Indusind Bank

Indusind Bank Personal Loan

Years

Apply Indusind Bank Personal Loan @ 11.25%
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Interest Rate

11.25%-23%

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Processing fee

Upto 0.5%

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Loan Tenure upto

5 years

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EMI per Lakh

2,187

IndusInd Bank Personal Loan

Funds can help you meet different needs that you come across in your life. These include funding for instances like repair of your home or vehicle, education purposes, for marriages, clearing medical bills and so on. Easy availability of such funds can make a whole lot of difference in your life.

One of India's best new generation banks, IndusInd Bank helps you manage your financial needs smoothly by providing Personal Loan in the simplest way possible. If you are in need of funding for any personal needs, here is what you need to know about the IndusInd Personal Loans.

IndusInd Bank Personal Loan Interest Rate Oct 2019

Interest rate

11.25% 

Loan tenure

5 Years

Loan turn around period

1-7 Days

Processing Charges

Upto 2.50%  of loan sanctioned + Taxes

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Dishonour Charges

450 + Taxes

Lowest EMI

2,187  Per Lakh

About IndusInd Bank Personal Loan

IndusInd Bank started in 1994 is a Mumbai based new generation bank which uses unique schemes and techniques to meet the needs of their customers. IndusInd Bank Personal Loans can help you achieve your short-term financial goals easily by providing an instant loan process. Now you don't need to wait long or visit banks or other financial institutions personally to get a loan as IndusInd Bank provides a quick and hassle-free online loan processing.

Why IndusInd Bank Personal Loan?

A Personal Loan can be used to help you with your financial needs at crucial times in your life. The loan provides funds for education, medical expense, home renovation, wedding, debt consolidation, vacation and various other purposes. You may require immediate funds during many urgent occasions like a medical emergency, house renovation and others. During such times, looped documentation and longer processing of loan can cause a problem for you. This is where IndusInd Bank Personal Loan can help you with their instant Personal Loan services. You can avail a loan of an amount up to 15 Lakhs under this loan scheme.

Features and Benefits of IndusInd Bank Personal Loan

Let us go through various things related to the IndusInd Bank that might interest you:

Competitive Interest Rate

The IndusInd Bank provides attractive interest rates on Personal Loans starting at 11.25%.

Easy and hassle-free documentation

IndusInd Bank Personal Loans involve an easy, simple and hassle-free documentation process so that you can avail funding easily.

Quick processing and instant disbursal

Once your documents are verified and application is approved, it does not take longer to process your loan. The funds will be disbursed into your bank account instantly, ensuring that you meet your financial goals immediately.

Doorstep service

The IndusInd Bank provides doorstep service for their customer's convenience. This can help you finish the application and documentation process smoothly from the comfort of your home.

Balance transfer option

You can transfer your existing high-interest Personal Loan from another bank to IndusInd Bank and get the benefit of low-interest rate using their Balance Transfer facility. Using this option, you can reduce the interest cost and EMIs payable for an existing loan.

No collateral needed

The IndusInd Bank Personal Loans are provided without any collateral or guarantor. The bank offers Personal Loans to various categories of borrowers on the basis of their income, KYC, CIBIL score, and repayment capacity. So there is no need for any security/collateral/guarantor for Personal loans. However, you have to submit all the required KYC and income related documents to avail the loan.

Flexible tenure

The bank provides a flexible Personal Loan tenure of 1 year to 5 years to their customers. One can choose the tenure depending on how fast they can repay the loan amount to the bank. You can choose tenure as per your income, other loan obligations, monthly expenses, and repayment capacity.

Choice of repayment options

You can repay your loan amount via auto account debit option or by choosing an electronic clearing system (ECS) from another bank.

EMI Calculator

Using IndusInd Bank's online EMI Calculator, you can calculate equated monthly instalments (EMIs) you need to pay for your loan even before applying for it.

IndusInd Bank Personal Loan Interest Rates

The interest rates for IndusInd Bank Personal Loan vary between 11.25% and 30.50%.

IndusInd Bank Personal Loan Processing Fees and Other Charges

Types of Charges Quantum

Processing Fee

Up to 2.50% of the sanctioned loan amount + applicable taxes

Prepayment Charges

For salaried borrowers: 4% of the outstanding principal amount (this facility can be availed only after repayment of 12 EMIs).
For self-employed borrowers:
4% of the outstanding principal amount (this facility can be availed only after repayment of 6 EMIs).

Charges for Payment Dishonor

450 + taxes

Charges for Personal Loan Duplicate Statement

250 + taxes per event

ECS/ Cheque / SI Swapping Charges

500 + taxes per event

Charges  for Duplicate No Dues Certificate

250 + taxes per event

Duplicate Amortisation Schedule Charge

250 + taxes per event

Loan Rescheduling/ Re-Booking Charges

1,000 + taxes per event

Charges for Loan Cancellation

1,000 + taxes per event

Photocopy of Documents/
Agreement Charges

250 + taxes per event

Penal Charges

150 + taxes (for Per EMI delay after 5 days)

Legal Charges

As per Actuals

Stamp Duty

As per State Laws

CIBIL Report Generation Charges

50 per instance for per set + applicable taxes

Types of Personal Loans Offered by IndusInd Bank

IndusInd Bank Personal Loans are categorized in the following five types, according to the purpose for which you need funding:

Personal Loan for Education

IndusInd Bank offers you Personal Loans for Education to get a good quality education for yourself or your kids. If you have children studying in school or college and you need money to pay the fees to the respective institution, IndusInd Bank can provide you timely financial assistance.

The bank empowers students who wish to study in abroad or India. Candidates belonging to a wide range of education domain can easily apply for these Personal Loans without any security or collateral. This loan scheme covers every expense associated with your course including tuition fees, caution deposits, or any other unexpected college costs.

Due to its simple application, fast processing, attractive rates of interest, and flexible terms, IndusInd Bank Personal Loans can help you achieve your goal of pursuing a higher education easily.

Personal Loan for Medical Expenses

Medical need is always a high priority where there is an immediate fund requirement for proper and timely treatment. IndusInd Bank provides Personal Loan for medical treatments and medications using the quick and hassle-free process to help you deal with such an unexpected blow. This loan covers various medical expenses such as doctor's fees, hospital stay, medicine bills, surgery, and other charges. The bank studies the purpose of each loan carefully before arriving on the final decision prior to approval.

The bank offers a hassle-free loan application process, feasible Personal Loan interest rates, flexible repayment tenures and low processing fees, so that the borrower doesn't have to worry about piling expenses and loan repayment while dealing with any medical emergency.

Benefits of availing IndusInd Bank Personal Loan for Medical Expenses:

  • You can avail these loans for all emergencies that are generally not covered by a majority of medical insurance policies.

  • Personal loans are quick and easy to obtain during an emergency situation as they don't involve time-consuming documentation process.

  • Being an unsecured loan, Personal Loan does not require any collateral or guarantor. Any individuals having a good credit history is eligible to avail this loan for medical expenses.

  • The loan amount is disbursed within 4-7 working days after approval.

  • The loan covers a wide array of treatments or therapies.

Personal Loan for Home Renovation

A home is the best place for your peace of mind. In today's time, renovation or redecoration of a home can be an expensive affair.

IndusInd Bank helps you to get the funding for your renovation works easily through Personal Loan for Renovation. You can easily avail this loan to fund your home remodelling project according to your wishes.

Benefits of availing IndusInd Bank Personal Loan for Home Renovation:

  • The loan comes at extremely reasonable interest rates

  • The application process is extremely easy, instant and hassle-free.

  • You can repay your loan in flexible tenures as per your convenience.

  • You can get funds to improvise your kitchen, add an extra bathroom, expand or reinvent an existing space, introduce ventilation or to fulfill other home refurbishing goals.

Personal Loan for Wedding

One of the special moments in one's life is a wedding where the families unite and celebrate together. However, a perfect wedding needs a generous budget. At IndusInd Bank, we see through your needs for the funds during these events. You can get funding to support your wedding easily and quickly through Personal Loans. With proper documents, one can easily avail the Personal Loan for a wedding. IndusInd Bank Personal Loan for Marriage let you enjoy your once-in-a-lifetime day to the fullest.

Benefits of availing IndusInd Bank Personal Loan for Wedding:

  • This loan covers various wedding-related expenses including venue booking, catering, invitations, clothes, jewellery, and so on.

  • Loan packages available for an extravagant traditional wedding ceremony, a destination nuptial, and other types of weddings.

  • These wedding loans come at affordable interest rates for all.

  • The executives at the bank design your budget to help you enjoy a stress-free celebration without stressing about lack of money in the middle of the wedding function.

Personal Loan Balance Transfer

Most of the times, you are trapped with the higher interest Personal Loans. To help you reduce the burden of high-interest cost on your existing Personal Loan, IndusInd Bank offers Personal Loan Balance Transfer facility. You can transfer the outstanding loan amount from another bank to IndusInd to get a competitive interest rate and lower EMIs.

The transfer process is hassle-free that requires minimal documentation and low processing fee. Also, you can avail additional top-up amount to meet any current financial requirement. It is one of the swiftest and smartest ways to reduce your Personal Loan burden and thus, improve your credit rating.

IndusInd Bank Personal Loan Eligibility

As mentioned earlier, the IndusInd Bank has a quick and hassle-free process towards the successful reception of the loan. There are a few conditions that determine the eligibility of an individual for loan application. Here are the detailed eligibility criteria for IndusInd Bank Personal Loan:

Eligibility for Salaried Employees:

  • This category includes salaried chartered accountants, employees of private and public limited companies, salaried doctors, employees of government sector including PSUs as well as State and Central Local Bodies. A person from the above category have the following criteria:

  • Minimum age when applying for the loan: 21 years.

  • Maximum age at the time of loan maturity: 60 years or retirement (whichever is earlier).

  • The person should have a net monthly income of minimum 25,000.

  • The applicant should have minimum 2 years of employment continuity and minimum 1-year experience in the current job.

  • The person must be residing at the current address from minimum 1-year, if the residence is rented.

Eligibility for Self-employed Professionals

  • This category includes self-employed professionals like architects, self-employed doctors (MBBS and higher degree), chartered accountant, engineers, MBA consultants, and company secretaries.

  • Minimum age when applying for the loan: 25 years.

  • Maximum age at the time of loan maturity: 65 years.

  • Minimum net income (annual) after tax deduction: 4.8 Lakhs.

  • Minimum work experience post qualification: 4 years.

Eligibility for Self-employed Individuals

  • This category comprises self-employed sole proprietors, partners and directors in the business of trading, manufacturing, or services.

  • Minimum age when applying for the loan: 25 years.

  • Maximum age at the time of loan maturity: 65 years.

  • Minimum net income (annual) after tax deduction: 4.8 Lakhs.

  • Minimum work experience post qualification: 5 years.

Documents Required for IndusInd Bank Personal Loan

IndusInd Bank follows a simple and easy documentation process for the processing of the Personal Loans. Various documents are needed for the proof of residence, proof of identity, income etc. The following documents are required when a user applies for an IndusInd Bank Personal Loan:

1. Documents Required for Salaried Individuals

  • Identity proof: Passport/voters ID/driving license/PAN card/card issued by UIDAI having name, photograph and address of the applicant and Aadhaar number.

  • Residence proof: Leave and License Agreement/utility bill (not older than 3 months)/ration card/valid passport (if the address mentioned in it is your present address that is mentioned in the application form).

  • Income proof: Latest Form 16 and last 3 months' salary slips/salary certificate

  • Bank Statements: Of last 3 months (of the account where your salary is credited)

2. Documents Required for Self-employed Professionals

  • Identity proof: Passport/voters ID/driving license/PAN card/card issued by UIDAI having name, photograph and address of the applicant and Aadhaar number.

  • Residence proof: Leave and License Agreement/utility bill (not older than 3 months)/ration card/establishment/trade license/sales tax certificate/valid passport (if the address mentioned in it is your present address that is mentioned in the application form).

  • Business Bank Statements/Passbook (of Current Account): For the latest 6 months

  • Qualification proof: For highest professional degree

  • ITR'S of last 2 years along with income computation, balance sheet, Profit & Loss account (certified by a CA).

  • Proof of profession continuity

3. Documents Required for Self-employed Individuals

  • Identity proof: Passport/voters ID/driving license/PAN card/card issued by UIDAI having name, photograph and address of the applicant and Aadhaar number.

  • Residence proof: Leave and License Agreement/utility bill (not older than 3 months)/ration card/establishment/trade license/sales tax certificate/valid passport (if the address mentioned in it is your present address that is mentioned in the application form).

  • Business Bank Statements/Passbook (of Current Account): For the latest 6 months

  • ITR'S of last 2 years along with income computation, balance sheet, Profit & Loss account (certified by a CA).

  • Proof of business continuity: Sales tax certificate/establishment/trade license

  • In case of income received from a partnership firm: Latest 2 years' balance sheet and profit & loss account of partnership firm (certified by a CA).

  • Certified copy of partnership deed/sole proprietorship declaration/certified copy of Board resolution MOA and AOA.

How to Calculate IndusInd Bank Personal Loan EMI?

The EMI for the IndusInd Personal Loan can be computed using the MyMoneyMantra's online EMI Calculator. The EMI calculator uses variables like loan amount, tenure and interest rate to calculate the monthly EMI. Factors influencing the EMI of the Loan are listed below:

Interest Rate

Interest rates are a major constituent of the EMI payment. The interest rate has a greater role in the EMI calculation for a Personal Loan. The interest rate is fixed based upon the CIBIL score, and it may even go up 30% in some cases. High-interest rate means higher EMIs, hence, it's advisable to browse and compare various loan offers before applying for a Personal Loan.

Loan Tenure

The IndusInd Bank Personal Loan is available for a period in between 1 to 5 years. The payment has to be completed within 5 years. EMI can vary depending upon the tenure of the loan. Higher EMI is to be paid for shorter period loans, whereas longer period loans mean lower EMIs. The loan tenure depends upon your age, loan amount borrowed, years of service remaining, and income. Applicants in their 20s or 30s can easily get longer tenure while applicants who are in late 50s or early 60s will most probably get shorter tenure.

Loan Amount

One can apply for an amount up to 15 Lakhs under IndusInd Bank Personal Loan scheme. EMI will increase when you apply for the higher loan amount.

Other Products by IndusInd Bank

IndusInd Bank has many other loan schemes to help you out with your various needs. Few of the key schemes offered by the IndusInd Bank are listed below:

Loans Against Property

The property is taken as collateral by the bank to provide you with the loan. You can apply for IndusInd Bank Loan Against Property to meet all your business or personal needs. This multipurpose loan can be availed to fund all your financial your requirements. You can repay the loan amount within a tenure of up to 15 years.

Home Loan

A home is a dream for everyone. IndusInd Bank helps you achieve this dream by providing Home Loans through HDFC Ltd, one of India's most reputed and trusted finance company. You can avail Home Loan to purchase a new home or renovate/extend your existing home. You can also avail Top Up Housing Loan to fund your additional financial needs.

Car Loan

IndusInd Bank Car Loan is perfect for you as it offers a loan for a broad range of vehicles at an attractive interest rate. The process is very easy as one can apply online or you can just visit the nearest branch. The loan processing is made faster and speedy disbursement of the loan amount can help you get funds in a matter of days. You can avail following two types of Car Loans through IndusInd Bank:

  • Car Loans - Personal Use
  • Car Loans - Commercial Use

Two-wheeler Loan

The two-wheeler loan is simple, paper-free and easy online process which has flexible repayment options. A speedy loan processing with simple and easy documentation will make your Two-wheeler Loan process easy and quick. IndusInd Bank account holders are given 50% waiver on processing fee.

Gold Loan

IndusInd Bank Gold Loan is one of the simple and secure loans available for you. One can easily walk in with gold to the nearest IndusInd branch and get loan against it. The fund is transferred in your bank account entirely on the basis of the quantity and quality of the gold. Gear up your business or fulfil any other financial requirement with gold through Gold Loan.

Loan Against Securities

You can use your various investment bonds (mutual funds, shares, bonds and so on) under this category to get a loan against them. The scheme provides up to 80% of the sum assured by the investment scheme. Here the ownership is not changed, and you receive funds at the time when you need them the most. The Bank provides a low processing fee and interest rate to ensure you get the best deal.

Loan on Credit Cards

The customers of IndusInd Bank can take a loan against their Credit Cards. There is an upper limit for loans depending on the unutilized credit limit. You can apply and receive money in a matter of seconds. One can repay these loans as they wish or use the Easy EMI option to break the spent amount into monthly instalments.

Agriculture Loans/ Indus Kisan

To improve the agriculture and allied activities, IndusInd Bank offers the Indus Kisan Loan to the farmers. The plan helps farmers avail a short term or long term credit through the single window system. The loans offered in this scheme are secured and are extended based on the agriculture land holding and investment needs.

Non-Loan Products

Individual Savings Account Defence Salary Account Corporate Salary Account

Current Account

Fixed Deposit

Sweep In/Out Deposit

Regular Recurring Deposit

Senior Citizen Scheme

Young Saver Deposit

Deposit Plus

Value Added Recurring Deposit

Health Insurance

General Insurance

Life Insurance

Card Protection Plan

FasTag

Credit Cards

Debit Cards

Forex Cards

Duo Cards

Commercial Cards

Indus Health Assure

Indus Home Secure

Indus Little Investor

Indus Elevate

Indus Securit

Indus Easy Plus

Mutual Funds

ASBA

Private Equity

Structured Products

Suvarna Mudra

NPS

Sovereign Gold Bond

Individual Outward Remittances

Foreign Currency Demand Draft

Foreign Currency Bank Notes

Travellers Cheque

PMJDY

Social Security Insurance Schemes

Why Apply for IndusInd Bank Personal Loan on MyMoneyMantra?

If you want to apply for IndusInd Bank Personal Loan instantly without any hassle, you can apply online through MyMoneyMantra

  • We have over 28 years of experience in providing end-to-end financial services in India.

  • Our loan experts can help you understand the features of all the products so that you can grab the best deal.

  • We offer doorstep documents pick-up service.

  • You and browse and compare various Personal Loan deals on a single screen.

  • We have partnership with 70+ reputed banks, non-banking financial companies (NBFCs) and other financial institutions.

How to Apply for IndusInd Bank Personal Loan on MyMoneyMantra?

At MyMoneyMantra, we help you with a quick loan application and disbursal. We guide you through the schemes and help you select the one best suited to your requirements.

You can easily apply for IndusInd Bank Personal Loan by following the steps mentioned below:

  • Visit MyMoneyMantra's official website

  • Click on Personal Loan tab under Loans section.

  • Fill up the details like your full name, loan amount required, loan tenure, employment type (salaried or self-employed business or self-employed professional), city of residence, purpose for taking the loan and so on.

  • Enter your registered e-mail ID and mobile number.

  • Accept the terms and conditions and click on "show me the best offers".

  • A new page will be displayed with Personal Loan offers of our various lending partners. You can choose IndusInd Bank Personal Loan from the list.

You will receive a call from our loan specialists within 24 hours as soon as you have successfully applied online.

IndusInd Bank Personal LOAN LATEST NEWS

IndusInd Bank customers will be seeing transactions on WhatsApp soon

IndusInd Bank has announced a pilot programme with WhatsApp enterprise solution in India to communicate with its customers. The first phase will help the banks with the communication with their clients and send alerts for transactions through WhatsApp. Various facilities like two-way communication with replies to customer, balance inquiry, mini-statement can be used after the update. This update is expected to be more helpful to the customers as the WhatsApp communication has various options to ensure the end to end delivery of various details.

IndusInd Bank launches the IndusMobile App

Taking a step towards the new generation banking, IndusInd Bank has launched the IndusMobile App for Google Play store and Apple App store. The app can be used by the customers to access their bank accounts and check various details like balance, transactions and so on. One can easily transfer funds between accounts using the app as well. The app uses the internet banking facility provided to the users to establish a connection between the customer and the bank. You must log into your internet banking to access the various facilities provided by the bank.

IndusInd Bank Q 4 profit up by 26.81%

The private lender IndusInd Bank announced its March quarter's earning recently. The earning witnessed a marginal jump in bad loans. IndusInd Bank posted a 26.81% rise in net profit at 953.09 Crores during the quarter. Attractive interest rates provided by the bank helped it to gain the net profit in Q 4 as expected.

UPI 2.0 is launched with new updates

You can now avail the UPI 2.0 facility using the IndusInd Bank Accounts. The latest app has updates to help you with advance payment options and security layers. One can now use overdraft account as well to transfer funds in UPI 2.0. All IndusInd Bank customers can avail UPI facility for smooth and easier transaction of funds.

FREQUENTLY ASKED QUESTIONS

How long will it take to get the loan amount?

Once you have successfully submitted the loan application (online or offline), the processing of and disbursal happens within 5 working days.

What should be my age to get the IndusInd Bank Personal Loan?

You should be of 21 years of age or above to be eligible for the loan.

Are there any charges for foreclosure of the loan?

You are allowed to foreclose the loan only after serving 12 EMIs. The bank levies 4% foreclosure charges on the outstanding loan amount.

Can I change the EMI repayment mode?

Yes, but you will have to give an application at the bank which states that you need to change the payment method. The charges for changing the repayment mode is 500 plus applicable taxes.

Do I need to pledge any collateral to get the loan?

No. The loan is collateral-free.

What should be my credit score to avail this loan?

The bank looks for a CIBIL score of minimum 750 to sanction your loan.

How can I apply for the loan instantly?

For quick processing and disbursal, you can apply for the loan through MyMoneyMantra.

What is the Interest Rate for the loan?

The interest rates for IndusInd Bank Personal Loan start from 12.99% per annum.

What is the maximum repayment tenure of the loan?

The maximum loan tenure permitted by the bank is 5 years, and the minimum is 1 year.

Does the bank provide a balance transfer facility?

Yes, you can opt for Personal Loan Balance Transfer to transfer the outstanding loan amount to IndusInd Bank for the low-interest rate.

IndusInd Bank Personal Loan Customer Care

You can use any one of the following customer service details for any queries regarding IndusInd Personal Loan:

Toll-free Number: 1860 500 5004

WhatsApp Number: 022 44066666

Corporate Address

IndusInd Bank Ltd, PO Box 9421, Chakala MIDC, Andheri (E),
Mumbai - 400 093

You can email at: reachus@indusind.com

 

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