Induslnd Bank is considered to be as the new-generation Indian Bank which is originally located at Mumbai, Maharashtra, India. IndusInd Bank has in total of 1500+ branches and over 2500+ ATMs located in India.
In this post, I’ll cover the details of personal loan at IndusInd Bank, eligibility, features, process, documents required, and many more.
Table of Contents
Loan Details
| Sl. No. | Category | Data |
|---|---|---|
| 1 | Loan amount | Up to 15 Lakhs |
| 2 | Interest rate | 11% |
| 3 | Tenure | 1-5 years |
| 4 | Age | 21 or above(salaried), 25 or above(self-employed) |
| 5 | Processing charge | 2.5% + GST |
| 6 | Monthly salary | Minimum Rs 25,000 |
| 7 | Pre-payment charge | 4% + GST |
| 8 | Lowest EMI | Rs 2,174 per Lakhs |
Steps to apply for personal loan at IndusInd Bank
Step-1: Decide on an amount to take loan of and then explore its repayment tenure
Step-2: Upon deciding, submit an online application of asking personal loan with your recent passport sized photographs
Step-3: Enter the correct personal details and then submit the necessary documents
Step-4: Bank will then verify your application and will notify you within few days regarding approval of your application
IndusInd Bank loan Features
- Tenure is very flexible up to 60 months or 5 years
- Attractive loan amount to be taken ranges between Rs 50,000 – 15 Lakhs
- Best interest rates
- Well pre-payment facility
Types of IndusInd Bank Personal loan
There exist various types of personal loans at IndusInd Bank and they are mentioned as:
- IndusInd loan for studies
- Fulfills the education expenses
- Loan up to 15 Lakhs
- Tenure up to 5 years
- IndusInd loan for marriages
- Fulfills the wedding expenses
- Loan up to 15 Lakhs
- Tenure up to 5 years
- IndusInd loan for home re-decoration
- Fulfills the renovation expenses of home
- Loan up to 15 Lakhs
- Tenure up to 5 years
- IndusInd loan for medical help
- Fulfills the expenses of any medical urgency
- Loan up to 15 Lakhs
- Tenure up to 5 years
- IndusInd loan balance transfer
- Transfers the existing loan into any other account
- Loan up to 15 Lakhs
- Tenure up to 5 years
Induslnd Eligibility Criteria
Eligibility criteria are of three types of personal loan at IndusInd Bank. These criteria are as follows:
Induslnd for Salaried
- Applicants must be working in reputed public/private firms
- Age: 21 years or above
- Monthly income: Rs 25,000 or above
- Work experience: Minimum 2 years
For Self-employed professionals
- Applicants must be self-employed involved in a good profession like CA, Doctors, Consultants, etc.
- Age: 25 years or above
- Annual income: Rs 4.8 Lakhs or above
- Work experience: 4 years minimum
For IndusInd Self-employed Individuals
- Applicants must be sole directors, partners, proprietors, etc.
- Age: 25 years or above
- Annual income: Rs 4.8 Lakhs or above
- Work experience: 5 years minimum
Required Documentation for Induslnd
Documents that are required to verify also are of 3 types based on the profession of a person same as eligibility. They are:
For Induslnd Salaried
- Identity proof (Passport/Voter ID/Driving license)
- KYC (Residential proof/Signature proof)
- Salary proof (Passbook/Bank statement/ITRs)
- Passport sized photographs
For Self-employed professionals
- Identity proof (Passport/Voter ID/Driving license)
- KYC (Residential proof/Signature proof)
- Salary proof (Passbook/Bank statement/ITRs)
- Passport sized photographs
For Self-employed Individuals
- Identity proof (Passport/Voter ID/Driving license)
- KYC (Residential proof/Signature proof)
- Salary proof (Passbook/Bank statement/ITRs)
- Passport sized photographs
- Business continuity proof (Tax certificate/Trade license)
Comparison of Induslnd Bank with other banks
| Sl. No. | Bank Name | Loan amount | Interest rates |
|---|---|---|---|
| 1 | DBS | Up to 15 Lakhs | 10.09-34% |
| 2 | IDBI | Up to 10 Lakhs | 14% |
| 3 | Deutsche | Up to 15 Lakhs | 9.9-11.4% |
| 4 | BOI | Up to 10 Lakhs | 8.35-10.35% |
| 5 | Axis | Up to 15 Lakhs | 10.25% onwards |
Check Status
You can easily track the status of your personal loan at IndusInd Bank by clicking the below button:
Contact Details
Toll free numbers: 1860-500-5004 or 022-4406-6666
Mail-id for Indian residents: reachus@indusind.com
Mail-id for NRI applicants: nri@indusind.com
Send SMS/message: “PL” to 5676757
FAQs
1]. What credit score is needed to apply for personal loan at IndusInd?
750 CIBL is needed to apply personal loan at IndusInd.
2]. Is security or collateral required to apply for personal loan?
No collateral or security is required to avail personal loan at IndusInd.
3]. Am I able to change EMI repayment tenure period?
Yes, you can change it but the penalty charge of Rs 500 is applied.
4]. Is it necessary to open an account in IndusInd for availing personal loans?
No, it is not necessary.
5]. Are there any foreclosure charges?
Yes, bank levies up to 4% on your outstanding amount of loan.
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