Personal Loan Interest Rates 20202282 views
Highlights
- Check personal loan interest rates online.
- You must know the loan rates before applying for the loan.
To get a desired deal on loan, you must checkout all the options available in the market. You should compare the offers available at different lenders which you can do with the help of the calculator shown below. At IndusInd Bank, personal loans are provided by keeping into account the eligibility of the applicant. Below are the details of the product for your reference.
Apply Personal Loan @ 10.75%* Rate
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Table of Contents
IndusInd Bank Personal Loan Interest Rates January 2021
Take a look at the tables below to know more about the updated interest rates of personal loan offered by the IndusInd Bank.
| Particulars | Details |
|---|---|
| Interest Rates | 11.00% Onwards |
| Minimum Income | INR 21,000 per month |
| Loan Amount | INR 25 Lakh |
| Repayment | Up to 5 Years |
| Processing Fee | 1%-3% of the loan amount |
| Multipliers | 21 for Net income below 75K* 25 for Net income above 75 K** |
IndusInd Bank Personal Loan Rates in Detail:
| Net Monthly Salary | A+ / A | B/G/C1000 | C |
|---|---|---|---|
| <= 50k | 14.00% | 15.00% | 18.00% |
| 50.01 k-1.00 lac | 12.75% | 14.00% | 17.00% |
| 1.01 lac + | 12.00% | 13.50% | 16.50% |
Note: The above rates are applicable for Delhi, Mumbai, Hyderabad, Kolkata, Pune, Chandigarh and Bengaluru
| Net Monthly Salary | A+ / A | B/G/C1000 | C |
|---|---|---|---|
| <= 50k | 14.50% | 16.00% | 19.00% |
| 50.01 k-1.00 lac | 14.00% | 15.00% | 18.00% |
| 1.01 lac + | 13.00% | 14.50% | 17.50% |
Note: The above rates are applicable for other locations
IndusInd Bank Personal Loan Balance Transfer Rates
Servicing a personal loan somewhere else but at a rate higher than 10.99%-16% offered by IndusInd Bank? You can switch your existing loan to IndusInd Bank and pay the same at lower rates. This will go on to reduce the overall interest burden, at the same time, the EMI will also drop significantly. This facility can be opted by anyone who has an existing personal loan at higher interest rate and wants to shift to the IndusInd Bank personal loan facility because of lower rates. An applicant will need to pay a processing fee for this facility which will depend on the outstanding debt. With this facility, you can also opt for a top-up loan amount to fulfill your current financial needs. The balance transfer will require minimum documents.
How much Money Can You Save by this Balance Transfer Facility?
As we told you that you can transfer your outstanding loan amount with the help of the IndusInd Bank Balance Transfer facility. Let’s consider an example to know the savings you could make with a balance transfer.
Suppose an applicant has already a 5-year personal loan of INR 5 lakhs at 18% per annum. With this loan amount, the applicant must be paying EMI of INR 12,967. Let’s say that after paying EMIs for two years, the applicant wants to opt for an IndusInd Bank personal loan balance transfer facility at an interest rate of 12% per annum and get the same at IndusInd Bank. How much will he/she save on the said transaction? The table below will give us an answer.
| Loan Aspect | Details |
|---|---|
| Existing Loan Amount | INR 5,00,000 |
| Interest Rate | 18% |
| Tenure | 5 years |
| EMI at the current interest rate of 18% per annum | INR 12,697 |
| Estimated Interest Outgo at 18% per annum | INR 2,61,803 |
| Interest Paid till now | INR 1,55,921 |
| Outstanding Balance at the end of 2 years | INR 3,51,199 |
| EMI at the new interest rate of 12% per annum | INR 11,665 |
| Interest Outgo at the new interest rate of 12% per annum | INR 68,735 |
| Interest Paid till now + Interest for the remaining 3 years | INR 2,24,656 |
| Estimated EMI Saving | INR 1,032 per month |
| Estimated Interest Savings | INR 37,147 |
