Apply for IndusInd Bank Personal Loan

Why apply through CreditMantri

CreditMantri matches your credit and demographic profile to IndusInd Bank Personal Loan lending criteria - others just match your demographic criteria. We shortlist lenders willing to lend to you based on our proprietary matching algorithm.

In effect, we pre-screen your application to make sure you are likely to qualify as per the lender’s credit criteria. We upfront check whether you qualify for IndusInd Bank Personal Loan. Hence the chances of your IndusInd Bank Personal Loan application getting approved is higher.

12.99%*

best rate

0.5%*

processing fee

5 yrs

max tenure

  • Maximum loan - 20 lakhs
  • Attractive Interest Rates
  • Quick and easy approval process
  • Balance transfer on existing personal loan
  • Interest rate - 12.99% to 23%
  • Processing fee - 0.50% to 2.50% of loan amount
  • KYC – ID proof, DOB Proof, Signature proof & Address proof
  • Bank Statements
  • Residence stability proof
  • Employment stability proof
  • Latest 3 month salary slips / Form-16 / Appointment letter

About IndusInd

IndusInd Bank Limited is a Mumbai-based private Indian bank which was incorporated in 1994 and provides a range of commercial banking services. IndusInd Bank has over 800 branches across India.

IndusInd bank personal loan

A personal loan means that you do not have to wait to fulfil your dreams. At the same time, it can come to your rescue in not-such-good times like a financial crisis. Be it for home improvement, to pay for your dream vacation, to buy your significant other that much coveted gadget, or to cover a temporary loss in income or to cover medical costs, IndusInd Bank’s personal loan comes in handy for all kinds of needs. Fulfil all your financial obligations without worry.

IndusInd Bank Personal Loan Features

Flexible tenure

You can repay your loan with a variety of options, and choose from tenures ranging from a minimum of 12 months to a maximum of 60 months.

Easy repayment methods

You can choose from convenient repayment options:

You could opt for IndusInd Bank a/c debit, or

ECS from your account in another bank

Affordable interest rates

IndusInd personal loans offer competitive interest rates. Keep in mind that the interest rates are dependent on your credit score and credit history and internal policies of the bank.

No collateral or security required

Since it is an unsecured loan, there is no collateral or security required for obtaining a loan.

IndusInd Bank Personal Loan Eligibility

For the salaried

Category includes salaried doctors, employees of public and private limited companies, Government sector employees and salaried CAs. You are eligible for an IndusInd Personal Loan if you satisfy the following criteria:

  • You are a minimum of 21 years and maximum of 60 years of age (at loan maturity or at retirement, whichever is earlier)
  • Your minimum net monthly income is Rs.25000
  • You have completed minimum 2 years in employment
  • You have completed at least 1 year in the current organization
  • You have been in the same place of residence for a minimum period of 1 year (if rented).

For the self-employed:

Category includes self-employed doctors (MBBS and higher degree), Architects, Chartered Accountants, Company Secretaries, Engineers and MBA consultants. You are eligible for an IndusInd Personal Loan if you satisfy the following criteria:

  • You are a minimum of 25 years and maximum of 65 years of age (at loan maturity)
  • Your minimum annual net income post tax is Rs.4.8 lakh
  • You have 4 years of post-qualification experience ( 5 years if you are a self-employed sole proprietor, director or partner in the business of manufacturing, trading or services)

IndusInd Bank Personal Loan - Documentation required

For the salaried

  • Valid Identity Proof - Passport, Driving License, Voter ID Card, Aadhar Card, PAN Card (any one document to be submitted)
  • Valid Address Proof – Lease/Rent Agreement, Passport, Driving License, Ration Card, Utility bill (not more than 3 months old)
  • Income Proof Documents - Last 3 months salary slip and latest Form 16
  • Bank Statements: Past 3 months bank statement with salary credit

For the self-employed

  • Valid Identity Proof - Passport, Driving License, Voter ID Card, Aadhar Card, PAN Card
  • Proof of residence - Lease/Rent Agreement, Passport, Driving License, Ration Card, Utility bill (not more than 3 months old), trade license, establishment, sales tax certificate, valid Passport (any one document to be submitted)
  • Business Bank Statements - latest 6 months bank statement
  • Proof of qualification - Highest Professional Degree
  • Latest 2 years ITR along with computation of income, B/S, P&L a/c with all the events duly certified by a CA.
  • Proof of continuity of profession
  • Additional obligatory documents: Sole proprietorship declaration/certified copy of partnership deed /certified copy of MOA, AOA and Board resolution. In case of income derived from a partnership firm, latest 2 years partnership firm's B/S, P&L a/c with all the events duly certified by a CA.

IndusInd Bank Personal Loan Interest Rate

The interest rate varies with each customer and is dependent on a variety of factors including the customer’s prior credit history. The interest rate ranges from 11.49%-32% and could change at any time.

IndusInd Bank Personal Loan other fees and charges

The charges on an IndusInd Bank Personal Loan include the following among other fees:

  • Processing Fee - Up to 2.50% of loan amount plus service taxes
  • Prepayment Charges:

For the Salaried - 4% of the principal outstanding after repayment of 12 EMIs.

For the Self Employed - 4% of the principal outstanding after repayment of 6 EMIs

IndusInd Bank Personal Loan FAQs

What are the minimum and maximum loan amounts available from IndusInd?

You can avail of IndusInd Personal Loans ranging from Rs. 50,000 to Rs. 15,00,000 depending on your eligibility criteria like credit score, borrowing history, net monthly income, nature of job and repayment capacity.

What are the loan tenure options available to me?

You can repay your IndusInd Personal Loan conveniently over a period ranging from 12 to 60 months.

How long will it take for my Personal Loan amount to be disbursed?

Your loan amount will be disbursed in your account within 4-7 working days post receipt of the required documents. All loan approvals are at the discretion of the bank.

What are the options available to repay my Personal Loan?

You can pay the loan in equated monthly installments (EMIs) paid through ECS or Electronic Clearing System.

If you have an IndusInd Bank account, you can also pay through auto debit of your monthly EMI.

Are there any additional charges for disbursal of a Personal Loan?

Yes, a processing fee up to 2.5% of the loan amount will be charged. Necessary documentation charges also apply. The same is deducted from the loan amount at the time of disbursal.

I don’t have an existing account with IndusInd. Do I need to open an IndusInd Bank account for availing the loan?

It is not mandatory to have an existing account with the bank you are applying for a loan from, but having a relationship with the bank will no doubt make your banking process easier. You will also be able to take advantage of a host of other value added services and offers with the loan.

Is part-prepayment of a Personal Loan allowed?

No, part prepayment of a personal loan is not allowed. You either have to pre pay it in full or pay it in EMIs for the stipulated tenure.

IndusInd Bank Personal Loan Review

IndusInd’s competitive interest rates and flexible tenure, along with the easy mode of repayment options makes this Personal Loan an ideal choice for those who want to address their financial needs. It also gives you options like repaying the loan amount over a longer period, as per your repaying capacity.

Apply for IndusInd Bank Personal Loan

You can apply for IndusInd Bank Personal Loan by approaching the bank to have a representative contact you with details. You can call the 24 hours customer service number, or send an email or sms to the contact numbers listed on the website. Alternatively, you could walk into an IndusInd branch and complete the application process.

Up on the successful verification of your documents, your loan amount is approved and the amount is disbursed within 4 to 7 working days.

Alternatively, if you think you need help with your loan application process and advice on loan-eligibility, CreditMantri can guide you and match you with the loan offer that best suits your profile.