IndusInd Bank Personal Loan Details
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IndusInd Bank personal loan is an unsecured loan you can used to meet different expenses. IndusInd Bank offers Personal Loan for the people of sixteen major cities in India. Here is given the list of the cities: Noida, Mumbai, Pune, Chandigarh, New Delhi, Chennai, Jaipur, Bangalore, Ahmedabad, Faridabad, Ghaziabad, Gurgaon, Navi Mumbai, Hyderabad, Kolkata and Thane.
Unsecured loans like the IndusInd Bank personal loan let you borrow money in a short span of time to be used for multiple purposes as seen fit by the applicant.
The bank offers fast and hassle-free personal loans which cater all the financial requirements of its customers. The bank provides personal loan to make all your dreams come true like the renovation of the house, dream wedding, dream vacation or fulfil any other wish. Loanbaba.com provides all the information about IndusInd Bank Personal Loan. Loanbaba works as a liaising body between the Indus Ind Bank representatives and the borrowers.
Our website, Loanbaba.com will provide you all details about personal loan IndusInd Bank.
|IndusInd Bank Personal Loan Details Updated on 14th December 2019 |
Maximum Rs. 5 lakhs
12 months to 36 months
Up to 23% p.a.
Why Choose IndusInd Bank Personal Loan?
The advantage of this loan is its same interest throughout the duration.
Simple documentation is needed and the personal loan in IndusInd Bank then gets processed faster. Documents needed for the loan can be scanned online or you can visit the nearest branch of IndusInd bank and furnish the same after filling out an application form for personal loan.
The customers can pay off the loan in easy instalments every month and can repay it via auto debit or PDC or ECS. These modes of repayment are safe enough to ensure that you do not miss an EMI deadline and therefore it showcases a proactive approach as a borrower.
- IndusInd Bank personal loan eligibility and IndusInd Bank Personal Loan EMI calculator at Loanbaba.com.
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Features of Personal Loans at IndusInd Bank
The following key points will help you understand the features and benefits of the personal loans:
This loan offers fast disbursal, the processing is quick and the documentation is simple. There is complete transparency between the bank and the loan applicant.
The loan can be availed by the individuals and professionals who are self-employed or working on the salary basis. IndusInd Bank personal loans are available to both categories of citizens- salaried and self-employed.
Flexible durations are available for the loan. Loan applicants can choose the tenure according to their needs and the bank will be happy to put the processes in place for you.
The applicant can get doorstep services for sorting the process of loan. IndusInd Bank representatives are always there to help you with all the assistance you need with the personal loan. Bank officers provide you the facility of finishing the procedures of the loan from the comfort of your residence. This is especially helpful for senior citizens.
Lucrative rates of interest. With interest rates starting at 11.25%, IndusInd bank offers one of the best rates for personal loan in the competitive banking industry. Personal loans are usually offered at a much higher rate of interest considering it is an unsecured loan.
No need of collateral or guarantor. In case of an unsecured loan like the personal loan by IndusInd Bank, loan applicants need not pledge any asset or investment as security deposit against the loan amount.
One has the option of using ‘Balance Transfer’ for doing away with debt of high interest. Credit card debt is common among youths in urban areas today and there are many people with multiple loans. These are candidates suitable for the option of balance transfer wherein all the debts are consolidated into one loan at a lower interest rate. Applicants with debt from different avenues can take advantage of this option with the IndusInd Personal loan.
Flexi gateways for repaying the loan which includes the bank account debit or ECS via any other bank. Applicants can choose their suitable way to repay EMIs on schedule, a payment mode such that deadlines are not missed or delayed.
Why Apply for IndusInd Bank Personal Loan?
Loanbaba provides comprehensive information about personal loan schemes by IndusInd Bank. Keep a note of this page to stay updated with recent information on this bank loan scheme. You can also quickly apply for this loan online on the bank's official website without having to visit the bank branch. It is simple and easy, and you can upload all the required documents online. Disbursal is done at the soonest, and you can keep a track of your loan application on the website. Over the past couple of years, Loanbaba has fast forged positive relations in the banking industry and that is how we work closely with IndusInd Bank so that your loan is approved at the earliest.
IndusInd Bank Personal Loan Interest Rates
Personal Loan IndusInd Bank interest rate ranges between 11.5 % and 23%, but varies as per individual profile. Keep a check on this page to note the updated IndusInd Bank personal loan interest rate for the current year. Personal loans come in different shapes and sizes and your eligibility for the same depends upon your income and credit score. It becomes imperative for you, therefore to keep your credit history and CIBIL score in check.
Other fees for the loan are as given below:
- Loan processing charges: Up to 2.50% of the loan amount plus taxes
- Foreclosure charges:
For salaried individuals, the foreclosure charges stand at 4% of the principal outstanding amount. Loan applicants are eligible for this only after repayment of 12 EMIs.
For self-employed individuals also, the foreclosure charges stand at 4% of the principal outstanding amount. However they are eligible for the same after repayment of 6 EMIs
- Late payment charges:
Charges for late payment of EMI is Rs.150/- plus taxes. This is considered on ‘Per EMI delay basis’ beyond 5 days. No penalty is charged for a delay of less than 4 days.
Documentation Needed for IndusInd Bank Personal Loan
Important documents to be submitted while applying for personal loans
Completed form: Fill out the loan application form.
3 recent Passport size photographs
Statement of Bank Account for the last six months
Address Proof (Any utility bills like Telephone Bills/ Electricity Bill)
Identity Proof (Voter ID card/ Passport/ Driving licence/ IT PAN card)
For salaried employees- Form 16/IT returns from the previous two financial years
For self-employed professionals- Income Tax returns for three years
IndusInd Bank Personal Loan Eligibility Calculator
Personal loan eligibility may differ from one candidate to another. You can also use free-of-cost IndusInd Bank personal loan eligibility calculator at Loanbaba.com. The eligibility criteria for IndusInd Bank personal loan are discussed below:
The applicant for personal loan IndusInd Bank needs to meet the age requirement and possess all necessary identity and income proof required to apply for the loan. It is good to know all the basic eligibility criteria beforehand so as to avoid any confusion once the first steps are taken towards loan application.
He/she must meet the requirement for credit score and should not be under too many debts. Loan overdue amounts do not reflect well on the credit history of applicants. It is advisable to clear such debts before applying for a personal loan.
Types of IndusInd Bank Personal Loans
IndusInd Bank has personal loan schemes for professionals and salaried individuals. The amount taken as loan can be used for either multiple or specific purposes. Personal loan applicants need not specify the purpose of loan to the bank while applying for the loan.
IndusInd Bank Personal Loan for Education
Education cannot be compromised because of the propulsion it provides to life itself. Higher education today is more expensive than before and studying abroad is even more so. This loan can take care of all the expenses related to your course program including travel, accommodation, tuition fee, study material, etc.
IndusInd Bank Personal Loan for Wedding
Weddings are a grand affair in our country and inadvertently cost us a very big amount in preparation. With an interest rate sympathetic to the cultural practices, this personal loan covers all wedding expenses of an applicant and ensures smooth sailing for the big day.
IndusInd Bank Personal Loan for Home Renovation
This personal loan by IndusInd Bank provides funds to take care of your home renovation expenses. As this can be a costly affair, many people postpone this activity. As timeliness is an important part of home renovation, moving with the times is a luxury made affordable by this personal loan.
IndusInd Bank Personal Loan for Medical Emergency
Medical emergencies can knock your door at any time and it is good to know about loans that can come in handy in case of such a situation. This personal loan marks out this problem faced by people to help them with funds when they need it the most helping people clear hospital bills and cover other expenses associated to the medical emergency like buying medicines or equipment.
IndusInd Bank Personal Loan FAQs
Below provided are important questions about personal loan IndusInd Bank.
The processing fee charged is up to 2.50% of loan amount along with applicable tax.
Rates of interest for the customers who have existing relationship with the bank depend on the purpose, the amount of loan and the duration. The bank offers different rates based on above mentioned factors. The annual rates generally vary from 11.5 % to 23% with the average rate of nearly 14.5%.
Personal loan amount can be repaid using post-dated cheques every month according to the EMI amount fixed at the time of approval. You can opt for auto debit of your EMI amount by instructing the bank to do so every month.
People with existing accounts with IndusInd bank have a higher chance of securing a lower interest rate on the loan. Priority will be given to the application and minimum documents will be asked for.
No, part-payments are not possible on the personal loan. However, you can make prepayments and also foreclose your loan if you feel you can take that financial decision at a point.
Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of IndusInd Bank.
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