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Personal Loan Balance transfer to IndusInd Bank

Refinance IndusInd Bank Personal Loan

Last Updated 14th Jun 2021

Interest Rate 10.49%
Processing Fee Min 0.75% to Max 1.75%
Lowest EMI per lakh ₹ 2,149
Loan Tenure 5 years
  • IndusInd Bank Personal loan balance transfer is the process of transferring the outstanding balance from an existing bank to IndusInd Bank.
  • Avail top up from IndusInd Bank at the time of loan balance transfer to fulfil additional fund requirements.
  • Now apply for IndusInd Bank personal loan balance transfer at 10.49%.
  • IndusInd Bank offers attractive interest rates, top up facility and many more benefits on balance transfer.
  • Compare IndusInd Bank Personal Loan Balance Transfer offers with different banks to choose the right option..
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

IndusInd Bank Personal Loan Balance Transfer

IndusInd Bank Personal loan balance transfer is a situation where an individual transfers outstanding principal of personal loan from one account to IndusInd Bank to reap the benefits of better interest rates, extended loan tenure, augmented loan amount and various other features.

Balance transfer is also referred to as refinancing.The interest rates on IndusInd Bank balance transfer ranges from 10.49% to 20.00%, while the repayment tenure ranges between 12 Months to 60 Months.

IndusInd Bank Personal Loan Balance Transfer Calculator

The decision to transfer the personal loan to IndusInd Bank must be taken keeping in mind the interest rate of the current Bank and IndusInd Bank.Further, the balance transfer charges, EMI paid and the profit incurred due to the balance transfer must be considered. Individuals should proceed with the IndusInd Bank balance transfer only when the gains due to balance transfer are greater than the cost incurred due to the same.

IndusInd Bank Personal loan balance transfer calculator is the online calculator which helps borrowers to determine the savings on his or her EMI as well as interest payable. Borrowers are required to enter the information such as the entire loan amount, interest rate in current and potential bank, overall tenure of the loan and no. of EMIs already paid to the existing lender to calculate the savings on EMIs. You can also calculate balance transfer personal loan eligibility at MyLoanCare and identify offers with lower personal loan rates compared to your existing personal loan rates.

Benefits of transferring Personal Loan to IndusInd Bank

The benefits of transferring the Personal loan to IndusInd Bank are as follow:

  • IndusInd Bank offers a lower interest rate on personal loan balance transfer. Lower interest rates will help the borrower to reduce the interest burden.
  • IndusInd Bank Balance transfer provides the borrower the opportunity to negotiate the tenure of the loan according to their requirement. longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provide the borrower the facility to avail the top up facility and fulfil their cash requirement.
  • There are chances that the borrower might not be satisfied by the services offered by their existing bank in that case they can transfer their personal loans to the IndusInd Bank and avail better facilities.
  • IndusInd Bank offers additional features like waiver of last EMI, zero processing fees, lower interest rates, etc depending on past repayment history and income dynamics.

IndusInd Bank Eligibility Criteria and Documents required

Eligibility criterion of the IndusInd Bank is mainly dependent upon the repayment history , CIBIL Score and income dynamics. Some basic Eligibility criterion of the IndusInd Bank Personal loan balance transfer are mentioned below:

  • Any salaried and self employed above the age of 21 years.
  • Maximum age of the borrower must not exceed 65 years.
  • Individuals should have a personal loan in another bank.
  • Individuals must have a work experience of at least 2 years.
  • CIBIL score must be at least greater than 700.

Documents required for IndusInd Bank Personal loan balance transfer are as follow:

Salaried Individuals
  • Identity proof : Aadhar, Driving license, Passport
  • Address proof : Electricity bill, Aadhar, Voter ID
  • PAN Card
  • Salary slips for past 6 months
Self Employed
  • Last 3 years balance sheet
  • P and L account statements
  • TAN Card
  • Last 6 months current account statements
  • Applicant’s savings account statements

Compare IndusInd Bank Personal Loan Balance Transfer with Other Banks

Comparison on the basis of interest charged on personal loan balance transfer of the different banks is given below:

Bank Name Minimum Rate Maximum Rate Processing Fees
ICICI Bank 10.75% Nil Upto 2.25% of Loan Amount
SBI 9.60% Nil 1.00%
Axis Bank 10.40% Nil Upto 1.75%,Min Rs.4,999
Kotak Bank 10.45% Nil Starting from Rs.999
Standard Chartered Bank 11.50% Nil 1.00%
Bajaj Finserv 12.99% Nil Starting from 1.50%, Up to 3%
Bank of Baroda 10.50% Nil 2%, Min Rs. 250
Yes Bank 10.70% Nil Upto 2.50%
IDFC First Bank 10.49% Nil Upto 2.00%

Compare IndusInd Bank Personal Loan with Other Banks

FAQs

How can I transfer my personal loan to IndusInd Bank?

Steps for the personal loan balance transfer to IndusInd Bank are mentioned below:

  • Apply for the foreclosure letter and No Objection Certificate (NOC) from the existing lender.
  • Start the IndusInd Bank personal loan balance transfer process and submit all the relevant documents and repayment history of the loan.
  • After getting the sanctioned letter from the IndusInd Bank start the loan agreement with the bank.
  • Take a disbursement of the outstanding loan amount from the IndusInd Bank in favour of the earlier lender.
  • Once the previous lender receives the outstanding loan amount, it will cancel all the cheques and close your personal loan account.

Which bank is best for personal loan balance transfer?

The decision to transfer the personal loan should be based on the current interest rate on your personal loan, the cost involved in the balance transfer, interest rate on the loan of the bank to be transfered the personal loan and saving due to balance transfer. Currently, IndusInd Bank charges lowest interest rate on personal loan balance transfer.

How do I check my IndusInd Bank personal loan balance?

You can check your personal loan balance of IndusInd Bank by below mentioned ways:

  • By visiting the IndusInd Bank branch.
  • By calling the customer care of the IndusInd Bank.
  • By logging on into the IndusInd Bank mobile application and checking the personal loan status.
  • Via internet banking.

How do I know my IndusInd Bank loan application?

You can get update about IndusInd Bank loan application via the ways mentioned below:

  • Net banking : You are required to login into IndusInd Bank net banking and visit the loan status segment. The loan status segment will update about the loan application.
  • Visiting the IndusInd Bank : You can also visit the IndusInd Bank branch to track your loan application process. The bank will ask for some basic documents before disclosing the loan application details.

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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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