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INDUSIND BANK PERSONAL LOAN

ABOUT INDUSIND BANK PERSONAL LOAN :

Indusind bank personal loan established in 1994 at Pune. It offers a wide range of personal banking services including deposits. loans, credit cards and insurances. This Bank is the first among the new generation private banks in India.

IndusInd Bank personal loans also known as unsecured loans to fulfill certain unavoidable expenses such as wedding expenses, home renovation, holiday expenses etc.

BENEFITS OF INDUSIND BANK PERSONAL LOAN :

1. Quick disbursal of loan :

Indusind bank should do quick and easy disbursal of loan in their bank account. The loan amount will be disbursed within 4 to 7 working days.

2.  Less documentation :

Indusind Bank personal loan provides less and minimal documentation for the customers. It is not required to submit so many documents for a personal loan. The process of documentation is very simple and fast.

3. Affordable interest rate :

The minimum interest rate of Indusind bank personal loans is 11% and the maximum interest rate is 16.75%. Basically the rate of interest will be decided by the bank according to the customer age, employment type, overall profile and the most probably Cibil score. 

4. No processing fees :

There is no processing fee charged by Indusind bank personal loan. So the customer is free from processing fees.

5. No collateral or guarantor :

Indusind Bank is an unsecured loan so you does not need to submit any collateral and guarantor for personal loan 

 

FEE AND CHARGES OF INDUSIND BANK PERSONAL LOAN :

TYPE

CHARGE

Processing Fees

Zero charges

Prepayment Charges

For salaried :4% of principal outstanding after repayment of 12 EMIs

For Self-employed : 4% of principal outstanding after repayment of 6 EMIs

Payment Dishonor fees

Rs 450 + taxes

Cheque / ECS / SI Swapping fee

Rs 500 + taxes per instance

Personal loan Duplicate Statement fee

Rs 250 + taxes per event

Duplicate Amortization Schedule charge

Rs 250 + taxes per event

Duplicate NDC

Rs 250 + taxes per event

Loan Re-Booking

Rs 1000 + taxes per event

Loan Cancellation fee

Rs 1000 + taxes per event

Penal Charge

Rs 150 + taxes for each EMI delay beyond 5 days

Legal Charge

As per Actuals

Charges for Photocopy of Agreement / Documents

Rs 250 + taxes per instance

Stamp Duty

As per State Laws

CIBIL Report

Rs. 50 per instance per set + taxes as applicable


ELIGIBILITY CRITERIA FOR INDUSIND BANK PERSONAL LOAN :

ELIGIBLE 

Salaried, self-employed, private sector employees, government employees, doctors, teachers, Employees of various public and private companies, local bodies.

AGE

For Salaried = 21 to 60 years

For Self employed = 25 to 65 years

INCOME

For Salaried : Monthly income Rs. 25000

For Self employed : Net income Rs. 4.8 lakh

For salaried 2 years minimum overall experience and 1 year minimum experience in present company

For self-employed, at least 5 years of experience after relevant qualification

 

DOCUMENTS REQUIRED FOR INDUSIND BANK PERSONAL LOAN :

TYPE

DOCUMENTS

ID proof

Aadhar card, pan card, driving license, passport, etc.

Address proof

Aadhar card, voter id, rental agreement, registry, and utility bills

Income proof

For salaried : Latest salary slip and salary certificate with Form 16

For self employed : Latest bank statement, ITR and Form 16

 

COMPARE OTHER BANK PERSONAL LOAN INTEREST RATES :

BANKS

INTEREST RATES

AXIS Bank Personal Loan

12% to 24%

SBI Personal Loan

11.30% to 16.40%

SBI Xpress Bandhan

12.15% to 15.15%

SBI Xpress Credit Personal Loan

11.50% to 12%

HDFC Bank Personal loan

10.75% to 21.50%

Kotak Mahindra Bank Personal Loan

10.50% to 16.99%

Yes Bank Personal Loan

20.00% to 22.00%

Citi Bank Personal Loan

10.50% to 17.99%

ICICI Bank Personal Loan

10.99% to 16.25%

Standard Chartered Bank Personal Loan

11.00% to 19.20%

IDBI Bank Personal Loan

12.00% to 14.00%

RBL Bank Personal Loan

14.00% to 23.00%

HSBC Bank Personal Loan

10.75% to 17.84%

IndusInd Bank Personal Loan

11.00% to 16.75%

Bank of Baroda Personal Loan

7.65% to 12.65%

Bank of India Personal Loan

12.15% to 14.15%

Canara Bank Personal Loan

12.05% onwards

 

OTHER PRODUCTS OF INDUSIND BANK :

1. Indusind Bank Business Loan

2. Indusind Bank Car Loan 

3. Indusind Bank Personal Loan

4. Indusind Bank Credit Card Loan

 

HOW TO APPLY FOR INDUSIND BANK PERSONAL LOAN :

1. Offline Method :  visiting the nearest branch

2. Online Method :

  • Go to Indusind bank portal

  • Now go to “Personal” section

  • Now go to “Loan”

  • Now select “Personal Loan”

  • Complete the registration form and attached all required documents

  • After that submit your application form

 

HOW TO CALCULATE FOR INDUSIND BANK PERSONAL LOAN :

The formula to calculate EMI:

E = P . r . (1+r)^n/((1+r)^n – 1)

Where;

E = Equally monthly installments 

P = Principal Loan Amount

R = Monthly Interest Rate

N = Number of Monthly Installments

                               

FREQUENTLY ASKED QUESTIONS :

1. What is the maximum limit for Indusind Bank personal loan?

The maximum limit for Indusind Bank personal loan is Rs. 25 lakh.

2. How much interest rate is charged by Indusind Bank on personal loan?

The interest rate is charged by Indusind Bank personal loan is 11% to 16.75%

3. What is the minimum and maximum tenure of personal loan in Indusind Bank?

The minimum and maximum repayment tenure of Indusind Bank personal loans is 1 to 5 years 

4. Is age an important factor to get a personal loan from Indusind Bank?

Yes, if you are salaried your age should be 21 years to 60 years and if you are self-employed your age should be 25 years to 65 years.

5. How can I get Indusind Bank personal loan?

By directly visiting the nearest branch or can apply online at their website. 

6. Is there security or collateral needed to get a personal loan from Indusind Bank?

It’s an unsecured loan, no collateral and security needed to get a Indusind Bank personal loan.

Last Updated on : 07/Sep/2020

Know More About

Indusind Bank Personal Loan

You're eligible for a Indusind Bank Personal Loan if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Personal Loans is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Indusind Bank Personal Loan Interest Rates

Updated on 25 Nov 2017

Indusind Bank Personal Loan Details
Interest Rate (Monthly reducing balance) 11% - 16.75%
Processing Fees No Charges
Loan Tenure 1 year to 5 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Personal Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

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1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959