IndusInd Bank Personal Loan Highlights | |
| Interest Rate | 10.49% p.a. onwards |
| Loan Amount | Rs 30,000-50 lakhs |
| Tenure | 1 to 5 years |
| Processing Fees | Up to 3% of the sanctioned loan amount |
| Minimum Monthly Salary | Rs 25,000 |
| Prepayment/Foreclosure Charges | 4% of outstanding principal (after repayment of 12 EMIs) |
Note: Rates as of 23rd March 2023
Induslnd Bank Personal Loan Interest Rates
Comparison of Personal Loan Interest Rates Offered by Top Lenders
| Banks/NBFCs | Interest Rates(p.a.) | |
| HDFC Bank | 10.50% onwards | Apply Now |
| SBI | 11.00%-15.00% | |
| ICICI Bank | 10.75% onwards | Apply Now |
| Axis Bank | 10.49% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.49% onwards | Apply Now |
| Bajaj Finserv | 11.00% onwards | Apply Now |
| Tata Capital | 10.99% onwards | Apply Now |
Fees & Charges
| Processing fees | Up to 3% of the sanctioned loan amount |
| Prepayment fees | 4.00% of the principal remaining after 12 estimated monthly instalments |
| CIBIL report | Rs 50 per instance per set as applicable |
| Loan cancellation charges | Rs 1,000 per event |
| Payment dishonour charges | Rs 450 per instance |
| Charges for duplicate statement | Rs 250 per instance |
| Loan rescheduling charges | Rs 1,000 per event |
| Penal charges | Rs 150 per EMI delay beyond 5 days |
| ECS/Cheques/SI swapping charges | Rs 500 per event |
| Stamp duty | As per the laws |
| Legal charges | As per actuals |
| Charges for duplicate amortization schedule | Rs 250 per event |
| Duplicate no dues certificate | Rs 250 per event |
| Document photocopy charges | Rs 250 per event |
Know more about the processing fee for personal loans
Types of Induslnd Bank Personal Loans
- Personal loan for education – Fulfils the education-related goals of the applicants
- Loan for Wedding – Wedding loan is offered to meet the expenses related to wedding.
- Medical Loan – Medical loan is a special personal loan scheme offered for meeting unexpected medical emergencies.
- Loan for Home Renovation – To arrange finance for renovating your home and facelift it to perfection
- 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
IndusInd Bank Personal Loan Eligibility Criteria
For Salaried Employees
- The minimum age limit of the applicant should be 21 years
- The maximum age of the borrower at the time of loan maturity should be 60 years or the retirement age
- Minimum net monthly income of the borrower should be Rs 25,000
- Should have stayed at least for a year at the current residence (if rented)
- Should have completed 2 years of employment
- Should have worked for at least 1 year in the current organization
Know more about Personal Loans for Salaried Employees by top lenders
For Self-employed Professionals
- Minimum age of the applicant should be 25 years
- Maximum age at the time of loan maturity should be 65 years
- Minimum net annual income after tax deduction should be Rs 4.80 lakhs
- Should have experience of 4 years post qualification.
For Self-employed Individuals
- The applicant should be at least 25 years of age
- The borrower should be 65 years old at the time of loan maturity
- The net annual income should be at least Rs 4.80 lakhs after-tax deduction
- Should have at least 5 years of post-qualification experience
Also know about Personal Loans for Self-employed
In addition to the above-mentioned IndusInd Bank Personal Loan eligibility criteria, IndusInd Bank may also factor in the credit score of its personal loan applicants while evaluating their personal loan eligibility, just like many personal loan lenders do.
Documents Required
- Duly filled application form with passport-sized photographs
- Self-attested photocopy of anyone of the ID proof- Passport, Aadhaar, PAN, driving license and voter ID
- A valid residence/ID/signature proof for KYC
- Last 3 months salary slips/ITR for last 3 years/Form 16
- Any other document required by the bank
Know more about IndusInd Bank Personal Loan documents required
IndusInd Bank Personal Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Customer Care
You can contact the IndusInd Bank customer care via any of the following means given below:
Toll Free Numbers: 022 68577777 / 022 44066666 / 022 42207777 / 1860 267 7777
Email: You can email at reachus@indusind.com and NRI customers can mail at nri@indusind.com
FAQs
Q. How long does it take for IndusInd Bank Personal Loan to get disbursed?
A. IndusInd Bank personal loan gets approved and disbursed within few hours of submission of loan application and detailed verification. If the details are incorrect, it might take 1-2 days more. IndusInd Bank also offers pre-approved instant personal loans to select customers with quicker loan processing and disbursal.
Q. At what minimum credit score can the applicants avail IndusInd Bank Personal Loan?
A. IndusInd Bank has not specified the cut-off credit score for personal loan applicants. However, credit scores of 750 and above increases the chances of availing personal loan and increasingly at lower interest rates.
Also Read: How you can build or rebuild your credit score with Step UP Credit Card Co-branded with SBM Bank India Ltd.
Q. Can I prepay my personal loan?
A. Yes, prepayment can be made after repayment of 12 EMIs subject to prepayment charges of 4% of outstanding principal.
Q. How does IndusInd Bank fix the interest rates for personal loan applicants?
A. IndusInd Bank has not disclosed any interest rate slab for personal loan applicants except that its personal loan interest rates starts from 10.49% p.a. onwards. It has also not disclosed the interest rates charged for various types of personal loans including wedding loan, home renovation loan, loan for medical expenses, etc.
However, as with most lenders, IndusInd Bank would factor the age, credit score, repayment history, job profile, monthly income, etc. of its personal loan applicants while setting their interest rates.
