IndusInd personal loan interest rate for salaried persons and self-employed varies from 10.49% p.a. to 31.50% p.a. 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.
|Interest rate||10.49% p.a. to 31.50% p.a.||10.49% p.a. to 31.50% p.a.|
|Loan Amount||Rs.50,000 to Rs.15 lakh||Rs.50,000 to Rs.15 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||Up to 3%||Up to 3% 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 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 personal loan interest rates offered by the bank makes it a top choice if you are looking for a personal loan.
Some of the factors that can affect the interest rate are as follows:
Note: IndusInd can alter its Interest rates at its discretion.
The following charges may be applicable for customers who take personal loans from IndusInd Bank:
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|
|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.)|
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.)|
Here are a few points to keep in mind regarding IndusInd Personal Loan interest rates:
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.
No. There is no need for any collateral or guarantor to get a personal loan from IndusInd Bank.
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.
Self-employed professionals can provide their IT returns as income proof to the bank while applying for a 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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