Skip to Content
I'm interested in
Loans
Personal Loan

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 Personal Loans, which are designed to help you live life at the fullest.

  • Obtain a 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 avail Personal loan facility in various cities view list of cities

 

Eligibility

Personal Loan Eligibility Criteria

Know your Personal loan eligibilty criteria here

Personal Loan 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
Personal Loan 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
Personal Loan 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.

Personal Loan 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)
Personal Loan Documents for Self-employed Professional:
  • 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
Personal Loan Documents for Self-employed Individual:
  • 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

Customer FAQs

What are the minimum and maximum personal loan amounts?

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 personal 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

Interest Rate – Q4 2015-16
Minimum 11.49%
Maximum 32.00%
Mean 14.43%
Annual Percentage Rate (APR )
Minimum 13.09%
Maximum 21.50%

* Service Tax and other Government taxes, levies etc. are over and above Fees & Charges

What is the applicable rate?
Interest Rate Up to 23% p.a.
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
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 + Service Tax as applicable

Reviews

Great EMI Repayment Option for Personal Loan

I always thought taking a loan would land me in debt and I wouldn’t be able to pay it back. But IndusInd Bank cleared all my doubts. Their executive explained to me about their EMI repayments for personal loans.I now am able to plan and adjust my monthly budget accordingly. Thank you IndusInd for showing great patience and help.

Jayesh Master, Ahmedabad, April 27, 2016

Rating

 
 
 
 
 
Loans to Suit Every Person

I am 22 yrs old with 2 years of work experience. Buying my own laptop was only possible through credit. I checked my personal loan eligibility with IndusInd Bank’s eligibility calculator and was pleasantly surprised to see their generous benchmarks for loan application. Further, it was their speedy loan processes that helped me get my dream machine.

Rahul Rawat, Pune, April 25, 2016

Rating

 
 
 
 
 
Easy Debt Transfer Options with Low-Interest Rates

My previous bank loan was sky-rocketing my debt; I was desperate for a solution. Thank god for IndusInd Bank’s balance transfer through which they took over my loan account from the previous bank. I got a manageable loan tenure along with low personal loan rate of interest. Now I can peacefully clear my debt.

Priyanka Naidu, Mumbai, April 23, 2016

Rating

 
 
 
 
 
A Comfortable And Effective Loan Service

Getting a personal loan cannot get more comfortable than this. With IndusInd Bank, I could apply for a personal loan online in 3 easy steps. IndusInd Bank gives you the freedom of calculating your own eligibility amount and tenure. Thereafter, you can fill in your details, submit the application online, and the bank will do the needful.

Ashmit Khurana, Delhi, April 21, 2016

Rating

 
 
 
 
 
Quick and Trouble-Free Loans, When Needed the Most!

In the middle of renovating my house my budget had gotten over, so had to apply for a personal loan online . Luckily IndusInd Bank’s fast track services saved me a lot of trouble. They approved my loan on priority and gave me quick disbursement because of which my renovations were completed without any delay. Thanks IndusInd!

Jayesh Kahanvilkar, Nashik, April 19, 2016

Rating

 
 
 
 
 
Attractive Interest Rates And Loan Services

IndusInd Bank is flexible and 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, therefore, you do not have any lingering doubts during the entire loan tenure.

Ganpat Rao, Pune, April 19, 2016

Rating

 
 
 
 
 
Reasonably Priced Interest Rates

I have seen some banks charge higher interest rates even on good credit rating for reasons best known to them. IndusInd Bank was different. Their personal loan interest rates were very reasonable. I also really appreciated their customer service as the bank executives were extremely helpful in guiding me through the process.

Jagdish Singh, Noida, April 16, 2016

Rating

 
 
 
 
 
A Bank That Finances Professional Aspirations And Development

IndusInd bank offers reasonable personal loan eligibility criteria for professionals like me who are independent and like to grow on their own terms. There are no hidden costs and the entire loan process is made crystal clear to us at the very beginning. The loan disbursement is also instant with easy and varied repayment options.

Umesh Singh, Bhopal, April 16, 2016

Rating

 
 
 
 
 
Great Banking Services!

IndusInd bank offers reasonable personal loan eligibility criteria for professionals like me who are independent and like to grow on their own terms. There are no hidden costs and the entire loan process is made crystal clear to us at the very beginning. The loan disbursement is also instant with easy and varied repayment options.

Nitu Wadhwani, Chandigarh, April 15, 2016

Rating

 
 
 
 
 
Customer-Friendly Personal Loan!

I believe that 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. Where IndusInd Bank really sets its bar is the customer service that they provide. The staff at IndusInd Bank is competent and courteous at the same time.Truly satisfied.

Nagesh Raikar, Faridabad, April 14, 2016

Rating

 
 
 
 
 
New-Age Banking With Easy Access To Personal Finance

If you are looking for a comfortable personal loan experience, apply for personal loan online with IndusInd bank. I am delighted with their entire online process. It’s convenient and simple. The online portal is user-friendly and all the information you need is available on the website. No more time-consuming documentation and follow-ups. The bank takes care of everything.

Rakesh Barve, Patna, March 29, 2016

Rating

 
 
 
 
 
Transparent Transactions At Attractive Costs

I really admire IndusInd Bank for the transparency which they showed before providing me with a personal loan. They clearly set out all the other fees and processing charges that were involved alongside the personal loan rate of interest applicable for various loan amounts and tenures. It made opting for the right personal loan much easier.

Neha Gandhi, Faridabad, March 24, 2016

Rating

 
 
 
 
 
Professional Approach With A Humane Touch

I am a self-employed individual and I always found it embarrassing to get through the ‘hard to please’ loan eligibility criteria of certain banks. On the other hand, IndusInd Bank is forthright with its criteria for personal loan eligibility. I found IndusInd Bank to be both humane and professional towards the customer’s personal needs.

Jatin Sethi, Gurgaon, March 21, 2016

Rating

 
 
 
 
 
Personal Finance With Privilege Customer Benefits

Hunting for a personal loan that suited my budget was a nightmare. But that changed because I am already an IndusInd Bank customer. Personal loans are only a click away for everyone, but especially for the existing customers. I receive special offers and rates being a privilege customer. My overall credit prospects look brighter with every effective loan repayment.

Nishant Jain, Hissar, March 16, 2016

Rating

 
 
 
 
 

Articles

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.
Print Google+
QUICK SERVICES
BILLPAY / RECHARGE
  • SWIFTPAY
    Now, you have the convenience of making payments for your mobile recharges, utility bills, magazine subscriptions etc. in one place
3.1 Rating

Average rating based on 2244 ratings

Rate this product

17 Reviews

17 out of 33 (51%) reviewers recommend this product

Write Review

I would recommend this product

Type the text shown in the image

Retype the characters from the picture:

  • SAVINGS RATES

  • Daily balance upto 1 lac 4 %
  • Daily balance above 1 lac and upto 10 lac 5 %
  • Daily Balance above 10 lac 6 %
  • DEPOSIT RATES

  • 1 year to 1 year 2 months 7.75 %
  • Indus Tax Saver Scheme - 5 years (upto Rs 1.5 lacs) 7.5 %
Super saver
Super saver

A unique and first of its kind combo offering in the Indian Banking industry

credit card
credit card

Enjoy exclusive offers from Indusind Bank Credit Cards

Virtual ATM tour

Close

COPYRIGHT © 2013 INDUSIND BANK. ALL RIGHTS RESERVED.