IndusInd Bank Personal Loans

IndusInd is one of the oldest private sector banks that was established in Mumbai in 1994 by Mr. Srichand P Hinduja, who was the head of the Hinduja Group. IndusInd Bank offers a wide range of banking services and financial products to its customers. The bank’s headquarters is situated in Mumbai and has a total of 745 branches and 1,635 ATMs throughout the country. It also has two representative offices in London and Dubai.

IndusInd Bank Personal Loans

IndusInd Bank offers a smooth resolution of financial problems with IndusInd Bank personal loans. These loans can be used to cover medical bills, wedding expenses, international vacation expenses, or debt consolidation. IDBI personal loans do not require any security or collateral and are hassle-free with an easy application process. mymoneykarma gives you all the information you need on IndusInd Bank personal loans.

Benefits of IndusInd Bank Personal Loans

IndusInd Bank personal loans are loaded with customer-centric benefits and features. Here are a few highlights of IndusInd Bank personal loans.

1. Significant loan amounts ranging from a minimum of Rs 50,000 to a maximum of Rs 15 lakhs. The loan amount depends on the applicant's repayment capability, credit score, credit history, and yearly income.

2. Loan tenures ranging from a minimum of 12 months and a maximum period of five years.

3. Affordable interest rates starting from 10% per annum.

4. Loans available for salaried individuals, public and private company employees, and government employees.

5. Special offers if the applicant is an existing customer of IndusInd Bank.

6. Various feasible repayment channels such as NEFT, post-dated cheques, and online banking.

7. Facility of personal loan transfer from other banks to IndusInd Bank.

8. Simplified loan application and approval process with minimal documentation.

9. Dedicated 24/7 customer service desk for query resolution.

Here is a summary of all the information regarding IndusInd Bank personal loans.

Interest Rate	10%-30.5%
Minimum Loan Amount	Rs 50,000
Maximum Loan Amount	Rs 15 lakhs
Minimum Repayment Tenure	12 months
Maximum Repayment Tenure	60 months

Types of IndusInd Bank Personal Loans

IndusInd Bank offers the following types of personal loans

Personal Loans For Education

These personal loans from IndusInd Bank can be used for financing children’s education and further studies in India and abroad. 

Eligibility Criteria

1. Minimum income of Rs 25,000 per month.

2. Sound repayment capability and a good credit score.

3. Loans available only to salaried customers.

4. An age range of 21-60 years for salaried individuals.

5. Minimum work experience of 2 years with 1 year at the current organization.

6. Minimum stay of 1 year at current residence.

7. An age range of 25-65 years for self-employed individuals.

Personal Loans for Wedding

These personal loans from IndusInd Bank can be used to cover the costs of a wedding in the family or of the applicant.

Eligibility Criteria

1. Minimum income of Rs 25,000 per month.

2. Sound repayment capability and a good credit score.

3. Loans available only to salaried customers.

4. An age range of 21-60 years for salaried individuals.

5. Minimum work experience of 2 years with 1 year at the current organization.

6. Minimum stay of 1 year at current residence.

7. An age range of 25-65 years for self-employed individuals.

Personals Loans for Home Renovation

These personal loans from IndusInd Bank can be used much like a home loan, to upgrade or renovate the applicant’s house.

Eligibility Criteria

1. Minimum income of Rs 25,000 per month.

2. Sound repayment capability and a good credit score.

3. Loans available only to salaried customers.

4. An age range of 21-60 years for salaried individuals.

5. Minimum work experience of 2 years with 1 year at the current organization.

6. Minimum stay of 1 year at current residence.

7. An age range of 25-65 years for self-employed individuals.

Personal Loans for Medical Expenses

These personal loans from IndusInd Bank can be used to mitigate costs of medical treatments, surgeries and other medical emergencies for parents, other family member, or the applicant itself..

Eligibility Criteria

1. Minimum income of Rs 25,000 per month.

2. Sound repayment capability and a good credit score.

3. Loans available only to salaried customers.

4. An age range of 21-60 years for salaried individuals.

5. Minimum work experience of 2 years with 1 year at the current organization.

6. Minimum stay of 1 year at current residence.

7. An age range of 25-65 years for self-employed individuals.

Personal Loans for Balance Transfer

These personal loans from IndusInd Bank can be used to reduce the costs of interest for other loans that have been transferred from other banks.

Eligibility Criteria

1. Minimum income of Rs 25,000 per month.

2. Sound repayment capability and a good credit score.

3. Loans available only to salaried customers.

4. An age range of 21-60 years for salaried individuals.

5. Minimum work experience of 2 years with 1 year in the current organization.

6. Minimum stay of 1 year at current residence.

7. An age range of 25-65 years for self-employed individuals.

Best Personal Loan Interest Rates 2019

The interest rates of personal loans from other banks are also given below.

Banks	Interest rates
Axis Bank	11.25% - 24%
HDFC Bank	10.99% - 20.00%
SBI	12.50% – 16.60%
ICICI Bank	11.50% - 16.75%
Bajaj Finserv	2.00% - 16.00%
Standard Chartered	10.99% - 16%
Fullerton India	12% - 25%
Kotak Mahindra Bank	11%-24%
CitiBank	10.99% - 18%
IDBI	12.45% - 13.50%
IDFC Bank	11.69% - 15.00%
PNB	11.65% - 12%
YES Bank	10.75% - 16.99%
Andhra Bank	11.55% - 14%
RBL Bank	14.5% - 23%
Canara Bank	13.5% - 14.5%
Tata Capital	11.75% - 19.00%
Bank of Baroda	11.05% - 11.6%

Documents Required for IndusInd Bank Personal Loans

Applicants need to submit the following documents while applying for IndusInd Bank personal loan.

1. A filled loan application form with necessary details such as income, occupational details, and personal information.

2. Two copies of recent passport sized photographs

3. Copies of the applicant's PAN card and Aadhaar card.

4. Copies of income proof such as salary slips of the previous three months, bank statements of the last three months, and a copy of Form 16.

5. Copies of residence proof such as telephone bills, electricity bills, or rental agreement attested by the applicant.

How to Apply for IndusInd Bank Personal Loans Online

Applicants can directly apply for IndusInd Bank personal loans online by visiting the IndusInd Bank website, selecting the type of personal loan they require, and uploading the necessary documentation on to the portal. Subsequently, the loan is approved within a week if all the eligibility criteria are met.

How to Apply for IndusInd Bank Personal Loans Offline

Applicants can also directly walk into the personal loan centers of IndusInd Bank along with the necessary documents. They can fill up the application form received at the bank and submit it with the documentation. The loan is approved within a week.

Frequently Asked Questions

1: What is the duration for IndusInd Bank personal loan application approval?

Answer: IndusInd Bank notifies the applicants of the loan approval within a maximum of 4-7 working days from the date of the application. With mymoneykarma, get your loan approved within 24 hours.

2: What is the loan amount of IndusInd Bank personal loans?

Answer: IndusInd Bank provides personal loans with a minimum loan amount of Rs 50,000 and a maximum amount of Rs 15 lakhs.

3: What is the rate of interest on IndusInd Bank personal loans?

Answer: IndusInd Bank offers reasonable interest rates ranging between 10% - 30.5% per annum.

4: Is prepayment of loan allowed with IndusInd Bank personal loans?

Answer: Yes, IndusInd Bank personal loan provides the facility of pre-closure of the loan before the completion of the loan tenure only after the payment of 6 months.

5: Does IndusInd Bank personal loan have any pre-closure charges?

Answer: Yes, IndusInd Bank personal loans have a fee of 2% of the approved loan amount as pre-closure charges.

6: What are the other fees associated with IndusInd Bank personal loans?

Answer: Here is a list of fees associated with IndusInd Bank personal loans.

Loan Processing Charges	2.5% of the loan amount + GST
Foreclosure Charges	2% of the loan amount + GST
Pre-payment or Part-payment charges	4% of the outstanding amount + GST
Legal/incidental charges	As actuals
Charges for late payment of Loan amount	24% of the loan amount
Stamp Duty & other Statutory Charges	As applicable by state laws
Loan rebooking/ rescheduling charges	Rs 1,000 + GST
Duplicate NOC	Rs 250 + GST
Cheque swapping charges	nil
Loan cancellation charges	Rs 1,000 + GST