to apply for IndisInd Bank personal Loan
IndusInd Bank Personal Loan
- Free doorstep service
- Dedicated Relationship Manager
Would you Like To Read More about IndisInd Bank Personal Loan
Overview - IndusInd Bank Personal Loan
IndusInd Bank is the first new generation private sector bank that established in 1994 and it's headquarter is present in Mumbai. It is conceptualised by S P Hinduja chairman of the Hinduja Group and derives its name and inspiration from the Indus Valley Civilisation. IndusInd Bank has grown eternally and dynamically as an organisation driven by an enthusiasm to give its customers banking services and products at par with the highest quality standards in the industry. The bank offers commercial, transactional and electronic banking products and services. Some top line products in its pool are premium savings accounts, current accounts, attractive fixed deposit rates, debit card programmes with usage related benefits, children accounts, sweep in /sweep out account, Exim accounts, NRI accounts with assist services, wide range of credit cards and loan against property. It functions out of various Business Units that work seamlessly to ensure quality in service at every stage of its Banking operations. IndusInd Bank has 1,004 branches, and 1885 ATMs spread across 625 geographical locations of the country.
Why Choose IndusInd Bank Personal Loan
The below are the main factors which allow you to choose IndusInd Bank Personal Loan:
- Simple, easy and hassle-free documentation, with an effortless and trouble-free documentation.
- The applicant can avail door-to-door service and make the most use of the convenience.
- It has been awarded the 'Best Mid-size Bank', '6th Most Trusted Private Bank in India' and various 'Information Security' & 'Environmental Best Practices' awards from reputed Indian and international institutions.
- This bank offers competitive interest rates along with maximum loan amount approval, It also provides an attractive interest rate on each Personal loan.
- No Security & Guarantors require in IndusInd Bank Personal Loan.
- Balance Transfer option at a lower rate is offered to each applicant in case of any existing amount of loan.
- Flexible tenures from 6 months up to 60 months based on the profile of the customer.
Features of IndusInd Bank Personal Loan
IndusInd Bank Personal Loan benefits are enough to fulfil all your finance needs. It provides some of the significant and satisfying features and it also comes with desirable benefits. The Features of IndusInd Bank Personal Loan are as follows:
- High Amount of Loan & Reasonable Interest Rates:
It allows a loan amount ranging from a minimum of Rs.50, 000 to a maximum of Rs.15, 00,000 and provides attractive interest rates on every personal loan.
- Low Rate Balance Transfer Option:
It gives the facility to get rid of your high-interest rate debt using 'Balance Transfer Option'. It is also possible to transfer the loan from other banks to IndusInd Bank at a lower rate of interest.
- No Pre-Payment Charges:
The Pre-payment charges are not applicable at all, if you want to pay off the personal loan earlier than the fixed loan tenure then it doesn't charge you any pre-closure charges.
- Simple & Speedy Disbursal:
It offers simple documentation and doorstep service, everyone can avail a doorstep service to enjoy the conveniences offered.
- No Collateral:
Securities or collaterals and guarantors are not required. This loan is given on the basis of KYC and income of the individual. And documents that represent these are needed.
Eligibility Criteria of IndusInd Bank Personal Loan
IndusInd Bank personal loan eligibility criteria for salaried customers are as follows:
- Age of the customer should be between 21-60 years or retirement age whichever is earlier.
- Minimum income of the customer should be Rs. 25,000.
- Customer should have completed minimum 2 years in employment and minimum 1 year in the current organization.
- Current residence of the customer should have completed minimum 1 year in the current organisation, if rented.
- Minimum and maximum loan amount should be Rs.50, 000 and Rs.15,00,000 respectively.
- Loan tenure range of personal loan should be between 12-60 months for salaried customers.
- Age of the customer should be between 25-65 years.
- Minimum annual net income post tax of the self-employed customers should be 4, 80,000.
- Minimum and maximum loan amount should be Rs.75, 000 and Rs.20, 00,000 respectively.
- Self-employed customer should have 4 years of post qualification experience.
- Loan tenure range of personal loan should be between 12-60 months for self-employed customers.
Documentation Required for IndusInd Bank Personal Loan
For salaried Customers who are salaried required following documents to submit:
- Identity proof
Passport/driving license /votersID /PAN card/card issued by UIDAI containing the details of name, photograph, address and Aadhaar number
- Residential proof
Leave and License Agreement/ration card /utility bill (not more than 3 months old) /valid passport -provided the passport address is present address mentioned in application form
- Bank Statements
Latest 3 months bank statement (where salary is credited)
- Proof of Income
Latest 3 months salary slip / salary certificate and latest Form 16
For self-employed: Customers who are self-employed required following documents to submit:
- Identity proof
Passport/driving license/voters ID/PAN card /card issued by UIDAI containing the details of name, photograph, address and Aadhaar number
- Residential proof
Leave and License Agreement / ration card / utility bill (not more than 3 months old) / Trade License/establishment/sales tax certificate/valid passport - provided the passport address is present address mentioned in application form Business (Current Account) bank statements (latest 6 months bank statement / passbook)
- Bank Statements
Business (Current Account) bank statements (latest 6 months bank statement / passbook)
- Employment Document/ Continuity of Business Document
Trade license/ establishment/sales tax certificate
- Salary slips/ITR filings
Latest 2 years ITR along with computation of income, B/S, P&L a/c with all schedules certified by a CA
- Additional mandatory 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 schedules certified by a CA
Interest Rates of IndusInd Bank Personal Loan
Interest rate of IndusInd Bank Personal loan decides at the time of signing the loan agreement by the customer. Basically interest rates depends on eligibility, income, whether salaried or self-employed and other criteria to determine the interest rates for the loan offered.
|Minimum Interest Rate||10.99%|
|Maximum Interest Rate||30.50%|
|Minimum Annual Percentage Rate||13.09%|
|Maximum Annual Percentage Rate||21.50%|
Fees and Service Charges
IndusInd Bank Personal Loan Charges and fees are categorized as follow:
|Interest Rates||11.25% -23% p.a.|
|Personal loan Processing Fees||Up 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 Charges||Rs 450/- plus tax|
|Personal loan Duplicate Statement Charge||Rs 250/- plus taxes per event|
|Cheque / ECS / SI Swapping Charges||Rs 500/- plus taxes per event|
|Duplicate No Dues Certificate||Rs 250/- plus taxes per event|
|Duplicate Amortization Schedule Charge||Rs 250/- plus taxes per event|
|Loan Re-Booking / Rescheduling Charges||Rs 1000/- plus taxes per event|
|Loan Cancellation Charges||Rs 1000/- plus taxes per event|
|Charges for Photocopy of Agreement / Documents||Rs 250/- plus taxes per event|
|Penal Charge||Rs 150/- plus taxes, Per EMI delay beyond 5 days|
|Legal Charges||As per Actuals|
|Stamp Duty||As per State Laws|
|CIBIL Report||Rs. 50/- per instance per set + Taxes as applicable|
EMI Calculator of IndusInd Bank Personal Loan
Before moving further let's understand what is Personal Loan EMI? Personal Loan EMI is a fixed amount that you pay to IndusInd Bank towards repayment of loan taken. The EMI is paid every month on a fixed day till your Personal Loan is fully paid off. Personal Loan EMI depends upon loan amount, loan rate of interest and loan tenure. We will see these in details:
- Loan amount
IndusInd Bank provides personal loan amount ranges from Rs.50, 000 to 15 Lakhs. High loan amount leads to High amount of EMI.
- Loan rate of interest
IndusInd Bank personal Loan interest rate ranges from 11.49%-20%. Lower interest rate leads to lower EMI.
- Loan Tenure
Personal loan tenure of IndusInd Bank depends on the customer's current age and customer retirement's age. It offers personal loan tenure up to 12-60 months. Higher the loan tenure, lesser will be the EMI.
Basically, EMI consists with two components, principal loan amount and total interest.
Now, what is EMI Calculator of IndusInd Bank Personal Loan? IndusInd Bank Personal Loan EMI Calculator is a tool which helps to estimate the monthly instalments (EMI per month) of Personal Loan which you are planning or taking. It saves time and provides accuracy too. EMI Calculator also provides a pictorial representation of Break-up of Total Payment (Principal loan amount + Total Interest).
Why MyMudra Financial ?
Here is why you should apply for IndusInd Bank Personal Loan with MyMudra financial:
- All the financial requirements and services provided by MyMudra financial are available free of cost for the customers and one can avail them without any hesitation.
- More than 50+ banks and NBFCs are available on the customer screen from which one can choose according to their convenience.
- We provide you with the most dedicated personnel to take care of all your requirements and provide you with appropriate advice.
- There are about 1000 products that we offer along with the right mix of finance.
- We offer the best rate of interest, gift vouchers and all the other benefits and cash backs for their inter interest
- We offer financial services both online and offline and also offer offline counselling
- We provide end to end services i.e. we assist you right from the time you apply to the time the deal is finally done and delivered.
- We offer services all across the country.
- Fill out the eligibility application form with valid details which will inform you that you are eligible for IndusInd Bank personal loan or not.
- If you are eligible then go for the next step and complete the online loan application form, at the end, you will get the approval from us within few minutes.
- If required upload documents from upload documents online form.
- After approval, you will get money in your account within 2 working days. Our loans can be applied for 24/7, 365 days a year. That means you can get cash when you need them, and our customer service representatives can be reached seven days a week for questions about your loan.
FAQ IndusInd Bank Personal Loan
- What are the minimum and maximum personal loan amounts?
You can avail of personal loans that are ranging from Rs.50, 000 to 15, 00,000 depending on your eligibility, income, nature of job and repayment capacity.
- What are the loan tenure options?
You can repay your loan over a period of 12 to 60 months.
- How long will it take for my Personal Loan to be approved?
Your personal loan will be disbursed within 4-7 working days post receipt of the required documents. All loan approvals are at the sole discretion of the bank.
- Can I have a co-applicant while applying for a Personal loan with IndusInd Bank?
Yes, you can choose a co-applicant to take the personal loan from IndusInd Bank that will increase your personal loan eligibility as the income of the co-applicant is also taken into account.
- Are there any additional charges?
A processing fee up to 2.5% of the loan amount and required documentation charges are payable same will be deducted from the loan amount at the time of disbursal.
- What security do I need to provide to obtain this personal loan?
To obtain the loan, there is absolutely no need to provide any security or deposit.
- Can I prepay/foreclose my personal loan?
You can prepay/foreclose the whole loan outstanding anytime after paying 12 instalments for Salaried customers and anytime after 6 instalments for Self-Employed customers. Prepayment charges as applicable would be levied on the outstanding loan amount.
- Is part-prepayment of a Personal Loan allowed?
Part prepayment is not allowed. The personal loan has to either be prepaid in full or serviced for the contracted tenure.
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