IndusInd Bank Personal Loan Interest Rate

4.5

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.

  • Personal Loan offer for You

  • 10.25% - 26%

    Interest Rate (p.a.)
  • ₹3L - ₹75L

    Tenure(1 - 50 Years)
  • ₹2,137 - ₹2,994

    EMI Per Lakh
  • 10.25% - 26%

    Interest Rate (p.a.)
  • ₹3L - ₹75L

    Tenure(1 - 50 Years)
  • Up to 3% of the sanctioned loan amount

    Processing Fee

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
  • CASHe PL Interest Rate

  • 27%

  • We offer a 2.50% interest rate per month (Equivalent to reducing the balance interest rate to 3.71% per EMI) on the loan amount.

  • 4.5

  • ₹1K - ₹4L

    Tenure(7 - 45 Years)

  • Prefr PL Interest Rate

  • 15% - 36%

  • 3-5% with Minimum Proc. Fee of INR 1500 + GST

  • 4.5

  • ₹50K - ₹5L

    Tenure(1 - 4 Years)

  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

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. 

Personal Loan by Other Banks

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.

Urban Money