easily.

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Written By
Hepson Franklin
Hepson Franklin
Hepson Franklin is a seasoned financial expert and accomplished writer specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & loan products. With a wealth of experience in the financial industry, he has established himself as a trusted voice, providing invaluable insights and guidance to both seasoned investors and those new to the world of finance. With a comprehensive understanding of the intricate facets of the financial landscape, he is dedicated to demystifying complex financial concepts for readers of all backgrounds.
Reviewed By
Piyush Bothra
Piyush Bothra
Chief Financial Officer, Square Yards
Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

Personal Loan Purpose For 8 Lakh In IndusInd Bank

Below is a professional overview of their most sought-after personal loan options, structured for clarity:

Loan Purpose Description Example Scenario
Home Renovation Facilitates upgrades or renovations to your living space, offering swift approvals and competitive rates for a smooth borrowing experience. Needing ₹3.5 lakh for kitchen renovations, an IndusInd personal loan can finance the project with flexible repayments.
Education It helps bridge the financial gap in your education journey, covering tuition, accommodation, or other academic expenses beyond scholarships or grants. An IndusInd loan can ease the financial strain of needing an extra ₹2 lakh for textbooks and living expenses for a semester abroad.
Travel It enables your travel dreams, offers competitive rates and flexible terms for vacations or business trips, and makes global exploration more accessible. If you dream of backpacking across Southeast Asia with a budget of ₹5.5 lakh, an IndusInd loan makes it feasible with manageable repayments.
Medical Expenses Provides a financial safety net for unexpected medical emergencies, ensuring quick fund access for hospitalisation, treatment, or medication costs. If you suddenly have a medical bill of ₹2 lakh, an IndusInd personal loan offers immediate support, allowing you to focus on recovery.
Debt Consolidation It offers a solution to consolidate various debts into a loan with a potentially lower interest rate, simplifying your finances and reducing repayment amounts. With ₹3 lakh in credit card debt and a ₹4 lakh personal loan, both at high rates, an IndusInd consolidation loan could lower your interest burden and simplify payments.

Features Of IndusInd Bank 8 Lakh Personal Loan

Following are the features of the IndusInd Bank 8 lakh personal loan:

  • Borrow Money Quickly: You can quickly get money from the bank for things you need.
  • Pay a Little Extra: Using this money costs a bit more each year (about 10.49%).
  • Return Over Time: You can take up to 5 years to pay it back.
  • Small Setup Fee: Setting this up is a small one-time charge.
  • Easy Repayments: Pay a bit back each month automatically.

Can I Get An 8 Lakh Personal Loan Instantly From IndusInd Bank?

To instantly obtain an 8 lakh personal loan from IndusInd Bank, you can apply online for quick processing and disbursement. The bank offers competitive interest rates and flexible repayment options with tenures ranging from 1 to 6 years. You must meet the eligibility criteria, typically age and income requirements, and provide minimal documentation.

What Is The EMI For An 8 Lakh IndusInd Loan?

EMI for a ₹8 lakh personal loan from IndusInd Bank will vary based on your interest rate and loan term. To help you calculate your monthly payments, Urban Money offers an EMI calculator on its website, allowing you to input your loan details and get an estimated EMI tailored to your unique situation.

Eligibility Criteria 8 Lakh Personal Loan In Indusind Bank

To be eligible for a ₹8 lakh personal loan from IndusInd Bank, you need to fulfil specific requirements:

  • Age Limit: You should be at least 21 but not older than the retirement age or 60, whichever occurs first.
  • Credit Score: A strong credit score, generally over 750, enhances your likelihood of approval and may qualify you for lower interest rates.
  • Income Criteria: For online applications, a minimum monthly income of ₹25,000 is often required, though your total income will be considered for a loan of ₹8 lakh.

Documents Required 8 Lakh Indusind Bank Loan

IndusInd Bank streamlines the personal loan application process by requiring only a few essential documents. To apply, you’ll need to submit:

  • A filled-out application form, accompanied by a photograph.
  • Proof of Identity also serves as proof of residence and signature verification.
  • Proof of income, including Form 16/ITR for the past three years and your salary slips from the last three months.
  • Your bank statement shows salary credits for the last three months.

How To Apply For 8 Lakh Personal Loan From Urban Money?

When you provide your details, Urban Money will search for fitting loan opportunities through IndusInd Bank, including options for an IndusInd Personal Loan up to ₹8 Lakh. Following the approval of your application, you’ll be directly contacted by a representative from IndusInd Bank or the lender you’ve chosen to guide you through the final steps of securing your loan.

To begin, simply head over to the Urban Money website. In the personal loan section, select “IndusInd Bank” or explore other lenders that cater to your need for a loan of up to ₹8 Lakh. Fill in the required fields with your personal information and the specific loan amount you seek. Lastly, complete the verification process for your email and phone number by entering the One-Time Passwords (OTP) sent to you. This seamless process connects you swiftly with your ideal loan option.

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Frequently Asked Question (FAQs)

How Long Does It Take For IndusInd Bank To Approve an 8 Lakh Personal Loan?

The approval process for an 8 lakh personal loan from IndusInd Bank can be quite swift. Upon submission of all required documentation and successful verification, the bank may approve the loan within a few hours to a maximum of five working days.

What Are The Interest Rate Ranges For IndusInd Bank 8 Lakh Personal Loans?

Interest rates for IndusInd Bank personal loans start from as low as 10.49% per annum. They can go up depending on various factors, such as the borrower’s credit profile, the type of loan, and other eligibility criteria.

Can I Apply For an 8 Lakh IndusInd Bank Personal Loan Online?

You can apply for an 8 lakh personal loan from IndusInd Bank online. The process is designed to be user-friendly and can be initiated by providing basic details such as your PAN number and mobile number on the bank’s website. The application includes verification of address details, video KYC, and digital contract signing for instant disbursement.

Are There Any Hidden Charges In IndusInd Bank’s Personal Loan Agreements?

IndusInd Bank maintains transparency in its fee structure for personal loans. However, it is advisable to review the loan agreement carefully. Common charges that may apply include processing fees, stamp duty based on the state of residence, documentation charges, GST, and other government taxes or levies. It’s important to note that these are not ‘hidden’ charges but standard fees disclosed during the loan application process.

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