IndusInd Bank offers one of the most competitive personal loan interest rates in the market. With IndusInd Bank personal loan, you can get up to 25 lakhs of funding for a variety of purposes such as travel, wedding, home renovation, and more. Read on to learn more about IndusInd Bank personal loan interest rate, features, EMI calculator, and how to apply.
IndusInd Bank Personal Loan Highlights
|Interest Rate||Starting from 10.49% p.a.|
|Loan Amount||Up to 25 lakhs|
|Tenure||Up to 5 years|
|Processing Fees||Up to 3% of the loan amount|
IndusInd Bank Personal Loan
IndusInd Bank personal loan is an unsecured loan that can be used for a variety of purposes, from funding a wedding to paying for a vacation. The loan can be availed of by salaried as well as self-employed individuals.
The interest rate on the loan starts at 10.49%, the minimum loan amount is Rs 30,000 and the maximum loan amount that can be availed is Rs. 25 lakhs. The repayment tenure for the loan ranges from 12 to 60 months.
Features of IndusInd Bank Personal Loan
When you are in need of quick financial assistance, a personal loan from IndusInd Bank can be a great option. Here are some features of IndusInd Bank personal loans that you should know about:
- Quick and easy application process: You can apply for an IndusInd Bank personal loan online in just a few minutes.
- Competitive interest rates: IndusInd Bank offers some of the most competitive interest rates on personal loans in the market.
- Flexible repayment options: You can choose from a variety of repayment options that best suit your needs.
- Minimal documentation: You will only need to submit a few documents when applying for an IndusInd Bank personal loan.
- Loan amount up to Rs. 25 lakhs: You can borrow up to Rs. 25 lakhs with an IndusInd Bank personal loan.
Interest Rates for IndusInd Bank Personal Loan
When it comes to personal loans, the interest rate you’ll pay is important. After all, this is the cost of borrowing money and will have a direct impact on your monthly payments and the overall cost of your loan.
The interest rate on a personal loan from IndusInd Bank starts at 10.49% per annum. However, the actual interest rate that you will be charged will depend on several factors, including your credit score, income, and repayment history.
To get an idea of how much you could save, let’s say you take out a loan of Rs. 5 lakhs for 3 years at an interest rate of 10.99% p.a. Your monthly payments would be Rs. 17,227 and the total cost of your loan would be Rs. 6,08,180.
Now, let’s compare this to a loan with an interest rate of 14% p.a. Your monthly payments would be Rs. 19,154 and the total cost of your loan would be Rs. 6,84,360 – that’s an extra Rs. 76,180 in interest!
As you can see, a lower interest rate can make a big difference in the overall cost of your loan. So be sure to compare rates before you apply for a personal loan.
Read Also – HDFC Gold Loan
IndusInd Bank Personal Loan EMI Calculator
If you’re looking to take out a loan, then you can use Our online EMI calculator to find out how much your monthly repayments would be. Simply enter the loan amount, interest rate and tenure into the calculator and it will give you the results instantly.
This personal loan EMI calculator is a handy tool to help you plan your finances and ensure that you are able to repay your loan comfortably. Do remember to take into account other monthly commitments when planning your budget.
Types of Induslnd Bank Personal Loans
There are a few different types of Induslnd Bank personal loans that you can choose from depending on your needs. Here is a brief overview of the different loan options:
1. Personal Loan for Wedding
A wedding is one of the most important occasions in anyone’s life. It is a day when two people come together to start a new life. A wedding loan from Induslnd Bank can help you meet all the expenses related to your wedding so that you can enjoy your special day to the fullest.
2. Personal Loan for Home Renovation
Are you planning to renovate your home but don’t have enough funds? Don’t worry, Induslnd Bank offers loan for home renovation at attractive interest rates! With this loan, you can easily finance your home renovation expenses and make your dream home a reality.
3. Personal Loan for Education
Induslnd Bank Personal Loan for Education can be used for a variety of purposes such as paying tuition fees, buying books and other study materials, paying for exam fees etc. So, if you are looking for a personal loan to finance your education-related goals, then Induslnd Bank Personal Loan for Education is the ideal option.
4 Personal Loan for Medical
Induslnd Bank’s Medical loan is a great way to cover unexpected medical expenses. The loan can be used for anything from hospital bills to doctor’s visits to medication costs. There is no need to provide any security or collateral for availing of the loan. The entire process is simple and hassle-free.
5. Personal Loan Balance Transfer
Applicants of other banks and NBFCs can avail the IndusInd Bank Personal Loan Balance Transfer facility to reduce the EMI burden. Under this facility, applicants can transfer their existing personal loan to IndusInd Bank at lower interest rates. This will help them save on EMIs and repay their loan amount easily.
Eligibility Criteria for IndusInd Bank Personal Loan
The following are the basic eligibility criteria for IndusInd Bank personal loan:
For Salaried Employees
- The minimum age for applying for a personal loan is 21.
- The maximum age for personal loan maturity is 60 years, or the retirement age, whichever comes first.
- Personal loan online applications require a minimum monthly income of Rs. 25000
- Must have worked for at least 2 years and been employed in the same organization for at least 1 year.
- If rented, must have stayed at least 1 year.
- The minimum age for an applicant should be 25.
- The maximum age for loan maturity is 65 years.
- The minimum annual net income after deductions from taxes should exceed Rs 4.80 lakhs.
- Must have 4 years of experience after qualification.
- You should have at least 5 years of post-qualification experience.
Read Also – Bank of Baroda Personal Loan
Documents Required for IndusInd Bank Personal Loan
If you’re looking to apply for an IndusInd Bank personal loan, there are a few documents you’ll need to have in order to complete the application process. Here’s a list of what you’ll need:
- A valid ID (Adhar card, PAN, Passport, driver’s license, etc.)
- Proof of income (Last 3 months’ salary slips/ITR for last 3 years/Form 16, etc.)
- Proof of residency (utility bills, driver’s license, Valid passport lease agreement, etc.)
- Bank statements for the past 6 months
- Any other relevant financial documents
How to Apply for IndusInd Bank Personal Loan?
If you are looking for a personal loan from IndusInd Bank, you can apply for one online or by visiting a branch. Here’s how to apply for an IndusInd Bank personal loan online:
- Visit the IndusInd Bank website and log in to your account.
- Click on ‘Apply Now’ under the ‘Personal Loan’ section.
- Fill in the required details and click on ‘Submit’.
- Once your application is received, a representative from the bank will get in touch with you to complete the process.
- You will also need to submit some documents along with your application form. These include documents such as your KYC documents, income proof, employment proof, and bank statements.
Why Should You Apply for a Personal Loan with IndusInd Bank?
When you’re in need of extra funds, a personal loan is often a great option. And when it comes to personal loans, IndusInd Bank is a lender you can trust. Here’s why:
- IndusInd Bank offers some of the most competitive interest rates on personal loans.
- With an IndusInd Bank personal loan, you can choose from a variety of repayment options to suit your needs.
- The online application process for an IndusInd Bank personal loan is quick and easy, and you can get pre-approved for a loan in just minutes.
- Plus, when you apply for a personal loan with IndusInd Bank, there are no hidden fees or charges. So what are you waiting for? Apply for a personal loan with IndusInd Bank today!
Read Also – IDFC Bank Home Loan
Q. What is an IndusInd Bank Personal Loan?
Ans. IndusInd Bank Personal Loan is an unsecured loan that can be availed by salaried individuals to meet their financial needs. The loan amount can be used for various purposes such as travel, medical expenses, wedding expenses, etc.
Q. What is the interest rate on an IndusInd Bank Personal Loan?
Ans. The interest rate on an IndusInd Bank Personal Loan starts at 10.49% p.a.
Q. What is the maximum loan amount that I can avail?
Ans. The maximum loan amount that you can avail of under the IndusInd Bank Personal Loan scheme is Rs. 25 lakhs.
Q. How long do I have to repay the loan?
Ans. The repayment tenure for an IndusInd Bank Personal Loan ranges from 12 to 60 months. You can choose a repayment tenure that suits your convenience and repayment ability.
Q. Do I need to provide any security or collateral for availing the loan?
Ans. No, you do not need to provide any security or collateral for availing of an IndusInd Bank Personal Loan.
IndusInd Bank personal loan is a great option for those who are looking for a hassle-free and convenient way to finance their personal needs. The interest rates are competitive and the repayment terms are flexible, making it an ideal choice for borrowers. We hope that this article has helped you understand more about IndusInd Bank personal loans and how it can benefit you.