IndusInd Bank Personal Loan Interest Rates
IndusInd Bank offers personal loans with reasonable interest rates starting at 10.49% per annum to cater to multiple financial needs. The borrower can expect quick approval and disbursal, often in a few minutes. It offers loan amounts up to ₹50 lakh, a processing fee of up to 3.5%, and an easy online application process.
IndusInd Bank Personal Loan Interest Rates 2024
As of 2024, the starting interest rate for IndusInd Bank personal loans remains at 10.49% per annum. This competitive rate positions IndusInd Bank favourably in the market, offering potential borrowers access to affordable personal loan solutions.
IndusInd Bank Personal Loan Interest Rates for Different Schemes
| Schemes | Rate of Interest (p.a.) |
|---|---|
| Personal loan for education | 10.49% |
| Personal loan for medical expenses | 10.49% |
| Personal loan for wedding | 10.49% |
| Personal loan for home renovation | 10.49% |
| Other personal loan schemes | 10.49% |
Note: Interest Rates as of 27 August 2024
IndusInd Bank Personal Loan Interest Rates EMI Calculator
(https://www.livemint.com/loans/indusInd-bank-personal-loan-emi-calculator)
IndusInd Bank Personal Loan Interest Rate vs Other Lenders
The table below presents the interest rates offered by various banks, allowing you to compare and choose the most suitable option. The actual rate you qualify for will depend on the bank's policies and your overall creditworthiness. IndusInd Bank provides personal loans with interest rates starting at 10.49% per annum, subject to your financial profile.
Note: All the interest rates are as of January 2025. For latest interest rates, please refer to the bank’s website.
| Banks | Interest rates |
|---|---|
| HDFC Bank | 10.85% onwards |
| State Bank of India | 11.45% onwards |
| Axis Bank | 11.25% onwards |
| Kotak Mahindra Bank | 10.99% onwards |
| Bandhan Bank | 9.47% onwards |
| ICICI Bank | 10.85% onwards |
| IDFC Bank | 10.99% onwards |
| Canara Bank | 10.95% onwards |
| Federal Bank | 12% onwards |
| Punjab National Bank | 10.40% onwards |
| Union Bank of India | 11.35% onwards |
| Indian Bank | 10% onwards |
| Yes Bank | 11.25% onwards |
| Bank of India | 10.85% onwards |
| Bank of Baroda | 11.05% onwards |
| IDBI Bank | 11% onwards |
| AU Bank | Up to 30% |
Source: paisabazaar
IndusInd Bank Personal Loan Fees and Charges
| Processing fees | Up to 3.5% of the sanctioned loan amount |
| Prepayment fees | 4.00% of the principal remaining after 12 estimated monthly instalments |
| Loan cancellation charges | ₹1,000 per event |
| Payment dishonour charges | ₹450 per instance |
| Loan rescheduling charges | ₹1,000 per event |
| Penal charges | ₹150 per EMI delay beyond 5 days |
| ECS/Cheques/SI swapping charges | ₹500 per event |
| Stamp duty | As per the laws |
| Legal charges | As per actuals |
| Duplicate no dues certificate | ₹250 per event |
Features of IndusInd Bank Personal Loans
IndusInd Bank offers a range of attractive features for its personal loans:
Flexible Loan Tenures: Tailor your loan tenure to suit your financial needs.
Minimal Documentation: Enjoy a streamlined application process with minimal paperwork and fast approval.
Quick Disbursal: Get your loan amount swiftly transferred to your bank account.
Doorstep Service: Benefit from convenient doorstep assistance for loan-related procedures.
Competitive Interest Rates: Access attractive interest rates that help keep your borrowing costs low.
No Guarantors or Collateral Required: Secure a loan without the need for a guarantor or collateral.
Balance Transfer Option: Consolidate and transfer high-interest debts to reduce your overall interest burden.
Flexible Repayment Options: Choose from various repayment methods, including ECS from any bank or automatic debit from your IndusInd Bank account.
IndusInd Bank Personal Loan Interest Rates Characteristics
The interest rates for IndusInd Bank's personal loans start from 10.49% per annum. While the exact rate for each applicant can vary, it generally depends on several factors, including:
Credit Score: A higher credit score may lead to more favourable interest rates.
Monthly Income: A higher income might result in better rates and terms.
Job Profile and Employer: Stability and profile of the applicant’s current employment can influence the interest rate.
Other Factors: Additional considerations may include the applicant’s overall financial health and previous credit history.
Although IndusInd Bank does not explicitly disclose the differential interest rates based on these parameters, they are standard factors in determining the final rate offered to loan applicants.
IndusInd Bank Personal Loan Eligibility
The eligibility criteria for IndusInd Bank personal loans vary based on the applicant’s employment status:
For Salaried Employees:
Age: Applicants must be at least 21 years old at the time of application and no older than 60 years or the retirement age by loan maturity, whichever comes first.
Income: A minimum net monthly income of ₹25,000 is required.
Employment: A minimum of 2 years of total employment experience, including at least 1 year in the current organisation.
Residency: If renting, the applicant should have been residing at their current address for at least 1 year.
For Self-Employed Professionals:
Age: Applicants should be at least 25 years old at the time of application and no older than 65 years at loan maturity.
Income: A minimum net annual income of ₹4.8 lakhs after tax deductions is required.
Experience: Applicants must have at least 4 years of post-qualification experience.
For Self-Employed Individuals:
Age: Applicants must be 25 years or older at the time of application and no older than 65 years at loan maturity.
Income: A minimum net annual income of ₹4.8 lakhs after tax deductions is required.
Experience: A minimum of 5 years of post-qualification experience is necessary.
In addition to these criteria, IndusInd Bank may also consider the applicant’s credit score and overall financial profile when assessing eligibility.
Factors Affecting IndusInd Bank Personal Loan Interest Rate
There are several factors which influence the IndusInd Bank personal loan interest rate, some of which are explained below:
Profile of Occupation: Although it has not mentioned the specific rate requirements, IndusInd Bank makes lending decisions depending on profiles of the applicants' employers and the jobs the applicants hold. Many lenders however, give steady employment or high profile employers lower rates.
Credit Score: Although the effect of credit scores is not mentioned by IndusInd, various lenders offer loans at lesser interest rates to those having scores of 750 or above. Taking steps to improve your credit score, you avoid applying for credits repetitively, maintain your credit utilization ratio at a low level and pay bills and EMIs on time.
Relationship with the Lender: Although many lenders offer special rates to their current clients, IndusInd has not made it clear if it does. Check if you qualify for reduced rates if you already have an account or loan with a lender.