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Blog
Indusind Bank Personal Loan Interest Rate
Get a quick online personal loan up to Rs. 50 Lakhs from Indusind Bank at an attractive interest rate. IndusInd personal loan interest rates vary from borrower to borrower. The minimum interest rate offered is 10.5% p.a. and the maximum interest rate can go up to 31.50% p.a. A processing fee of 2.5% onwards will be applicable.
Indusind Bank Personal Loan Interest Rates
Interest rates for IndusInd Bank Personal Loans are comparatively lesser than those of other credit products like credit cards. Interest rates depend on the type of loan, the type of borrower, and the credit score. The interest rate varies between 10.5% p.a. to 26.00% p.a. as per your eligibility.
| Minimum ROI | 10.5% p.a. |
| Maximum ROI | 26.00% p.a. |
| Mean ROI | 15.57% p.a. |
| Minimum APR | 10.25% p.a. |
| Maximum APR | 32.02% p.a. |
Table of Contents: Indusind Bank Personal Loan Interest Rate [Hide]
- Indusind Bank Personal Loan Fees & Charges
- Indusind Bank Personal Loan Details
- Indusind Bank Personal Loan Features
- Indusind Bank Personal Loan Benefits
- Indusind Bank Personal Loan Eligibility
- Indusind Bank Personal Loan Documents
- How to Calculate Indusind Bank Personal Loan EMI?
- Indusind Bank Personal Loan Customer Care
- FAQs
Indusind Bank Personal Loan Fees & Charges
| Processing fee | Upto 3% |
| Prepayment charges | 4% of the principal outstanding after repayment of 12 EMIs |
| Loan re-booking/ rescheduling/ cancellation charges | Rs. 1,000 per event |
| Cheque/ ECS/ SI swapping charges | Rs. 500 per event |
| Payment Dishonour charges | Rs. 450 per instance |
| Duplicate No Dues Certificate | Rs 250/- per event |
| Duplicate No Dues Certificate/ duplicate amortization schedule/ photocopy of agreement & documents charges | Rs. 250 per event |
| Penal charges | Rs. 150 per EMI delay |
| CIBIL report | Rs. 50 per instance per set as applicable |
| Legal charges | As per actuals |
| Stamp duty | As per State laws |
Notes: All the charges mentioned above are exclusive of applicable government taxes.
Indusind Bank Personal Loan Details
| Loan amount | Rs. 50 Lakhs |
| Interest Rate | 10.5% p.a. |
| Tenure | 1 - 5 years |
| Processing fee | 3% of loan amount |
| Prepayment Charges | 4% of the principal outstanding after repayment of 12 EMIs |
| Age | 21 - 60 years |
| Minimum net monthly income | Rs. 25,000 |
Indusind Bank Personal Loan Features
IndusInd Bank offers Personal Loans for both salaried and self-employed people. Some of the basic features of IndusInd Bank Personal Loan are listed below:
- Available for: Salaried employees, self-employed individuals, self-employed professionals.
- Purpose: For business purposes, education, personal expenses, home improvement, etc.
- Amount: The minimum loan amount that can be offered up to Rs. 50 Lakhs, depending on borrower's eligibility, income, job's nature, and repayment capacity.
- Tenure: The repayment tenure ranges between 12 to 60 months.
- Rate of interest: 10.5% per annum.
- Prepayment: Prepayment can be done after 12 EMIs for salaried employees and 6 EMIs for self-employed individuals. 4% of the remaining amount will be charged as foreclosure charges.
- Processing fee: Up to 3% of the sanctioned loan amount + applicable tax.
Indusind Bank Personal Loan Benefits
IndusInd Bank is a popular new-generation private lender which offers a lot of benefits to Personal Loan aspirants, some of which are mentioned below:
- Low processing charges.
- Quick approval time. Disbursal can be completed within 4-7 days after submitting the documents required by the lender.
- Competitive interest rates.
- A high amount of loans available for customers to fulfil their financial needs.
- Long tenure to enable the customers to repay the loan comfortably.
- Customised product as per requirement.
- No collateral required.
Indusind Bank Personal Loan Eligibility
Below are the Indusind Bank personal loan eligibility criteria:
| Eligible applicants |
|
| Minimum net monthly income |
|
| Age criteria |
|
| Experience required |
|
Indusind Bank Personal Loan Documents
Below are the documents that IndusInd Bank will ask for:
- Duly filled application form with the relevant fields.
- Identity proof (any one): Aadhar Card, Driving License, Voter ID Card, Passport, PAN Card, etc.
- Residential proof (any one): Aadhar Card, Passport, Telephone Bill, Electricity Bill, Leave and License Agreement, Ration Card and other valid ID proof with permanent address.
- Proof of Income (for salaried employees): 3 months' bank statement where salary gets credited, 3 months' salary slips/salary certificate, latest Form-16.
- Proof of income (for self-employed professionals/ individuals): Last 2 years' ITR with computation of income, Balance Sheet, P&L account with all schedules certified by a CA, Business/Current Account bank statements of last 6 months or bank statement/passbook of last 6 months.
- Highest Professional Degree as qualification proof for self-employed professionals.
- Profession continuity proof for self-employed professionals.
- Business continuity proof, such as Trade License/ establishment or sales tax certificate, for self-employed individuals.
- Sole proprietorship declaration/ certified copy of MOA, AOA & Board resolution/ certified copy of partnership deed for self-employed individuals.
- Other documents: Processing fee cheque, and 2 passport sized photographs.
Indusind Bank Personal Loan Customer Care
IndusInd Bank offers 24 x 7 customer care executives who can help you through the Personal Loan process. Moreover, the executives can also offer to come to your house and help you apply for the loan. Below are the customer care numbers that you can contact if you have any issues/queries while applying for the home loan.
Toll-free number: 18605005004
Chargeable customer care number: 022- 44066666
Email address for Indian customers: reachus@indusind.com
Email address for NRI customers: nri@indusind.com
Indusind Bank Personal Loan Customer Care
IndusInd Bank offers 24 x 7 customer care executives who can help you through the Personal Loan process. Moreover, the executives can also offer to come to your house and help you apply for the loan. Below are the customer care numbers that you can contact if you have any issues/queries while applying for the home loan.
Toll-free number: 18605005004
Chargeable customer care number: 022- 44066666
Email address for Indian customers: reachus@indusind.com
Email address for NRI customers: nri@indusind.com
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Indusind Bank Personal Loan Interest Rate FAQs
How can I make the EMI payment for the Personal Loan?
- The EMI payment for the Personal Loan can be done easily through any of the below methods :
- ECS (Electronic Clearing System), through which the amount of EMI can be deducted directly from your account in any bank.
- SI (Standing Instruction), where you will have to issue instructions to the bank to deduct the EMI amount from your account in the same bank every month.
- PDC (Post-dated cheque), where you have to provide the bank with post-dated cheques mentioning the specified EMI amount for the duration of the tenure.
On which factors does the Personal Loan approval depend upon?
The Personal Loan approval depends on your age, amount of loan required, purpose and tenure. Apart from these factors, a good credit score is also crucial to get your Personal Loan approved.
Can I apply for a Personal Loan if I have a poor credit score?
The bank requires you to have a credit score of a minimum 750 to avail the Personal Loan. In case your credit score is lower than that, the bank may refuse your application or charge you a higher rate of interest. You can refer to the section above to see how credit score can affect interest rates. Alternatively, you can apply with a guarantor or a co-applicant with a good credit score to increase your chances of getting the loan approved.
Is it necessary to provide security for Personal Loan?
It is not mandatory to provide security for Personal Loans. However, this can be subjective to the risk factors of the loan, your income and amount. A collateral may be required in case the bank finds that your income isn't sufficient, your credit score is poor or if the loan amount is higher. The collateral can be provided by a third-party guarantor too.
Can I take a Personal Loan to purchase furnishings for my house?
Yes, Personal Loans can be applied for any personal use. You can use the Personal Loan amount for any furnishings or repairs to your house. Also, if you apply for a Personal Loan for house-related expenses, you can also claim income tax benefits for the same.
What happens if I miss an EMI payment?
A missed EMI payment will invite penalties/other additional charges of INR 300 for every missed payment. Also, some other charges can also be levied on the total overdue amount every year. The lender also reserves the right to take legal action on the borrower for missed/late payments. A missed EMI payment also has serious consequences on your credit score. It will lower your credit score, which will then affect any future chances of you applying for credits.
