Thursday, December 8, 2022

IndusInd Bank Personal Loan: Interest Rate @10.49% EMI Calculator

IndusInd Bank Personal Loan: You get IndusInd Bank Personal Loan up to Rs 50 lakh with attractive interest rates and flexible tenure. If you take this personal loan, you can apply for this loan through online and offline means. With IndusInd Bank, you get a minimum loan of up to Rs.50 lakh at an interest rate of 10.49% with a flexible tenure of 60 months. You can use the IndusInd Instant Personal Loan amount for higher education, home renovations, emergency medical expenses, etc. IndusInd Bank personal loan can be helpful for you due to its low-interest rate and flexible tenure.

IndusInd Bank Personal Loan Details

IndusInd Bank Personal Loan Interest RateInterest rates start at 10.49%
Personal loan ProcessCompletely digital, Contactless, Paperless Process
Processing FeeProcessing Fees of Up to 3% will be deducted from the loan amount
Loan tenure12 months to 60 months.
Maximum Loan Amount30k to 50 lakhs at flexible EMIs
Age Limit21 to 60 years old.
CitizenshipIndian Citizen
Example LoanLoan Amount: Rs 50,000
Tenure: 12 months
Interest Rate: @11% per annum
EMI Amount: Rs 4,419
Total Interest Payable: Rs 3,028
Processing Fees (incl. GST): Rs 1,770
Total Amount Payable: 53,028/- including Processing Fee +GST
IndusInd Bank Personal Loan Customer Care Number1860-500-5004
022-44066666
022-68577777
Email[email protected] 
[email protected]
Prepayment/Foreclosure Charges4% of outstanding principal (after repayment of 12 EMIs)

IndusInd Bank Personal Loan Interest Rate

The loan is provided at attractive interest rates to the customers availing of Personal Loans from IndusInd Bank. To apply for a loan, you need to fulfill certain conditions. If you meet the criteria, you get a personal loan ranging from Rs 30,000 to Rs 50 Lakh at an interest rate of 10.49% to 26.50% with a flexible tenure of 5 years. IndusInd Bank decides the interest rate based on the customer profile, income structure, credit score, etc., which may differ from customer to customer.

Factor affecting IndusInd Bank personal loan interest rates

Age of the applicant: The interest charged on the personal loan can be more or less according to our Age. Younger applicants have to pay less interest as the risk involved is less, and older applicants may have to pay higher interest as the risk involved is more.

CIBIL Score: The credit score of the applicant is taken into consideration before determining the personal loan interest rate. If the applicant has a low CIBIL score and has failed to repay his previous loans or credit card bills on time, the interest will be determined higher.

Loan Tenure: In most cases, the loan repayment tenure is chosen by the applicant. The option is in the hands of the applicant as to when he will repay the loan. The longer the tenure of the personal loan, the higher the interest.

Residential Location: The interest rate decided by the IndusInd Bank can also be based on whether the applicant lives in an urban or semi-urban area. People living in city areas can get a personal loan at a low-interest rate.

Higher Loan amount: The interest charged on the personal loan is decided according to the amount you get. You are charged a lower interest rate if you apply for a higher loan amount.

IndusInd Bank Personal Loan EMI Calculation

Amount1 year2 years3 years
Rs. 50 thousandRs. 4,419Rs. 2,330Rs. 1,636
Rs. 1 LakhRs. 8,838Rs. 4,660Rs. 3,273
Rs. 1.5 LakhsRs. 13,257Rs. 6,991Rs. 4,910
Rs. 2 LakhsRs. 17,676Rs. 9,321Rs. 6,547

The lowest interest rate of 11% p.a. has been taken into consideration for this loan EMI illustration. Your final EMI amount can vary based on the rate offered to you by the bank.

Features of IndusInd Bank Personal Loan

100% Digital Loan: IndusInd Bank offers its customers the convenience of applying for a personal loan digitally, instantly. The process is 100% digital and contactless. All documents are to be uploaded online by the customer.

Loan Amount: As per your requirement, you can avail IndusInd personal loan of up to Rs 50 lakhs. The loan amount can be used for weddings, travel, education, or any unprecedented shortfall or emergency.

Interest Rate: The minimum interest rate applicable to IndusInd Personal Loan is 10.49%. IndusInd Bank decides the interest rate based on the customer profile, income structure, credit score, etc., which may differ from customer to customer.

Unsecured Loan: IndusInd Personal Loan is an unsecured loan. You do not need to submit any security to avail of a personal loan.

Repayment Tenure: You get a flexible tenure of 5 years to repay the amount taken as a personal loan, which proves very beneficial for all the customers.

Low Processing Fee: You are charged a low processing fee on the loan amount get by you. A processing fee of 3% + GST of the sanctioned loan amount will be applicable.

Customer Care Support: Immediately after you submit the IndusInd Bank Personal Loan form, the IndusInd Bank Personal Loan team gets in touch with you and gives you complete details about the loan.

All Your Loan in One Place: IndusInd works relentlessly to bring all personal loan options on the same platform. Get multipurpose instant loans without any guarantee & collateral security for all your needs. IndusInd Personal loan makes it possible with a quick & easy online process.

Eligibility for IndusInd Bank Personal Loan

Personal Loan Eligibility for Salaried Employees

  • The minimum age to apply for a personal loan should be 21 years.
  • The maximum age at personal loan maturity should be 60 years or retirement age whichever is earlier.
  • The minimum net monthly income should be Rs 25,000 for personal loan online application.
  • Should have completed a minimum of 2 years in employment and a minimum of 1 year in the current organization.
  • Should have completed a minimum of 1 year of stay at the current residence, if rented.

Personal Loan Eligibility for Self-Employed Professionals

  • The minimum age to apply for a personal loan should be 25 years.
  • The maximum age at loan maturity should be 65 years.
  • The minimum annual net income post-tax should be Rs 4.8 lakh
  • Should have 4 years of post-qualification experience

IndusInd Bank Personal Loan Documents Required

Here is the indicative personal loan documents list that you would have to submit to avail personal loan of up to Rs.50 lakhs:

Bank Statement for the last six months and updated passbook.

Proof of residence includes any of the following:

  • Valid passport
  • Voter id card
  • Driving license
  • Postpaid utility bill (gas bill and electricity bill)
  • Updated passbook or bank statement
  • Registered rent agreement

Proof of identity:

  • PAN card
  • Aadhar Card
  • Valid Indian passport
  • Voters ID card
  • Driving license
  • Employee ID cards issued by relevant authorities like the Govt or Defence or reputed corporate
  • Identity document or certificate of practice with photograph issued by professional bodies like ICAI, ICWA, ICFAI

For Salaried individuals

  • Last 3 months’ salary slips
  • Statement of account for last Six months of Bank

For Self-employed individual

  • Balance sheet and profit and loss account, computation of income for last 1 year
  • Income Tax Return – last 1 year for applicants, 26 AS, Traces
  • Business proof: Gomasta License, Registration Certificate, Service Tax Registration, etc.
  • IT Assessment Certificate, Income Tax Certificate (Form 16A)

Types of IndusInd Bank Personal Loans

IndusInd Bank offers personal loans to meet your various financial needs, be it paying for higher education, wedding expenses, medical bills, flight tickets, home renovation, and any other major purchase.

Personal Loan for Education: Fulfil the education-related goals in your life with his hassle-free instant personal loan.

Medical Expenses: Face unexpected situations with a smile through low-interest personal loans.

Personal Loan for Home Renovation: Give your home a facelift by renovating it to perfection.

Wedding Loan: Make that dream wedding a reality with an instant online application process.

Personal Loan Balance Transfer: To reduce the EMI burden, applicants of other banks and NBFCs can avail IndusInd Bank Personal Loan Balance Transfer facility, wherein they can transfer their existing personal loan to IndusInd Bank at lower interest rates.

How to apply for an IndusInd Bank Personal Loan?

  • Visit the official website of the IndusInd Bank or contact your nearest IndusInd branch.
  • Now, fill in the personal, professional, and financial details as required by the lender and submit the form.
  • Once you submit the application form, the IndusInd Bank will check your eligibility and provide you with information about the eligible amount you can avail of.
  • If you agree to process the application form, you will submit the required documents, which can also be uploaded online.
  • Finally, your documents will be processed by the IndusInd Bank, and on successful approval of the loan, the funds will be disbursed instantly into your IndusInd Bank account.

You can also apply for an IndusInd Bank personal loan by visiting their branch or calling their customer care center. Offline mode is mentioned below:

  • Visit the nearest branch and fill out the application form with the required loan amount, personal details, business information, and your contact number.
  • The representative of the IndusInd Bank will explain loan eligibility, loan rates, terms, processing fees, prepayment, and foreclosure terms.
  • After submitting the application form and required documents, you will receive an application reference number. You can use the same number to track the status of your loan application.

On successful verification, the loan can be disbursed immediately after loan approval and agreement signing.

IndusInd Bank Personal Loan Fees & Charges

A personal loan comes associated with different types of fees, processing fees being the primary one. The processing fee is the fee that you pay along with the loan application. This is a one-time fee that you have to pay with the application form and documents. Even if the loan is not sanctioned, the processing fee would be non-refundable.

Charges typeApplicable amount
Personal loan interest rateMinimum 10.49% p.a.
Loan processing feeUp to 3% of the final loan amount plus applicable taxes.
Stamp Duty ChargesAs per the respective State’s Stam Act
Bounce ChargesINR 500/- plus taxes per instance
Collection charges in case of delayINR 150 + 3% on the overdue installment amount
Renewal charges1% of the renewal limit or Rs 5,000 whichever is below 10%
Swap chargesRs 500 per swap
Charges for SOAPhysical: Rs 200 + GST per instance Digital free
Prepayment fees4% of the principal remaining after 1 estimated monthly installment
Charges for duplicate statement250 per instance

IndusInd Bank Personal Loan Customer Care Number

By Phone: You can call on the company’s customer care number 1860-500-5004, 022-68577777

Equipment Finance: You can call on the company’s customer care number at 022-44066666

Email: You can also contact customer care via email. The email address for specific queries is below:

IndusInd Bank Personal Loan Payment

Your Loan payment will be done online or offline mode. You can choose one of the following methods to pay your bills online:

Net-Banking: You can use the facility of Net-Banking to pay your Loan with the help of your mobile or website.

NEFT/IMPS: If you do not have a net-banking account, you can pay your bills through NEFT or IMPS Facility.

Auto-Debit facility: You can set your Lon payment to auto-debit. Doing so will automatically deduct Personal loan payments from your account.

UPI: At present, UPI traction is being used a lot. You can pay for your Loans using several applications like GPay and Phonepe.

IndusInd Bank Personal Loan Related FAQ:

What is Personal Loan?

Personal loans help you to borrow money for a price of a personal nature – be it for some other requirement such as an emergency, education, family marriage, or home renovation. With IndusInd Bank Personal Loan, with various loans ranging from 30k to 50 Lakh, you can enjoy an interest rate of 10.49% to 26.50% p.a. with flexible functions ranging from 12 to 60 Months.

What is an EMI?

EMI Stands for Equated Monthly Installment. Which is the fixed amount paid for the repayment of your loan. It includes both the principal component and the interest amount. It gives you the convenience and benefit of repaying the personal loan amount in small and easy installments.

What is the minimum CIBIL score required for IndusInd Bank Personal loan?

A good CIBIL score can help you get an adequate personal loan amount. If the applicant has a low CIBIL score and has failed to repay his previous loans or credit card bills on time, the interest will be determined higher. The minimum CIBIL score prescribed for availing of an IndusInd Bank Personal Loan is 750.

How does IndusInd Bank fix the interest rates for personal loan applicants?

The loan is provided at attractive interest rates to the customers availing of Personal Loans from IndusInd Bank. To apply for a loan, you need to fulfill certain conditions. If you meet the criteria, you get a personal loan ranging from Rs 30,000 to Rs 50 Lakh at an interest rate of 10.49% to 26.50% with a flexible tenure of 5 years. IndusInd Bank decides the interest rate based on the customer profile, income structure, credit score, etc., which may differ from customer to customer.

Can I repay my loan?

Yes, prepayment can be made after repayment of 12 EMIs subject to prepayment charges of 4% of the outstanding principal.

What are the processing fees charged by IndusInd Bank for Personal Loans?

IndusInd Bank Personal Loan charges a processing fee of up to 3% of the loan amount. An additional GST is also payable on the processing fee.

What is the minimum salary for a personal loan in the IndusInd Bank?

To avail IndusInd Bank personal loan, you need to have a minimum net salary income of ₹ 20,000 per month.

How to contact IndusInd Bank personal loan customer care?

For any type of query related to Personal Loan, you can also call on the customer care number 022-44066666/022-68577777. You can also get an answer to your questions by sending mail to [email protected]

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