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Features

Personal Loan Features & Benefits

Presenting IndusInd Bank Personal Loans. Now you don’t have to wait to fulfil your dreams. Be it renovating your home, going on your dream vacation or buying your special someone that coveted gift, count on us to make it happen.

Fulfil all your financial needs with our hassle free online Personal Loan, which are designed to help you live life at the fullest.

  • Obtain a personal loan easily with simple documentation, quick processing and speedy disbursal.
  • Choose a loan tenure as per your convenience ranging from 1 to 5 years
  • Enjoy the convenience of doorstep service
  • Get the best in class personal loan interest rates
  • You need not worry about collaterals or guarantors
  • Get rid of your high interest debt through 'Balance Transfer Option'
  • Choose a convenient repayment option from, IndusInd Bank a/c debit or ECS from your other bank

To view the list of cities where you can avail our Personal Loan Click here

To check your online personal loan eligibility click here

In addition to the above, we understand that the reasons for obtaining a personal loan can be numerous and varied. To cater to your specific requirements, IndusInd Bank offers you tailor-made personal loans in multiple categories. These include:

Eligibility

Personal Loan Eligibility Criteria

Know your Personal loan eligibilty criteria here

Eligibility for Salaried Employees:

This category includes salaried doctors, salaried Chartered Accountants, employees of select Public and Private Limited companies, Government Sector employees including Public Sector Undertakings and Central, State and Local bodies.

  • Minimum age at the time of application should be 21 years
  • Maximum age at personal loan maturity should be 60 years or retirement age whichever is earlier
  • Minimum net monthly income should be Rs.25000
  • Should have completed minimum 2 years in employment and minimum 1 year in the current organisation
  • Should have completed minimum 1 year of stay at the current residence, if rented
Eligibility for Self-employed Professionals:

This category includes self-employed doctors (MBBS and higher degree), Architects, Chartered Accountants, Company Secretaries, Engineers and MBA consultants.

  • Minimum age at the time of application should be 25 years
  • Maximum age at loan maturity should be 65 years
  • Minimum annual net income post tax should be Rs.4.8 lakh
  • Should have 4 years of post qualification experience
Eligibility for Self-employed Individuals:

This category includes self-employed sole proprietors, directors and partners in the business of manufacturing, trading or services

  • Minimum age at the time of application should be 25 years
  • Maximum age at loan maturity should be 65 years
  • Minimum annual net income post tax should be Rs.4.8 lakh
  • Should have 5 years of post qualification experience

Documentation

Documents required for Personal Loan:

You can apply for a Personal Loan online. Click on the Apply Now button on this page, fill in your details and submit it. We will get back to you for further process. Alternately, you can visit a branch and submit the Loan application form.

Documents for Salaried Employees:
  • Proof of identity: Passport / driving license / voters ID / PAN card /card issued by UIDAI containing the details of name, photograph, address and Aadhaar number
  • Proof of residence: Leave and License Agreement/ration card /utility bill (not more than 3 months old) / valid passport - provided the passport address is present address mentioned in application form
  • Proof of Income: Latest 3 months salary slip / salary certificate and latest Form 16
  • Bank Statements: Latest 3 months bank statement (where salary is credited)
Documents for Self-employed Professionals:
  • Proof of identity: Passport / driving license / voters ID / PAN card /card issued by UIDAI containing the details of name, photograph, address and Aadhaar number
  • Proof of residence: Leave and License Agreement / ration card / utility bill (not more than 3 months old) / trade license / establishment / sales tax certificate / valid Passport - provided the passport address is present address mentioned in application form
  • Business (Current Account) Bank Statements (latest 6 months bank statement/passbook
  • Proof of qualification: Highest Professional Degree
  • Latest 2 years ITR along with computation of income, B/S, P&L a/c with all schedules certified by a CA
  • Profession continuity proof
Documents for Self-employed Individuals:
  • Proof of Identity: Passport / driving license / voters ID / PAN card /card issued by UIDAI containing the details of name, photograph, address and Aadhaar number
  • Proof of residence: Leave and License Agreement / ration card / utility bill (not more than 3 months old) / Trade License/establishment/sales tax certificate/valid passport - provided the passport address is present address mentioned in application form
  • Business (Current Account) bank statements (latest 6 months bank statement / passbook)
  • Latest 2 years ITR along with computation of income, B/S, P&L a/c with all schedules certified by a CA
  • Business continuity proof: Trade license / establishment/sales tax certificate)
  • Additional mandatory documents: Sole proprietorship declaration/certified copy of partnership deed /certified copy of MOA, AOA and Board resolution. In case of income derived from a partnership firm, latest 2 years partnership firm's B/S, P&L a/c with all schedules certified by a CA

FAQs

Personal loan FAQs :

What is the minimum and maximum online personal loan amount?

You can avail of personal loans that are ranging from Rs.50,000 to 15,00,000 depending on your eligibility, income, nature of job and repayment capacity.

What are the loan tenure options?

You can repay your loan over a period of 12 to 60 months

How long will it take for my Personal Loan to be approved?

Your personal loan will be disbursed within 4-7 working days post receipt of the required documents. All loan approvals are at the sole discretion of the bank.

Are there any additional charges?

A processing fee up to 2.5% of the loan amount and requisite documentation charges is payable same will be deducted from the loan amount at the time of disbursal.

How can I repay my Personal Loan?

You pay the loan in equated monthly installments (EMIs). The loan will be paid through ECS. You can also pay through a standing instruction to debit your IndusInd Bank account with the EMI amount.

What security do I need to provide to obtain this loan?

To obtain the loan, there is absolutely no need to provide any security or collateral.

Can I prepay/foreclose my personal loan?

You can prepay/foreclose the entire loan outstanding anytime after paying 12 installments for Salaried Clients and any time after 6 installments for Self Employed Clients. Prepayment charges as applicable would be levied on the outstanding loan amount.

Is part-prepayment of a Personal Loan allowed?

Part prepayment is not allowed. The personal loan has to either be prepaid in full or serviced for the contracted tenure.

How do I approach IndusInd Bank for a Personal Loan?

You can approach us in any of the following ways:
Call us at our 24 hour Customer Care number: 1860 500 5004 / +91 22 44066666
Write to us at reachus{}indusind.com
SMS "PL" to 5676757
Or you can simply walk into any of our branches, in the select cities where we offer personal loans

Do I need to open an account with IndusInd Bank for availing and / or servicing the loan?

We will encourage you to start a banking relationship with us so that we will be able to offer a host of other value added services which are complimentary to the loan, however opening an account with us is not mandatory.

Do I get special privileges as a IndusInd Bank Customer?

As an IndusInd Bank Customer, you will be offered special interest rates, asked for minimal documentation and your application will be processed on priority. Having an account with us enables us to assess your financial requirements better; and assists us in providing you with services and loan amount commensurate with your payment ability and requirement.

Interest Rates

Personal Loan Interest Rates & Charges

Personal Loan Interest Rates – Q2 2017-18
Minimum 10.75%
Maximum 30.50%
Mean 14.43%
Personal Loan Annual Percentage Rate (APR )
Minimum 13.09%
Maximum 21.50%

* Applicable Government taxes, levies etc. are over and above Fees & Charges

What is the applicable rate of personal loan?
Interest Rate 11.25% onwards
Personal loan Processing Fees Up to 2.50% of loan amount plus tax
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

Reviews

Hassle-free Personal Loan Experience

IndusInd Bank offers simple loan application process, minimal documentation and decent interest rates. Equal monthly instalments made it super convenient for us to repay the loan. There were no hidden costs and the processing fee was also low. Couldn’t have asked for anything better.

Reviewer: Siddharth Patel, Gandhinagar, November 9, 2017

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Personal Loan for Wedding

My husband and I availed a personal loan from IndusInd Bank and funded our wedding with it last month. We were sceptical at first, but to our surprise, the entire process went smoothly with minimum documentation. This is what I call an excellent banking service!

Reviewer: Priyanka Singh, Noida, November 6, 2017

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Better Customer Service than Others in the Market

I decided to process my loan application with IndusInd Bank after comparing all the banks in the market. The interest rate was higher than I expected but I am quite happy with their customer service. Our loan executive was extremely helpful and patient with our queries. I am a happy customer!

Reviewer: Avinash Pandey, Kolkata, November 4, 2017

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Easy Personal Loan Through Online Portal

I applied for a personal with IndusInd Bank through their online banking portal. The eligibility guidelines and features laid out by the bank are very simple and clear. The loan process requires minimum documentation and is pretty quick. The loan was disbursed in no time. Overall, it was a positive experience!

Reviewer: Prachi Chaudhary, Secunderabad, November 2, 2017

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Quick Personal Loan Application and Processing

I applied for a loan with IndusInd Bank a few months back. From application to documentation, the process was quite efficient and smooth. Their loan executive assisted us throughout the whole process and patiently answered all our queries. I would recommend IndusInd Bank to everyone who is in need of a personal loan.

Reviewer: Rakesh Sharma, Gurgaon, October 31, 2017

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Transparent Process

Not too long ago, I had taken a personal loan from IndusInd. Had it not been for the EMI option, loan repayment would've proved to be immensely difficult. Thanks to this, we were able to repay the loan quite easily. The whole process at IndusInd is very transparent and we didn't incur any additional cost.

Reviewer: Vanpriya Saxena, Ghaziabad, March 27, 2017

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Loan for medical expenses

Accidents and mishaps always come as a shock. A few months back, my mother underwent a spinal surgery. We applied for a personal loan at IndusInd to cover the hefty medical expenses and got accepted quickly. Thank you IndusInd for saving her life.

Reviewer: Swati Malik, Amritsar, March 25, 2017

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Loan for Wedding

My fiance and I decided to organise and fund our upcoming wedding on our own. It was a bold decision as we were unsure of how things would shape up. But once our request for loan was approved by IndusInd, the rest of the things were a cake-walk.

Reviewer: Nimisha Sarabhai, Nagpur, March 24, 2017

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Loan for Education

I needed a loan to fund my daughter's medical education. IndusInd saw to it that our dreams get fulfilled. Thank you IndusInd for helping us out!

Reviewer: Riya Mathur, New Delhi, March 16, 2017

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Speedy Disbursal

I had been planning to renovate my house for quite some time now. However, the lack of funds posed a serious problem. IndusInd with its speedy disbursal took care of this need, in no time.

Reviewer: Bhavna Narayan, Jaipur, March 16, 2017

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Transparent Process

Unfortunate medical situations are not only unpleasant, but they add to our financial burden as well. I was faced with a similar situation recently when an unfortunate uncertainty struck my family. It had become very difficult for me to cover the expenses and I had started stressing out. It was then that a friend recommended me securing personal loan to cover medical expenses from IndusInd. It not only covered the doctor’s fee, but also hospital stay, surgery costs, medicine bills, etc. In simple words, they made the entire process of securing funds for such an expense extremely simple, transparent and hassle free. With flexible repayment tenure, I am at a better place now.

Reviewer: Charu Sharma, Bhopal, February 27, 2017

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Financial assistance for home renovation

I wanted to redecorate my home on account of my son’s wedding. As it turned out, it was a costly affair for me. And then, I came across IndusInd’s option to secure personal loan for home renovation which was a breather for me. I was able to redecorate my home as per my wishes and I did not have to make any compromises to achieve the same. With their financial assistance, I was able to see a completely new home and welcome the daughter in law to a refreshingly beautiful home.

Reviewer: Shahana Dubey, Delhi, February 25, 2017

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Option to Lower EMIs

I was struggling with paying high interest off my personal loan and it was a few weeks ago that I came across IndusInd’s personal loan for balance transfer option. It allowed me to lower my EMIs to a great extent and that too on competitive interest rates. The entire process went by smoothly in a hassle free manner with minimal documentation.

Reviewer: Mansi Shekhawat, Jaipur, February 23, 2017

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Exemplary Service

I had to secure personal loan to conduct hassle free wedding for my daughter and IndusInd made the entire process easy and transparent for me. Their executives also assisted me to their full potential in securing funds for my daughter’s wedding. I was able to conduct all wedding rituals without any hassles, without having to take recourse to my relatives’ money.

Reviewer: Pritika Gupta, Noida, February 21, 2017

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Easy Procurement of Loan

I recently gained admission for a 1 year EMBA course in Australia. I was initially apprehensive about securing loan and whether the entire process will be challenging in any way. On the contrary, I was pleasantly surprised to know that the entire loan procurement process went quite smoothly. The loan amount sanctioned not only covered my tuition fee but also the accommodation expense as well.

Reviewer: Saumya Bhasin, Chandigarh, February 18, 2017

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Best rates

After comparing the rates of the best banks, I decided to select IndusInd bank for the personal loan. The ease with which they conduct the procedure is just great. The documents are collected from us and there is absolutely no trouble that the customer has to go through to fulfill the criteria.

Reviewer: Molly Sabiki, Delhi, January 15, 2017

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Customised solutions

I needed a loan for travelling as my savings weren't enough for the entire trip. InusInd bank offered a customised solution for me which helped me out. The availibility of the EMI calculator also clarified a lot of doubts that I had as it helps with the repayment figures.

Reviewer: Anjali Shetty, Mumbai, January 13, 2017

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Personal loan for everyone

I am just 21 and required a personal loan for myself for small courses online. The eligibility is such that it allows me to be able to take a personal loan without a guarantor. This made the the process easy and useful.

Reviewer: Bharat Mehta, Nagour, January 11, 2017

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Low processing fees

The processing fee that was charged didn't burn a hole in my pocket. 2.5% of the amount was deducted as processing fee which is feasible as it was being charged for the documentation. All in all, got value for my money as the service was commendable.

Reviewer: Anamika Sinha, Kochi, January 09, 2017

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Loan repayment has never been easier

Equal monthly installments made it very easy for us to repay the loan. There were absolutely no hidden charges that would have haunted us in the process of the personal loan a little later.

Reviewer: Kushagra Arora, Indore, January 07, 2017

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Attractive personal loan interest rates for existing customers

I wanted a personal loan with low interest rate for my holiday trip. Being an existing customer of IndusInd, the bank helped me by processing my application on priority, and also offered me interest rate which was within my capacity. Thanks for making my life easier, IndusInd bank!

Reviewer: Paresh Sinha, Chandigarh, December 27, 2016

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Easy Online Application Process

I applied for personal loan through IndusInd Bank's online portal. The interest rate offered to me was slightly higher than expected but they had a seamless application process and the loan was disbursed in no time. I would recommend IndusInd Bank to everyone who is in need of personal loan.

Reviewer: Himani Dixit, Noida, December 26, 2016

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Customer-Friendly Bank!

I was looking for a loan with easy application process. I decided to apply for a personal loan with IndusInd Bank based on a friend's recommendation. To my surprise, I didn't have to go to the bank instead the bank came to my home for completing the application formalities. This is what you call an excellent customer service!

Reviewer: Paras Janardhan, Jaipur, December 23, 2016

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Flexible repayment option.

My experience with IndusInd Bank was smooth. Personal loan interest rate was slightly higher than the other banks which I did not mind paying due to quick disbursement and flexible repayment tenure.

Reviewer: Manveer Gururaj, Delhi, December 22, 2016

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Applied for personal loan sitting at home!

I applied for a personal loan online through IndusInd Bank's website. I also got my documentation done sitting at home with their doorstep banking services. Getting a personal loan couldn't have been this easy. Thank you IndusInd Bank!

Reviewer: Charu Sharma, Bhopal, December 20, 2016

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Great Banking Services!

If you are looking to apply for personal loans, I would highly recommend IndusInd Bank. The features and eligibility laid out by the bank are very clear and uncomplicated. The loan application process is quick with minimum document requirements.

Reviewer: Abhimanyu Nair, Mumbai, December 05, 2016

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Customer-Friendly Bank!

IndusInd Bank has the best to offer if you are looking for affordable personal loan interest rates with the benefit of convenient loan repayment options. The staff at IndusInd Bank is competent and courteous.Truly satisfied.

Reviewer: Amol Sai, Delhi, December 04, 2016

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Customised personal loan

When you get a customer-centric approach from a bank, its surprising. IndusInd gave me a customised loan according to my needs and requirements. The process was smooth and very efficient. Quite impressed.

Reviewer: Rohan Kuwaj, Surat, December 02, 2016

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Affordable personal loan interest rate

IndusInd Bank is very considerate when it comes to offering the best personal loan rate of interest. They have a reasonable structure for interest rate and processing charges. What I liked the most about them is that they make all the terms clear before finalising loan agreement.

Reviewer: Krunal Deshmukh,Gurgaon, December 01, 2016

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Tools

Calculate your Personal Loan EMI, Instantly!

Our personal loan products aim at extending monetary support towards your personal expenses. At IndusInd Bank, our first step is to provide you with all the necessary information and assistance to help you make an informed decision. We recognize that settling on your Personal Loan EMI is a significant task.

What is Personal Loan EMI?

Personal Loan EMI is the ‘Equated Monthly Instalment’ that you pay until the final repayment of your personal loan. EMI is a simple monthly break-up of the total principal plus interest amount for the purpose of easy repayment. Calculating the EMI amount beforehand becomes vital in deciding the amount you would like to loan and in planning its repayment without affecting your monthly budget. Our Personal loan EMI Calculator helps you to determine your exact EMI in correspondence with your desired loan amount, loan tenure and interest rate.

Track Your Personal Loan Status

Now you can individually track your personal loan status online

It is always our pleasure to assist you and answer your queries. However, if you are unable to visit our branch physically, you can your check personal loan application status via our website by entering in your application number and mobile number as per our records.

Articles

5 Precautions to Consider Before Taking out a Personal Loan

Personal loans are effective financial solutions to raise some extra funds on an urgent basis. A personal loan, can be used for any purpose including renovating your house, paying for a wedding, purchasing business equipment, setting up a new office, clubbing outstanding dues against one loan, capitalising on an investment opportunity or simply taking a long-awaited vacation and so on. However, they are unsecured loans that does require to disclose the reason for seeking funds.

Availing personal loan gives people an opportunity to fulfil their financial obligations or achieving their dreams, making them hugely popular financial solution in the current scenario.
Some of its key advantages include:

  • Easy application process requiring basic KYC documentations
  • Quick disbursal of funds
  • Flexible repayment tenure and attractive rate of Interest.
  • Options to make prepayments and close the loan before expiry with 4% Closure charges

While the benefits of this scheme are many, the decision to opt for it is a big one. One must acquire proper knowledge about various aspects of a loan and then make an informed decision. Some precautions that can be considered while opting for a personal loan include:

  • Need to Take a Loan

You must apply for a personal loan only after assessing your requirement for the same. It is advisable to opt out of taking a loan if you can somehow manage to meet your needs through more direct methods of payment. Since the loan is to be repaid through monthly instalments, one must carefully analyze the resources to determine whether it is feasible to regularly pay those instalments to be cautious and avoid any unwanted financial obligations. It is a smart move to determine the amount of money you require, if any, and plan the repayment process judiciously.

  • Calculate the Total Outflow

One must be aware of how much money to spend over and above the loan amount that one seeks. Lower EMIs over a longer tenure tend to be more expensive in the long run as one continues to pay interest on the amount for a greater period of time. To ensure a maximum optimization of the benefits of this scheme, it is advisable to opt for larger EMIs and pay off the loan at the earliest.

  • Study Processing Fees and Other Chargers

It is essential that you assess the total cost of taking a personal loan by factoring in various charges that the scheme may attract, such as processing fee, documentation charges, pre-payment charges, penalties in case of default, and any other chargeable contingencies.

  • Understand the Terms and Conditions

Before applying, one ought to go through the fine print of the loan document to know the exact terms and conditions of the scheme. It is essential that one understands all the pros and cons of the loan and clarify all doubts before signing the document.

  • Attached Frills on Offer

Do not be fooled by superfluous offers. When frills are offered along with the loan, one should thoroughly understand the terms governing them and seek clarity regarding all aspects of the offer.

CIBIL Score: How Important Is It Really When Applying for a Personal Loan?

People require funds for several reasons. However, not many have access to cash flow or capital that they can utilize. Personal loans are not cheap, but they are the fastest and easiest method of acquiring a favourable financing option.

Personal loans are utilized for various reasons like planning a vacation, celebrating any personal occasion, financing for education or renovating the house. Nevertheless, there are a set of eligibility criteria that determines a customer’s credit worthiness.

For instance, the documents the customer provides are monthly income documents, bank statements and KYC documents. In addition, a minimum requirement of a CIBIL score (650), is mandatory to get a personal loan application approved. Higher the CIBIL score, greater the chances of your loan application being approved and better are the chances of getting competitive interest rate offers.

A CIBIL score reflects the spending pattern of an individual.

The CIBIL Score Required for a Personal Loan

The credit score ranges from 300 to 900. A good CIBIL score is necessary as it provides you the leverage of negotiating the personal loan interest rate and procuring credit cards as well as other loan products.

One way to find out your CIBIL Score is to request banks to process it. You could also check it via the official CIBIL website. Checking your CIBIL score beforehand gives you the chance of improving it before opting for a personal loan.

Improving You CIBIL Score

There are multiple ways of improving a CIBIL Score, such as paying credit card dues / bills on time and paying timely EMI’s of loans already obtained. In case of a low CIBIL score, one must avoid applying for a personal loan. Rather, work towards elevating the CIBIL Score first; not only will it help in availing a personal loan, but also enable to negotiate interest rates.

Personal loans can be easily obtained from IndusInd Bank with simple documentation, quick processing and speedy disbursal. You can choose a loan tenure ranging from 1 to 5 years and get the most fitting interest rates. Access IndusInd Bank’s personal loan EMI calculator, and plan your expenses accordingly in order to maintain a good CIBIL Score.

Factors Affecting Your Personal Loan Interest Rate

Many people opt for a personal loan when they are in need of finances. Since they are ‘unsecured loans’, banks do not enquire after the reason of requirement, nor do they ask for any collateral. Due to this, the interest rates for personal loans tend to be slightly higher, and vary from bank to bank. There are a few key factors that can impact lenders’ decision regarding the rate to be levied. These have been enumerated below.

  • Net Income
  • Employing Organisation
  • Credit History
  • Customer-Bank Relationship

Personal Loan Terminologies You Should Know

Tenure
’Tenure’ is the total period for which the personal loan amount is dispensed. This period begins from the date of disbursement. It reaches completion either on the date of closure of the loan, or on the date on which the last EMI payment is to be made, whichever comes first. Obtaining a personal loan from IndusInd Bank provides you with a tenure option of 1- 5 years.

Loan Maturity
The maturity of your personal loan occurs on a particular date given by the lending bank. This date signifies that the principal amount of your loan is due and needs to be repaid to the lender in full. At this point, the remaining interest is also to be paid off, thereby disabling further EMI payments.

Pre-Payment
Customers, when possible, can elect to repay the full loan prior to the maturity date. This is known as Pre-Payment. Pre-payment allows you to save on the interest of the remaining EMIs. However, most banks require a certain number of instalments to be made before pre-payment is applicable. They may also charge a penalty for pre-payment as they incur a loss on the interest.

Part-Payment
Part-Payment is similar to pre-payment as it allows you to repay the loan ahead of maturity. The difference is that part-payment is a partial amount of the principal. It can be cleared when you have an available lump-sum that can be used towards paying off the personal loan. Part-payment further helps in reducing the remaining principal amount, thereby the EMI amount and its respective interest.

Ways to Effectively Manage Your Personal Finances

If making monthly EMI payments towards your personal loan is taking a toll on your monthly expenditures and savings, it is time for you to review your expenditure pattern and make changes accordingly. Here are some easy tips for effective debt payment without giving up on your necessary expenses and saving component.

Budgeting:
Make a note of the amount you spend, or would generally spend in a month towards domestic expenses. It would usually include the following:

  • Household expenses
  • Utility bills
  • Insurance
  • EMIs
  • Travel
  • Leisure and entertainment

Once you have an estimated monthly expenditure, you can easily compare it with your income. This will give you a clearer picture of the income and the expenditure you incurred. Also, you would know if you are dipping into your savings to satisfy the expenditures of the household.

Prioritizing Expenditure and Spending Consciously:

  • Firstly, list the expenditures that are absolutely necessary. These expenditures will include grocery, utility bills, EMIs etc. This helps you effectively trim down your expenditure on necessities. Make sure that your EMI payment is not compromised in any way or else it will increase your debt further in the form of delay payment charges and interest.
  • Secondly, all unnecessary expenses are to be avoided. Healthy outdoor and indoor activities with your friends and family are great choices for some fun and bonding. Keep bills of all your expenses and review them at the end of the month. Conscious spending will help you pay off your debts and will also enable you to save.

  • While considering prepayment of your personal loan amount you must pay attention to the interest and prepayment charges. Instead, you can inculcate healthy expenditure habits, service the entire loan tenure, and earn interest on your savings.
  • Just like switching to healthier munching is one step towards overall wellness, prudent expenditure and effective management of personal finances leads to a secure future. Manage your personal finances with these easy steps and enjoy life to the fullest.
When To Finance Your Business With A Personal Loan

Thousands of new and innovative ideas are being constructed into business ventures every year. India’s business sector is gaining momentum having more than 4,000 startups to its credit during the year 2015.

With the call for business development comes the need for finance. There are many business loan products available in the market today for small, medium and large businesses. But the business has to satisfy many criteriums to avail a business loan. Instead, for certain business needs, availing a personal would be a better choice. Read More

Advantages of Pre and Part- Payments of Personal Loan

Before diverting the extra cash or savings towards pre-payment or part-payment of your personal loan, you shall always consider its impact. Whether the decision of not serving the entire loan tenure would be beneficial or not shall always be your primary concern.

Pre-paying your loan can be beneficial but such benefit depends on the sum that you are willing to shell out. Further, you need to be sure that the amount you would be parting with does not adversely affect your personal and professional financial strategy, including emergencies. Read More

Is Converting Credit Card Debts Into Personal Loan Beneficial?

Availing a personal loan to pay your credit card debt has become a common tool to get rid of the debt spiral. Today, credits are easily available. There is absolutely no system to caution you about your credit management capacities. And access to multiple credit cards, coupled with the above, lands you in a debt pool sooner than you can imagine. Thereafter, all your energies are focused on clearing the debt amounts, which, in spite of all your efforts and inhibition, keep piling up. Read More

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