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Indusind Bank Personal Loan
Rate of interest
10.25% to 16%
Loan Amount
1 Lakhs - 60 Lakhs
Processing Fee
4999+GST
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Tenure
1 year to 7 years
Rate of interest %
10.25% to 16%
Loan Amount
1 Lakhs - 60 Lakhs
Processing Fee
4999+GST
Tenure
1 year to 7 years
Features
Competitive Interest Rates: IndusInd Bank offers personal loans with interest rates starting as low as 10.49% per annum. This makes it an attractive option for borrowers looking for cost-effective borrowing solutions.
Flexible Loan Tenure: Borrowers can choose loan repayment periods ranging from 12 to 72 months. This flexibility allows customers to manage their repayment according to their financial situation and budget.
Substantial Loan Amounts: IndusInd Bank provides personal loans ranging from a minimum of Rs. 30,000 to a maximum of Rs. 50 lakh. This wide range caters to a variety of financial needs, from small personal expenses to large investments.
Quick Disbursal: Once approved, the loan amount is quickly disbursed to the borrower’s account, often within a few days. This is particularly beneficial for those who need funds urgently.
Online Application Process: The bank offers an easy online application process that simplifies the way loans can be accessed, featuring minimal steps from application to disbursement.
Pre-Approved Offers: For existing customers, IndusInd Bank provides pre-approved personal loan offers, which can be a faster and more convenient way to secure funding.
Products
IndusInd Bank offers a variety of personal loan products designed to meet different needs, including:
Standard Personal Loans: For general personal finance needs such as education, vacations, or any other personal expenses.
Personal Loan for Medical Expenses: This loan is specifically designed to cover medical bills, including unexpected medical costs, procedures not covered by insurance, costly prescriptions, dental work, and even cosmetic surgery.
Personal Loan for Education: Aimed at students or professionals seeking financial assistance for educational purposes, this loan offers flexible repayment options suitable for educational expenditures.
Wedding Loan: This product helps cover the expenses associated with wedding planning and execution, ensuring that customers can finance their special day without financial strain.
Personal Loan Balance Transfer: Customers with existing personal loans from other banks or NBFCs can transfer their loans to IndusInd Bank to benefit from potentially lower interest rates and better repayment terms.
Eligibility Criteria
IndusInd Bank has set specific eligibility criteria for those applying for a personal loan. Here's a breakdown of the key requirements:
Age Limit: Applicants must be at least 21 years old at the time of loan application and should not exceed 60 years at the time of loan maturity.
Employment Type:Salaried Individuals: This includes employees of public and private limited companies, government sector employees including public sector undertakings, and central, state, and local bodies.
Self-Employed Individuals: This category includes self-employed sole proprietors, partners, and directors in the business of manufacturing, trading, or services. Self-employed professionals such as doctors, architects, chartered accountants, engineers, company secretaries, and MBA consultants also fall under this category.Income: The minimum net monthly income required is typically around Rs. 25,000. However, this amount can vary based on the applicant's location and the bank’s internal policies.
Work and Residence Stability: Applicants should have a stable job and residence history. Typically, the bank requires that the applicant has been employed for at least two years overall, with at least one year with the current employer, and has resided at the current address for at least one year, especially if the residence is rented.
Fees and Charges
IndusInd Bank's personal loans come with a variety of fees and charges that are important to consider before applying. Here are the main fees associated with these loans:
Interest Rates: Starting from 10.49% per annum, which is competitive in the market.
Processing Fee: Up to 3% of the loan amount plus applicable taxes. This fee covers the cost of processing your loan application and is deducted from the loan amount at the time of disbursal.
Prepayment Charges: If you decide to pay off your loan early, IndusInd Bank charges up to 4% of the outstanding principal amount plus applicable taxes.
Loan Cancellation Charges: If you cancel your loan after the processing, a fee of Rs. 1000 plus taxes is charged.
Payment Dishonour Charges: A fee of Rs. 450 plus taxes is levied each time a scheduled payment is dishonoured due to insufficient funds or any other reasons.
Penal Charges: Rs. 150 plus taxes are charged for delays in loan repayments.
Duplicate Amortization Schedule Charges: If you require a duplicate amortization schedule, a fee of Rs. 250 plus taxes is applicable.
Documents Required
When applying for a personal loan with IndusInd Bank, you'll need to provide a range of documents to verify your identity, income, and employment status. Here are the documents generally required:
For Salaried Employees:
Proof of Identity: Aadhaar Card, PAN Card, Passport, Driving License, or Voter ID.
Proof of Residence: Recent utility bills (electricity, water, gas), Passport, Lease agreement, or Ration card.
Income Proof: Latest 3 months' salary slips, 6 months' bank statement showing salary credit, and the latest Form-16.
Employment Proof: Employee ID card or a company offer letter as proof of employment.
For Self-Employed Individuals:
Proof of Identity and Residence: Same as for salaried, including Aadhaar Card, PAN Card, Passport, and recent utility bills.
Income Proof: IT Returns for the last two years, Balance Sheet, and Profit & Loss statements verified by a CA.
Proof of Business Continuity: This could be any relevant business registration document such as a Trade License, Sales Tax Certificate, or Establishment Act Certificate.
Bank Statements: Last 6 months' bank statements for the business account.
Both categories may also need to submit a duly filled loan application form and recent passport-sized photographs.
Policies
Bank / NBFC :
Indusind Bank
Applicable to :
salaried
NTH Salary:
Above 30,000
Age (Min/Max):
Loan Amt (Min /Max):
CIBIL (0 / -1):
Tenor (Min /Max):
Hostel Accommodation:
Listed/Non-Listed MCA:
Present Employment:
Total Employment:
Minimum Locking period :
Balance Transfer (BT):
Top up Policy:
Foreclosure/partial Policy:
21 yrs. / 60 yrs
1 lakh / 60 lakh
12/72 months
No
Yes
Listed and Unlisted companies.
1 month
2 years
1 EMI
Up to 3 BTs
Allowed after 3 months.
After 1 EMI with applicable charges
Qredit
FINSAMUDRA PRIVATE LIMITED,
1ST FLOOR, NO.3013/7, SIMHA ARCADE, MKK road , Bangalore
560021 ( opposite metro pillar 207 )
