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List of personal loan interest rates across all banks in India
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.
About IndusInd Bank Personal Loan Interest Rate
The following table outlines the applicable interest rate on personal loan by IndusInd Bank:
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.
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:
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.
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.
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.
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.
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.
IndusInd Bank is very approachable when it comes to customer communication. There are various ways to apply for a personal loan with the bank.
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.
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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