IndusInd Bank Personal Loan

IndusInd Bank provides Personal Loans for Indian residents in 16 cities around the country. The list of cities is as follows:

Bangalore, Chennai, Hyderabad, Ahmedabad, Mumbai, Navi Mumbai, Pune, Thane, Chandigarh, New Delhi, Faridabad, Ghaziabad, Gurgaon, Jaipur, Kolkata, Noida.

With the IndusInd personal loan, you can fulfil your dreams right now - whether you want a long holiday, there is a marriage in the family, you are buying a gift for a special someone, or simply trying to fill up your house! IndusInd provides hassle-free and quick personal loans that will cover your needs and then some.

Why choose IndusInd personal loan?

Established in 1994, IndusInd has seen tremendous growth over the years, and is currently planning to double its branch strength in India to more than 1200 branches. It has posted consistent profit figures through the years.

IndusInd Bank has been acknowledged for its exceptional services by leading industry publications, media outlets, and banking and financial institutions, among others. It has been awarded the ‘Best Mid-size Bank’ by Businessworld-PwC and also by Business Today-KPMG, ‘6th Most Trusted Private Bank in India’ by Brand Trust Report, and various ‘Information Security’ and ‘Environmental Best Practices’ awards from reputed Indian and international institutions.

IndusInd Bank Loan on Credit Cards

Have a credit card from IndusInd Bank? Splendid! If you have an unused credit limit on this card, you can use this limit to apply for a loan. The options that are offered under this loan product include Indus Easy Loan and Indus Easy EMI. The interest rate for this product will be similar to the rate that is charged on IndusInd Bank credit cards, which is 46% p.a. The minimum amount for this loan product is Rs.5,000. The tenure for this loan scheme ranges from 6 to 36 months.

IndusInd Bank Loan against Shares

Have you made investments in particular shares? You can utilise these shares when you are badly in need of money for different purposes. Whether you have invested in mutual funds, insurance policies or equity shares, you can apply for a loan against shares from IndusInd Bank. The loan quantum offered under this scheme ranges from Rs.2 lakh to Rs.20 lakh. Your interest rates for this product will range between 11% and 14% p.a. You will have to be at least 21 years to apply for this loan. The maximum age requirement is 70 years.

Features of IndusInd personal loan

IndusInd provides speedy disbursal, quick loan processing, and simple documentation in loan applications. IndusInd personal loans are available for salaried professionals, self-employed professionals, and self-employed individuals.

• Flexible loan tenures available
• 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

Why choose BankBazaar for IndusInd personal loan application?

BankBazaar is a well-established online platform for all your banking and financing needs. The site is dedicated to finding the best choices for customers in terms of loans, insurance policies, and various other related information.

Designed by the best financial experts and with an eye toward easy accessibility for customers for their financing needs, BankBazaar provides comprehensive results and the ability to compare items side by side so that customers can check in real time the best possible solution for them. BankBazaar provides a detailed listing of all the IndusInd personal loans in a dedicated page. Visitors can directly access the relevant loan pages, check eligibility, see interest rates, and also apply for loans. And the whole process of finding a loan, comparing products, and applying for the same can be completed in a matter of minutes!

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 interest rates on IndusInd Bank personal loan?

A personal loan can be a lifesaver during emergencies, offering immediate financial relief to borrowers. IndusInd Bank offers personal loans for multiple purposes, with the interest on these loans decided based on two slabs: MCLR and Base Rate.

IndusInd Bank Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

MCLR based benchmarks have been introduced by IndusInd Bank following directives from the RBI. These rates are subject to change on a regular basis, mimicking current economic conditions. The table below highlights the current rates at IndusInd Bank.

Personal loan interest rates (MCLR)

Interest charged by IndusInd Bank varies from case to case, with the bank typically adding a certain percentage over and above the current MCLR.

IndusInd Bank Base and Prime Lending Rates (For existing borrowers)

Individuals who availed a loan before MCLR benchmarks came into force can choose an interest platform as per their requirements. Those who do not wish to migrate to MCLR can continue paying interest as per the base rate.

IndusInd Bank personal loan interest rate (Base Rate)

Interest rates for existing customers depends on the loan amount, tenure and purpose, with IndusInd Bank having the power to offer differential interests based on these factors. Interest rates typically vary between 11.50% per annum and 32.00% per annum, with the average being around 14.50% per annum.

Note: All rates mentioned above are applicable as of June 10, 2016. IndusInd Bank can modify/alter these rates at its own discretion, borrowers are advised to check prevailing rates while applying for a loan.

What are the eligibility criteria for IndusInd personal loan?

IndusInd defines 3 categories of loan takers – Salaried, Self-employed professional, and Self-Employed individual.

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.

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.

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.

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.30 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 Personal Loan FAQs

1. 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.

2. 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.

3. 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.

4. What are the pre-closure charges and the pre-closure process?

   IndusInd charges 3% of outstanding loan amount as preclosure or foreclosure charges. Foreclosure charges imply paying off the outstanding loan amount in a single go, as and when the Bank’s policies allows customers to do that.

5. 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.

6. 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.

7. 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.

8. 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.

9. How do I contact customer care for more details on IndusInd Personal Loans?

   For any details regarding personal loans from IndusInd Bank, you can call the customer support at BankBazaar at +91-44-43981800 between 10am to 7 pm from Monday to Saturday. Customers also have the option to chat with us on WhatsApp at +91-9884808231. Our trained and experienced support associates will help you out with the loan application process, and can also provide you with better options if you so seek.

10. 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.

11. What documents do I need to submit for personal loan applications?

    You need minimal document submissions to apply for IndusInd personal loan. The following needs to be submitted as per your respective category:

    Salaried individuals:
    • Identity proof
    • Residential address proof
    • Last 3 months payslips or salary certificate with Form 16
    • Last 3 months bank statements
    Self-employed professionals
    • Identity proof
    • Residential address proof
    • Last 6 months bank account statements
    • Proof of highest educational qualification
    • Last 2 years ITR
    • Profession continuity proof
    Self-employed individuals
    • Identity proof
    • Residential address proof
    • Last 6 months business bank statements
    • Last 2 years ITR
    • Business continuity proof
    • Sole proprietorship declaration or certified copy of the partnership deed or certified copy of AOA, MOA and board resolution

12. What are the minimum and maximum tenures available for personal loans?

    Loans are available from a minimum tenure of 12 months up to a maximum tenure of 60 months.

Can I check the personal loan application status online?

Yes, you can check the status of your loan application online through the official portal of the bank. You need to enter a few details to know the current status of the application. If you have used BankBazaar’s services to apply for the loan, you can track the application status anytime on the website or you may call us up if you have any enquiries or issues.

13. How do I repay the loan?

    The loan needs to be repaid in EMIs. The EMI figure will be informed to you and you can pay it through ECS or standing instructions in your IndusInd bank account.

14. What are the preclosure criteria?

    Preclosure of the loan is allowed on paying at least 12 EMIs if you are a salaried borrower. In case of self-employed borrowers, foreclosure can be done on payment of at least 6 EMIs. Preclosure charges are applicable, while part-prepayment is not allowed.

15. Do I need to produce any collateral or security?

    No, this is an unsecured loan. You do not have to submit any guarantee or security for it.

16. How do I contact IndusInd Bank for enquiries or issues?

    You can call them up at the toll free number, send email, SMS or approach any of the branches of IndusInd Bank to sort out issues with the loan.

IndusInd Personal Loan Customer Care Number

Have a query about your personal loan from IndusInd Bank? You can get in touch with the bank instantly by calling them on their toll-free numbers. IndusInd Bank has a great customer care facility for personal loans. You may also send an email to the bank with your doubts or complaints. The bank has skilled and sincere representatives who will provide you with proficient support to clarify your doubts thoroughly. You can get instantaneous assistance to get your hassles resolved quickly. If you are a premium banking customer of IndusInd Bank, you can call on the bank’s exclusive helpline number.