Description

As of today, the IndusInd Bank personal loan interest rate ranges from 11.25% to 31.50 %, with the lowest rates provided to the bank's current customers with a high CIBIL Score and is provided to those employed with reputable companies with a secure job background. IndusInd Bank also operates on special security, armed forces, and government workers schemes. The interest rate for personal loans for government employees and security workers varies from private salaried staff.

IndusInd Bank Personal Loan Interest Rate

Induslnd Bank personal loan interest rate starts as low as 11.25 % p.a. Specific interest rates available to an applicant depend on various variables, including the credit score, customer category, loan size, and position of the applicant. The main categories of personal loans currently provided by IndusInd Bank and the generic applicable rate of interest are as follows:

Types of IndusInd Bank Personal Loan

Interest Rate (p.a.)

 

Home Renovation Loan

 

11.25 % to 31.50%

Medical Expenses Loan

Wedding Loan

Balance Transfer



 

What are the conditions for IndusInd's loan eligibility?

IndusInd identifies three types of salaried, self-employed, and self-employed individual loan takers.

To salaried workers

  • As specified by IndusInd Bank, salaried employees include chartered accountants, physicians, select employees of the private and public sector, PSU and central government employees, and employees of state and local government bodies.
  • Open to designated workers aged between 21 years and 60 years.
  • Net monthly income should not be below Rs 25,000.
  • Max total experience of 2 years, and minimum experience of 1 year in the present business.
  • For individuals using rented accommodation, they must have resided in the present residence for at least 1 year.

For self-employed experts

  • Architects, self-employed doctors, and CAs, engineers, company secretaries, as well as MBA consultants, include self-employed professionals as described by IndusInd Bank.
  • The age of applicants should range from 25 years to 65 years.
  • Net annual income could exceed Rs 4.8 lakhs.
  • Minimum experience of 4 years after qualification.

For self-employed 

  • Self-employed people include associates, directors, and sole proprietors involved in companies involved in services, commerce, or manufacturing.
  • The applicant's age should be limited to 25-65 years.
  • The net income is at least Rs 4.8 lakhs.
  • The related qualification is valid for at least 5 years of experience.

Factors affecting IndusInd Bank Personal Loan Interest Rate

Subject to an evaluation of your loan number, income, another liability firm you work with, and loan tenure, you can get the best personal interest rates from IndusInd Bank. 

The following factors decide the interest rate of personal loans that you can expect from IndusInd Bank to get:

  • Loan Amount - This is the amount lent from the bank by a borrower. In general, for higher quantities, banks offer lower interest rates. IndusInd Bank provides loans  between Rs. 50,000 and Rs. 25 Lakhs.  
  • Salary - The ability to repay the loan is determined by salary. People with a higher income bracket are given loans at lower interest rates. The bank's interest rate varies with your monthly net sales.
  • Bank ties - IndusInd Bank provides preferential rates, offers, and fees to the bank's current account holders. Those who have maintained their accounts and made all the payments in the past “on time “would benefit from a low-interest rate for IndusInd Bank loans. 

Other Charges

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

Payment Dishonor Charges

Rs.450/- plus tax

Cheque / ECS / SI Swapping Charges

Rs.500/- plus taxes per event

Duplicate Amortization Schedule Charge

Rs.250/- plus taxes per event

Loan Re-Booking / Rescheduling Charges

Rs.1000/- plus taxes per event

Loan Cancellation Charges

Rs.1000/- plus taxes per event

Charges for Photocopy of Agreement / Documents

Rs.250/- plus taxes per event

Penal Charge

Rs.150/- plus taxes, Per EMI delay beyond 5 days

Legal Charges

As per Actuals

Stamp Duty

As per State Laws

CIBIL Report

Rs.50/- per instance per set + Taxes as applicable

 

Types of IndusInd Bank Personal Loan

The IndusInd Bank personal loans can belong to one of the following groups, depending on the end use:

1. Wedding Loan:

In the event of a wedding, a wedding loan may be required to comply with the last-minute fund requirements for expenses related to venue booking, catering, guest accommodation, jewelry, etc. One can easily apply for a wedding loan with Induslnd Bank and get the funds required to cover such expenses. While the interest rate and the actual disbursement of the loan can differ according to various parameters, some of the main features of the IndusInd Bank Wedding Loan are as follows:

  • Interest rates on wedding loans start as low as 11.00 %p.a.
  • A loan of up to Rs. 15 lakhs can be used.
  • No collateral/security is required for this loan to be used.

2. Home Renovation Loan:

Induslnd Bank home renovation loan provides financial assistance to individuals who want a house/flat they own to redecorate/remodel. This loan can be used to cover different costs, such as essential repairs, purchasing furniture and fixtures, etc. Some main characteristics of a home renovation loan from Induslnd Bank are:

  • Interest rates begin as low as 11.00% p.a.
  • Fast application process and hassle-free
  • Up to 60 months of flexible repayment tenure

3. Personal loan for medical expenses:

The loan for medical expenses provided by Induslnd Bank provides financial assistance to deal with unforeseen medical expenses. The loan pays the costs for the doctor, hospital stay, prescription bills, and other expenses related to hospital and care.  Some of Induslnd Bank's medical loan features are:

  • Collateral-free up to Rs. 15 lakh loans
  • Flexible tenure of repayment for 12 months to 60 months
  • Low special rates for existing customers of IndusInd Bank

4. Personal Loan Balance Transfer:

The option to transfer your loan balance allows you to transfer your existing personal loan to Induslnd Bank from another bank to reduce your current EMI burden.The transition is clear and requires minimal documentation.Some of Induslnd Bank Personal Loan Balance Transfer's main features are:

  • Low fees for production
  • Swift pay-out and flexible tenure for repayment
  • Accessible only for clients of IndusInd Bank with unpaid loans with other banks

 

IndusInd Bank Personal Loan Details

  Interest rate

  11.25% p.a. onwards

  Loan Amount

  Up to Rs. 15 Lakh

  Eligible Applicant Age

  • Salaried: 21 to 60 years
  • Self-Employed: 25 to 65 years

  Processing Fees

  Up to 2.5% of loan amount sanctioned

  Loan Tenure

  Up to 36 months

  Types of Loans

  Home Renovation Loan, Medical Expenses Loan, Wedding Loan and Personal Loan Balance Transfer

  Foreclosure Charge

  4% of principal outstanding (allowed after 12 EMIs)

 

What are the conditions for IndusInd's loan eligibility?

IndusInd identifies three types of salaried, self-employed, and self-employed individual loan takers.

To salaried workers

  • As specified by IndusInd Bank, salaried employees include chartered accountants, physicians, select employees of the private and public sector, PSU and central government employees, and employees of state and local government bodies.
  • Open to designated workers aged between 21 years and 60 years.
  • Net monthly income should not be below Rs 25,000.
  • Max total experience of 2 years, and minimum experience of 1 year in the present business.
  • For individuals using rented accommodation, they must have resided in the present residence for at least 1 year.

For self-employed experts

  • Architects, self-employed doctors, and CAs, engineers, company secretaries, as well as MBA consultants, include self-employed professionals as described by IndusInd Bank.
  • The age of applicants should range from 25 years to 65 years.
  • Net annual income could exceed Rs 4.8 lakhs.
  • Minimum experience of 4 years after qualification.

For self-employed 

  • Self-employed people include associates, directors, and sole proprietors involved in companies involved in services, commerce, or manufacturing.
  • The applicant's age should be limited to 25-65 years.
  • The net income is at least Rs 4.8 lakhs.
  • The related qualification is valid for at least 5 years of experience.

Documents required for IndusInd Bank Personal Loan

To access Induslnd Bank Personal Loan, the following documents are required:

For salaried staff:

  • PAN/ Aadhaar/ Voters ID/ Passport/ Driving License, etc. Identity Proof: (any one)
  • Evidence of address: Electricity Bill (less than 3 months old)/ Valid Tenancy Agreement, etc (anyone)
  • Evidence of income: new payslips for the last 3 months/certificate of salary and latest Form 16
  • Bank statements: New 3 months' salary account bank statement

For Self-Employed Experts:

  • PAN/Voters ID/ Aadhaar/ Driving License/ Visa, etc. Identity Proof (any one)
  • Address Proof: Energy Bill (less than 3 months old)/ Trade License/ Sales Tax Certificate/ Valid Rent Agreement, etc (any one)
  • Bank statements for the company (current account) (passbook/latest bank statement for 6 months)
  • The last 2 years of ITR with income estimate, B/S, P&L a/c with all CA accredited schedules
  • Evidence of Qualification: Highest Technical Degree
  • Evidence of continuity of careers (eg. registration certificate from applicable authority)

For Self-Employed Persons:

  • Evidence of address: Valid rental agreement/utility bill (less than 3 months old)/ certificate of sales tax/trade license, etc (anyone)
  • Bank statements for the company (current account) (latest 6-month bank statement/passbook)
  • The last 2 years of ITR with income estimate, B/S, P&L a/c with all CA accredited schedules
  • Additional Mandatory Documents: Certified copy of the MOA, AOA, and Board resolution of the partnership deed/ sole proprietorship declaration/ certified copy. If revenue is obtained from a partnership firm, the B/S, P&L a/c of the current 2-year partnership firm with all schedules certified by a CA

FAQs

Q1How to check personal loan status with IndusInd?
By calling the customer care number or contacting any of the branches nearest to you, you can check your loan status from IndusInd Bank.
Q2How to contact customer service for IndusInd bank personal loan?
IndusInd Bank can be contacted in the following ways: Call the personal loan customer care number 1860 500 5004 or 022 44066666 from IndusInd bank. Right around the clock, these numbers are open. At reachus@indusind.com, contact the bank You can step through any of the closest branches as well.
Q3How do I check my status on a loan?
It is a very easy task to verify your loan status. Everything you need to do is log into your net banking account on the official bank website (if any) Please contact or call the respective branch for comprehensive documentation if you don't have an account with the bank. Alternatively, you can visit the Afinoz website and navigate to the dedicated personal loan page of the respective bank. In this section, you will find all the relevant resources and information.
Q4Where can I find the IndusInd Bank personal loan application form?
You can download the personal loan form from IndusInd Bank from the bank's official website. Alternatively, by answering a few simple questions and providing related credit and other information, you can apply for IndusInd personal loans through Afinoz.
Q5May I check my personal loan statement from IndusInd online?
You can read IndusInd's personal loan statements by logging in to your loan or bank account on the official website. You may need to send a request to the bank with personal information via email or telephone calls to get accurate loan statements.
Q6What are the charges for pre-closure and the process of pre-closure?
After paying 12 EMIs for salaried workers and after 6 EMI payments for self-employed persons, IndusInd charges 4 percent of the unpaid loan balance as pre-closure or foreclosure fees. Foreclosure payments mean paying off the remaining balance of the loan in a single go, when and when the policies of the Bank allow clients to do so.
Q7What is the normal waiting period for IndusInd bank personal loan approval?
Generally, the loan processing period is completed within 4-7 days after the customer receives all of the related documents.
Q8Before applying for personal loans from the bank, is it completely important to have an account with IndusInd?
No, to apply for personal loans, you do not need to have an IndusInd account, although having an account will be useful in making repayments and easily obtaining relevant statements and details.
Q9Are there any unique benefits for customers with IndusInd?
Exclusive interest rates, granted preference in processing, are provided to IndusInd Bank customers and bugged for limited documents. Having an IndusInd account would make it easier for the bank to get your financial history and offer personalized products that best suit your needs without creating inconvenience and the ability to repay.
Q10What is the Loan Repayment Process?
Loan repayments are expected in Equated Monthly Instalments (EMIs). These payments can be made through ECS. Customers are also able to provide the bank with standing orders to debit the exact EMI sum per month.
Q11What are the minimum and maximum amounts I can use from IndusInd Bank as a personal loan?
IndusInd provides personal loans to a high of Rs.15 lakhs from as low as Rs.50,000. After evaluating a broad range of issues such as credit history, sales, age, repayment capacity, etc., the loan amounts are determined.