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IndusInd Bank Personal Loan Interest Rate

Current IndusInd Bank Personal Loan Interest Rate

Last Updated 14th Jun 2021

Interest Rate 10.49% - 20.00%
Tenure Upto 60 months
Processing Fee Min 0.75% to Max 1.75%
Loan Amount ₹ 50,000 to ₹ 25 Lakh
Minimum Income ₹ 25,000
Eligible Age 21 to 60 years
Part Prepayment Charges Not allowed
Foreclosure Charges Allowed after 12 months with charges ranging from, 4% of the outstanding loan amount.
  • Today’s IndusInd Bank personal loan interest rate starts at 10.49%.
  • IndusInd Bank offers the lowest personal loan rate of 10.49% to borrowers who are existing customers of the bank or are working with top corporations.
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

IndusInd Bank Personal Loan Rates and Charges

  • IndusInd Bank offers personal loans to salaried individuals at a minimum rate of 10.49%.
  • Apart from the interest rate, the bank also charges processing fees and penalty fees for pre-payment, foreclosure, and late payment as IndusInd Bank personal loan rates and charges. As listed below:
IndusInd Bank Personal Loan Rates and Charges
Interest Rate 10.49% to 20.00%
Part Prepayment Charges Not allowed
Foreclosure Charges Allowed after paying 12 months with charges ranging from, 4% of the outstanding loan amount.
Processing Fees Min 0.75% to Max 1.75%

Interest rates on IndusInd Bank Personal Loans Schemes

As on today, IndusInd BankPersonal loan interest rates are in the range of 10.49% to 20.00%, with lowest rates offered to existing customers of the bank with a strong CIBIL Score and for those working with reputed corporate with a stable employment history. The lowest rate on IndusInd Bank personal loan remains unchanged at 10.49% as on 26 Mar, 2021. The last revision on IndusInd Bank Personal Loan was announced on 31 Mar, 2021 when the rate was 10.49%. IndusInd Bank also runs special schemes in which it offers lower rates for defense, armed forces and government employees.Personal loan interest rate for government employee and defense personnel is different from private salaried employees.

IndusInd Bank Personal Loan Interest Rates for Salaried and Self-Employed-

Employment TypeLowest Rate Processing FeesPrepayment charges
Salaried Starting from 10.49% Min 0.75% to Max 1.75% NIL
Self-Employed Professional Starting from 14.00% Upto 2.5%, Minimum fee of Rs. 1,000 NIL

IndusInd Bank Personal Loan Rate Comparison with Other Banks

Here is a comparison of IndusInd Bank Personal Loan with top lenders based on interest rate, loan tenure, amount, processing fee, and other charges. It is always better to compare various personal loan lenders before proceeding with the personal loan process.

Particulars IndusInd Bank HDFC Bank SBI
Rate of Interest Starting from 10.49% Starting from 10.25% Starting from 9.60%
Loan Tenure 12 - 60 months 12 - 60 months 6 - 72 months
Minimum Age 21 years 21 years 21 years
Processing Fee Min 0.75% to Max 1.75% Upto 2.50% Min Rs. 999 1.00%
Maximum Loan Amount ₹ 25 Lakh ₹ 75 Lakh ₹ 15 Lakh
Prepayment charges Not allowed Allowed after 12 EMI's, 2-4% Not allowed
Pre closure charges Allowed after 12 EMI's, 4% Allowed after 12 EMI's, 2 - 4% Allowed after 6 EMI's, 3%

IndusInd Bank Personal Loan Balance Transfer Interest Rates

IndusInd Bank personal loan balance transfer facility is ideal for existing personal loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing of personal loan with IndusInd Bank at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender. Currently IndusInd Bank offers the lowest personal loan balance transfer rate of 10.49%.

How to Get Low Interest Rates on IndusInd Bank Personal Loan?

You can get the lowest IndusInd Bank personal loan rate, by ensuring the below-mentioned things:

  • Ensure that you are aware of the IndusInd Bank personal loan eligibility and documentation requirements beforehand so that you do not end up paying a higher rate as compensation for lack of any document.
  • Ensure that you maintain a good credit score of 650. The higher the credit score, the higher is your chance of getting a low-interest rate.
  • Always check if you are eligible for a pre-approved offer from IndusInd Bank as that allows you to get instant loans at the best rates.
  • Compare lenders to get competitive interest rates. Further keep tracking the loan rates trends, IndusInd Bank may offer lower interest rates in the festive season.
  • If you are a high salary earning employee and work in a reputed firm, then leverage it. IndusInd Bank offers lower rates to employees working in top firms drawing high salaries.

FAQs

What is IndusInd Bank personal Loan interest rate?

Today, the lowest interest rate on IndusInd Bank Personal Loan is 10.49%. Borrowers with high income and CIBIL score are eligible for the lowest interest rate.

How can I reduce my interest in IndusInd Bank personal loan?

You can reduce the interest to be paid on IndusInd Bank personal loan by any of the below-mentioned ways:

  • By maintaining a good CIBIL score
  • By showing all proofs of income
  • By maintaining a good debt to credit ratio
  • By applying at peak time when IndusInd Bank provides discounted personal loan offers

Is IndusInd Bank personal a floating rate loan or fixed-rate loan?

IndusInd Bankis offered at both fixed and floating rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the personal loan rates keep varying according to the market.

Did IndusInd Bank personal loan rate drop in 2021?

Presently, IndusInd Bank offers personal loans at an interest rate starting at 10.49%. There has been no change in personal loan rates of IndusInd Bank for a long time and continue to stand at 10.49%.

How do I check my eligibility to get a personal loan at a low rate from IndusInd Bank?

The lowest rate on IndusInd Bank is mostly offered to individuals with high CIBIL and high income. You can check the eligibility for the personal loan at IndusInd Bank official website. Apart from that you can also use MyLoanCare Personal Loan Eligibility Calculator.

What is the lowest personal loan rate in IndusInd Bank?

The lowest personal rate offered by IndusInd Bank on a personal loan is 10.49%.

What is the interest rate 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.

Can I ask for a reduction in the IndusInd Bank personal loan interest rate?

You can ask for a reduction in your IndusInd Bank personal loan interest rate. However, it depends upon the policy of the bank, whether it allows negotiation or not. Good credit score, high income, and existing relationship with the bank are some of the points which can contribute to the talks going your way.

Is there any need for security or collateral while availing Personal loan from IndusInd Bank?

No, there is no need for any collateral or security while availing a personal loan from IndusInd Bank. IndusInd Bank personal loan is an unsecured loan; thus, it does not require pledging of any asset as security to avail the loan.

How can I close my Personal Loan from IndusInd Bank early?

If you want to prepay your entire personal loan from IndusInd Bank, then you can do so by making a lump sum payment. However, you should also inquire about the prepayment and foreclosure charges based on the IndusInd Bank personal loan scheme availed by you, before making any decision.

How does IndusInd Bank calculate the interest on a personal loan?

The interest for IndusInd Bank personal loan is calculated based on the following methods:

  • Flat rate method:   Under this method, IndusInd Bank personal loan rate is estimated on the original loan amount throughout the original loan tenure. Thereby, the principal amount for calculation remains the same. This method is also called the fixed method of IndusInd Bank personal loan interest calculation.
  • Reducing rate method:  As per the IndusInd Bank personal loan reducing balance method the interest rate is calculated on the outstanding loan amount. Therefore, the principal component that is paid during the monthly EMI is not chargeable for interest calculation. In this case, the outstanding balance and the interest reduces with time, and the interest is charged only on the remaining principal amount.

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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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