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Eligibility Criteria for a Personal Loan from IndusInd Bank
The personal loan of the bank can be applied by eligible applicants that meet the criteria set by the bank. The criteria relate to the age, income, work experience and location of the applicant. The eligible applicants for IndusInd Bank are mentioned below,
- Salaried Employees
- Self-employed professionals
- Self-employed individuals
- Personal loan Location
The details of the eligibility for the loan for each category of the applicant are tabled below.
Category | Salaried Employees | Self-employed professionals | Self-employed individuals |
Age | Minimum – 21 years Maximum – 60 years (or retirement whichever is earlier) | Minimum – 25 years Maximum – 65 years (at time of loan maturity) | Minimum – 25 years Maximum – 65 years (at time of loan maturity) |
Income | Minimum net monthly income – Rs. 25,000 | Minimum net annual income (post tax) – Rs. 4,80,000 | Minimum net annual income (post tax) – Rs. 4,80,000 |
Work experience | Minimum 2 years (1 year in current employment) | Minimum 4 years of post-qualification experience | Minimum 5 years of post-qualification experience |
Additional requirement | Minimum 1 year stay at current residence (if applicant stays in rented place) | Not applicable | Not applicable |
The applicant also has to meet the location requirement of the bank apart from the above criteria. IndusInd Bank provides personal loans to eligible applicants provided they are from the locations specified by the bank. Applicants can get the details of such locations through any of the following modes,
- From the website of the bank
- By contacting the bank through its customer care service
- By contacting the bank through any of its branches
What are the highlights of the personal loan of IndusInd Bank?
The personal loans of IndusInd Bank are available at affordable rates and with a comfortable repayment period. These loans are available within 4-7 days of sanction of loan. The highlights of the personal loan of the bank are specified below,
Amount of loan
The amount of loan that can be sanctioned by IndusInd Bank depends on many factors like repayment capacity of the applicant, the amount required by the applicant, credit profile of the applicant, etc. The quantum of loan that can be provided as a loan to eligible applicants is tabled below,
Category | Details |
Minimum loan amount | Rs. 50,000 |
Maximum loan amount | Rs. 15,00,000 |
Rate of Interest
The rate of interest for personal loans of IndusInd bank is also dependent on various factors like the age of the applicant, the credit score of the applicant, the income of the applicant, loan amount, tenure, etc. The current rate of interest for a personal loan of IndusInd bank are tabled below,
Category | Details |
The minimum rate of interest | 11% per annum |
The maximum rate of interest | 31.50% per annum |
Tenure
The tenure of the loan is the repayment period of the loan within which the applicant is required to repay the loan in equal monthly instalments.
The tenure for a personal loan of the bank is tabled below,
Category | Details |
Minimum tenure | 12 months (1 year) |
Maximum tenure | 60 months (5 years) |
Processing fees
Processing fees are part of every loan that is sanctioned by the bank. These charges along with the applicable documentation charges are deducted from the loan amount that is sanctioned by the bank. The applicable processing charges for the personal loans of the bank are up to 2.5% of the loan amount.
Part-payment of personal loans
IndusInd Bank does not provide for any part payment of the personal loan. The borrowers can either repay the loan taken in equal monthly instalments (EMIs) or can foreclose the outstanding personal loan after completion of the required minimum time as specified by the bank.
Charges for late payment of EMI: Rs.150/- plus taxes, Per EMI delay beyond 5 days
How can I get IndusInd Bank Personal loan?
Personal loan Application Process for Existing Customers
Existing customers can apply for a IndusInd Bank Personal online or visit a nearby IndusInd Bank branch for the application. You can also download the home loan application form from the IndusInd Bank official website, complete the form and submit it to the bank representative. Due to already existing scenario the chances of approval of the application will be high and dispersion of funds fast.
Personal loan Application Process for New Customers
The process to apply for IndusInd Bank personal loan when it comes to new customers is same as with existing customers. The only difference is due to lack of previous relationship the loan approval process will take some time – maximum of a week as all the verification process will take place.
You can also check your eligibility for a personal loan through CreditMantri and apply for it.
IndusInd Bank Personal Loan Customer Care
In case of any queries regarding IndusInd Bank personal loan – be it application process, eligibility criteria, loan approval or loan dispersal can be obtained through IndusInd Bank Personal Loan Customer Care toll-free number 1860 267 7777Prepayment of loan
IndusInd bank permits a borrower to prepay or foreclose the personal loan taken after completing a minimum period of 12 months i.e. after paying 12 EMIs. Bank will charge certain nominal charges for such foreclosure which will be a percentage of the outstanding loan amount.
Overview of Personal Loans from IndusInd Bank
Personal Loan of IndusInd Bank is the general-purpose loan that can be availed by the eligible applicants for any of the following reasons,
- Wedding
- Education
- Medical expenses
- Home repairs and renovations
- Transferring existing personal of any other lender to IndusInd Bank Personal Loan
The personal loans of the bank are available at minimal documentation and are collateral-free loans. These loans can be availed with fast processing and the bank also provides doorstep service for its customers.
About IndusInd Bank
IndusInd Bank is a contemporary new-generation private sector bank in India with its headquarters in Pune. The bank has multiple branches across the country as well as some representative offices outside the country. IndusInd Bank specializes in retail banking and provides products and services that are formed to ensure optimum banking solutions to its customers.
FAQs – Personal Loan Eligibility – IndusInd Bank
1. What is a personal loan eligibility calculator?
A. Personal loan eligibility calculator is a tool available on the website of the bank which lets the applicant get an estimate of the amount of personal loan that can be availed by the applicant. The inputs needed for the same are,
- Age of the applicant
- Current monthly income of the applicant
- Current monthly expenses of the applicant
- Huge liabilities (if any)
- Loan amount needed
- Tenure
2. What is the processing time taken by the bank to sanction the loan?
A. The processing time for a personal loan of the bank is around 4 to 7 days after which the loan amount will be credited to the account of the applicant upon approval.
3. What are the documents needed for a personal loan from IndusInd Bank?
A. The documents needed for a personal loan of IndusInd bank are,
Identity Proof
Any of the following documents can be submitted as identity proof,
- Passport
- Aadhaar Card/ UIDAI Letter
- Voter ID
- Driving License
- Photo PAN Card
Address Proof
The applicant can submit any of the following documents as address proof
- Passport
- Driving License
- Voter ID
- Latest utility bills
- Aadhaar Card/ UIDAI Letter
Signature Proof
The applicant can submit any of the following documents as signature proof
- Passport
- Driving License
- Pan card
- Banker’s Certificate
Income Proof
- Form 16
- ITR for the last 3 years
- Latest 3 months salary slip
4. Can a person with a personal loan of any other bank transfer their personal loan to IndusInd Bank?
A. Yes. A person having a personal loan of any other bank can transfer their personal loan to IndusInd Bank to get better interest rates provided such transfer is approved by the bank. The applicant may have to pay certain charges for loan transfers.
5. How can a person repay the personal loan of the bank?
A. A person can repay the personal loan of the bank in EMIs through any of the following methods,
- ECS
- Standing instructions to debit the account of the borrower held with IndusInd Bank.
6. What are the processing charges for a personal loan from IndusInd Bank?
A. The processing charges for a personal loan of the bank are up to 2.5% of the loan amount.
7. How can a person apply for a personal loan from IndusInd Bank?
A. A person can apply for the personal loan of the bank through any of the following modes,
- Internet banking
- Mobile banking
- Customer care service (1860 267 7777/ +91 22 44066666)
- Email at reachus[at]indusind[dot]com
- SMS ‘PL’ to 5676757
- Contact the nearest branch of the bank
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