IndusInd Bank Personal Loan
The flexibility of IndusInd Bank personal loans makes them suitable for various individual and professional needs because their interest rates stay low. People can borrow from ₹50 lakh in funds through IndusInd Bank at 10.49% annual interest which enables them to manage both planned costs and unexpected needs. A processing fee of up to 3.5% can be deducted from the loan amount by IndusInd Bank.
IndusInd Bank Personal Loan Features
- Loan tenure: Select a loan term which matches your budget structure.
- Quick approval: The system allows for quick loan approval through an easy application and small document requirement process.
- Quick disbursement: The borrowed funds get transferred instantly to your bank account.
- Interest rates: An attractive interest rate system allows you to minimize your repayment expenses.
- No collateral: Personal loans from IndusInd Bank do not need any security requirements for approval.
- Repayment flexibility: Users have access to two repayment methods which include direct debit from their IndusInd Bank account and circuitous electronic clearing service through any banking institution.
IndusInd Bank Personal Loan Interest Rates
IndusInd Bank’s personal loan interest rates begin at 10.49% per annum. While the bank has not specified varying rates based on credit scores or other factors, lenders generally take into account factors such as monthly income, job profile, employer's reputation, and credit score when determining the interest rate.
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 |
(Source: Paisabazaar)
IndusInd Bank Personal Loan EMI Calculator
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IndusInd Bank Personal Loan vs Other Bank Loan
| Bank | Interest rate |
|---|---|
State Bank of India | 11.45% onwards |
HDFC Bank | 10.85% onwards |
Bank of Baroda | 11.15% onwards |
Axis Bank | 11.1% onwards |
ICICI Bank | 10.85% onwards |
IDFC Bank | 10.99% onwards |
PNB Bank | 11.15% onwards |
Union Bank of India | 11.50% onwards |
Yes Bank | 11.25% onwards |
Bank of India | 10.85% onwards |
Canara Bank | 10.70% onwards |
Kotak Mahindra Bank | 10.99% onwards |
Bandhan Bank | 9.47% onwards |
Federal Bank | 11.49% onwards |
Indian Bank | 10.75% onwards |
IDBI Bank | 11.00% onwards |
| AU Bank | Based on customer’s profile |
Source: Bank’s website
IndusInd Bank Personal Loan Eligibility Criteria
IndusInd Bank personal loan eligibility criteria depends upon different factors, the major requirements are as follows:
- Age Requirements: Must be between 21 and 60 years (or retirement age, whichever comes first).
- Income: Minimum net monthly income should be Rs. 25,000.
- Employment Duration: Must have at least 2 years of total employment experience and a minimum of 1 year with the current employer
- Residence: Should have resided at the current address (if rented) for at least 1 year.
- Age Requirements: Must be between 25 and 65 years.
- Income: Minimum annual net income after taxes should be Rs. 4.8 lakh.
- Experience: Must have at least 4 years of post-qualification experience.
- Age Requirements: Must be between 25 and 65 years.
- Income: Minimum annual net income after taxes should be Rs. 4.8 lakh.
- Experience: Must have at least 5 years of post-qualification experience.
IndusInd Bank may also consider the applicant’s credit score in the evaluation process.
Documents Required for IndusInd Bank Personal Loan
- Application Form: Completed application form with a photograph.
- Proof of Identity: A self-attested photocopy of any one of the following: Driving License, Passport, Voter ID, Aadhaar, or PAN Card.
- KYC Documents: Valid identity, residence, and signature proof.
- Income Proof: Form 16 or Income Tax Return (ITR) for the last 3 years, along with the latest 3 months’ salary slips.
- Bank Statements: Latest 3 months’ salary credit bank statement.
- Application Form: Completed application form with a photograph.
- Proof of Identity: A self-attested photocopy of any one of the following: Driving License, Passport, Voter ID, Aadhaar, or PAN Card.
- KYC Documents: Valid identity, residence, and signature proof.
- Income Proof: Form 16 or ITR for the last 3 years, plus the latest 3 months’ salary slips.
- Bank Statements: Latest 6 months’ practice current account statement and latest 3 months’ primary savings bank statement.
- Application Form: Completed application form with a photograph.
- Proof of Identity: A self-attested photocopy of any one of the following: Driving License, Passport, Voter ID, Aadhaar, or PAN Card.
- KYC Documents: Valid identity, residence, and signature proof.
- Income Proof: Form 16 or ITR for the last 3 years, plus the latest 3 months’ salary slips.
- Bank Statements: Latest 6 months’ business current account statement and latest 3 months’ primary savings bank statement.
With these details, you should be well-prepared to apply for an IndusInd Bank personal loan and meet the necessary requirements for a smooth application process.
Types of Induslnd Bank Personal Loans
IndusInd Bank provides a range of personal loan options tailored to meet various financial needs. Here’s a detailed look at their different types of personal loans:
IndusInd Bank Personal Loan FAQs
Can we repay our personal loan before the term exists through IndusInd Bank?
The penalty fee stands at 4% which applies to the outstanding principal amount after you have made 12 EMIs.
How IndusInd Bank determines personal loan interest rates?
The loan interest rate begins at 10.49% p.a. but varies depending on your age and income level together with your employment situation and credit score information as well as payment history. IndusInd Bank has not disclosed standard interest rates for different types of loans.
What are the tenure options for an instant Personal Loan?
You can choose a tenure from 12 to 72 months.
What is the maximum tenure for an instant Personal Loan?
The maximum tenure available is 72 months (6 years).
What is the minimum tenure for a Personal Loan?
The minimum tenure available is 12 months (1 year).
Are there any additional charges?
Yes, a processing fee of up to 3.5% of the loan amount and documentation charges apply, deducted from the loan amount at disbursal.
How quickly is an IndusInd Bank personal loan disbursed?
Personal loans are typically approved and disbursed within a few hours, depending on the verification process. Inaccurate details may delay disbursal by 1-2 days. Pre-approved loans may have faster processing.
What is the minimum credit score required for an IndusInd Bank personal loan?
While no specific credit score is mandated, a score of 750 or higher generally improves your chances of approval and better interest rates.