Description

IndusInd bank personal loan

IndusInd Bank offers its personal loan which can easily be availed for funding one’s education, marriage expenses, buying household furniture or electronics, renovating your home and a lot more. In order to meet customers’ varied requirements, the bank allows its borrowers to choose from a bunch of Personal Loan being offered in multiple categories like personal Loan for Education, Personal Loan for Medical Expenses, Personal loan for Home Renovation, Personal Loan for Wedding & Personal Loan Balance Transfer among others.

Interest Rate & Charges

IndusInd Bank offers one of the most competitive and lowest interest rates in the entire lending community. The bank offers the rate of interest as low as 10.99% depending on a person’s overall profile and the availability of documents to support the repayment. 

Particulars

Key Details

Rate of Interest

10.99% to 31.5% p.a.

Processing Fee (PL)

Up to 2.5% of the Loan amount + Tax

Prepayment Charges

Salaried: 4% of the outstanding loan amount (After 12 EMIs)

Self-employed: 4% of the outstanding loan amount (After 6 EMIs)

Penal Charges

₹ 150/- + Tax (Per EMI delay, beyond 5th day)

Payment Dishonor

₹ 450/- per Incident

Duplicate Statement

₹ 250/- + Tax per event

Swapping Charges

₹ 500/- + Tax per event

Duplicate No Dues Certificate

₹ 250/- + Tax per event

Loan Re-booking/ Rescheduling Charges

₹ 1000/- + Tax per event

Loan Cancellation Charges

₹ 1000/- + Tax per event

Legal Charges

As per actuals

Stamp Duty

As per State tariffs

CIBIL Report

₹ 50 per instance + Tax

Factors That Affect Interest Rates On Personal Loan

  • Net Monthly Income (Borrower)

This gives an insight about the repaying capabilities of the borrower, also the bank ensures that the amount which is being provided to the borrower would come back within the fixed tenure or not. Therefore, the calculation of the personal loan interest rates depends on the perceived risk involved in the repayment.

  • Tenure of the Loan

It is amongst the very few unsaid rules of lending, whenever a credit line gets opened to a borrower, the rate of interest depends on the tenure for which the amount is being taken from the lender. In our case, the IndusInd bank personal loan if availed for a shorter period, then the Personal loan interest rates would be higher and if the same personal loan is being taken for a longer period, it would attract lower interest rate

  • Credit History of the borrower

The past records relating to the borrower, regarding the past payments of one’s credit card dues and repayments towards the loans that were taken earlier, are checked in thoroughly before approving the IndusInd Bank Personal Loan application and deciding on the personal loan interest rates. If these are found satisfactory, the best and one of the lowest interest rates are likely to be offered to the borrower for their personal loan application.

IndusInd Bank Personal Loan Eligibility Criteria IndusInd Bank Personal Loan EMI Calculator IndusInd Bank Business Loan

Eligibility Criteria- Indusind Bank Personal Loan

The borrower needs to fulfill the following IndusInd Bank eligibility criteria while applying for a personal loan;

  • Employees of Public and Private limited companies
  • Government sector employees including PSU (Public sector Undertakings) and State Governments
  • Minimum age requirement for IndusInd Bank Personal Loan application is 21 years and the maximum age is 60 years at the time of loan maturity
  • Loan Amount: The maximum amount of personal loan which can be availed is ₹ 25 Lakh
  • Salaried individuals must have completed at-least 2 years of service in the same organization

Eligibility Criteria

Salaried Individuals

Profession

Salaried person

Employer Type

  • Employees of Private and Public Companies
  • Central / State Government Organisation
  • Central / State PSUs
  • Salaried Doctors/ Chartered Accountants

Applicant Age

21 - 60 years

Minimum Eligible Income

₹ 25,000 per month

Maximum Eligible Term Loan

₹ 25,000 to ₹ 25 Lakh 

Minimum Work Experience

Minimum 24 months in total, Min. 12 months in the present organisation

For Self-employed Professionals –

Eligibility Criteria

Key Features

Profession

Self-employed Doctors, Engineers, Consultants, Architects & Chartered Accountants

Applicant Age

21 - 65 years

Minimum Eligible Income

₹ 40,000 per month

Maximum Eligible Term Loan

₹ 50,000 to ₹ 25 Lakh 

Minimum Work Experience

Minimum 4 years of Post-qualification work experience

For Self-employed Individuals –

Eligibility Criteria

Key Features

Profession

Self-employed Sole Proprietors, Partners & Directors in Manufacturing, Trading and Services

Applicant Age

21 - 65 years

Minimum Eligible Income

₹ 40,000 per month

Maximum Eligible Term Loan

₹ 50,000 to ₹ 25 Lakh 

Minimum Work Experience

Minimum 5 years of Post-qualification work experience

Document Required - IndusInd bank Personal Loan

IndusInd Bank ensures that its customers can apply and get their loan processed without any hassle. So, the bank has finalized a list of generalized documents which are required for the documentation process of the loan application.

For Salaried Employees

Particulars

Details

Application

Application Form duly filled and signed

Proof of Identity (Any of these)

Copy of Passport/Driving License/Copy of Aadhar Card/Copy of Voter ID Card

Proof of Residence

Registered Rent Agreement (Min. 1 year of stay)/Utility Bills (For the last 3 months)/ Life Insurance Policy

Proof of Incomes

  1. ITRs for the last two Assessment years
  2. Salary slip for the last 6 months
  3. Bank Statement for the last 6 months
  4. Passbook statement for the last 6 months

Loan Agreement

Duly signed Loan agreement document

Repayment

Post Dated Cheques (PDCs)/ Standing Instruction Request Form/ ECS Form/ Security Cheques duly signed

For Self-Employed Professionals and Individuals

Particulars

Details

Type

Self-employed Professionals

Self-employed Individuals

Application

Application Form duly filled and signed

Application Form duly filled and signed

Proof of Identity(Any of these)

Copy of Passport/Driving License/Copy of Aadhar Card/Copy of Voter ID Card

Copy of Passport/Driving License/Copy of Aadhar Card/Copy of Voter ID Card

Proof of Residence

Registered Rent Agreement (Min. 1 year of stay)/Utility Bills (For the last 3 months)/ Life Insurance Policy/ GST Certificate

Leave and License Agreement/Ration Card/Trade License/ Utility Bills (For the last 3 months)/ GST certificate

Proof of Incomes

  1. ITRs for the last two Assessment years
  2. Audited Balance Sheet for the last 2 years (with schedules)
  3. Profit and Loss account Statement for the last 2 years
  1. Business Current Account Statements (Latest 6 months bank passbook)
  2. ITRs for the last two years along with income computation
  3. Audited Balance sheet and P/L accounts

Loan Agreement

Duly signed Loan agreement document

Duly signed Loan agreement document

Repayment

Post Dated Cheques (PDCs)/ Standing Instruction Request Form/ ECS Form/ Security Cheques duly signed

Business continuity proof (Trade license/ establishment), Standing Instruction Request Form

Qualification Proof

Qualification or Registration Proof required for Practicing Doctors/Architects/Chartered Accountants/Company Secretary/ICWA and others

Sole proprietorship declaration/ Certified copy of partnership deeds/ Copy of MOA, AOA/ Details of partnership deed and income statements

Features and Benefits of IndusInd Bank

 IndusInd bank personal loan is very exclusive and generally favored personal loan facility. You can easily finance funds for home renovation, wedding, or any other emergencies at the lowest interest rates and with some additional features and benefits as follows:

  • Simple and easy documentation
  • Swift and speedy disbursal
  • Flexible loan tenure: from 12 months to 60 months
  • Low cost Balance Transfer facility
  • All services at your doorstep
  • Collateral free loan disbursement
  • Expedient repayment options, either through IndusInd Bank A/c debit or ECS through another bank

How do I calculate IndusInd personal loan EMI?

Now you can easily evaluate and calculate your IndusInd Bank Personal Loan eligibility and EMI by using the Indusind Bank Personal loan EMI calculator at Afinoz.com. The calculator uses a simple and method-based approach to quickly calculate and determine the EMI outflow every month including the interest rate and other charges you will need to pay as part of the loan repayment.

 

However, for you to easily understand the basics of the loan process and the anticipated EMIs, we have prepared a table for various amounts at applicable interest rates;

Various amounts of loan taken at a rate of interest of 10.99% (effective rate of interest – 0.009% per month) for a fixed tenure of 3 years;

Loan Amount

ROI @ 10.99%

Tenure (Months)

Repayment

EMI

Interest

₹ 2,00,000

0.009

(Effective Rate of Interest)

36

₹ 2,35,684

₹ 6,546

₹ 35,684

₹ 3,00,000

₹ 3,53,527

₹ 9,820

₹ 53,527

₹ 4,00,000

₹ 4,71,369

₹ 13,093

₹ 71,369

₹ 5,00,000

₹ 5,89,211

₹ 16,366

₹ 89,211

₹ 10,00,000

₹ 11,78,423

₹ 32,733

₹ 1,78,423

Comparative: -

Loan amount of ₹ 2,00,000 taken for a tenure of 12 months from various banks at competitive interest rates:

Bank

Loan Amount

ROI

Tenure (Months)

Repayment

EMI

Interest

IndusInd Bank

₹ 2,00,000

0.009

12

₹ 2,12,104

₹ 17,675

₹ 12,104

HDFC

0.013

₹ 2,17,186

₹ 18,098

₹ 17,186

SBI

0.010

₹ 2,13,517

₹ 17,793

₹ 13,517

ICICI Bank

0.012

₹ 2,16,054

₹ 18,004

₹ 16,054

Syndicate Bank

0.010

₹ 2,13,461

₹ 17,788

₹ 13,461

IndusInd Bank Personal Loan Status

Once you apply for your IndusInd Bank Personal Loan through the means of offline or online sources, you can track the current status of your IndusInd bank personal loan in real time through any one of the below-mentioned ways –

  1. When you submit your IndusInd bank personal loan application through Afinoz online platform, a unique transaction id will be provided to you. With this id, you can track the progress of your IndusInd bank personal loan approval at any given time
  2. The Afinoz customer support team will help you track the progress of your IndusInd bank personal loan through regular SMS/email updates.
  3. You can also check the IndusInd bank personal loan status from the official website of the bank where you can enter your credentials and login to your loan account. By entering your loan account number and password, you can see the progress with current status.

Personal Loan Customer Care Number

All the prospective borrowers and the existing customers of the bank can raise concerns and queries with the help of the pan India toll-free number 1860 500 5004 or you can call on 022 44066666. Customers are also requested to drop an email on reachus@indusind.com in case they would like to enquire about the loans and products in detail. 

The IndusInd bank also offers a unique advantage to its customers through its Video Branch services through which it provides services like Loan Account Information, Unlocking your IndusNet account, EMI payment and many others. By providing your reference number, you can easily get the statements related to your loan account. 

Why Afinoz

Afinoz.com is one of India's leading personalized financial marketplace. It has created a personal loan platform which lets you choose the best personal loan from the multiple options available to you. All the options are system generated taking into consideration your specific needs and requirements.

  • Instant Approval – Once you fill in and submit the application form along with the mentioned documents, you will get your e-approval within 2 to 3 days.
  • Real-time application tracking – Keep track of the application status in real-time with a unique transaction id which is generated at the time of loan application submission. We ensure that all the applicants are kept informed about their application process at each step via SMS and emails.
  • Online eligibility check - Do all your dealings with the bank online. Provide your basic information and our online personal loan eligibility calculator will let you know the amount of loan you are eligible to borrow from IndusInd bank for your personal financing.
  • 24/7 Customer Service - our experienced and well-trained customer service team will offer the best financing/investment solutions to your problems. So there's no need for you to waste time and make multiple trips to the bank to discuss loan specifications with bankers.

How to apply through Afinoz for IndusInd personal loan?

While you do your IndusInd bank personal loan apply through Afinoz, you should check the following-

  1. Check your IndusInd bank personal loan eligibility with the personal loan eligibility calculator at Afinoz.com. Simply visit Afinoz.com, fill in a few easy details and get an instant and accurate assessment of your personal loan eligibility.
  2. Check your IndusInd bank personal loan emi with the personal loan EMI calculator at Afinoz.com. This will help you to know the exact amount you need to pay every month towards the repayment of your IndusInd personal loan.
  3. Check the documentation for IndusInd bank personal loan application .Whether you are salaried or self-employed, applying with the proper set of documents will enhance your chances of getting your loan approved.

About the bank

IndusInd Bank commenced its operations in the year 1994 under the premier leadership of the great visionary Mr. Srichand P Hinduja, and derive its name from one of the greatest known civilization of the ancient world – The Indus Valley. Due to their commitment towards constant innovation & proven service standards, IndusInd Bank is one of the next generation private sector banks in the country. Spreading over 683 locations across India, the bank offers commercial, transactional and electronic banking products and services. It is based out of Mumbai and its presently servicing through more than 1500 branches and over 2400 ATMs spread across the country.  

FAQs
Q1 Why to take a personal loan from an IndusInd Bank?
The interest rate is very competitive. It starts from 11.25% and there is flexibility of loan amount from Rs 50,000 to Rs 25 lakh.
Q2 Are there any additional charges?
Yes. Processing fee of 2.5% of the loan amount and documentation charges is applicable.
Q3 What is the minimum and maximum tenure of personal loan?
The tenure ranges from 1 to 5 years.
Q4 How much is the processing fees for the personal loan?
The processing fees range from a minimum 1% to a maximum of 2.50%.
Q5 Is part-prepayment allowed on personal loan from an IndusInd Bank?
No, it is not allowed.
Q6 How much is the pre-payment charges on personal loan from IndusInd Bank?
4% is the prepayment charges on IndusInd Bank Personal loan.
Q7 Is there any fee payable to Afinoz?
No, it is nil.
Q8 How many years of stability are required for availing a personal loan?
Total 2 years in employment, out of which 1 minimum is required in the current organization for a salaried person. 4 years of post-qualification experience is required for self-employed professionals. 5 years of post-qualification experience is required for self-employed individuals.
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