Indusind Bank Personal Loan Interest Rate

Get a quick online personal loan up to Rs. 15 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 10.49% 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 for Q2 2021-22

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 10.49% p.a. to 31.50% p.a. as per your eligibility.

Minimum ROI10.49% p.a.
Maximum ROI31.50% p.a.
Mean ROI15.57% p.a.
Minimum APR10.49% p.a.
Maximum APR31.50% p.a.

Indusind Bank Personal Loan Fees & Charges

Processing fee2.5% - 3% of loan amount
Prepayment charges4% of the principal outstanding 
Loan re-booking/ rescheduling/ cancellation chargesRs. 1,000 per event
Cheque/ ECS/ SI swapping chargesRs. 500 per event
Payment dishonour chargesRs. 450 per instance
Duplicate statement chargesRs. 250 per instance
Duplicate No Dues Certificate/ duplicate amortization schedule/ photocopy of agreement & documents chargesRs. 250 per event
Penal charges Rs. 150 per EMI delay beyond 5 days
CIBIL reportRs. 50 per instance per set as applicable
Legal chargesAs per actuals
Stamp duty As per State laws

All the charges mentioned above are exclusive of applicable government taxes.

Indusind Bank Personal Loan Details

Loan amountRs. 50,000 - Rs. 15 Lakhs
Interest Rate10.49% - 31.50% p.a.
Tenure1 - 5 years
Processing fee2.5% - 3% of loan amount
Prepayment Charges4% of the principal outstanding 
Age21 - 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 is Rs. 50,000 and maximum up to Rs. 15 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: 10.49% to 31.50% 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 2.50% of the sanctioned loan amount + applicable tax.
  • Lowest possible EMI: Rs. 2,149 per lakh

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.

Types of Indusind Bank Personal Loan

IndusInd Bank offers different kinds of Personal Loan products that can suit different kinds of requirements. They offer customised plans for term loans and overdraft facilities with convenient payment options. Below are the types of Personal Loans:

  • Personal Loan for Wedding: IndusInd Bank recognises the difficulty that parents often face while organising their child's wedding and has come up with a special purpose Personal Loan for wedding. The loan can cover all kinds of expenses that the borrower might incur while organising the wedding, such as stay expenses, party halls, jewellery, catering, etc. It can also travel costs if it's a destination wedding. The rate of interest applied is low and you have a long tenure to repay the loan taken.
  • Personal Loan for Medical Emergency: IndusInd offers Personal Loans for medical emergency that can cover a wide range of treatments and expenses such as medicine costs, doctor's fees, surgery fees, and any other expenses that may occur during the treatment of the individual. Also, IndusInd Bank does not ask for any collateral for Personal Loan for medical emergencies. The low rate of interest and speedy processing make IndusInd Personal Loan an ideal solution for medical emergency cases.
  • Personal Loan for Education: IndusInd Bank also offers a Personal Loan for education for students/individuals who wish to avail loan for higher education in India or abroad. Personal Loans can be a boon for the students who have the desire to study in the institution of a high repute but don't have the means to apply for the same. IndusInd Bank offers low processing fees for Personal Loans. Personal Loans can also cover the tuition and living expenses of the student as well as any other expense, such as vehicle or travel expenses.
  • Personal Loan for Home renovation: Home renovations often require high amounts of funds, which are not always readily available with the borrowers. IndusInd offers Personal Loan for Home renovation for individuals who wish to avail the funds for the same.

Indusind Bank Personal Loan Eligibility

Below are the Indusind Bank personal loan eligibility criteria:

Eligible applicants
  • Salaried employees: Salaried chartered accountants, salaried doctors, employees of select public & private limited companies, government sector employees (including PSUs, central, state, and local bodies).
  • Self-employed individuals: Self-employed sole proprietors, directors & partners in a business of manufacturing/trading/ services.
  • Self-employed professionals: Self-employed doctors (MBBS & higher degree), chartered accountants, architects, engineers, company secretaries, and MBA consultants.
Minimum net monthly income
  • For salaried employees: Rs. 25,000
  • For self-employed professionals: Rs. 4.8 Lakhs
  • For self-employed individuals: Rs. 4.8 Lakhs
Age criteria
  • For salaried employees: Minimum 21 years and maximum 60 years or till retirement.
  • For self-employed professionals: Minimum 25 years and maximum 65 years
  • For self-employed individuals: Minimum 25 years and maximum 65 years
Experience required
  • For salaried employees: The applicant should have completed minimum 2 years of overall work experience and a minimum of 1 year of experience in the current organisation.
  • For self-employed professionals: A minimum of 4 years of experience is required post qualification.
  • For self-employed individuals: A minimum of 5 years of experience is required post qualification.

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.

How to Calculate Indusind Bank Personal Loan EMI?

The EMI (Equated Monthly Installment) is a very important part of the loan application process. The EMI is used by the bank to determine your eligibility as it has to fall within your disposable income limits. You also have to pay the EMI on a long-term basis, so it is imperative that you are aware of the EMI beforehand.

Manual EMI calculation can be a complicated and time consulting process. That is why EMI calculators were devised.

EMI Calculators are tools designed to calculate your EMI amount based on the factors you provide. The EMI Calculator tool can be used online to determine what EMI you can expect with the amount and tenure combination you choose. The EMI amount decreases with the increase in tenure. However, an increase in tenure can also increase the rate of Interest.

MyMoneyMantra provides an EMI Calculator tool that is easy to access through their website. You only need to visit the website of MyMoneyMantra, go to the Financial Tools section and click on the EMI Calculator tab that you see. It will open up the calculator tool, which will ask you to enter the principal amount, rate of interest, and tenure. On submitting the information, you will get the EMI amount, along with the total interest and the total amount to be repaid.

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

Kotak Personal Loan Festival Offer 

Ahead of festival season, Kotak Mahindra Bank has announced Rs 999 flat processing fee offer on Personal Loans. Customers can avail of instant approvals on personal loan applications up to Rs. 20 Lakhs at lowest interest rate starting at 10.25% p.a for maximum of 5 years. 

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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.