Personal Loan Online Apply15802 views
IndusInd Bank Personal Loan comes to you at an attractive rate of 11.00%
This loan is available to you at flexible tenures so that you can repay it easily
In the latest monetary policy meet held on March 24-27 2020, the RBI has decided to give a 3-month moratorium period for all outstanding loans as on March 1, 2020. Remember, this is not an EMI WAIVER. The move is in line with the economic pressures induced by the Coronavirus outbreak. So, this could mean some savings for you on your loan and help you deal with the likely situation of less or no income. Your credit score will not reduce if you don't pay the EMI. But doing so can raise your interest liability as banks would like to cover their losses, which is likely to be the case on deferred EMI payments, by increasing the interest component of the EMI after the moratorium period gets over. So, if you have the money, keep paying to reduce your interest liability. The moratorium, which was ending on May 31, 2020, has been extended till August 31, 2020.
Table of Contents
- 1 About IndusInd Bank Personal Loan
- 2 IndusInd Bank Personal Loan Interest Rate July 2020
- 3 Features and Benefits of IndusInd Bank Personal Loan
- 4 IndusInd Bank Personal Loan EMI Calculator 2020
- 5 Pre Approved IndusInd Bank Personal Loan
About IndusInd Bank Personal Loan
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.
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IndusInd Bank Personal Loan Interest Rate July 2020
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||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**
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 2020
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-1860 500 5004 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.