IndusInd Bank Personal Loan Interest Rates

IndusInd Bank provides personal loans up to Rs 25 lakh with loan terms of up to 5 years at 10.49% p.a. It also provides speedy online personal loan processing and loan approval in minutes. Continue reading to learn more about IndusInd Bank Personal Loan Interest Rates.

Details of the IndusInd Bank Personal Loan Schemes

 

IndusInd Bank Personal Loan Rate of Interest

10.49% and more

Maximum Amount

Rs. 25 lakhs

Term

5 years

Processing Charges

3%

Income Requirements

Rs 25,000

Prepayment Charges

4% 

Characteristics of the IndusInd Bank Personal Loan Scheme

  • Personal loans are tailored to specific demands such as schooling, medical bills, home improvement, marriage, and so on.
  • The bank offers doorstep assistance to clients interested in obtaining a personal loan.
  • IndusInd Bank provides simple documentation, quick processing, and swift disbursement.
  • Account debit or ECS from another bank account EMI are easy repayment choices. The calculator assists in determining monthly payments based on the principal amount borrowed, IndusInd bank interest rates for personal loan, and tenure.
  • Personal loans are available for terms ranging from one to five years.
  • There is no requirement for guarantors.
  • The bank provides a 'Balance Transfer Option' to pay off any existing high-interest loans.
  • The bank's website can be used to assess your eligibility for a personal loan.

Types of Personal Loan Schemes from IndusInd Bank

  • Personal Education Loan - Helps candidates achieve their educational aspirations.
  • Wedding Loan - A wedding loan is available to help with wedding expenses.
  • Personal Loan Balance Transfer - To lessen the EMI burden, applicants from other banks and NBFCs can take advantage of the Personal Loan Balance Transfer option, which allows them to transfer their existing personal loan to IndusInd Bank at cheaper interest rates.
  • Medical Loan - A medical loan is a type of personal loan that is available to help with unforeseen medical expenses.
  • Loan for Home Renovation - To obtain financing for upgrading and beautifying your home.

IndusInd Bank Personal Loan Interest Rate 2022

Here is the table to show the IndusInd Bank rate of interest on personal loan-

IndusInd Personal Loan Interest Rate

10.49% p.a.

Other Charges of the Personal Loan from IndusInd Bank

Customers who take out personal loans from IndusInd Bank may be subject to the following fees-

  • In the event of a missed payment - the bank charges Rs.450 in payment dishonour charges.
  • Customers can obtain a duplicate statement by paying the bank an additional Rs.250.
  • Customers are charged Rs.150 for EMI delays of more than five days.
  • Loan cancellation fees are Rs.1,000 per occurrence.
  • Clients need to pay an additional Rs.250 to the bank to obtain a duplicate 'No Dues' certificate.

Who is Eligible for the IndusInd Bank Personal Loan Scheme?

  • Salaried personnel include chartered accountants, doctors, employees of select public and private limited firms, and government employees (including PSUs, central, state, and local bodies).
  • Self-employed people: Self-employed sole owners, directors, and partners in a manufacturing/trading/services business.
  • Self-employed doctors (MBBS and higher), chartered accountants, architects, engineers, company secretaries, and MBA consultants are examples of self-employed professionals.

What are the Required Documents In Order to Apply for a Personal Loan from IndusInd Bank?

The following are the documents that IndusInd Bank will require-

  • Completed application form with all required fields.
  • Aadhar Card, Driving License, Voter ID Card, Passport, PAN Card, etc., are all acceptable forms of identification.
  • Aadhar Card, Passport, Telephone Bill, Electricity Bill, Leave and License Agreement, Ration Card, and any other acceptable ID proof with a permanent address.
  • Proof of Income (for salaried employees): three months' bank statements with income credited, three months' salary slips/salary certificate, and the most recent Form-16.
  • For self-employed professionals, the highest professional degree serves as a confirmation of qualification.
  • Proof of income (for self-employed professionals/individuals): previous two years' ITR with income computation, balance sheet, profit and loss account with all schedules certified by a CA, business/current account bank statements of the last six months or bank statement/passbook of the last six months
  • Proof of professional continuity for self-employed professionals.
  • Self-employed individuals must provide proof of business continuity, such as a trade license/establishment or sales tax certificate.
  • For self-employed persons, a sole proprietorship declaration/certified copy of the MOA, AOA, and Board resolution or the copy of the partnership deed is needed.
  • Other documents include a processing fee check and two passport-sized pictures.

Other Bank's Personal Loan Interest Rate

 

Banks/NBFCs

Interest Rates (p.a.)

SBI

10.30%-15.10%

ICICI Bank

10.75% onwards

Bajaj Finserv

13.00% onwards

Axis Bank

10.25% onwards

Kotak Mahindra Bank

10.99% onwards

IndusInd Bank

10.49% onwards

IDFC First Bank

10.75% onwards

Tata Capital

10.99% onwards

HDFC Bank

11.00% onwards

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