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IndusInd Bank Personal Loan

Online IndusInd Bank Personal Loans

Last Updated 14th Jun 2021

IndusInd Bank Personal Loan is the most popular personal loan in India given its low interest rates, quick approval, and online process. Key selling points of IndusInd Bank Personal Loan are:

  • IndusInd Bank Personal Loan interest rate starts from 10.49%.
  • The processing fee charged on IndusInd Bank personal loan is Min 0.75% to Max 1.75%.
  • IndusInd Bank also offers pre-approved personal loans at low rates for customers with strong credit history and those with an existing account with the bank.
  • The bank has an online application process where the KYC and documents submission can be done digitally.
  • You can easily check the status of your IndusInd Bank personal loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
  • IndusInd Bank has special schemes for different income and occupation groups.
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IndusInd Bank Personal Loan Details

  • Interest Rate on IndusInd Bank personal loan ranges from 10.49% to 20.00%.
  • Lowest EMI per lakh works out to be ₹ 2,149 , as calculated on the lowest rate and longest loan tenure.
  • Personal Loans by IndusInd Bank are available for salaried working with government, private sector, MNCs and self-employed professionals such as doctors within the age group of 21 to 60 years.
  • Loan amount can range from ₹ 50,000 to ₹ 25 Lakh
  • IndusInd Bank Personal Loan can be availed for a period of 12 months and can go up to 60 months.
  • Processing Fees charged by IndusInd Bank on personal loan is Min 0.75% to Max 1.75%%
  • IndusInd Bank allows personal loan foreclosure and part prepayment after 12 months with charges of 4%.
  • Schemes of IndusInd Bank as offered to different type of borrowers in 2021 are:

How to Get the Best Offer on IndusInd Bank Personal Loan?

There are various factors that impact your chances to get the best offers on IndusInd Bank Personal Loan, as listed follows:

  • Loan Amount - IndusInd Bank offers loans between ₹ 50,000 and ₹ 25 Lakh and charges lower rates on higher loan amount and vice-versa, so apply accordingly.
  • Salary - IndusInd Bank offers personal loan to all customers with a net take home monthly salary of more than ₹ 25,000. The rate of interest is higher if you fall in the low salary bucket and lower if you fall in higher income bucket.
  • Employer Category - IndusInd Bank has clubbed the companies in a high to low category based on internal assessment of company’s size, reputation, profitability etc. When you apply for IndusInd Bank personal loan, the bank will decide on your interest rate based on the company category you fall in. MyLoanCare can also help you check which category of company you qualify in to help you get the best offer.
  • Relationship with the Bank - IndusInd Bank offers special rates to the existing customer of the bank, who have a high likelihood of getting loans at lowest interest rate starting at 10.49%
  • Credit Score - IndusInd Bank checks the CIBIL score of personal loan customers which has to be minimum of 650. Higher the CIBIL Score, higher is your chance of securing best offer.

IndusInd Bank Personal Loan Documents

You require the following documents to avail personal loan from IndusInd Bank

  • Filled up loan application form or an online form, if you are applying online
  • 2 Passport Size Photo
  • Identity Proof – One of the following: Driving License, PAN, Passport, Voter ID, Aadhaar Card
  • Residential Address Proof – One of the following: Registered Rent Agreement, Passport, Leave and License, Utility Bill of last three months
  • Income Documents – Copy of Form 16 of last 2 years, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit

Types of IndusInd Bank Personal Loan Schemes

IndusInd Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

Personal Loan for Home Renovation
  • You can take a personal loan for home renovation for a tenure ranging between 1 year to 5 years.
Personal Loan for Salaried Professionals
  • Salaried professionals can avail a personal loan ranging between Rs 50,000 to Rs 15 Lakhs.

    How to Apply for IndusInd Bank Personal Loan?

    The step-by-step procedure to get a personal loan online from IndusInd Bank is mentioned below:

    • Visit the official website of IndusInd Bank Or contact your nearest IndusInd Bank branch.
    • Now, fill personal, professional and financial details as required by the lender and submit the form.
    • Once you have submitted the application form, IndusInd Bank will check your eligibility and provide you with information about the eligible amount you can avail.
    • If you agree to process the application, then you would be required to submit the essential documents which can also be uploaded online.
    • Finally, your documents will be processed by IndusInd Bank, and on successful approval of the loan, the funds will be disbursed to your IndusInd Bank account immediately.

    You can also apply for IndusInd Bank personal loans by visiting their branch or by calling their customer care centre.Offline mode are mentioned below:

    • Visit the nearest IndusInd Bank branch and fill in the application form with the loan amount required, your personal details, occupation information and your contact number.
    • The IndusInd Bank representative will explain about the eligibility of the loan as well as the loan rates, terms as well as processing fees, prepayment and foreclosure clauses.
    • After submitting the application form and required documents, you will be provided with an application reference number. You can use the same number to track the status of your IndusInd Bank Personal Loan application.
    • On successful verification, the loan can get disbursed immediately after loan sanction and signing of the agreement.
    Illustration on Personal Loan IndusInd Bank
    Maximum Annual Percentage Rate (APR) 10.84% to 20.35%
    Representative example of the total cost of the loan, including all applicable fees
    Here is an illustration of the total cost of the loan:
    • Total amount borrowed: ₹ 1,00,000
    • Time period: 12 Months to 60 Months
    • IndusInd Bank Personal Loan Interest Rate: 10.49% to 20.00%
    • Processing Fee payable to: Upto ₹ 1,750
    • Fee payable to MyLoanCare: NIL
    • Total Monthly Cost – From ₹ 2,149 for 60 Months ₹ 1,00,000 loan at 10.49% (lowest rate, longest time period) to ₹ 9,263 for 12 Months ₹ 1,00,000 loan at 20.00% (highest rate, shortest time period). This is inclusive of principal repayment.
    • Annual Percentage Rate (APR) of charge including all applicable fees: 10.84% to 20.35%
    • Total cost payable over loan tenure: ₹ 1,07,523 for 12 Months loan to ₹ 1,30,683 for 60 Months loan

    Personal Loan from Other Banks in India

    FAQs

    How much time will the IndusInd Bank take to take a decision on my personal loan?

    Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers, which can be approved within a few hours to 2-3 days. The turnaround time for a IndusInd Bank instant loan can be 7 days.

    Why should I take a personal loan from IndusInd Bank ?

    Below-mentioned is the reason why you must avail a personal loan from IndusInd Bank.

    • Balance transfer facility
    • Simple documentation and conditions
    • Reasonable interest rates

    How much interest is charged by IndusInd Bank on personal loan?

    Personal loan interest rates in IndusInd Bank are 10.49% to 20.00%. IndusInd Bank personal loan interest rate for salary account holders are comparatively lower than that for other customers.

    What is the lowest EMI per lakh on personal loan from IndusInd Bank ?

    If you apply for loan from IndusInd Bank, your lowest Personal Loan EMI per lakh will be ₹ 2,149 which corresponds to lowest interest rate of 10.49% and longest tenure of 60 years.

    What is the minimum and maximum tenure of personal loan in IndusInd Bank?

    IndusInd Bank personal loan has a minimum tenure of12 months to maximum 60 months.

    How much personal loan amount I can borrow from IndusInd Bank?

    IndusInd Bank offers you loan if you need a minimum amount of ₹ 50,000 to a maximum amount of ₹ 25 Lakh

    Can I add my spouse's income while applying for personal loan from IndusInd Bank?

    Yes, you can add the income of your spouse to increase your Personal Loan Eligibility andto get a higher loan amount from IndusInd Bank . In this case, the bank will check the CIBIL score of your spouse and ask for all income and bank statements of your spouse for the purpose of processing your application

    How can I get IndusInd Bank personal loan?

    You can get a personal loan from IndusInd Bankby directly visiting the nearest branch or can apply online at their website. While these two are the traditional methods of applying, you can easily apply for the loan at MyLoanCare website where you can do a thorough comparison of all loan details, rates and charges before deciding to proceed with IndusInd Bank’s application process.

    How can I check my IndusInd Bank personal loan status?

    You can check the status of your loan online and offline. Once you have applied for a personal loan from IndusInd Bank, you will be given an application number. You can use that application number and registered mobile number to check the status of your loan online at IndusInd Bank's website. In case you are unable to track your application online, you can get IndusInd Bank loan assistance at IndusInd Bank loan customer care centre and ask them to help you out with the status. If you have applied for the loan through MyLoanCare, you can check the status of your application by logging into MyLoanCare account.

    What is the importance of credit score if I wish to avail a IndusInd Bank personal loan ?

    It is important to have a good credit score if you wish to apply for a personal loan from IndusInd Bank. A credit score above 750 is considered good for a personal loan. A low credit score increases the chances of rejection of your application.

    Is there security or collateral needed to get a personal loan from IndusInd Bank?

    No, IndusInd Bank does not require any collateral or security to lend you the personal loan as it is an unsecured loan.

    Can I close my IndusInd Bank personal loan after 1 year?

    You can close your personal loan from IndusInd Bank after 12 months by paying charges: 4%

    Can I negotiate with IndusInd Bank on the personal loan interest rate?

    Yes, as a customer, you should negotiate for a rate discount when you apply. You may end up getting a better rate from the bank if you have applied for a high loan amount and are in a high income range working with a reputed company.

    How to pay your IndusInd Bank personal loan EMI?

    You can pay your IndusInd Bank personal loan EMI by using ECS facility or through Standing Instruction.IndusInd Bank also provides you the facility to pay your Personal Loan EMI online using net banking and mobile banking.


    IndusInd Bank Personal Loan Reviews 4.5/5  by 135 customers
    MyLoanCare Service
    4.6/5.0
    Banks Service
    4.4/5.0
    Chaya, Mumbai
    Reviewed on 25th Feb 2021
    5 / 5 stars
    IndusInd Bank Personal Loan Availed in Feb 2021

    Thank you Anuj for all the support for getting the loan processed.Read more...

    Amit, Delhi
    Reviewed on 31st Oct 2020
    5 / 5 stars
    IndusInd Bank Personal Loan Availed in Oct 2020

    I had an awesome and core professional experience with them.Read more...

    Vislawath, Hyderabad
    Reviewed on 27th Oct 2020
    4.5 / 5 stars
    IndusInd Bank Personal Loan Availed in Oct 2020

    Process of taking loan from MyLoanCare is excellent and fast.Read more...

    Nikitha,
    Reviewed on 21st Oct 2020
    5 / 5 stars
    IndusInd Bank Personal Loan Availed in Oct 2020

    Fastest process and friendly representatives. I got the loan very easily through a hassle-free proceRead more...

    Pratit, Surat
    Reviewed on 20th Sep 2020
    4 / 5 stars
    IndusInd Bank Personal Loan Availed in Apr 2019

    Overall experience good from MyLoanCare but not from banks side.Read more...

    Venkatesh Av, Bangalore
    Reviewed on 11th Mar 2020
    4 / 5 stars
    IndusInd Bank Personal Loan Availed in Mar 2020

    Good, but IndusInd bank has a very slow process. Need to speed up the process. Thank you.Read more...

    Ashima Vig, Delhi
    Reviewed on 24th Feb 2020
    5 / 5 stars
    IndusInd Bank Personal Loan Availed in Feb 2020

    Excellent services. Helpful behavior and on-time solution to every query.Read more...

    Karthik rr, Bangalore
    Reviewed on 24th Feb 2020
    4.5 / 5 stars
    IndusInd Bank Personal Loan Availed in Feb 2020

    They referred me to the appropriate bank based on my company category and my personal loan was approRead more...

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    IndusInd Bank Personal Loan News - Jun 2021
    • 2021-02-26 : IndusInd Bank to grow loan book by 15-18%
      IndusInd Bank is expecting to grow its loan portfolio by 15-18% year-on-year for the next two financial years under its fifth planning cycle.The Bank’s year-on-year growth in advances which include home, personal, LAP, two-wheeler car and gold loan along with business and mudra loan was flat at Rs 2.07 trillion until December 2020. Its deposits which include fixed and recurring deposits, grew by 10% to Rs 2.39 trillion.
    • 2020-07-29 : IndusInd Bank reported a Q1 profit before tax of Rs 602.45 crore
      IndusInd Bank registered a 67.8% fall in Q1FY21 net profit on the back of a five-fold increase in provisions for bad loans. Net interest income backed by a home, personal, gold, car and two-wheeler loans along with business and mudra loans grew by 16.4% year-on-year to Rs 3,309.2 crore in the quarter ended June 2020. Further, the gross bad asset ratio spiked to 2.53 per cent from 2.45 per cent in the March quarter and 2.15 per cent in the June quarter last year.
    • 2020-06-09 : IndusInd Bank profits dip
      IndusInd Bank reported profits of ₹301.84 crores for the three months to March, down 16% on a year-on-year (y-o-y) basis, owing to rise in provisions. Its net interest income stood at ₹3,231.19 crores which were aided by a home, personal, gold, car and two-wheeler loans along with business and mudra loans grew by 44.74% from the same period last year.
    • 2020-04-28 : IndusInd Bank reported a Q4 profit of Rs. 301.84 crore
      Private sector lender IndusInd Bank registered a Q4 profit of ₹301.84 crores against ₹360.10 crores a year ago. In addition to this, the bank’s standalone net profit for 2019- 2020 surged by 33.8% backed by retail loans like home and personal loan along with business loan to ₹4,417.91 crores against ₹3,301 crores in 2018-19.
    • 2019-06-26 : Indusind Bank revises MCLR by 10 bps
      Indusind Bank has cut its Marginal Cost of Funds Based Lending Rate (MCLR) across all loan tenure for June. The move is supposed to make customer loans like personal loans and mortgage loans cheaper. For overnight, the rate has been revised to 9.20% from 9.30% earlier. For one-month tenor, the MCLR now stands at 9.25% which is also down by 10 bps from the earlier rate of 9.35%. While for six-month tenor, the new MCLR stands at 9.70% from 9.80%. The revised rates are effective from June 22, 2019.
    *Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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