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Established in the year 1994, IndusInd Bank is the first among the new-generation private banks in India. Withholding 800 branches, and 1500 ATMs in India, this reputed bank is planning to expand its network of branches all across the country via meeting the global benchmarks.
The name of the bank is derived from the Indus Valley Civilization. This bank specializes in retail banking services and is known for fulfilling the varied needs of people via personal loan. Yes, this bank with its best of makes sure to meet all your personal needs.
Whether you need funds for home renovation, family vacation, friend’s wedding or any other personal financial need, the bank caters all your needs so that you can live life to the fullest. So, read this article further to know more about the IndusInd Bank Personal loan.
Enjoy a hassle-free loan journey that comes to you at lowest personal loan interest rates, flexible tenures and so on. We are talking about IndusInd Bank Personal Loan that can fulfill all your personal needs in the best way.
IndusInd Bank Personal Loan Interest Rate January 2023
If you want to avail a personal loan from IndusInd Bank, this bank with its attractive interest rates is here to make your journey all the more exciting and smooth. You can avail IndusInd Bank personal loan at an interest rate starting at 10.99% per annum. With the lowest personal loan interest rates, you can also enjoy the lowest EMIs and Interest Outgo hence can have a hassle-free journey in the future.
|Interest Rates||10.49% - 31.50%|
|Minimum Income||INR 21,000 per month|
|Loan Amount||INR 25 Lakh|
|Repayment||Up to 5 Years|
|Processing Fee||Upto 3% + GST|
|Multipliers||21 for Net income below 75K*|
25 for Net income above 75 K**
To avail the personal loan in IndusInd Bank, you need to fit into the below eligibility criteria.
|Eligibility Criteria||Salaried||Self- employed|
|Age of applicant||Min. 21 years max. 60 years / retirement age whichever is lower at the time of loan maturity||Min. 25 years max. 65 years at the time of loan maturity|
|Net monthly income||INR 21,000||Min. annual net income post tax should be INR 4.80 lakhs|
|Current experience||Min. 6 months & above||Min. 5yrs of post qualification|
|Total job experience||Min. 2 Years & above||Min. 5yrs of post qualification|
Next thing on which you need to pay attention is the documentation required to get the personal loan in this bank.
|Proof of identity: passport / driving license / voters id / pan card / card issued by UIDAI containing the details of name, photograph, address and aadhaar number||Proof of identity: passport / driving license / voters id / pan card / card issued by UIDAI containing the details of name, photograph, address and aadhaar number|
|Proof of residence: leave and license agreement / ration card / utility bill (not more than 3 months old)||Proof of residence: leave and license agreement / ration card / utility bill (not more than 3 months old) / trade license / establishment / sales tax certificate/Valid passport – provided the passport address is present address mentioned in application form|
|Valid passport – provided the passport address is present address mentioned in application form||Business (current account) bank statements (latest 6 months bank statement / passbook)|
|Proof of income: latest 3 months salary slip / salary certificate and latest Form 16||Latest 2 years ITR along with computation of income, b/s, p&l a/c with all schedules certified by a CA|
|Bank statements: latest 3 months bank statement (where salary is credited)||Business continuity proof: trade license / establishment / sales tax certificate)|
Additional mandatory documents: sole proprietorship declaration / certified copy of partnership deed / certified copy of moa, aoa & board resolution. In case of income derived from a partnership firm, latest 2 years partnership firm’s B/S, p&l a/c with all schedules certified by a CA
Features and Benefits of IndusInd Bank Personal Loan
IndusInd Bank offers exciting features on its personal loans such as minimal documentation, balance transfer at affordable interest rates, doorstep convenience, flexible repayment options, and much more. We are providing you details about all these features so that you would be able to make a good decision while applying for this loan.
Simple documentation, quick processing, and speedy disbursal
If you are thinking of the tiring and long documentation process involved with IndusInd Bank personal loan, you are wrong because IndusInd Bank demands very less documents. You can see the same above. As soon as you complete the documentation process, the authentication process will start and the loan amount will be disbursed into your account within 4-7 working days.
Enjoy the convenience of doorstep services
If you don’t want to go to the nearest branch of IndusInd Bank, you can opt for the amazing doorstep service provided by the lender. One of the representatives will come to your home and collect all the documents from you so that you can apply from your home only. This feature makes the whole loan process more convenient and easy for you.
Best-in-class interest rates
IndusInd Bank provides affordable interest rates ranging from 10.99% to 16% per annum on a personal loan. The final rate of interest will be decided by the lender according to your age, employment type, job history, overall profile, and most importantly your CIBIL Score. A high credit score will help you in getting the loan at lower interest rates and vice versa.
No Need to Worry about collaterals or guarantors
To apply for an IndusInd Bank personal loan, you don’t need to submit any kind of collateral as this loan is an unsecured loan. Also, you don’t need to provide any kind of guarantor to prove the authenticity of your candidature.
Convenient Repayment Option
When it comes to the repayment option, you can do it with the Equated Monthly Installments (EMI) repayment method. This amount will consist of both principal and interest. This can be paid through ECS. Other than this, you can also opt for the Standing Instruction (SI) repayment method where the fixed EMI amount will be automatically debited from your IndusInd Bank account or any other bank account you have.
Balance Transfer Option
If you want to get rid of the high-interest outstanding debt, you can easily opt for the IndusInd Bank Balance Transfer option. By opting for this facility, you can get a lower EMI amount because of the affordable interest rates by the IndusInd Bank. You can apply for this facility in a hassle-free manner. Other than this, you can also get a top-up loan on your existing loan amount. With this additional amount, you can decrease your current burden and pay via flexible repayment options. Your credit score will also improve through this, so it can be a suitable option for you.
IndusInd Bank Personal Loan EMI Calculator 2023
The formula to calculate EMI (in arrears) is:
E = P . r . (1+r)^n/((1+r)^n – 1)
Suppose, you are interested in availing a loan of INR 2,00,000 from IndusInd Bank for 5 years at the rate of 12.00% per annum than what would be your EMI? Are you interested in knowing that? If yes, you can easily calculate the same with the help of an EMI calculator. Yes, this calculator allows you to know your EMI by doing all the calculations for you. This tool takes into the account, your loan amount, interest rate and tenure, and gives you the results in return. You just need to enter these fields into a calculator, it will give you the results instantly. Well, to make you understand below is the calculation done by the calculator for your home loan:
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 2,00,000||12.00%||1||₹ 17,770||₹ 13,237||₹ 2,13,237|
|₹ 2,00,000||12.00%||2||₹ 9415||₹ 25,953||₹ 2,25,953|
|₹ 2,00,000||12.00%||3||₹ 6643||₹ 39,143||₹ 2,39,143|
|₹ 2,00,000||12.00%||4||₹ 5267||₹ 52,805||₹ 2,52,805|
|₹ 2,00,000||12.00%||5||₹ 4449||₹ 66,933||₹ 2,66,933|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|1||₹ 31,058||₹ 22,329||₹ 1,68,941|
|2||₹ 34,996||₹ 18,390||₹ 1,33,944|
|3||₹ 39,435||₹ 13,951||₹ 94,509|
|4||₹ 44,436||₹ 8950||₹ 50,072|
|5||₹ 50,116||₹ 3314||₹ 0|
Pre Approved IndusInd Bank Personal Loan
If you are an existing customer of IndusInd Bank, you would be glad to know that the bank comes with a pre-approved personal loan offer. Yes, depending on your terms and eligibility with the lender, you will get the loan approval. Different applicants have different pre-approved loan offer and in order to know more about the same, you simply need to login to your personal loan account using your credentials.
IndusInd Bank Personal Loan Status
Knowing your personal loan status is an easy and quick process with the help of which you can get information about your loan application has been approved, pending or rejected. You just need to enter the loan application number on the site and with the help of the same, you can easily know the actual status of your loan. It is that fast and simple.
IndusInd Bank Personal Loan Customer Care Number
In case you want to get in touch with the bank, you can easily do so by dialing the toll-free number of the bank. Yes, you just need to dial-18602677777 or 022 44066666 and can easily register any complaint, query or a feedback in the bank. The customer care executives of the bank will always there to help and guide you and give you the best solution, making your journey smooth and hassle-free.
IndusInd Bank Personal Loan FAQs
1. How to Get a Personal Loan from IndusInd Bank?
You can get a Personal Loan from IndusInd Bank through their official website by registering your basic details. You can also apply for the same loan by filling out the form given above in which you will have to mention your name, contact number, and some other details to get the loan.
2. How much time does Indusind Bank take to approve a personal loan?
The IndusInd bank usually takes 4 to 7 days to disburse the loan after you have submitted the relevant documents and the personal loan application to the bank.
3. How long does it take to get a personal loan from Indusind Bank?
You will have to wait for 4 to 7 working days to get a personal loan from IndusInd Bank after submitting all the required documents to the bank.
4. What is the minimum personal loan amount in Indusind Bank?
You can borrow a minimum personal loan amount of INR 50000 from the IndusInd Bank.
5. Can I take 2 personal loans from IndusInd Bank?
Yes, you can take 2 personal loans from IndusInd Bank if you have a good credit line. But make sure your Cibil Score should remain high when you are applying for the second loan from the same bank.
6. What are the documents required to apply for an IndusInd personal loan?
You will have to submit one identity proof, one address proof, and one income proof to the bank in order to apply for the IndusInd Personal Loan. The identity proof can be a PAN card, the address proof can be an Aadhar card, and the income proof can be your salary slip or bank statement.
7. Who is eligible to take an IndusInd bank personal loan?
The following individuals are eligible to take an IndusInd bank personal loan.:-
– An individual having an age of 21 years at the time of application.
– The minimum net monthly income of the individual should be INR 25000.
– He must have a minimum of two years in employment and one year in the current organization.
– He must have stayed at the current residence for a minimum of one year.
8. What documents are required for an Indusind Bank personal loan?
The following documents are needed to apply for IndusInd Bank Personal Loan:-
– Pan Card/Aadhar Card (Identity Proof)
– Aadhar Card/Driving License/Passport/Voter ID/Electricity Bill (Address Proof)
– Salary Slips/ITR/Bank Statement (Income proof)
– Loan application form and multiple passport-size photographs.
9. How to check my personal loan status in IndusInd bank
You can check the status of your personal loan by logging into IndusInd Net Banking or through their mobile application. You can also check the status through the Loan Application Number that you had received at the time of application submission.
10. Who can be your co-borrower in IndusInd Bank personal loan application?
Your spouse, siblings, children, and parents can be a co-borrower in IndusInd Bank personal loan application.
11. What is the minimum CIBIL score required for an Indusind Bank personal loan in India?
If any individual is applying for the IndusInd Bank personal loan in India then he must have a minimum Cibil Score of 750 and above.
12. How to close an Indusind bank personal loan?
You will have to visit the nearest IndusInd Bank branch to close the personal loan. Firstly, you should meet the manager or the bank’s representative and ask him for the loan closure form. Secondly, fill out the form and deposit the outstanding loan amount. Finally, your loan will be closed and the bank will give you the NOC.
13. How to foreclose IndusInd personal loan
In order to foreclose an IndusInd personal loan, you will have to go to the nearest IndusInd Bank Branch. Then you will have to ask the manager or the bank’s representative to foreclose the loan. Fill out the foreclosure form and deposit the outstanding loan amount and the foreclosure fee. Your personal loan will be closed and you will receive NOC from the bank.
14. How to pay an Indusind bank personal loan?
You can pay an IndusInd bank personal loan through monthly EMIs for a given tenure that was chosen by you. But if you want to clear the loan at once then you can pay the loan amount with the foreclosure fee to the bank and pay off the whole loan.
15. How to check a personal loan balance in Indusind bank?
You can make a login to the IndusInd Bank Net Banking to check the balance of your IndusInd Personal Loan. You can see the remaining loan amount, interest amount, and principal amount through net banking.