Pre closure permitted after 1 year. 4% of principal outstanding (plus applicable tax)
Guarantor Requirement
No guarantor required
IndusInd COVID-19 Personal Loan EMI Moratorium
In accordance with RBI’s COVID-19 regulatory measures, IndusInd Bank has announced to defer instalments and EMIs on personal loans outstanding between 1 March 2020 and 31 May 2020. The highlights of the measures taken are as follows:
Moratorium of 3 months for paying personal loan EMIs outstanding between 1 March 2020 and 31 May 2020Â
Interest will continue to accrue on the outstanding portion of the loan during the moratorium periodÂ
Repayment schedule will be shifted by 3 months after the moratorium periodÂ
Those who wish to continue paying their instalments as before can opt out of this facilityÂ
You have to contact the bank to avail this facility
Features of IndusInd personal loan
Flexible loan tenures available
You can avail a personal loan from IndusInd Bank with minimum physical documentation, quick processing of loan, and quick disbursal of the loan amount to your bank account.
Avail doorstep service for loan-related processes
Competitive interest rates
No guarantors or collateral
Use the ‘Balance Transfer Option’ to do away with high interest debt
Flexible repayment gateways including ECS from any bank or through IndusInd Bank account debit
Documentation needed to apply for an IndusInd Bank Personal Loan
1. Signed application form with photograph
2. Copy of passport/voter ID card/driving license
4. Last 3 months bank statement/6 months bank passbook
5. Documentation for salaried applicants:
Latest salary slip
Current dated salary certificate with the latest Form 16
6. Documentation for self-employed applicants:
Latest Bank statement
Latest ITR or Form 16
How to apply through BankBazaar for IndusInd personal loan?
BankBazaar has a simple process for loan application. Visitors can start from the home page by clicking on the Personal Loan section. They will then get routed through a few simple-to-answer questions to a final results page showing all the relevant loans available from different providers including IndusInd Bank.
Visitors can then opt to compare loans or proceed with the application process. In between if they feel uncomfortable at any point of the process, visitors can simply contact BankBazaar’s customer care for assistance and information on active deals.
What are the eligibility criteria for IndusInd personal loan?
IndusInd defines 3 categories of loan takers – Salaried, Self-employed professional, and Self-Employed individual.
For salaried employees
Salaried employees, as defined by IndusInd Bank, include chartered accountants, doctors, select private and public sector employees, PSU and central government employees, and government state and local body employees.
Available for designated employees categorized within 21 years to 60 years of age.
Monthly net income shouldn’t be less than Rs 25,000.
2 years minimum overall experience, and 1 year minimum experience in present company.
For people availing rented accommodation, they must have resided for at least 1 year in the present residence.
For self-employed professionals
Self-employed professionals as defined by IndusInd include architects, self-employed doctors and CAs, engineers, company secretaries, as well as MBA consultants.
Applicants’ age should be within 25 years to 65 years.
Net annual income to be more than Rs 4.8 lakhs.
Minimum 4 years of experience post qualification.
For self-employed individuals
Self-employed individuals include partners, directors, and sole proprietors involved in services, trading, or manufacturing businesses.
Age of the applicant should be within 25-65 years.
At least Rs 4.8 lakhs in net income.
At least 5 years of experience post the relevant qualification.
Other fees and charges
Prepayment Charges
Salaried: 4% of the principal outstanding after repayment of 12 EMIs. Self Employed: 4% of the principal outstanding after repayment of 6 EMIs
Payment Dishonor Charges
Rs.450/- plus tax
Personal loan Duplicate Statement Charge
Rs.250/- plus taxes per event
Cheque / ECS / SI Swapping Charges
Rs.500/- plus taxes per event
Duplicate No Dues Certificate
Rs.250/- plus taxes per event
Duplicate Amortization Schedule Charge
Rs.250/- plus taxes per event
Loan Re-Booking / Rescheduling Charges
Rs.1000/- plus taxes per event
Loan Cancellation Charges
Rs.1000/- plus taxes per event
Charges for Photocopy of Agreement / Documents
Rs.250/- plus taxes per event
Penal Charge
Rs.150/- plus taxes, Per EMI delay beyond 5 days
Legal Charges
As per Actuals
Stamp Duty
As per State Laws
CIBIL Report
Rs.50/- per instance per set + Taxes as applicable
How do I calculate IndusInd personal loan EMI?
Customers can find the EMI amount payable on IndusInd personal loans through BankBazaar’s dedicated Personal Loan EMI Calculator:
Go to BankBazaar’s website and bring the mouse cursor on the Financial Tools tab given at the top. Click on Personal Loan EMI Calculator.
Enter exact figures under the given categories, namely – Loan Amount (up to Rs.25 lakhs), Tenure (up to 5 years), Interest Rate (applicable interest rate), and Processing Fee (according to respective Bank rules).
On clicking ‘Calculate’, customers can find all information related to the personal loan, including break-up of loan repayment and amortization figures for the chosen loan tenure.
The information displayed here will be very helpful in planning loan repayment over the chosen tenure, as well as provide you with an outline of your actual standing in terms of repayment.
IndusInd Bank Personal Loan balance transfer
If you have an existing personal loan from another lender, you can use the personal loan balance transfer facility to transfer your loan from your previous bank to IndusInd Bank. You will enjoy lower EMIs due to competitive interest rates charged on your existing loan including low processing fee thus making it easier for you to repay your loan on time and also helping you improve your credit score.
You can visit the IndusInd Bank official website, where under ‘Personal Loan’ you will be able to find the ‘Balance Transfer’ section. On clicking on it, you will be directed to a new page where you can click on ‘Apply Now’ and avail the facility by following the instructions.
IndusInd Personal Loan FAQs
How to check IndusInd personal loan status?
You can check your IndusInd Bank personal loan status by calling the customer care number or contacting any of the branches closest to you.
How to contact IndusInd bank personal loan customer care?
You can contact IndusInd Bank through the following ways:
You can also walk into any of the nearest branches.
3. How do I check my loan status?
Checking your loan status is a very simple task. All you need to do is log into the official bank website with your netbanking account (if any). If you don’t have an account with the bank, then please email or call the respective branch for detailed documents.
Alternatively, you can visit the BankBazaar website and navigate to the respective bank’s dedicated personal loan page. You will find all related resources and information in this section.
Where can I find the IndusInd personal loan application form?
The personal loan form from IndusInd Bank can be downloaded from the official website of the bank. Alternatively, you can apply for IndusInd personal loans through BankBazaar by answering a few simple questions and providing relevant loan and other details.
Can I check my IndusInd personal loan statement online?
IndusInd personal loan statements can be accessed by logging into your loan or bank account in the official website. To get detailed loan statements, you will need to send a request to the bank with personal details through email or via phone calls.
What are the pre-closure charges and the pre-closure process?
IndusInd charges 4% of outstanding loan amount as pre-closure or foreclosure charges after paying 12 EMIs for salaried employees and after 6 EMIs installments for self-employed people. Foreclosure charges imply paying off the outstanding loan amount in a single go, as and when the Bank’s policies allow customers to do that.
What is the standard waiting time for approval of personal loans from IndusInd bank?
The loan processing time is generally completed within 4-7 days of receiving all the relevant document from the customer.
Is it absolutely necessary to have an account with IndusInd before applying for personal loans from the bank?
No, you don’t need to have an account in IndusInd for applying to personal loans, though having an account will be beneficial in making repayments and getting relevant statements and details with ease.
Are there any special privileges for IndusInd customers?
IndusInd Bank customers are offered exclusive interest rates, provided priority in processing, and bugged for minimal documents. Having an IndusInd account will help the bank get your financial history with ease, and offer to customized products that best fit your needs and ability to repay without causing discomfort.
What is the process for loan repayment?
Loan repayments have to be made in Equated Monthly Instalments (EMIs). These can be paid via ECS. Also, customers can provide standing instructions to the bank to debit the exact EMI amount every month.
What are the minimum and maximum amounts I can avail as personal loan from IndusInd Bank?
IndusInd offers personal loans from as low as Rs.50,000 to a high of Rs.15 lakhs. The loan amounts are decided after considering a wide range of issues such as credit history, income, age, repayment capacity etc.
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Since I work for LLP company, INDUSIND has not offered the personal loan. The rate of interest was nominal for the loan. While doing verification banker came to know from which company I work so the application was rejected from bank end. The banker would have disclose those information at earlier.
I have applied a personal loan from INDUSIND through online. The loan amount was better for my requirement so chosen this bank with tenure period of 3 years. The process was good. Only the drawback was rate of interest is high. Due to that reason I closed the loan process from my end.
There is no reason for choosing my personal loan from Indusind bank. They have offered me a interest rate of 12% and i had applied the loan amount of Rs. 75000. I have given all the documents with the executive after that the loan has been closed from my side because the interest rate is high which am not interested.
Initially when i saw online, the rate of interest was very less so i applied a personal loan from INDUSIND Bank. After applying i came to know the rate of interest was very high so i closed this loan process from my end. The documentation part was not done.
The rate of interest was high in INDUSIND Bank, its 12.5% something for the loan amount of Rs. 2L. I opted for the tenure of 4 years and i am paying EMI of Rs.5349, documentation was simple. There is no fore closure charges but this bank forced me to take an insurance cost about Rs. 4000.
My personal loan journey was started through Indusind bank.The rate of interest and the processing fee was fine which was decided by bank. I got this loan on time and opted for my personal use. This was my first loan loan and process was shared by agent .I have submitted the documents through agent and the online, They were very kind and had a patience to listen me.
I have taken personal loan through Indusind bank through online .The rate of interest and the processing fee was fine ,this loan was availed for my personal use only.everything was good to me so far and submitted the documents through the agent .I am really satisfied with the service so far .
I have taken personal loan through indusind bank .Mobile app is not working properly and the agent gave a clear picture about the loan process .The rate of interest and the processing fee was nominal .This loan was taken for personal use and this loan was sanctioned on delay basis .There was proper callback and follow up from bank end as well as online .
I have not faced any difficulties when availed Induisnd bank personal loan .The process was very easy and comfortable as well. The rate of interest and processing fee was nominal .This loan got sanctioned on time and there was no drawbacks faced so far .This loan was taken for personal use and submitted documents through agent .
I have applied for indusind bank personal loan through online.I have not faced any drawbacks so far .The rate of interest and the processing fee was medium and this loan was taken for only personal use .There was proper callback and follow up from bank end as well as from online .
I have taken Indusind bank personal loan through online.The rate of interest and the processing was fine .This loan was taken for personal use . I have submitted the documents as well as uploaded the documents .The agent gave a clear picture about the loan process .I am satisfied with the overall service .
INDUSIND has not charged for documents process. I applied a personal loan through online. On time got a call and sanctioned around a week. The executive has visited to my home address and collected required documents. The loan amount of 5L was sufficient wit tenure period 4 years. The rate of interest offered 11.99% and fee amount was deducted of 1600 rupees and made to insurance which is mandatory so total cost of 1785 rupees. EMI need to pay of 13,164 rupees. The pre closure is applicable after one year with charges of 4% which is high when compared to other bank.
I got the personal loan easily. Comparatively interest rate was low so that i have chosen the loan from Indusind bank. I got the interest rate of around 12% and there was no processing fee. They have sanctioned the same amount what i have applied. They don't deduct me any hidden charges. Without much paperwork, they have sanctioned the loan.
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RAVINDRA SINGH
, bangalore
Reviewed on Mar 12, 2020
I had applied the personal loan with INDUSIND bank without any particular reason and they have provided me a interest rate of 11.75% and they have taken a processing fee only Rs. 10. They have sanctioned my loan on time. They do have part payment and pre closure facility with the additional charges of 4%. I have opted the duration of 5 years.
For purchasing a house, i have taken a personal loan with Indusind bank. They have offered me a interest rate of 12.5%. I have applied the loan amount of Rs. 8 lakhs but finally they have given only Rs. 7.3 lakhs and they charged me a zero processing fee but they charged for a insurance value of Rs. 6300. They have taken 3 working days to sanctioned this loan.
Basically I opted for a personal loan from INDUSIND because of low charge and I am qualified for the good amount of 6L but they have sanctioned the amount of 2L only with tenure period of 5 years only tenure was very high. I raised for either 2 or3 years. Since I am taking first time loan so I have to agree with this tenure offer. The rate of interest is nominal. EMI need to pay around 4,300 rupees. Pre closure is applicable with charge.
There is no processing fee for Indusind bank personal loan but the interest rate is little bit high when i compared to other banks. They have sanctioned the loan in 5 days. And once i applied the loan, the next day they came to my place for collecting a documents. They have provided me a interest rate of 11.99%.
I applied a personal loan from INDUSIND through online. Once all the process was done they have sanctioned the loan within 10 days for the amount of 10L which is sufficient. The tenure period of 4 years. The rate of interest around 14% and fee amount of 1%. Pre closure is avail after one year. EMI need to pay of 27,831 rupees.
Took my personal loan from Indusind bank and i bought it 3 years ago. Since i had a account with them hence they have made a promotional call for regarding the personal loan and the loan got processed without doing any formalities and then the amount was transferred to my account immediately. And without any hassles, i paid all my dues on time in the last 36 months. Only thing is the rate of interest to be quite less.
I have a personal loan with Indusind bank, it was sanctioned instantly and the loan amount was 3.2 lakhs for the tenure of 12 months and this was taken for personal use . It was a paperless approval and am paying this loan via ECS without any delay.
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