IndusInd Bank Personal Loan Highlights – May 2022
|Interest Rate||10.49% p.a. onwards|
|Loan Amount||Rs 50,000-15 lakhs|
|Tenure||1 to 5 years|
|Processing Fees||Up to 3% of the sanctioned loan amount|
|Minimum Monthly Salary||Rs 25,000|
Note: The above-mentioned interest rates, fees and charges may change and shall depend on the sole discretion of the IndusInd bank and RBI. Interest rates are updated as on March 2022.
Induslnd Bank Personal Loan Interest Rates
Comparison of Induslnd Bank Personal Loan vs. Other Lenders
|Banks/NBFCs||Interest Rates (per annum)|
|IndusInd Bank||10.49% onwards|
|HDFC Bank||10.25% – 21.00%|
|SBI||9.60% – 13.85%|
|ICICI Bank||10.25% onwards|
|Axis Bank||10.25% onwards|
|Kotak Mahindra Bank||10.75% onwards|
|IDFC First Bank||10.49% – 23.00%|
|Bajaj Finserv||13.00% onwards|
|Tata Capital||10.99% onwards|
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|
Note: GST shall be added extra over the mentioned fees and charges.
Types of Induslnd Bank Personal Loans
- Personal loan for education – Fulfils the education-related goals of the applicants
- Loan for Wedding – Personal loan for marriage is offered to meet the expenses incurred for dream wedding.
- Medical Loan – To meet the unexpected expenses incurred for medical emergencies
- Loan for Home Renovation – To arrange finance for renovating your home and facelift it to perfection
- Personal Loan Balance Transfer – To reduce your EMI burden by transferring your existing personal loan from other banks/NBFCs to IndusInd Bank at a lower interest rate.
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
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
- 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
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
Personal Loan at Attractive Interest Rates Apply Now
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 firstname.lastname@example.org and NRI customers can mail at email@example.com
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.
Click here to know whether you are eligible for instant personal loans offered by top banks and NBFC.
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.
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 11% 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.