Description

IndusInd bank personal loan

IndusInd Bank Personal Loan can be availed for funding your education, marriage expenses, buying furniture, renovating your home and lots more. In order to meet customers’ various requirements, IndusInd Bank brings to you bunch of Personal Loan in multiple categories like personal Loan for Education, Personal Loan for Medical Expenses, Personal loan for home Renovation, Personal Loan for weding & Personal Loan Balance Transfer.

Interest Rate & Charges

IndusInd bank personal loan interest rates 2019

General -Interest Rates

11.25% to 30.50%

Loan tenure

UP TO 60 MONTHS

Processing Fee

Up to 2.50% of loan amount plus tax

LOAN AMOUNT

50,000 TO 15 LAKH

AGE

21 TO 60 YEARS FOR SALARIED &

25 TO 65 YEARS FOR SELF -EMPLOYED

PREPAYMENT CHARGES

Salaried: 4% of the principal outstanding after repayment of 12 EMIs.

Self Employed:4% of the principal outstanding after repayment of 6 EMIs.

Factors That Affect Interest Rates On Personal Loan

  • Income level of the borrower

This will give an idea to the bank if the money lent 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

If the Indusind bank personal loan is for a shorter period, then the personal loan interest rates would be higher and the personal loan interest rate would be comparatively less for a longer loan duration.

  • Credit History of the borrower

The past loan record of the borrower, his past payments and repayments are checked in details before approving the Indusind bank personal loan application and deciding on the personal loan interest rates. If these are found satisfactory, the best personal loan interest rates are likely to be offered to the borrower.

Eligibility Criteria- Indusind Bank Personal Loan

For getting personal loan from an IndusInd bank, there are some eligibility criterion and the loan seekers who fulfill these entire parameters can only eligible for a personal loan from the bank. For instance, the bank has different criteria for a salaried individual and different for a self-employed professionals & individuals. So, eligibility criteria for IndusInd bank personal loan are as follows:

Eligibility for Salaried Employees:

  • Age limit: - Minimum age to avail personal loan from IndusInd bank at the time of application should be 21 years whereas maximum age at personal loan maturity should be 60 years or retirement age whichever is earlier.
  • Income: - Minimum net monthly income of the loan applicant should be Rs.25000.
  • Service: - applicant must have completed minimum 2 years in employment and minimum 1 year in the current organization.
  • Residence:- applicant Should have completed minimum 1 year of stay at the current residence, if rented

Eligibility for Self-employed Professionals:-

  • Age limit: - Minimum age at the time of application should be 25 years whereas maximum age at loan maturity should be 65 years.
  • Income: - Minimum annual net income post tax payment should be Rs.4.8 lakh.
  • Self-employed professionals should have 4 years of post qualification experience to get under loan under IndusInd bank personal loan scheme.

Eligibility for Self-employed Individuals:

  • Age limit: - Minimum age at the time of Indusind bank personal loan application should be 25 years whereas maximum age at loan maturity should be 65 years.
  • Income: - Minimum annual net income post tax payment should be Rs.4.8 lakh
  • Loan applicant should have 5 years of post qualification experience

Document Required - IndusInd bank Personal Loan

The documents required to get a personal loan from IndusInd bank is time-saving, hassle-free if you keep the documents ready in advance.

Required documents for Salaried Employees:

  • Proof of identity: Passport/driving license/voters Id/PAN card/card issued by UIDAI containing the details of name, photograph, address and Aadhar number.
  • Residence proof: Leave and License Agreement/ration card/utility bill (not more than 3 months old)/valid passport (provided the passport address is present address mentioned in the loan application form)
  • Proof of Income: Latest 3 months salary slip/salary certificate and latest Form 16
  • Bank Statements: Latest 3 months bank account statement (where salary is credited)

Documents for Self-employed Professionals:

  • Proof of identity: Passport/driving license/voters Id/PAN card/card issued by UIDAI containing the details of name, photograph, address and Aadhar number etc.
  • Proof of residence: Leave and License Agreement/ration card/utility bill (not more than 3 months old)/trade license/establishment/sales tax certificate/valid Passport (provided the passport address is present address mentioned in loan application form)
  • Business (Current Account) Bank Statements (latest 6 months bank account statement/passbook)
  • Proof of qualification: Highest Professional Degree
  • Latest 2 years ITR along with computation of income, B/S, P&L a/c with all schedules certified by a Chartered accountant.
  • Profession continuity proof

Documents for Self-employed Individuals:

  • Proof of Identity: Passport/driving license/voters ID/PAN card/card issued by UIDAI containing the details of name, photograph, address and Aadhar number etc.
  • Proof of residence: Leave and License Agreement/ration card/utility bill (not more than 3 months old)/Trade License/establishment/sales tax certificate/valid passport (provided the passport address is present address mentioned in loan application form)
  • Business (Current Account) bank statements (latest 6 months bank account/passbook)
  • Latest 2 years ITR along with computation of income, B/S, P&L a/c with all schedules certified by a chartered accountant.
  • Business continuity proof: Trade license/establishment/sales tax certificate.
  • Additional mandatory documents: Sole proprietorship declaration/certified copy of partnership deed /certified copy of MOA, AOA and Board resolution. In case of income derived from a partnership firm, latest 2 years partnership firm's B/S, P&L a/c with all schedules certified by a chartered accountant.

Features and Benefits of IndusInd Bank

IndusInd bank has attractive features & benefits from easy loan approval to higher loan amount with flexible loan tenure, IndusInd bank offers its customers maximum quantum of loan depending upon their requirement & repayment history & credit score. Here are some features & benefits of IndusInd bank personal loan.

  • Get a personal loan from IndusInd bank easily with simple documentation, quick processing and speedy disbursal.
  • Choose flexible loan tenure as per your convenience ranging from 1 to 5 years
  • Enjoy the ease of doorstep service
  • Get the best in class personal loan interest rates in IndusInd bank
  • No requirements of Collaterals or guarantors
  • Get rid of your high-interest loan through 'Balance Transfer Option'
  • Choose a convenient repayment option from IndusInd Bank account debit or ECS from your other bank.

How do I calculate IndusInd personal loan EMI?

The personal loan EMI calculator at Afinoz.com will assist if you want to calculate your IndusInd Bank personal loan emi accurately. This useful tool will help you to calculate the personal loan EMI, the breakup and the amortization table accurately. An evaluation of these important parameters provides a transparent picture to you and empowers you to make an informed decision regarding the affordability of your IndusInd bank personal loan. By feeding the inputs (loan amount, loan tenure and IndusInd bank personal loan interest rate) properly on the Afinoz personal loan EMI calculator, you can even decide on an exact EMI amount that you can repay comfortably over your loan tenure.

IndusInd Bank Personal Loan Status

After you do  an Indusind bank personal loan apply, you can track the Indusind bank personal loan status real time through any one of the below-mentioned ways-

  • When you submit your Indusind bank personal loan application through the 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 yourself
  • The Afinoz customer support team will help you track the progress of your Indusind bank personal loan through regular sms /email updates.
  • You can also check the Indusind bank personal loan status from the official website of the bank.

Personal Loan Customer Care Number

In case you have any query at any stage of your Indusind bank personal loan application process, the well-trained and experienced customer support team of Indusind bank personal loan will be there to provide all help for you any time you want. You can call at the Indusind Bank Personal Loan Toll Free No 1860 500 5004 as per your convenience. The Indusind personal loan customer care number is just what you need in case of any doubt and no visit to the bank is required at all on your part.

Why Afinoz

Why should you apply for IndusInd bank Personal Loan through Afinoz.com?

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 was established in 1994 and is one of the next generation private sector banks in country. It is spread over 683 locations across India offering commercial, transactional and electronic banking products and services. It is a Mumbai based bank grown over 1200 branches and over 2036 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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