Indusind Bank offers you a wide range of funds for salaried employees, self employed professionals and self employed individuals. It provides loan amounting Rs. 50,000 to Rs 15 Lacs within 4 to 7 working days with annual interest rate of 11.25% to 23%. The term of the loan is 12 months to up to 60 months and the processing fee upto 2.5% of the loan amount starting from Rs. 1000 minimum for regular personal loan and Rs. 250 minimum for Personal Loan on Credit Cards.
You can prepay the entire loan outstanding anytime after paying the 12 installments for salaried employees and anytime after 6 installments in case of self employed applicants. Apart from it, Indusind Bank offers zero documentation to existing borrowers such as people who have taken loans on credit cards or have indusind bank saving or salary account.
|Indusind Bank Personal Loan at a glance|
|Annual Interest Rate||11.25% - 23%|
|Loan Term||12 Months - 60 Months|
|Loan Amount||Rs. 50,000 - Rs. 15 Lacs|
|Time of Funding||Within 4 - 7 working days|
|Pre-Closure Charges||4% of the principal outstanding amount|
|Personal Loan Type||Applicable Interest Rate|
|Indusind Bank Personal Loan||11.25% - 23% per annum|
|Indusind Bank Personal Loan Balance Transfer||15% per annum|
|Age||21 Years to 58 Years
25 Years to 65 Years
|Income||Rs. 25,000 per month
Rs. 4.8 Lacs per annum
|Experience at Current Organization||Minimum 1 Year
|Total Work Experience||Minimum 2 Years
Minimum 4 Years
Minimum 5 Years
|Residential Stability||Minimum 1 Year at Current Place
Being an existing customer of Indusind Bank, you will be offered special interest rates, asked for minimal documentation and your application will be processed on priority. With the availability of personal loan EMI Calculator at your disposal, you can easily calculate your monthly installments you have to pay even before you applied for the loan.
Employed – A self-employed individual or a self-employed professional can prepay their personal loan any time after the full repayment of the first 6 EMIs in case of self employed by just paying a foreclosure fee equals to 4% of the principal outstanding amount.
Indusind Bank charges a flat Penal fee of Rs. 150 only if your monthly EMI has been delayed for 5 days beyond the due date of payment, unlike most of the other banks which are charging an additional interest rate of 2% on the overdue amount from the very next day of payment due date.
If you are an existing Indusind Bank Credit Card holder and availing the loan on your credit card, then you don't need to worry about the documentation. Since, indusind bank offers zero documentation facility on Indus Easy Loan.
If you have availed personal loan against your existing Indusind Bank Credit Card then you have the liberty to foreclose your personal loan anytime you want by paying a fee equal to 3% of principal outstanding amount unlike the regular personal loan borrowers who have to wait for 6 to 12 months before making a pre-closure request.
Indusind Bank offers doorstep service to collect the required documents to make the personal loan processing smooth for the applicant.
Indusind Bank offers personal loan in the following Indian cities only – Chandigarh / Panchkula, Delhi / New Delhi, Faridabad, Ghaziabad, Gurgaon, Jaipur, Kolkata, Noida, Amritsar, Bhubaneswar, Cuttack, Jodhpur, Kanpur, Lucknow, Ludhiana, Ahmedabad, Mumbai, Navi Mumbai, Pune, Thane, Nagpur, Surat, Baroda, Indore, Bangalore, Chennai, Hyderabad / Secunderabad, Coimbatore, Visakhapatnam and Cochin.
Salaried Borrowers can only prepay their personal loan after the full repayment of first 12 EMIs unlike the Self-Employed Borrower who can prepay their personal loan anytime after the first 6 EMIs.
The processing fee levied on Indusind Bank Personal Loan is equal to upto 2.50% of the loan amount which is the standard fee charged by the most banks. However, Indusind Bank have set a minimum processing fee limit of Rs. 1,000 which is quite high since most of the bank doesn't impose a minimum processing amount limit on their personal loans.
|Bank Name||Indusind Bank||YES Bank||Kotak Mahindra Bank|
|Typical APR||11.25% - 23%||10.75% - 15.90%||10.99% - 24%|
|Loan Term||12 Months - 60 Months||12 Months - 60 Months||12 Months - 60 Months|
|Maximum Lending Amount||Rs. 15 Lacs||Rs. 25 Lacs||Rs. 15 Lacs|
|Processing Fee||Up to 2.50% of loan amount
Min. Rs. 1000
|Up to 2.50% of the loan amount
Minimum Rs. 999.
|Up to 2.50% of loan amount|
|Time to Funding||Within 4 - 7 working days||Within 24 hours||Within 30 Minutes|
|Pre-Closure||4% of Principal Outstanding||Zero to 4% of Principal Outstanding||5% of Principal Outstanding|
The Typical Annual Interest rate of Indusind Bank is 12.25% to up to 23% while YES Bank charges 10.75% to 15.90% and 10.99% to 24% in case of Kotak Mahindra Bank. The loan term of Indusind Bank is 12 months to up to 60 months while 12 months to 60 months in YES Bank and 12 months to 60 months in case of Kotak Mahindra Bank. Indusind Bank offers personal loan of maximum Rs 15 Lacs, Rs. 25 Lacs in YES Bank and Rs. 15 Lacs in case of Kotak Mahindra Bank.
Indusind Bank charges processing fee up to 2.50% of loan amount or minimum Rs. 1000, up to 2.50% of the loan amount or minimum Rs. 999 in case of YES Bank and up to 2.50% of loan amount in Kotak Mahindra Bank. The time of funding is within 4 to 7 working days in Indusind Bank to that of YES Bank which provides fund within 24 hours and within 30 minutes in case of Kotak Mahindra Bank. The Pre-Closure of Indusind Bank is 4% of the Principal Outstanding to that of YES Bank with Zero to 4% of the principal Outstanding and 5% of the Principal Outstanding in case of Kotak Mahindra Bank.
The tenure of Personal loan offering in Indusind Bank is ranging from minimum 12 months to 60 months. It Avail personal loan of minimum Rs. 50,000 to maximum Rs. 15 Lacs. The Salaried Employee can be an employee of government organisation, Public Sector Undertaking employee, public and private sector employee, a salaried doctor or chartered accountant or a central, state and local bodies. Self-Employed Professional can be a self-employed doctor with MBBS or higher degree, Architect, Chartered Accountant, Company Secretary, Engineers and MBA consultant and Self-Employed Individuals can be a sole proprietor, director and partners in the business of manufacturing, trading or services. The Annual interest rate ranging from 11.25% to 23% per annum with the processing charges of upto 2.50% of the amount of loan.
You should consider Personal loan balance transfer from another bank to Indusind Bank if you are paying higher rates than 15% per annum as you can transfer your existing personal loan to indusind bank at annual interest rate of 15% for tenure as long as 60 months. However, the interest rate being charged by Indusind Bank of balance transfer is quite high as compared to 11.70% in case of HDFC Bank, 11.50% in IDFC Bank, 11.99% in case of Citibank, 12.99% in case of ICICI Bank and 11.99% in Tata Capital.
Indusind Bank also offers personal loan against your existing Indusind Bank Credit Card Limit or Above the Credit Limit. The sanctioned amount against the credit card would be equal to the unutilised credit limit on the credit card. This means, the credit limit equal to the borrowed amount will be blocked. An applicant can avail a minimum personal loan of Rs. 5,000 on your credit card with no maximum limit. Indusind Bank charges a processing fee equal to 2.50% of the loan amount or minimum Rs. 250.
As far as the preclosure is concerned, Indusind Bank allows you to preclose your personal loan against your indusind bank credit card using foreclosure method and charges a fee equals to 3% of the principal outstanding amount.
Click here to read more about how to check your indusind bank personal loan status.
|Type of Charges||Applicable Amount|
|Processing Charges||Up to 2.50% of the loan amount|
|Default Charges||Rs. 150 for each EMI delayed beyond 5 days|
|Loan Re-Booking / Rescheduling Charges||Rs. 1,000|
|Loan Cancellation Charges||Rs. 1,000|
|EMI Bounce Charges||Rs. 450 per instance|
|Cheque / ECS / SI Swapping Charges||Rs. 500 per instance|
The Processing Charges applicable for Personal loan are up to 2.50% of the amount of loan or minimum of Rs. 1000 for Personal Loan or minimum Rs. 250 for Personal Credit Card. While the Foreclosure charges allowed after first 6 EMI's are nil. The Penal / Default Charges are Rs. 150 for each EMI delayed beyond 5 days. The loan cancellation charges are Rs. 1000 and EMI Bounce fee is Rs. 450 per instance. The applicable charge for Cheque / ECS / SI Swapping is Rs. 500 per instance.
A Salaried applicant can pre-close his/her Indusind Bank Personal Loan only after the payment of first 12 EMIs and Self-Employed applicant is allowed to pre-close his/her personal loan only after the payment of first 6 EMIs.
Pre-closing the personal loan before it's repayment period would attract the charge of 4% of the Principal Outstanding.
Login to review the bank