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

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

Customer FAQs :

What are the minimum and maximum 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 loan?

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

Can I prepay/foreclose my 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 – Q1 2016-17
Minimum 11.25%
Maximum 26.00%
Mean 14.11%
Personal Loan Annual Percentage Rates (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

IndusInd Gave Me Banking Comforts Sitting at Home

IndusInd Bank’s personal loan online services have provided me the freedom of getting credit anytime anywhere. They even sent a bank representative to my house to collect the documents. The only issue I had was the lag between application and processing of my documents. Other than that the services are just fine.

Reviewer: Zakir Qureshi, Mumbai, July 9, 2016

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Clarity of Processing and Good Interest Rates

IndusInd Bank’s transparency is like none other. Their guiding tools for loan estimates like the personal loan EMI calculator gave me a clear understanding of the loan amount, rates and number of instalments. I was also able to negotiate a good rate of interest based on my credit history.

Reviewer: Naresh Valluvar, Bangalore, July 7, 2016

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Excellent Loans with Customer Oriented Features

I was looking for a loan with reasonable interest rates and good repayment tenure. I decided to apply for a personal loan with IndusInd Bank based on their many customer-friendly services. Their many perks on personal loan included doorstep services, on-call verification, easy prepayment options and 5 days’ grace on due dates.

Reviewer: Kamini Kishore, Dehradun, July 6, 2016

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Great personal credit services for professionals

IndusInd Bank’s easy going personal loan eligibility criteria gives fantastic credit opportunities for professionals like me. As an architect I needed the loan to start my own firm, which has since been going well. Their prepayment option for professionals is available just after 6 EMIs with charges applicable only on the outstanding principal amount.

Reviewer: Sampad Bains, Jaipur, July 4, 2016

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They Have Speedy Personal Loan Services

What I like about IndusInd Bank’s personal loan service is that their documentation process is simple and to the point. Also, there are fewer follow-ups for getting the approval and loan amount. Though I feel the rate of interest could have been slightly lower.

Reviewer: Sunil Batra, Chandigarh, July 1, 2016

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Effortless Personal Loans and Effective Costing

I love the online loan process at IndusInd Bank. No visits to the bank are required and the costing is superb. I have availed 2 personal loans till now. On both my loans the personal loan interest rates were fixed at a reducing rate on payment of each EMI. This makes every payment an incentive on its own.

Reviewer: Jatin Nadar, Chennai, May 23, 2016

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Personal Loan at Lower Costs for Business Necessities

IndusInd Bank offers me convenient personal loans at attractive tenures for all my manufacturing business requirements. There are no hidden costs as their website lists all the different charges. Also, the interest rates get cheaper after every successful loan service. My worries about debt costs have ended for good.

Reviewer: Chinmesh Shetty, Bengaluru, May 21, 2016

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Easy and Affordable Loans for Professionals

IndusInd Bank’s personal loan eligibility criteria offered to professionals is great. My post qualification experience being only 4 years I definitely walked away with a good deal. I had thought that owning a house of my own would be required, but not so. Proof of staying at my current rented accommodation was enough.

Reviewer: Jayant Nair, Delhi, May 20, 2016

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Special Loan Privileges for Existing Customers

I needed a personal loan for setting up basic infrastructure in my office. As I am already an IndusInd Bank customer, they offered me the best loan options at an excellent personal loan rate of interest and tenure. My loan was processed with minimum documentation and a quick disbursement.

Reviewer: Narender Kumar, Mumbai, May 19, 2016

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Speedy Personal Loans and No Security Requirements

I really value IndusInd Bank’s quick loan processing. All I had to do is apply for a personal loan online and keep my documents ready for a home pick-up by the bank’s representative. The bank gave me speedy approval and disbursement. Their loan service is prompt, and with no conditions for collaterals or guarantees.

Reviewer: Jaya Borgekar, Nagpur, May 17, 2016

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Professionally managed personal loan segment

IndusInd Bank’s personal loans not only provide me with the application and repayment flexibilities, their loan closure documentation is also instantaneous. All my ‘no dues certificates’ were duly provided to me at the time of loan closure without any unnecessary follow-ups. Also, copies of my credit track record were made available to me on demand.

Reviewer: Latin Ashar, Pune, May 16, 2016

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Lucrative Personal Loan for Business Requirements

I thank IndusInd Bank for providing me with outstanding personal loans having cost effective personal loans interest rates. What is important is that as an IndusInd Bank customer I also receive priority loan application processing, credit management suggestions, and options prior to finalizing of the loan agreement.

Mukesh Mody, Mumbai, May 13, 2016

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Value Added Loan Services for Privilege Customers

My IndusInd Bank savings account proved to be a real asset when I applied for a personal loan. The bank, while considering my personal loan eligibility amount, took note of all my financial requirements. I was provided with the best possible loan amount and tenure as per my needs. Thanks, IndusInd Bank!

Niketan Vyas, Bangalore, May 10, 2016

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Relaxed Loan Servicing Options for Easy Repayment

I am pleased with the excellent personal loan servicing options of IndusInd Bank. Apart from a reasonable personal loan rate of interest and a lucid loan tenure, the bank also provided me with a grace period of 5 days from the EMI due date. During which time no delay charges were imposed. Serving a personal loan has never been so relaxing!

Jayesh Khandar, Pune, May 9, 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

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.
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