IndusInd Bank Personal Loan

IndusInd Bank provides personal loans up to 50 lakh with interest rates starting at 10.49% per annum. These loans come with flexible tenures of up to 5 years and offer the convenience of instant online processing with rapid approval. Below, you’ll find detailed information about the interest rates, eligibility criteria, and required documents for applying for an IndusInd Bank personal loan.

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  • Employment Type

    IndusInd Bank Personal Loan Interest Rates

    IndusInd Bank’s personal loan interest rates begin at 10.49% per annum. While the bank has not specified varying rates based on credit scores or other factors, lenders generally take into account factors such as monthly income, job profile, employer's reputation, and credit score when determining the interest rate.


    IndusInd Bank Personal Loan Fees and Charges

    Processing feesUp to 3.5% of the sanctioned loan amount
    Prepayment fees4.00% of the principal remaining after 12 estimated monthly instalments
    Loan cancellation charges 1,000 per event
    Payment dishonour charges 450 per instance
    Loan rescheduling charges 1,000 per event
    Penal charges 150 per EMI delay beyond 5 days
    ECS/Cheques/SI swapping charges 500 per event
    Stamp dutyAs per the laws
    Legal chargesAs per actuals
    Duplicate no dues certificate 250 per event

    (Source: Paisabazaar)

    IndusInd Bank Personal Loan EMI Calculator

    Loan Amount

    ₹10k
    ₹20 Lakh

    Rate of Interest

    %

    1%
    30%

    Loan Duration

    Months

    3 Months
    72 Months
    Monthly EMI
    ₹0
    Loan Amount:
    ₹10,000
    Total Interest:
    ₹0
    Total amount:
    ₹0
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    EMI Payment Schedule

    Month
    Principal Paid
    Interest Charged
    Total EMI Payment
    Loan Balance

    IndusInd Bank Personal Loan vs Other Bank Loan

     

    Banks/NBFCsInterest Rates (p.a.)
    IndusInd Bank10.49% onwards
    HDFC Bank10.50% onwards
    ICICI Bank10.80% onwards
    IDFC First Bank10.99% onwards
    Kotak Mahindra Bank10.99% onwards
    Tata Capital10.99% onwards
    Aditya Birla10.99% onwards
    Axis Bank11.25% onwards

    (Source: Bank website)

    IndusInd Bank Personal Loan Eligibility Criteria

    1. For Salaried Employees


      • Age Requirements: Must be between 21 and 60 years (or retirement age, whichever comes first).

      • Income: Minimum net monthly income should be Rs. 25,000.

      • Employment Duration: Must have at least 2 years of total employment experience and a minimum of 1 year with the current employer

      • Residence: Should have resided at the current address (if rented) for at least 1 year.

    2. For Self-Employed Professionals


      • Age Requirements: Must be between 25 and 65 years.

      • Income: Minimum annual net income after taxes should be Rs. 4.8 lakh.

      • Experience: Must have at least 4 years of post-qualification experience.

    3. For Self-Employed Individuals


      • Age Requirements: Must be between 25 and 65 years.

      • Income: Minimum annual net income after taxes should be Rs. 4.8 lakh.

      • Experience: Must have at least 5 years of post-qualification experience.

    IndusInd Bank may also consider the applicant’s credit score in the evaluation process.


    Documents Required for IndusInd Bank Personal Loan

  • For Salaried Employees


    • Application Form: Completed application form with a photograph.

    • Proof of Identity: A self-attested photocopy of any one of the following: Driving License, Passport, Voter ID, Aadhaar, or PAN Card.

    • KYC Documents: Valid identity, residence, and signature proof.

    • Income Proof: Form 16 or Income Tax Return (ITR) for the last 3 years, along with the latest 3 months’ salary slips.

    • Bank Statements: Latest 3 months’ salary credit bank statement.


  • For Self-Employed Professionals


    • Application Form: Completed application form with a photograph.

    • Proof of Identity: A self-attested photocopy of any one of the following: Driving License, Passport, Voter ID, Aadhaar, or PAN Card.

    • KYC Documents: Valid identity, residence, and signature proof.

    • Income Proof: Form 16 or ITR for the last 3 years, plus the latest 3 months’ salary slips.

    • Bank Statements: Latest 6 months’ practice current account statement and latest 3 months’ primary savings bank statement.


  • For Self-Employed Individuals


    • Application Form: Completed application form with a photograph.

    • Proof of Identity: A self-attested photocopy of any one of the following: Driving License, Passport, Voter ID, Aadhaar, or PAN Card.

    • KYC Documents: Valid identity, residence, and signature proof.

    • Income Proof: Form 16 or ITR for the last 3 years, plus the latest 3 months’ salary slips.

    • Bank Statements: Latest 6 months’ business current account statement and latest 3 months’ primary savings bank statement.


  • With these details, you should be well-prepared to apply for an IndusInd Bank personal loan and meet the necessary requirements for a smooth application process.


    Types of Induslnd Bank Personal Loans

    IndusInd Bank provides a range of personal loan options tailored to meet various financial needs. Here’s a detailed look at their different types of personal loans:

    1. Home Renovation Loan: Designed for transforming living spaces, this loan covers renovation expenses such as materials, labour, and permits. It features digital, paperless application, instant approval, and competitive interest rates starting at 10.49%. Loan amounts range from 30,000 to 5 lakh with flexible repayment terms of 12 to 72 months. No collateral or guarantor is required.

    2. Wedding Loan: This loan helps manage wedding expenses including venue, catering, and attire. The application is straightforward and digital, with interest rates starting at 10.49%. Loan amounts vary from 30,000 to 5 lakh, and repayment can be spread over 12 to 72 months, with no need for collateral or a guarantor.

    3. Travel Loan: Ideal for covering travel costs like airfare, accommodation, and insurance, this loan offers instant digital approval and competitive rates starting at 10.49%. The loan amount ranges from 30,000 to 5 lakh, and repayment terms are flexible from 12 to 72 months. No collateral or guarantor is needed.

    4. Medical Expenses Loan: Provides financial support for medical emergencies or high-cost treatments. With interest rates starting at 10.49%, the digital application ensures quick approval. Loan amounts range from 30,000 to 5 lakh, with repayment terms from 12 to 72 months, offering flexibility without the need for collateral or a guarantor.

    5. Debt Consolidation Loan: Helps consolidate multiple debts into one manageable payment, potentially reducing overall interest costs. The loan features rates starting at 10.49%, with amounts from 30,000 to 5 lakh and flexible repayment options of 12 to 72 months. The digital process ensures fast approval, with no collateral or guarantor required.

    Induslnd Bank Personal Loan FAQs

    You can choose a tenure from 12 to 72 months.

    The maximum tenure available is 72 months (6 years).

    The minimum tenure available is 12 months (1 year).

    Yes, a processing fee of up to 3.5% of the loan amount and documentation charges apply, deducted from the loan amount at disbursal.

    Personal loans are typically approved and disbursed within a few hours, depending on the verification process. Inaccurate details may delay disbursal by 1-2 days. Pre-approved loans may have faster processing.

    While no specific credit score is mandated, a score of 750 or higher generally improves your chances of approval and better interest rates.

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