IndusInd Bank Limited is a Mumbai based Indian new generation bank, with 573 branches, and 1055 ATM's spread across 392 geographic locations of the country and total revenue of 3260.47 crores. Indusind bank offer many loan schemes like Loan against property, Personal Loan, Home Loan, Car Loan, Gold Loan, Loan against Credit Card. Personal loan in Indusind bank can be obtain with simple documentation, quick processing and speedy disbursal.Read on to learn about the eligibility and documentation requirements for IndusInd personal loan
Documentation needed to apply for an IndusInd Bank Personal Loan
Indusind Bank Personal Loan Interest RatesUpdated on 21 Jan 2020
IndusInd Bank provides Personal Loans for Indian residents in 16 cities around the country. The list of cities is as follows:
Bangalore, Chennai, Hyderabad, Ahmedabad, Mumbai, Navi Mumbai, Pune, Thane, Chandigarh, New Delhi, Faridabad, Ghaziabad, Gurgaon, Jaipur, Kolkata, Noida.
With the IndusInd personal loan, you can fulfil your dreams right now - whether you want a long holiday, there is a marriage in the family, you are buying a gift for a special someone, or simply trying to fill up your house! IndusInd provides hassle-free and quick personal loans that will cover your needs and then some.
Why choose IndusInd personal loan?
Established in 1994, IndusInd has seen tremendous growth over the years, and is currently planning to double its branch strength in India to more than 1200 branches. It has posted consistent profit figures through the years.
IndusInd Bank has been acknowledged for its exceptional services by leading industry publications, media outlets, and banking and financial institutions, among others. It has been awarded the ‘Best Mid-size Bank’ by Businessworld-PwC and also by Business Today-KPMG, ‘6th Most Trusted Private Bank in India’ by Brand Trust Report, and various ‘Information Security’ and ‘Environmental Best Practices’ awards from reputed Indian and international institutions.
IndusInd Bank Loan on Credit Cards
Have a credit card from IndusInd Bank? Splendid! If you have an unused credit limit on this card, you can use this limit to apply for a loan. The options that are offered under this loan product include Indus Easy Loan and Indus Easy EMI. The interest rate for this product will be similar to the rate that is charged on IndusInd Bank credit cards, which is 46% p.a. The minimum amount for this loan product is Rs.5,000. The tenure for this loan scheme ranges from 6 to 36 months.
IndusInd Bank Loan against Shares
Have you made investments in particular shares? You can utilise these shares when you are badly in need of money for different purposes. Whether you have invested in mutual funds, insurance policies or equity shares, you can apply for a loan against shares from IndusInd Bank. The loan quantum offered under this scheme ranges from Rs.2 lakh to Rs.20 lakh. Your interest rates for this product will range between 11% and 14% p.a. You will have to be at least 21 years to apply for this loan. The maximum age requirement is 70 years.
Features of IndusInd personal loan
IndusInd provides speedy disbursal, quick loan processing, and simple documentation in loan applications. IndusInd personal loans are available for salaried professionals, self-employed professionals, and self-employed individuals.
- Flexible loan tenures available
- Avail doorstep service for loan-related processes
- Competitive interest rates
- No guarantors or collateral
- Use the ‘Balance Transfer Option’ to do away with high interest debt
- Flexible repayment gateways including ECS from any bank or through IndusInd Bank account debit
Why choose Creditupchar for IndusInd personal loan application?
Creditupchar is a well-established online platform for all your banking and financing needs. The site is dedicated to finding the best choices for customers in terms of loans, insurance policies, and various other related information.
Designed by the best financial experts and with an eye toward easy accessibility for customers for their financing needs, Creditupchar provides comprehensive results and the ability to compare items side by side so that customers can check in real time the best possible solution for them. Creditupchar provides a detailed listing of all the IndusInd personal loans in a dedicated page. Visitors can directly access the relevant loan pages, check eligibility, see interest rates, and also apply for loans. And the whole process of finding a loan, comparing products, and applying for the same can be completed in a matter of minutes!
How to apply through Creditupchar for IndusInd personal loan?
Creditupchar has a simple process for loan application. Visitors can start from the home page by clicking on the Personal Loan section. They will then get routed through a few simple-to-answer questions to a final results page showing all the relevant loans available from different providers including IndusInd Bank.
Visitors can then opt to compare loans or proceed with the application process. In between if they feel uncomfortable at any point of the process, visitors can simply contact Creditupchar’s customer care for assistance and information on active deals.
What are the interest rates on IndusInd Bank personal loan?
A personal loan can be a lifesaver during emergencies, offering immediate financial relief to borrowers. IndusInd Bank offers personal loans for multiple purposes, with the interest on these loans decided based on two slabs: MCLR and Base Rate.
IndusInd Bank Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)
MCLR based benchmarks have been introduced by IndusInd Bank following directives from the RBI. These rates are subject to change on a regular basis, mimicking current economic conditions. The table below highlights the current rates at IndusInd Bank.
|MCLR Benchmark Tenure (Period)||Benchmark Rates (MCLR)|
Personal loan interest rates (MCLR)
Interest charged by IndusInd Bank varies from case to case, with the bank typically adding a certain percentage over and above the current MCLR.
IndusInd Bank Base and Prime Lending Rates (For existing borrowers)
Individuals who availed a loan before MCLR benchmarks came into force can choose an interest platform as per their requirements. Those who do not wish to migrate to MCLR can continue paying interest as per the base rate.
|Base Rate||10.60% per annum, effective October 19, 2015|
|Prime Lending Rate||20.60% per annum, effective October 19, 2015|
IndusInd Bank personal loan interest rate (Base Rate)
Interest rates for existing customers depends on the loan amount, tenure and purpose, with IndusInd Bank having the power to offer differential interests based on these factors. Interest rates typically vary between 11.50% per annum and 32.00% per annum, with the average being around 14.50% per annum.
Note: All rates mentioned above are applicable as of June 10, 2016. IndusInd Bank can modify/alter these rates at its own discretion, borrowers are advised to check prevailing rates while applying for a loan.
What are the eligibility criteria for IndusInd personal loan?
IndusInd defines 3 categories of loan takers – Salaried, Self-employed professional, and Self-Employed individual.For salaried employees
Salaried employees, as defined by IndusInd Bank, include chartered accountants, doctors, select private and public sector employees, PSU and central government employees, and government state and local body employees.
- Available for designated employees categorized within 21 years to 60 years of age.
- Monthly net income shouldn’t be less than Rs 25,000.
- 2 years minimum overall experience, and 1 year minimum experience in present company.
- For people availing rented accommodation, they must have resided for at least 1 year in the present residence.
Self-employed professionals as defined by IndusInd include architects, self-employed doctors and CAs, engineers, company secretaries, as well as MBA consultants.
- Applicants’ age should be within 25 years to 65 years.
- Net annual income to be more than Rs 4.8 lakhs.
- Minimum 4 years of experience post qualification.
Self-employed individuals include partners, directors, and sole proprietors involved in services, trading, or manufacturing businesses.
- Age of the applicant should be within 25-65 years.
- At least Rs 4.8 lakhs in net income.
- At least 5 years of experience post the relevant qualification.