Overview
IndusInd Bank offers you a wide range of funds for salaried employees, self-employed professionals, and self-employed individuals. It provides loans amounting to Rs. 50,000 to Rs 15 Lacs within 4 to 7 working days with an 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 is up to 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 the 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 savings or salary accounts.
Indusind Bank is a good fit for you if?
Existing Customer
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 a personal loan EMI Calculator at your disposal, you can easily calculate the monthly installments you have to pay even before you applied for the loan.
Indusind Bank Personal Loan at a glance
| Annual Interest Rate | 11.25% – 23% per annum |
| 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 Allowed after 12 EMIs for Salaried Applicant and after 6 EMIs for Self-Employed |
Why Choose Indusind Bank?
Only 6 Months Prepayment Locked-in Period for Self-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.
Flat Penal Charges
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.
Zero Documentation on Credit Card Loans
If you are an existing IndusInd Bank Credit Cardholder and availing of 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.
Pre-close Personal Loan against Credit Card anytime
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 the principal outstanding amount, unlike the regular personal loan borrowers who have to wait for 6 to 12 months before making a pre-closure request.
Doorstep Service
IndusInd Bank offers a doorstep service to collect the required documents to make the personal loan processing smooth for the applicant.
What to watch out for?
Offering Personal Loan in Selected Cities
IndusInd Bank offers personal loans 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.
12 Months Lock-in Prepayment Period for Salaried Borrowers
Salaried Borrowers can only prepay their personal loan after the full repayment of the first 12 EMIs, unlike the Self-Employed Borrower who can prepay their personal loan anytime after the first 6 EMIs.
High Processing Charges
The processing fee levied on IndusInd Bank Personal Loan is equal to up to 2.50% of the loan amount which is the standard fee charged by most banks. However, IndusInd Bank has set a minimum processing fee limit of Rs. 1,000 which is quite high since most bank doesn’t impose a minimum processing amount limit on their loans.
Compare IndusInd Bank Personal Loans to Other Banks
| Bank Name | IndusInd Bank | YES Bank | Kotak Mahindra Bank |
| 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 the 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 working hours | Within 30 Minutes |
| Pre-Closure Fee | 4% of the Principal Outstanding | Zero to 4% of the principal outstanding | 5% of the 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 the 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 the case of Kotak Mahindra Bank. IndusInd Bank offers personal loans of a maximum of Rs 15 Lacs, Rs. 25 Lacs in YES Bank, and Rs. 15 Lacs in the case of Kotak Mahindra Bank.
IndusInd Bank charges a processing fee of up to 2.50% of the loan amount or a minimum of Rs. 1000, up to 2.50% of the loan amount or a minimum of Rs. 999 in the case of YES Bank and up to 2.50% of the 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 funds within 24 hours and within 30 minutes in the 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.
IndusInd Bank Personal Loan Eligibility Criteria
| Minimum Age | 21 Years |
| Maximum Age | 60 Years |
| Minimum Salary | Rs. 25,000 |
- The Age of the salaried applicant should be a minimum of 21 years at the time of application of the loan and a maximum of 60 years or retirement (whichever is earlier) at the time of loan maturity.
- In the case of Self-Employed Individuals and Professionals, the minimum age of the applicant at the time of application should be 25 years and the maximum age of 65 years at the time of loan maturity.
- In the case of a salaried applicant, the minimum net monthly income of Rs. 25,000 is required for applying for a personal loan.
- In the case of a self-employed applicant, minimum tax deducted net annual income of Rs. 4.8 Lacs required.
- Salaried Applicant should have a minimum of 1-year experience in the current organization and a total of 2 years experience.
- A Self-Employed Professional should have a minimum of 4 years of experience post qualification and a Self-Employed Individual should have a minimum of 5 years of experience post qualification.
- Salaried Applicant should have completed a minimum 1 year of stay at the current residence in case of living at a rented place.
- In case the applicant is a Self-Employed Doctor, then the minimum qualification of MBBS is necessary.
IndusInd Bank Personal Loans Schemes
IndusInd Bank Personal Loan
The tenure of Personal loan offering in Indusind Bank is ranging from a minimum of 12 months to 60 months. It Avails personal loan of a minimum of Rs. 50,000 to maximum Rs. 15 Lacs. The Salaried Employee can be an employee of a government organisation, Public Sector Undertaking employee, public and private sector employee, a salaried doctor or chartered accountant or a central, state, and local body.
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 ranges from 11.25% – 23% per annum with processing charges of up to 2.50% of the amount of loan.
Documents required for Salaried Employees:
- Copy of Passport or PAN Card for Signature Proof
- Last 3 months’ salary slip along with Form-16 for 1 year.
- KYC Documents along with a passport size photogr
- Latest 3 months salary slip/salary certificate along with Form 16
- Latest 3 months bank statement (where salary is credited).
- Proof of residence like ration card, utility bill (not more than three months old).
- KYC Documents are required to apply for the IndusInd Bank Personal Loan.
Documents required for Self-Employed Professionals:
- Last 6 months bank statement of current account opened in the name of business
- Copy of Highest Professional Degree
- Business Continuity Proof
- Proof of residence like your ration card, utility bill (not more than three months old).
- Last 2 years ITR along with computation of income, B/S, P&L a/c with all schedules certified by a CA
- Loan Application with KYC Documents
Documents required for Self-Employed Individuals:
- Last 6 months bank statement of current account opened in the name of business
- Copy of Highest Professional Degree
- Copy of Trade License / Business Establishment Documents/ Sales Tax Certificate
- Last 2 years ITR along with computation of income, B/S, P&L a/c with all schedules certified by a CA
- 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, the latest 2 years partnership firm’s B/S, P&L a/c with all schedules certified by a CA.
- Loan Application with KYC Documents
IndusInd Bank Personal Loan Balance Transfer
You should consider a 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 an annual interest rate of 15% for tenure as long as 60 months. However, the interest rate being charged by IndusInd Bank of a balance transfer is quite high as compared to 11.70% in the case of HDFC Bank, 11.50% in IDFC Bank, 11.99% in the case of Citibank, 12.99% in case of ICICI Bank, and 11.99% in Tata Capital.
Indus Easy Loan (Personal Loan on Credit Cards)
IndusInd Bank also offers personal loans 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 unutilized credit limit on the credit card. This means the credit limit equal to the borrowed amount will be blocked. An applicant can avail of 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 a minimum of Rs. 250.
As far as the pre-closure is concerned, IndusInd Bank allows you to pre-close your personal loan against your IndusInd bank credit card using the foreclosure method and charges a fee equal to 3% of the principal outstanding amount.
IndusInd Bank Personal Loan Interest Rates
| Personal Loan | Applicable Interest Rate |
| IndusInd Bank Personal Loan | 11.25% – 23% per annum |
| IndusInd Bank Personal Loan Balance Transfer | 15% per annum |
The applicable rate of interest of IndusInd Bank Personal loan is 11.25% onwards to 23% per annum, to that of YES Bank which has 10.75% to 15.90% while 10.99% to 24% in case of Kotak Mahindra Bank.
IndusInd Bank Personal Loans Fees & Charges
| Type of Charges | Applicable Charge |
| Processing Charges | Up to 2.50% of the loan amount Min Rs. 1000 for Personal Loan Min Rs. 250 for Personal Loan against Credit Card |
| Prepayment Charges | Nil |
| Penal Interest | Rs. 150 for each EMI delayed beyond 5 days |
| Loan Re-Booking / Rescheduling Charges | Rs. 1000 |
| Loan Cancellation Charges | Rs. 1000 |
| 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 the 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.
After I Applied?
Check Loan Status through Customer Care
- Dial 1860-500-5004 or +91-22-44066666 from your registered mobile number.
- Press 5 to choose “Loans”
- Now Press 1 for personal loans
- For English Press 1, For Hindi Press 2.
- Now enter your Personal Account Number to know about the status of your Personal loan.
FAQs
When can I pre-close my personal loan? And what are the applicable charges?
A Salaried applicant can pre-close his/her Indusind Bank Personal Loan only after the payment of the first 12 EMIs and a Self-Employed applicant is allowed to pre-close his/her personal loan only after the payment of the first 6 EMIs.
Pre-closing the personal loan before its repayment period would attract the charge of 4% of the Principal Outstanding.
How can I contact IndusInd Bank Customer Care?
You can contact IndusInd Bank at their customer care number 1860-500-5004 / +91-22-44066666 or write them an email at reachus@indusind.com.