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IndusInd Bank

A personal loan is an unsecured loan given by banks to meet individual needs. Some of the main criteria considered while giving a personal loan are income level, credit history, employment, repayment capabilities and so on. A personal loan interest rate is generally higher than other loans mainly due to lack of collateral requirement. People take a personal loan to ensure that there is no shortage of funds or it helps them meet expenses like marriage, child’s education and medical requirements.

IndusInd Bank is one of the leading banks in the country and is known to offer many financial products. Personal loan is one such product and the bank offers at a competitive interest rate that ranges from 10.99% to 30.50%. Different applicants for personal loans with IndusInd Bank get different interest rates depending on the individual’s credit profile.

IndusInd Bank Personal Loan Interest Rate

The following table outlines the applicable interest rate on personal loan by IndusInd Bank:

Interest Rate11.25% onwards
Personal loan Processing FeesUp to 2.50% of loan amount plus tax
Prepayment Charges
Salaried: 4% of the principal outstanding after repayment of 12 EMIs.
Self Employed: 4% of the principal outstanding after repayment of 6 EMIs
Payment Dishonor ChargesRs 450/- plus tax
Personal loan Duplicate Statement ChargeRs 250/- plus taxes per event
Cheque / ECS / SI Swapping ChargesRs 500/- plus taxes per event
Duplicate No Dues CertificateRs 250/- plus taxes per event
Duplicate Amortization Schedule ChargeRs 250/- plus taxes per event
Loan Re-Booking / Rescheduling ChargesRs 1000/- plus taxes per event
Loan Cancellation ChargesRs 1000/- plus taxes per event
Charges for Photocopy of Agreement / DocumentsRs 250/- plus taxes per event
Penal ChargeRs 150/- plus taxes, Per EMI delay beyond 5 days
Legal ChargesAs per Actuals
Stamp DutyAs per State Laws
CIBIL ReportRs. 50/- per instance per set + Taxes as applicable

The above-mentioned details are subject to change at the bank’s discretion. The bank will decide the final rate of interest and other details as per individual loan application.

Features and Benefits of IndusInd Bank Personal Loans:

  • Tailor-made personal loans for various needs like education, medical expenses, housing renovation, marriage etc.
  • Doorstep service is provided by the bank for individuals interested in availing the personal loan.
  • IndusInd Bank offers easy documentation, quick processing and fast disbursal.
  • Personal loan tenure is flexible between 1 and 5 years.
  • There is no need for guarantors.
  • The bank offers an option of ‘Balance Transfer Option’ to close any existing high interest debts.
  • Repayment options can be conveniently chosen from account debit or ECS from another bank account
  • EMI Calculator helps in estimating monthly instalments on the basis of the principal amount borrowed, interest rate and the tenure.
  • Eligibility to apply for a personal loan can be checked online through the bank’s website.

Factors that impact your IndusInd Bank Personal Loan interest rate

IndusInd Bank does not provide the same interest rate or tenure or terms & conditions of a personal loan to all applicants. It varies from applicant to applicant and depends on few factors. These have been mentioned below:

Credit Score

A good credit history ensures easy loan availability and favourable terms & conditions. It is therefore prudent to make timely EMIs and pay credit bills correctly. Even if you have a poor credit score, a personal loan can be made available however the interest rates will be on the higher side. A rejection of a loan application does not contribute to your financial profile well.

Income

All banks consider the income being drawn by the applicant. This is directly linked to the repayment capacity of the individual and hence plays an important role in determining the interest rate and the tenure. If your repayment capabilities are good, the bank will be willing to offer you better rate of interest on the loan.

Reputed Employer

While the bank runs through your financial background, employment with a reputed organisation makes a huge difference. It indicates regular salary and steadiness of your income. If the company is listed with the bank, it becomes easier to get a personal loan.

Relationship with the lender

Taking a loan from your existing banking firm makes all the difference you need. Since you are a customer who is known to the bank, there will be less negotiations involved as they have past experience of your financial situation. The familiarity factor will work in your favour. A non-customer will need to go through additional steps to avail a personal loan. The documentation process also works out to be a longer.

How to calculate the EMI on IndusInd Bank Personal Loan

IndusInd Bank offers Personal Loan EMI calculator on its website. This helps in calculating the monthly instalments to be paid towards closing the personal loan. The calculator is a very simple tool to use. One needs to enter the loan amount, rate of interest and the tenure of the loan to arrive at the EMIs amount. One can use the tool many times to work out different permutations and combination of figures. The result includes the EMI, total interest payable and the principal amount. This certainly helps in your financial planning for the month or the year.

How to apply for IndusInd Bank Personal Loan

IndusInd Bank is very approachable when it comes to customer communication. There are various ways to apply for a personal loan with the bank.

  • Online: The bank offers an option of applying for a personal loan online on its website. This is probably the best way to apply for a loan as it is more convenient and faster.
  • Call Back option: You can leave a request on the IndusInd Bank website to have a bank representative call you back and discuss details of the personal loan. The bank also offers doorstep service to finish documentation of your loan application.
  • Visit a branch: IndusInd Bank has an extensive network of branches across the country. You can visit the nearest bank branch and speak to a representative directly. This helps in clarifying any point regarding the loan and make an immediate submission.
  • 24x7 Customer care: One can reach out to the customer care team at the bank to get details on personal loan and make a request for it.

IndusInd Bank Personal Loan Status

If you have submitted the personal loan application form correctly with the required supporting documents, it is possible to find the status of your application online. The netbanking facility offers an option to track your loan request. One needs to refer to the application number to find out this information. It is also possible to connect with the customer care team of the bank to check the status of the loan application.

FAQs- IndusInd Bank Personal Loan Interest Rate

1. What are the loan tenure policies of the bank?

The bank offers loan tenure options between 12 months and 60 months for personal loans.

2. Is there a collateral that needs to be provided for availing this loan?

No. IndusInd Bank personal loan does not require any collateral or security to guarantee the financing.

3. How long does it take to get a personal loan approved?

IndusInd Bank takes 4 to 7 working days to process and disburse a personal loan. This will be based on the correctness of the documents submitted and at the sole discretion of the bank.

4. What is the maximum loan amount that can be availed?

The bank offers personal loan amount varying from Rs. 50,000 up to Rs. 15 lacs.

5. Can I make a part-prepayment of the loan?

Part-prepayment of personal loan is not allowed by the bank. A complete prepayment can be done or the loan needs to be paid off within the agreed duration.

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