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  • IndusInd Personal Loan Interest Rates

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  • IndusInd personal loan interest rate for salaried persons and self-employed varies from 11.00% to 16.75% p.a. The processing fee charged by the bank ranges up to 2.50% of the loan amount exclusive of the additional taxes. Bankbazaar offers Zero Processing Fee with 100% paperless approval. Customers can repay the loan within the maximum loan tenure of 5 years. Customers can use this personal loan to take care of their emergency financial needs. Let’s check out the different aspects of IndusInd Bank personal loan.

    Particulars Salaried Self-Employed
    Interest rate 11.00% to 16.75% p.a. 11.00% to 16.75% p.a.
    Loan Amount Rs.50,000 to Rs.25 lakh Rs.50,000 to Rs.25 lakh
    Loan Tenure 12 to 60 months 12 to 60 months
    Lowest EMI per lakh Rs.2,187 (for loan tenure of 5 years) Rs.2,187 (for loan tenure of 5 years)
    Processing Fee Nil to 2.50% of the loan amount Nil to 2.50% of the loan amount
    Age 21 to 60 years 25 to 65 years
    Prepayment/Foreclosure Charges 4% of the principal outstanding (Repayment allowed after 12 EMI’s) 4% of the principal outstanding (Repayment allowed after 6 EMI’s)

    IndusInd Bank personal loan

    IndusInd Bank is one of the renowned banks in India’s private banking sector. The bank offers a diverse range of loan products that includes personal loans. Personal loans are offered for salaried employees, self-employed professionals, and self-employed business people. The bank ensures that the loan application process is hassle-free with very minimal documentation. The competitive interest rates offered by the bank makes it a top choice if you are looking for a personal loan.

    Factors affecting IndusInd Bank personal loan interest rates

    Some of the factors that can affect the interest rate are as follows:

    • Credit score: Your credit score reflects your creditworthiness. It determines how responsible you are/have been as a borrower. You have a great chance of getting attractive interest rates on your personal loans if your credit score is good.
    • Nature of employment: Your employment history will play a key role in determining the interest rate. You may get reduced rates if you fall under the high-income bracket and/or have completed 3 years or more in your present organisation. However, any rate offered is at the discretion of the bank.
    • Loan tenure: Usually, the rate of interest is comparatively lower when you opt for a longer tenure. In comparison, short-term loans have a higher rate of interest. However, for long-term loans, since the loan is taken for a longer duration, you will end up paying a higher interest amount.
    • Existing loans: Most banks consider your existing loans before issuing you with additional loans. This is mainly to ensure that you have adequate income for your livelihood after paying for all loan EMIs. If you already have too many loans, it could be grounds for rejection of your personal loan application.
    • Repayment capacity: The bank will check your repayment history before deciding on the interest rate. This is done to ensure that you will be able to adequately repay the loan. The bank may offer you reduced rates if you have a high annual income.
    • Relationship with IndusInd: Every bank gives high priority to their esteemed customers, and IndusInd is no exception. If you have a salary account with the bank or have been a long-standing customer, the bank may choose to offer you preferential rates. However, the bank will still carry out all the necessary checks before deciding on the rate.

    Note: IndusInd can alter its Interest rates at its discretion.

    Other fees and charges

    The following charges may be applicable for customers who take personal loans from IndusInd Bank:

    • The bank charges Rs.450 for payment dishonour charges in case of missed payments.
    • For EMI delays beyond 5 days, the bank charges Rs.150 from customers.
    • Loan cancellation charges are Rs.1,000 per event.
    • Customers can get a duplicate statement by paying an additional Rs.250 to the bank.
    • To get duplicate ‘No Dues’ certificate, customers must pay an additional Rs.250 to the bank.

    Illustration

    1. Mr. Agarwal works for a private concern and earns Rs.25,000 per month. He has a credit score of 700. He takes a personal loan of Rs.2 lakh from IndusInd Bank. The bank charges an interest of 20% on his loan owing to his low earnings and credit score.

    For a loan tenure of 1 year, his repayment schedule is provided in the following amortisation table.

    For salary of Rs.25,000 per month

    Loan amount Rs.2 lakh
    Processing fee 2.50% of the loan amount
    Interest rate 20% p.a.
    Month Principal paid (A) (in Rs.) Interest paid (B) (in Rs.) EMI = (A + B) (in Rs.) Outstanding loan balance (in Rs.)
    1 15,194 3,333 18,527 1,84,806
    2 15,447 3,080 18,527 1,69,360
    3 15,704 2,823 18,527 1,53,655
    4 15,966 2,561 18,527 1,37,689
    5 16,232 2,295 18,527 1,21,457
    6 16,503 2,024 18,527 1,04,955
    7 16,778 1,749 18,527 88,177
    8 17,057 1,470 18,527 71,120
    9 17,342 1,185 18,527 53,778
    10 17,631 896 18,527 36,148
    11 17,924 602 18,526 18,223
    12 18,223 304 18,527 0

    2. Ms. Rao runs her own business and earns Rs.50,000 per month. She has a credit score of 850 as she pays her dues on time without fail. She has applied for a personal loan from IndusInd Bank for Rs.2 lakh. Due to her great credit score, the bank charges an interest of 12% p.a.

    For a loan tenure of 1 year, her repayment schedule is provided in the following amortisation table.

    For salary of Rs.50,000 per month

    Loan amount Rs.2 lakh
    Processing fee 2.50% of the loan amount
    Interest rate 12% p.a.
    Month Principal paid (A) (in Rs.) Interest paid (B) (in Rs.) EMI = A + B (in Rs.) Outstanding loan amount (in Rs.)
    1 15,770 2,000 17,770 1,84,230
    2 15,927 1,842 17,769 1,68,303
    3 16,087 1,683 17,770 1,52,216
    4 16,248 1,522 17,770 1,35,968
    5 16,410 1,360 17,770 1,19,558
    6 16,574 1,196 17,770 1,02,984
    7 16,740 1,030 17,770 86,244
    8 16,907 862 17,769 69,337
    9 17,076 693 17,769 52,261
    10 17,247 523 17,770 35,013
    11 17,420 350 17,770 17,594
    12 17,594 176 17,770 0

    Key things about IndusInd Bank personal loan interest rates

    Here are a few points to keep in mind regarding IndusInd Personal Loan interest rates:

    • There are additional charges involved apart from the interest rate charged, including prepayment charges, loan cancellation charges, loan rescheduling charges, and duplicate statement charges, to name a few.
    • If the Reserve Bank of India (RBI) increases the repo rate, it’s not necessary that the bank will immediately increase the interest rate.
    • The bank offers personal loan for education, medical expenses, wedding, home renovation, and balance transfer. The interest rate may vary based on the type of loan you are opting for.
    • Prepayment on the loan will vary depending on whether you’re a salaried employee or self-employed.
    • Loan tenure, CIBIL score, annual income, employment history, and other such factors will be considered by the bank before offering you a particular rate.

    FAQs

    1. How does repo rate affect the PL interest rate?

    Any changes in the repo rate will have an impact on the interest rates charged by banks. However, most banks do not immediately increase their rates as soon as the repo rate increases. Various factors like liquidity and cost of funds are analysed by banks before they pass on the hike in repo rate to their customers by way of increased interest rates.

    2. Do I need collateral or guarantor to get a personal loan from IndusInd bank?

    No. There is no need for any collateral or guarantor to get a personal loan from IndusInd Bank.

    3. Is it possible to get a personal loan from IndusInd bank even if I don’t have a good credit score?

    It is good to have a credit score of over 750 to get a personal loan from IndusInd Bank. The bank might consider lending to people with lower credit score based on other factors like high monthly income, low outstanding loans, etc. However, this is entirely based on the sole discretion of the bank. You need to contact the bank to check if you are eligible for a personal loan.

    4. I am a self-employed professional. What can I provide as income proof while applying for a personal loan?

    Self-employed professionals can provide their IT returns as income proof to the bank while applying for a personal loan.

    5. How can I check the status of my IndusInd Bank personal loan?

    There are multiple ways to check the status of IndusInd Bank personal loan. You can visit the official website of the bank and track your loan application using your reference number. You may also contact the customer service department to track the status of your loan.

        

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