IndusInd Bank is one of the Best Banks for Personal Loans that provides attractive rates of interest and can be used for multiple purposes. It can be availed to incur wedding expenses, travel expenses, medical emergencies, etc.
| IndusInd Bank Personal Loan – A Snapshot | |
| Interest Rate | 10.49% p.a. onwards |
| Loan Amount | INR 30,000-50 lakhs |
| Tenure | 1 to 5 years |
| Processing Fees | Up to 3% of the sanctioned loan amount |
| Minimum Monthly Salary | INR 25,000 |
| Prepayment/Foreclosure Charges | 4% of outstanding principal (after repayment of 12 EMIs) |
Features of IndusInd Personal Loan
Below mentioned are the salient features of IndusInd Personal Loan:
- The loan tenures are flexible.
- It requires minimal documentation and processing of loans and its disbursal is quite quick.
- Doorstep services are provided for loan-related processes.
- There are competitive rates of interest.
- No guarantors or collateral.
- A balance transfer option is also available to get rid of high-interest debt.
- It provides flexible payment gateways including ECS from any bank or through IndusInd account debit.
Eligibility Criteria
Below mentioned are the eligibility criteria to apply for IndusInd Personal Loan:
- Salaried Employees
- The minimum age to apply for a personal loan is 21 years.
- The maximum age at the time of maturity of the loan should be 60 years or retirement age whichever is earlier.
- The minimum net monthly income should be Rs.25000 for personal loan online application.
- Should have completed a minimum of 2 years in employment and a minimum of 1 year in the current organization.
- Should have completed a minimum of 1 year of stay at the current residence, if rented.
- Self-Employed Professionals/ Individuals
- The minimum age to apply for a personal loan is 25 years
- The maximum age at loan maturity should be 65 years
- The minimum annual net income post-tax should be Rs.4.8 lakh
- Should have 4 years of post-qualification experience in the case of self-employed professionals and 5 years in the case of self-employed individuals.
Documents Required
Below mentioned are the documents required to apply for IndusInd Personal Loan:
- Application :
- Application form with photograph
- Proof of Identity:
Self-attested photocopy of any one of the following:
- Driving license
- Passport
- Voters ID
- Aadhaar
- PAN
- KYC:
Valid identity/Residence/Signature proof
-
Income proof:
- Form 16/ITR for the last 3 years
- Latest 3 months’ salary slip
-
Banking:
- Latest 3 months’ Salary Credit Bank Statement in case of salaried.
- Latest 6 months’ Practice Current Account and the latest 3 months’ Primary Savings Bank Statement in case of self-employed professionals & individuals
Processing Fees & Charges
Below mentioned are the processing fees & charges to apply for IndusInd Personal Loan:
| Particulars | Fees & Charges |
| Processing fees | Up to 3% of the sanctioned loan amount |
| Prepayment fees | 4.00% of the principal remaining after 12 estimated monthly installments |
| CIBIL report | INR 50 per instance per set as applicable |
| Loan cancellation charges | INR 1,000 per event |
| Payment dishonor charges | INR 450 per instance |
| Charges for duplicate statement | INR 250 per instance |
| Loan rescheduling charges | INR 1,000 per event |
| Penal charges | INR 150 per EMI delay beyond 5 days |
| ECS/ Cheques / SI swapping charges | INR 500 per event |
| Stamp duty | As per the laws |
| Legal charges | As per actuals |
| Charges for a duplicate amortization schedule | INR 250 per event |
| Duplicate no dues certificate | INR 250 per event |
| Document photocopy charges | INR 250 per event |
Zero Processing Fee Offer on Personal Loan
- The processing fee waiver offer is applicable for customers availing of Personal Loan from IndusInd Bank.
- Offer is applicable only for Personal Loan applications logged through Indus Easy Credit Channel https://induseasycredit.indusind.com/customer/personal-loan/lead.
- Offer is applicable for a limited time period i.e. till 31st July 2023.
- Offer is not applicable for customers with pre-approved Personal Loan Offers.
- Offer cannot be clubbed with any other offer.
- IndusInd Bank reserves the right to add, alter, modify, change, or vary all or any of the offer terms and conditions or to withdraw the offer altogether at its discretion without prior notice.
IndusInd Personal Loan Interest Rates
The IndusInd bank provides the Lowest Personal Loan Interest Rates that are as mentioned below:
| Interest Rate – Q1 2023-24 | |
| Minimum | 10.25% |
| Maximum | 26.00% |
| Mean | 18.70% |
| Annual Percentage Rate (FY23-24)* | |
| Minimum | 10.25% |
| Maximum | 32.02% |
Comparison of IndusInd Personal Loan Interest Rates with other Lenders
| Lender | Interest Rates |
| IndusInd Bank | 11.00% |
| Yes Bank | 10.99% per annum onwards |
| ICICI | 10.75% onwards |
| SBI | 10.30%-15.10% |
| Citibank | 9.99% p.a. To 16.49% p.a. |
| Axis | 10.25% onwards |
| HDFC | 11.00% onwards |
| Shriram City | 11.49% p.a. To 23% p.a. |
How to Apply for IndusInd Personal Loan
-
Via Online Mode:
Step 1: Open the official website of the IndusInd Bank.
Step 2: Click on “Personal Loan” under the tab “Apply Online”.
Step 3: Now access the Application Form.
Step 4: Provide the details asked for.
Step 5: The banks will provide the best offers.
Step 6: Complete the video KYC and the auto repayment set-up.
Step 7: Sign the contract digitally for instant disbursement of the loan money.
- Via Offline Mode:
- Visit any nearest branch of IndusInd Bank.
- The bank representative will guide you about the Personal Loan.
- The applicant will be required to provide some details to the bank representative to check the eligibility for the loan.
- Once the eligibility is confirmed, fill in the additional information to complete the application process.
- Submit the application form along with the documents required to complete the procedure for the personal loan.
Types of Personal Loan
Below mentioned are the types of personal loans:
-
Personal Loan for Education:
An applicant can avail loan to incur all the expenses related to education either in India or abroad.
-
Loan for Wedding:
A wedding loan is provided to meet all the expenses related to marriage like catering, wedding hall, photography, honeymoon, etc.
-
Medical Loan:
It is a special personal loan scheme provided to meet unexpected medical exigencies.
-
Home renovation Loan:
To arrange finance for home renovation and make it look beautiful.
-
Personal Loan Balance Transfer:
To reduce the burden of EMI, individual applicants of other banks and NBFCs can avail of personal loan balance transfers where they can transfer their existing personal loans to IndusInd Bank at lower interest rates.
