IndusInd Bank Personal Loan Interest Rates 2022

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.

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

 

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.

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

 

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

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)

 

To access Induslnd Bank personal loan, the following documents are required:

For Salaried Staff:

• PAN/ Aadhaar/ Voters ID/ Passport/ Driving License, etc. Identity Proof: (anyone)
• 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 (anyone)
• Address proof: Energy Bill (less than 3 months old)/ Trade License/ Sales Tax Certificate/ Valid Rent Agreement, etc (anyone)
• 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

The EMI, or Equated Monthly Installment, is the monthly payment that a borrower must make to the lender in order to repay a loan. The personal loan EMI calculator on Afinoz is a free online tool that allows you to calculate your monthly EMI before applying for a personal loan. The basic parts of the IndusInd Bank personal loan EMI calculator are the same as those of other websites' generic calculators. You can use different combinations of these loan criteria to get the EMI that is most comfortable for you. 

How does EMI Calculator Work?  

The three parts that make up an EMI calculator are as follows: 

• Loan Amount: The primary amount you borrow from IndusInd Bank is referred to as the loan amount. In general, a bigger loan amount equals a higher EMI. Personal loans from IndusInd Bank range from Rs. 50,000 to Rs. 15 lakh. 
• Interest Rates: The rate at which interest is levied on the loan amount sanctioned is known as the interest rate. The interest rate on a personal loan from IndusInd Bank starts at just 11.00 percent per annum. A higher interest rate means greater EMI payments during the loan's term. 
• Loan Tenure: This is the amount of time you have to repay the loan. IndusInd Bank offers personal loans with repayment terms ranging from 12 to 60 months. 

Conclusion  

At the end of the blog, you can check the entire details of IndusInd Bank Personal Loan offered to fulfill their financial needs. You can also use the Afinoz Personal Loan EMI Calculator before availing of the loan repay the loan amount easily.