IndusInd Bank personal loans can be availed at attractive interest rates and used for a variety of purposes.
|Interest Rate (Monthly reducing balance)||11.00% onwards|
|Processing Fees||1% - 3%|
|Loan Tenure||1 to 5 years|
|Pre-Closure Charges||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:
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:
6. Documentation for self-employed applicants:
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.
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.
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.
For self-employed individuals
Self-employed individuals include partners, directors, and sole proprietors involved in services, trading, or manufacturing businesses.
|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|
Customers can find the EMI amount payable on IndusInd personal loans through BankBazaar’s dedicated Personal Loan EMI Calculator:
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.
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.
You can check your IndusInd Bank personal loan status by calling the customer care number or contacting any of the branches closest to you.
You can contact IndusInd Bank through the following ways:
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.
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.
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.
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.
The loan processing time is generally completed within 4-7 days of receiving all the relevant document from the customer.
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.
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.
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.
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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