IndusInd Bank Personal Loan: Eligibility, Interest Rate & Apply Online

IndusInd Bank offers tailor-made personal loan options designed to cater to the unique needs of both salaried as well as self- employed individuals. Paisabazaar has partnered with IndusInd Bank to provide both new as well as pre-approved personal loans quickly without hassles. Read on to know more about various key details relating to IndusInd personal loans such as its eligibility criteria, documentation requirement, key fees and charges and much more.

Induslnd Personal Loan Interest Rates

Induslnd Bank personal loan interest rates start as low as 11% p.a. Specific interest rates applicable to an applicant depends upon several factors including but not limited to credit score, customer segment, loan amount and applicant’s location. The following are the key types of personal loans currently offered by IndusInd Bank and the applicable interest rate:

Types of Induslnd Personal Loans

Depending on the end use, Induslnd Bank personal loans can belong to one of the following categories:

1. Wedding Loan: A wedding loan may be required to meet the last minute fund requirements for expenses related to venue booking, catering, guest accommodation, jewellery, etc. in case of a wedding. With Induslnd Bank, one can easily apply for a wedding loan and get the necessary funds to cover such expenses. While the interest rate and the actual loan disbursal may vary according to different criteria, some of the key features of Induslnd Bank’s Wedding Loan are as follows:

• Wedding Loan interest rates start as low as 11% p.a.
• One can avail a loan up to Rs. 15 lakh
• No collateral/security is required for availing this loan

2. Home Renovation Loan: Induslnd Bank home renovation loan offers financial assistance to individuals who wish to redecorate/remodel a house/flat that they own. This loan can be used to cover various expenses like those involving vital repairs, purchase furniture and fixtures, etc. Some key features of Induslnd Bank home renovation loan are:

• Interest rates start as low as 11% p.a.
• Easy and hassle-free application process
• Flexible repayment tenure up to 60 months

3. Personal Loan for Medical Expenses: Induslnd Bank medical expenses loan offers financial assistance to deal with unexpected medical expenses. The loan covers doctor’s fees, hospital stay, medicine bills, and other hospital and treatment relating expenses. Some features of Induslnd Bank medical loan are:

• Collateral-free loans of up to Rs. 15 lakh
• Flexible repayment tenure from 12 months to 60 months
• Special low rates for existing IndudInd Bank customers

4. Personal Loan Balance Transfer: The personal loan balance transfer option enables you to transfer your existing personal loan from another bank to Induslnd Bank to reduce your current EMI burden. The transfer is easy and requires minimum documentation. Some key features of Induslnd Bank Personal Loan Balance Transfer are:

• Low processing fees
• Swift pay-out and flexible repayment tenure
• Available only to IndusInd Bank customers having outstanding loans with other bank

5. Personal Loan Pre-approved Offers: IndusInd Bank offers pre-approved personal loans to existing customers (account holders/credit card holders) of the bank. It involves minimal to no documentation and quick disbursal of the loan amount (generally within a few hours). However, the loan amount sanctioned depends on the applicant’s profile and cannot be increased.

IndusInd Personal Loan Eligibility

The eligibility for a IndusInd Bank personal loan varies across different loan types. However, some of the common eligibility criteria for these unsecured loans are:

Eligibility Criteria for Salaried Employees:

Eligibility Criteria for Self Employed Professionals & Self Employed Individuals:

How Credit Score Impacts IndusInd Bank Personal Loan Approval

IndusInd personal loan approval and the terms on which you avail it depends to quite an extent on your credit score, let’s understand how:

• Approval of your Loan Application: A high credit score shows the lender that the applicant has responsible credit behaviour and a clean repayment track record. This may help increase the chances of approval of your IndusInd personal loan.
• Lower Interest Rates: A good credit score can also help you get a relatively lower rate of interest on your personal loan. Higher score indicates less risk for the lender and thus, you may get the loan at lower interest rates.
• Available Loan Amount: The maximum loan amount offered on your personal loan, besides other factors, also depends on how well you have handled credit in the past. Thus, the higher your credit score, the higher are your chances of getting approved for a higher loan amount.

However, the credit score is not the only determinant of your ability to secure credit. There are various factors that impact your personal loan approval such as your income, existing debts, employment status and history, etc.

Documents Required for Induslnd Personal Loan

The following documents are required to avail Induslnd Bank Personal Loan:

For Salaried Employees:

• Identity Proof: PAN/ Aadhaar/ Voters ID/ Passport/ Driving License, etc. (any one)
• Address Proof: Utility Bill (less than 3 months old)/ Valid Rent Agreement, etc. (any one)
• Income Proof: Latest salary slips for the last 3 months / salary certificate and latest Form 16
• Bank Statements: Latest 3 months’ bank statement of salary account

For Self-Employed Professionals:

• Identity Proof: PAN/ Voters ID/ Aadhaar/ Driving License/ Passport, etc. (any one)
• Address Proof: Utility Bill (less than 3 months old)/ Valid Rent Agreement/ Trade License/ Sales Tax Certificate, etc. (any one)
• Business (Current Account) Bank Statements (passbook/latest 6 months bank statement)
• Latest 2 years ITR along with computation of income, B/S, P&L a/c with all schedules certified by a CA
• Qualification Proof: Highest Professional Degree
• Proof of profession continuity (eg. registration certificate from applicable authority)

For Self-Employed Individuals:

• Identity Proof: PAN/ Aadhaar/ Voters ID/ Passport/ Driving License, etc. (any one)
• Address Proof: Valid Rent Agreement/ Utility Bill (less than 3 months old)/ Sales Tax Certificate/ Trade License, etc. (any one)
• Business (Current Account) Bank Statements (latest 6 months’ bank statement/passbook)
• Latest 2 years ITR along with computation of income, B/S, P&L a/c with all schedules certified by a CA
• Proof of Business Continuity: Trade license/ establishment/ sales tax certificate
• Additional Mandatory Documents: Certified copy of partnership deed/ sole proprietorship declaration/ certified copy of MOA, AOA and Board resolution. If income is derived from a partnership firm, latest 2 years partnership firm’s B/S, P&L a/c with all schedules certified by a CA

How to Apply for Induslnd Personal Loan with Paisabazaar

The application process for Induslnd bank Personal Loan with Paisabazaar involves the following steps:

Step1. Visit Paisabazaar.com and fill out the online application form to check best offers

Step2. You will receive offers from several banks listed as per the chances of approval.

Step3. Select a prospective lender such as IndusInd Bank from the list or contact Paisabazaar for assistance.

Step4. Complete and submit your loan application online.

Personal Loan Verification Process

Once your personal loan application has been submitted online on Paisabazaar, the verification process that follows involves the following steps:

Step1. Paisabazaar forwards your loan application to your chosen prospective lender such as IndusInd Bank. Following this, you will get a call from the lender’s representative typically within 48 hours.

Step2. Subsequently, a pickup of your income, KYC, etc. documents will be scheduled or you may be told to upload the required documents online. These documents will be used to verify your loan application.

Step3. On successful completion of verification and loan approval, you will receive another call to verify the loan offer and ask for your consent for disbursal.

Step4. Personal loans are usually disbursed within 48 hours, after successful verification and loan approval.

Note: Based on the lender’s internal requirements and other criteria, the above stated turnaround time for personal loan verification/disbursal may vary.

Why Apply for a Personal Loan at Paisabazaar?

1. Multiple Offers from Top Lenders: Paisabazaar has partnered with more than 40 lenders including Banks/NBFCs/Fintechs to provide the best available loan offers from multiple lenders under one roof.
2. Compare and Choose: Paisabazaar lets you compare interest rates and other features such as foreclosure charges, processing fees, disbursal offered by various lenders and choose the suitable option for yourself.
3. Chances of Approval: Personal loan offers offered by Paisabazaar are rank-ordered on the basis of the chances of approval determined as per your credit score and other eligibility factors. This helps you select the offer having the highest chances of approval.
4. Pre-Approved Loans: Customers registered with Paisabazaar receive personalised pre-approved personal loan offers based on their credit profile from time to time. These loan offers come with low interest rates, quick disbursal, minimal documentation and end-to-end digital process.
5. Unbiased Advice: Paisabazaar’s team of experts offer unbiased advice and complete guidance at every step in case you have any queries or need assistance to help you choose the most-suited loan offer.
6. 100% Digital Process: With Paisabazaar.com, the entire process from loan application, document submission to the approval of your personal loan can be carried out online from the comfort of your home or office.
7. Document Pickup: The Paisabazaar platform also offers customers the advantage of document pickup from their home/ office at a mutually agreed date and time at zero charges in case physical documentation is required.
8. End-to-end Assistance: From looking out for a loan offer to getting the loan disbursed to your bank account, the Paisabazaar team helps you and works with the lenders in the background, to give you a hassle-free experience.

Check Induslnd Personal Loan Application Status

Customers can check the status of their loan application via any of the following ways:

1. By logging into online account: Existing IndusInd customers can log into their Internet banking account to check the status of their personal loan application.      
2. Calling up the customer care: Customers can know the status of their application by calling up the customer care department on its customer service number: 1860-500-5004. This would require the customer to keep their KYC details and loan application number handy to ensure faster verification upon which they will be updated with the latest status of their loan application.
3. Visit the nearest branch office: You can check the status of your loan application by visiting your nearby bank branch.  

Fees and other Charges

The following are some of the key fees and charges apart from interest rates that are associated with your Induslnd Bank personal loan:

How to Login on Induslnd Bank Portal

1. Visit the official website of Induslnd Bank
2. On the page that opens next, click on ‘IndusNet’
3. Login using your user name and password or Indusmobile

Induslnd Bank Personal Loan Statement

You get hold of your IndusInd Bank personal loan statement either online or offline.

Online Method: You can log into your IndusNet account and view/download your personal loan statement easily.

Offline Method: You can request a copy of your personal loan statement over the phone or by visiting your nearby IndusInd Bank branch.   

Induslnd Personal Loan EMI Calculation

The rate of interest for Induslnd Bank personal loan starts at as low as 11% p.a. The table below depicts a sample of EMI calculated for different loan tenures and interest rates:

Comparison of Induslnd Bank Personal Loan vs. Other Lenders

Benefits of Applying for Personal Loan at Paisabazaar

Some advantages of applying for a personal loan on Paisabazaar.com are given below:

• Customers no longer need to physically visit the prospective lender’s branch office and can simply apply for a personal loan through Paisabazaar’s online platform
• You can access the Paisabazaar website anytime and anywhere as per your convenience
• Customers can track the status of a personal loan that is applied through Paisabazaar’s website using the application number provided after submission of their loan application
• Paisabazaar helps you make an informed decision by offering you the option to compare various personal loan features like interest rates, foreclosure charges of various personal loan providers, processing fees, etc. on a single platform
• The platform lets you compare the EMI of various personal loan options to help you decide the one that is the most suitable option for you

Important Aspects

The following are some important aspects to consider when considering a personal loan:

• Different interest rates and charges should be compared online to get the best deal, before actually applying for a personal loan
• Check your credit score before applying for a loan. It is one of the first things that lenders consider before lending money to a person. Low credit score might lead to an increase in the interest rate charged by the bank or the rejection of your loan application
• Consider the complete cost of the loan. This cost includes other charges like processing fee, prepayment fee, late payment fee, etc. besides interest. These might also be considered while deciding upon a particular personal loan
• Borrow only what you need and can pay back. Don’t borrow simply because you are eligible to borrow a higher amount
• Avoid applying for a personal loan with multiple lenders at the same time. It may lead to an increase in the number of hard inquiries for your credit report and may adversely affect the chances of your loan approval

FAQs

Q1. How long will it take for my IndusInd Bank personal loan to get disbursed?

Once all the required documents are received and verified, the loan is approved, it is usually disbursed within 4-7 working days.

Q2. Is collateral or security required to avail a personal loan from Induslnd Bank?

No collateral or security is required to avail a personal loan from the bank.

Q3. What are the different tenure options available on Induslnd Bank personal loan?

Customers can repay their loans over a period of 12 to 60 months.

Q4. What is the maximum amount for which customers can avail a personal loan from Induslnd Bank?

Customers can avail a personal loan up to Rs. 15 lakh depending upon their eligibility, repayment capacity, income and nature of job.

Q5. Is it mandatory to open an account with Induslnd Bank to secure a loan from the bank?

No, it is not mandatory to open an account to avail a loan from the bank.

Q6. How do I get in touch with Induslnd Bank in case I want to secure a personal loan?

Customers can approach the bank through any of the following means:

• Call up the bank’s 24 hour customer care number: 1860-500-5004 / (+91)224-406-6666
• Email at reachus@indusind.com
• SMS “PL” and send it to 5676757
• Visit the nearby branch office (in select cities where the bank offers personal loans)

Q7. I am an existing customer of IndusInd. Will I get any privileges in case I want to secure a personal loan from the bank?

As an IndusInd Bank customer, you will be offered special interest rates, asked for minimum documentation and your application will be given priority when you apply for a personal loan with the bank.

Q8. How do I repay the personal loan?

You can repay the personal loan in EMI through ECS. Also, you can pay through a standing instruction to debit your IndusInd bank account with the EMI amount.

Q9. Is it possible to foreclose/prepay my personal loan?

Yes, if you are a salaried professional, you can foreclose your personal loan any time after paying 12 EMIs and if you are a self-employed individual, you can foreclose your loan any time after paying the 6th EMI. However, prepayment charges as applicable are levied on the outstanding loan amount only.

Q10. Can I make part-prepayment of my personal loan?

No, you cannot make part prepayment of your IndusInd Bank personal loan. You can either prepay your personal loan in full or service the contracted tenure.

Q11. How can I reach IndusInd Bank customer care?

You can contact the IndusInd Bank customer care via any of the following means given below:

• By Phone: You can call Induslnd Bank customer care on 1860-500-5004 / 022-4406-6666
• Email: You can email at reachus@indusind.com and NRI customers can mail at nri@indusind.com
• Callback Request: You can request a call back from the bank’s representative by filling out a form on the bank website
• Branch Visit: You can visit the nearby Induslnd Bank branch to get your queries resolved