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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 2016-17
Minimum 11.25%
Maximum 30.50%
Mean 14.05%
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 of personal loan?
Interest Rate 11.49% 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 + Service Tax as applicable

Reviews

Delivered what was promised and prompt at problem resolving

I filled IndusInd’s personal loan application form online after comparing half a dozen banks. The interest rate offered to me was 15% which was a little higher than expected but I am satisfied with their customer service. All my email queries were answered promptly. Overall, it was a positive experience.

Reviewer: Rahul Yadav, Bangalore, November 01, 2016

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Less formalities, affordable interest rate and efficient service

Based on my experience with various banks, IndusInd scores high on easy loan application process, reasonable interest rate (12.75%), minimal documentation and doorstep service. The personal loan emi calculator on the bank’s website was a pretty handy tool as it helped me to plan my loan repayment accurately in advance. I’m a happy customer!

Reviewer: Nitish Singh, Lucknow, October 27, 2016

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Transparent and simple personal loan process

I appreciate the fact that IndusInd was straightforward from the beginning with no bad surprises. That helped me to pick the right plan for my financial needs without worrying about hidden charges. I applied for the personal loan online and it took less than a week to finish the paperwork and for the money to reach my bank account.

Reviewer: Vikas Dixit, Bangalore, October 26, 2016

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Excellent customer service and helpful staff!

After analysing my personal loan eligibility carefully, I took out a loan at 14.5% interest rate from IndusInd to clear some debts. The bank was kind enough to offer free financial advice and help me make a plan to clear the debts. The service that they delivered was beyond my expectations. Couldn't have asked for more.

Reviewer: Aditi Mishra, Noida, October 24, 2016

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The simplest and easiest personal loan ever

The personal loan approval took no time with very less paperwork. The entire process was simple and the interest rate offered by IndusInd was also far better than any other bank I reviewed. And the managers I interacted with were well-informed, friendly and eager to help.

Reviewer: Sushant Prabhu, Rajkot, Pune, October 20, 2016

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Excellent service & quickest loan ever! 

Three years back I took Rs. 5 lakh personal loan @13% interest rate for 5 years from IndusInd. The bank had asked me to submit id, address proof and current account statement. After verifying my documents, the amount was in my account in 2 weeks. The experience has been great so far and senior managers are just a phone call away if I need any clarification.

Reviewer: Gauresh Padgaonkar, Pune, October 08, 2016

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Satisfactory service

I signed up for IndusInd Bank’s personal loan online after comparing various plans. I am happy that the bank lets you foreclose the loan as I am planning to do the same after 2 years. Only issue is that the interest rate was a little high and part payment isn’t allowed. Rest all is good, service is prompt no hidden charges and clear communication. 

Reviewer: Reema Rapol, Baroda, October 06, 2016

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Affordable interest rates!

At 12% interest rate and minimal processing charges, the overall experience dealing with IndusInd Bank was positive. What I particularly liked is that I could apply for the personal loan online and the bank offered doorstep service. The staff is professional, helpful and available round the clock.

Reviewer: Pooja Naidu, Goa, October 04, 2016

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Very helpful management and good service

I wanted a straightforward loan, with no hidden charges and less paperwork. I also couldn’t take much time off work to repeatedly visit banks. And this is exactly what I got at IndusInd. I checked my personal loan eligibility on the bank’s website, and filled the application online. A call and visit later my loan was approved in 5 days!

Reviewer: Naiyum Pathan, Noida, October 02, 2016

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Clear and easy loan approval process

I was a little worried about taking a personal loan. But Indusind put me at ease by answering all my questions and without any pressure to take the loan from them. Not much documentation. And the entire loan application process went smoothly. The service I got before and after approval has been best. 

Reviewer: Carlos Pinto, Mumbai , October 01, 2016

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Personal loan for vacation

I had a planned a holiday trip with my wife. I took personal loan from IndusInd bank to fund my vacation. I was impressed by the cost-effective interest rates and flexible repayment options given by the bank. Thank you IndusInd bank for making my trip wonderful!

Reviewer: Sumit Kumar, Chandigarh, September 29, 2016

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Special interest rates for existing customers

I am very happy with the loan services offered by IndusInd bank. I am an existing customer of the bank, the processing of my personal loan application was very quick, plus I was offered special interest rates.

Reviewer: Sheeraz Batliwala, Mumbai, September 28, 2016

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Easy online application

I love the online application process at IndusInd Bank. You don't have to visit the bank. Apply online for personal loan and sit back. The bank will take care of the rest. The personal loan from IndusInd bank is highly recommended.

Reviewer: Hardik Panwel, Pune, September 27, 2016

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Personal Loan at your doorstep

I really value IndusInd Bank’s quick loan processing. All I had to do is check my eligibility and apply for personal loan online. Their doorstep facility is very convenient. I just had to keep my documents ready for pick-up by the bank’s representative. The bank gave me speedy approval and disbursement.

Reviewer: Rahul Kumar, Varanasi, September 26, 2016

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Quick personal loan for existing customers!

I am an existing customer of IndusInd Bank. They gave me a personal loan within 3 working days. I also did not have to provide any kind of documentation, except for a PAN card copy. The process was fast and smooth.

Reviewer: Balbir Singh, Delhi, September 23, 2016

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Very Helpful Staff and Excellent Online Facilities!

Easy application, documentation and approval process. Staff is helpful and customer service excellent. I suggest using personal loan emi calculator as it helped me to compare various tenures and choose the one with the most favourable EMI amount. The bank also allowed me to prepay the outstanding loan after a year, which worked out well for me to reduce burden.

Reviewer: Jasveer Sing, Noida, September 6, 2016

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Doorstep service!

I applied for IndusInd Bank personal loan online by filling basic details about my requirement, employment etc on their website. Was surprised to get their call very next day. The loan manager visited my house in the evening to explain the process. A day later, I submitted my documents and in 3 days, my loan was approved. Super quick service.

Reviewer: R Pradeep, Chennai, September 5, 2016

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Affordable interest

With limited income, my biggest concern while looking for personal loan was interest rate. I decided to apply for personal loan from IndusInd Bank as they were willing to offer reasonable rate. I got a collateral free loan of 4 lakhs at 15% interest rate for 5 years. Customer service is great too.

Reviewer: Deepika Pratap, Gurgaon, September 5, 2016

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Happy with the service

After checking many national and international banks, I selected IndusInd Bank. Their personal loan eligibility for salaried employees (my category) is flexible compared to few other banks. I handed over ID proof, address proof, salary slip and bank statement as documents. It was quick process after that, no unnecessary paperwork and delay.

Reviewer: Anoop Sharma, Lucknow, September 3, 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

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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