Indusind Bank Personal Loan Interest Rate

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.

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

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 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 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.

Below are the Indusind Bank personal loan eligibility criteria:

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.

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 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