IndusInd Bank personal loans can be availed at attractive interest rates and used for a variety of purposes. They offer instant online personal loans with quick time processing and loan approval.
- Loan amounts up to Rs.25 lakh
- Interest rates from 11% p.a.
- Processing fee 1% – 3% of the loan amount
- Speedy approval process and quick disbursal
IndusInd Bank also offers instant online personal loan processing with quick loan approval within minutes. Read on to know more about IndusInd Bank Personal Loan.
|IndusInd Bank Personal Loan Highlights – 2022|
|Interest Rate||10.49% p.a. onwards|
|Loan Amount||Rs 50,000-15 lakhs|
|Tenure||1 to 5 years|
|Processing Fees||Up to 3% of the sanctioned loan amount|
|Minimum Monthly Salary||Rs 25,000|
Note: The above-mentioned interest rates, fees and charges may change and shall depend on the sole discretion of the IndusInd bank and RBI. Interest rates are updated as on March 2022.
Induslnd Bank Personal Loan Interest Rates
IndusInd Bank offers personal loans starting @ 10.49% p.a. onwards The final interest rates offered to the applicants depend upon age, monthly income, job profile, employer’s income, credit score, loan repayment history, etc.
Comparison of Induslnd Bank Personal Loan vs. Other Lenders
|Banks/NBFCs||Interest Rates (per annum)|
|IndusInd Bank||10.49% onwards|
|HDFC Bank||10.25% – 21.00%|
|SBI||9.60% – 13.85%|
|PNB||7.90% – 14.50%|
|ICICI Bank||10.25% onwards|
|Axis Bank||10.25% onwards|
|Kotak Mahindra Bank||10.25% onwards|
|IDFC First Bank||10.49% – 23.00%|
|Bajaj Finserv||13.00% onwards|
|Tata Capital||10.99% onwards|
IndusInd Bank Personal Loan Fees & Charges
|Processing fees||Up to 3% of the sanctioned loan amount|
|Prepayment fees||4.00% of the principal remaining after 12 estimated monthly instalments|
|CIBIL report||Rs 50 per instance per set as applicable|
|Loan cancellation charges||Rs 1,000 per event|
|Payment dishonour charges||Rs 450 per instance|
|Charges for duplicate statement||Rs 250 per instance|
|Loan rescheduling charges||Rs 1,000 per event|
|Penal charges||Rs 150 per EMI delay beyond 5 days|
|ECS/Cheques/SI swapping charges||Rs 500 per event|
|Stamp duty||As per the laws|
|Legal charges||As per actuals|
|Charges for duplicate amortization schedule||Rs 250 per event|
|Duplicate no dues certificate||Rs 250 per event|
|Document photocopy charges||Rs 250 per event|
Note: GST shall be added extra over the mentioned fees and charges.
IndusInd Bank Personal Loan advantages
- Pre-qualified offer – NO income documents required
- Easily complete KYC online via video call with bank representative
- Quick approval, flexible tenure
- No guarantor required
- Has pre-closure option
IndusInd Bank Personal Loan Benefits
- Door step service
- Top-up loan available
- No guarantor required
- Balance transfer
IndusInd Bank Personal Loan Cons:
- No part-payment option
- Pre-closure allowed only after repayment of 12 EMIs
Fees & Charges
- Pre-closure fee = 4% of principal outstanding (plus applicable tax)
Types of Induslnd Bank Personal Loans
- Personal loan for education – Fulfils the education-related goals of the applicants
- Loan for Wedding – Personal loan for marriage is offered to meet the expenses incurred for dream wedding.
- Medical Loan – To meet the unexpected expenses incurred for medical emergencies
- Loan for Home Renovation – To arrange finance for renovating your home and facelift it to perfection
- Personal Loan Balance Transfer – To reduce your EMI burden by transferring your existing personal loan from other banks/NBFCs to IndusInd Bank at a lower interest rate.
IndusInd Bank Personal Loan Eligibility Criteria
For Salaried Employees:
- The minimum age limit of the applicant should be 21 years
- The maximum age of the borrower at the time of loan maturity should be 60 years or the retirement age
- Minimum net monthly income of the borrower should be Rs 25,000
- Should have stayed at least for a year at the current residence (if rented)
- Should have completed 2 years of employment
- Should have worked for at least 1 year in the current organization
For Self-employed Professionals:
- Minimum age of the applicant should be 25 years
- Maximum age at the time of loan maturity should be 65 years
- Minimum net annual income after tax deduction should be Rs 4.80 lakhs
- Should have experience of 4 years post qualification.
For Self-employed Individuals:
- The applicant should be at least 25 years of age
- The borrower should be 65 years old at the time of loan maturity
- The net annual income should be at least Rs 4.80 lakhs after-tax deduction
- Should have at least 5 years of post-qualification experience
IndusInd Bank Personal Loan Documents Required
- Duly filled application form with passport-sized photographs
- Self-attested photocopy of anyone of the ID proof- Passport, Aadhaar, PAN, driving license and voter ID
- A valid residence/ID/signature proof for KYC
- Last 3 months salary slips/ITR for last 3 years/Form 16
- Any other document required by the bank
IndusInd Bank Personal Loan EMI Calculator
How do I calculate IndusInd personal loan EMI?
Customers can find the EMI amount payable on IndusInd personal loans through BankBazaar’s dedicated Personal Loan EMI Calculator:
- Go to National Info’s website and type personal loan emi calculator to get your best EMI calculator for personal loan. Download Free personal loan emi calculator. Click on Personal Loan EMI Calculator.
- Enter exact figures under the given categories, namely – Loan Amount (up to Rs.25 lakhs), Tenure (up to 5 years), Interest Rate (applicable interest rate), and Processing Fee (according to respective Bank rules).
- customers can find all information related to the personal loan, including break-up of loan repayment and amortization figures for the chosen loan tenure.
The information displayed here will be very helpful in planning loan repayment over the chosen tenure, as well as provide you with an outline of your actual standing in terms of repayment.
IndusInd Bank Personal Loan balance transfer
If you have an existing personal loan from another lender, you can use the personal loan balance transfer facility to transfer your loan from your previous bank to IndusInd Bank. You will enjoy lower EMIs due to competitive interest rates charged on your existing loan including low processing fee thus making it easier for you to repay your loan on time and also helping you improve your credit score.
You can visit the IndusInd Bank official website, where under ‘Personal Loan’ you will be able to find the ‘Balance Transfer’ section. On clicking on it, you will be directed to a new page where you can click on ‘Apply Now’ and avail the facility by following the instructions.
IndusInd Bank personal loan Customer Care:
You can contact the IndusInd Bank customer care via any of the following means given below:
IndusInd Bank personal loan FAQs
Q. How long does it take for IndusInd Bank Personal Loan to get disbursed?
A. IndusInd Bank personal loan gets approved and disbursed within few hours of submission of loan application and detailed verification. If the details are incorrect, it might take 1-2 days more. IndusInd Bank also offers pre-approved instant personal loans to select customers with quicker loan processing and disbursal.
Click here to know whether you are eligible for instant personal loans offered by top banks and NBFC.
Q. At what minimum credit score can the applicants avail IndusInd Bank Personal Loan?
A. IndusInd Bank has not specified the cut-off credit score for personal loan applicants. However, credit scores of 750 and above increases the chances of availing personal loan and increasingly at lower interest rates.
Q. Can I prepay my personal loan?
A. Yes, prepayment can be made after repayment of 12 EMIs subject to prepayment charges of 4% of outstanding principal.
Q. How does IndusInd Bank fix the interest rates for personal loan applicants?
A. IndusInd Bank has not disclosed any interest rate slab for personal loan applicants except that its personal loan interest rates starts from 11% p.a. onwards. It has also not disclosed the interest rates charged for various types of personal loans including wedding loan, home renovation loan, loan for medical expenses, etc.
But, as with most lenders, IndusInd Bank would factor the age, credit score, repayment history, job profile, monthly income, etc of its personal loan applicants while setting their interest rates.