Today, there are lots of ways to fund your unexpected need like credit cards or app-based credit line but if you need a personal loan from a reputed bank, then it’s a challenge. Actually, the challenge is for good because a reputed bank always offers a personal loan at a low interest rate. From a borrower’s perspective, he always looks for a cheaper personal loan in a quick time because it can solve the borrower’s purpose without indulging him into financial trouble. If you also want a personal loan without indulging into trouble, then read this blog about IndusInd personal loan.
Benefits of IndusInd Bank Personal Loan
- An applicant who is looking for cheaper personal loans can apply for IndusInd Bank personal loan because it offers personal loans at attractive interest rate. Generally, the interest rate for the IndusInd bank personal loan starts from 10.99%.
- Whether you need a big amount or small, the bank offers a flexible tenure up to 60 months to repay the loan.
- Applying for IndusInd Bank personal loan is hassle-free and you can get instant approval on your personal loan application within few days.
- IndusInd Bank offers collateral free personal loan. Hence, you can take the full advantage of the funds without risking your valuable assets.
- Personal loan application requires lesser documentation here. Thus, makes it a seamless application process.
IndusInd Bank Personal Loan Interest Rate, Processing Fee, and the Loan Tenure
|Interest rate||10.99% – 16.00%|
|Processing fee||1% – 3% of the loan amount|
|Loan amount||Up to Rs 15,00,000|
|Loan tenure||Up to 60 months|
Eligibility Criteria to Avail IndusInd Bank Personal Loan
|Salaried Individuals||Self-employed Individuals|
|Any applicant between 21 to 60 years, can apply for IndusInd personal loan||The age of the applicant should be between 25 to 65 years.|
|The net monthly income of the applicant should be at least 25,000 per month.||The minimum annual net income of the after-tax deductions should be Rs 4.80 lakhs.|
|Any individual having minimum 1-year current experience can apply for this loan.||The applicant should have at least 5 years’ experience after qualification.|
|The applicant should have a total experience of at least 2 years.|
Documents Required for IndusInd Bank Personal Loan
|Salaried applicants||Self-employed applicants|
|ID proof: passport/driving license/ voters id/ pan card/ Aadhar card/||ID proof: passport/driving license/ voters id/ pan card/ aadahar card/|
|Residence proof: rent agreement/ ration card/ utility bill (not more than 3 months old)||Residence proof: rent agreement/ ration/ utility bill (not more than 3 months old)|
|Income proof: latest 3 months salary slip/ salary certificate and latest form 16||Latest business account statement of at least 6 months.|
|Latest 3-month bank statement||Latest 2 years ITR properly audited|
|Last 3 month’s salary slips||Business continuity proof: trade license/ establishment/ sales tax certificate)|
IndusInd Bank Personal Loan EMI Calculator
The IndusInd Bank Personal Loan EMI calculator is a free tool that computes your monthly EMIs, total interest outgo even before applying for a personal loan.
Let’s assume an applicant want to get a personal loan of Rs 2 lakhs for the five years, then the monthly instalments and the total interest for the five years will look like as described in the table below.
|Loan amount||Interest rate||Tenure||Monthly Instalments||Total interest||Total amount|
|Rs 2,00,000||10.99%||1||Rs 17,675||Rs 12,105||Rs 2,12,105|
|Rs 2,00,000||10.99%||2||Rs 9,321||Rs 23,695||Rs 2,23,695|
|Rs 2,00,000||10.99%||3||Rs 6,547||Rs 35,685||Rs 2,35,685|
|Rs 2,00,000||10.99%||4||Rs 5,168||Rs 48,070||Rs 2,48,070|
|Rs 2,00,000||10.99%||5||Rs 4,347||Rs 60,849||Rs 2,60,849|
EMI, Total Interest Outgo, and Total Repayment Per Year
|1||Rs 31,757||Rs 20,412||Rs 1,68,242|
|2||Rs 35,429||Rs 16,740||Rs 1,32,812|
|3||Rs 39,525||Rs 12,645||Rs 93,287|
|4||Rs 44,094||Rs 8,075||Rs 49,192|
|5||Rs 49,231||Rs 2,977||Rs 0|
IndusInd Bank Customer Care
In case of any doubt, the applicant can also reach out to IndusInd Bank customer care.
IndusInd Bank Customer Care Number toll free 1860 500 5004 or 022 44066666.
Q- What are the different ways to track the IndusInd Bank personal loan application?
ANS:- One method is that you can visit the official website of the bank or you can simply track your personal loan application at the official website of the AFINOZ.
Q- Do I need a credit score to get a personal loan from IndusInd Bank?
ANS:- Since, IndusInd personal loan is an unsecured loan, the applicant must have a good credit score to apply for it.
What is the maximum tenure to avail IndusInd Bank personal loan?
ANS:- You can borrow these personal loans up to 5 years.
What is the best way to apply for IndusInd Bank personal loan?
ANS:- The best to apply for IndusInd personal loan is applying online because it saves your valuable time. However, you can also for it by visiting the nearest branch of the bank.