The IndusInd Bank is a private bank based in Mumbai, Maharashtra. This bank was founded in the year 1994 with the primary objective of serving the NRI community. But the services of this bank is never confined within the NRI community, it has spread its wings and came up with various financial products for both NRIs and the general public.

IndusInd Bank provides excellent service in areas like credit, investment, bank accounts, insurance etc. Among all those products of IndusInd Bank, the personal loan is one of the best-selling products. The IndusInd Bank personal loan is popular among the masses because of its numerous features. Here is all you need to know about IndusInd Bank personal loans.

Features and Benefits of IndusInd Bank Personal Loan

An IndusInd personal loan has various benefits that make it a good option to apply for a personal loan. The features of IndusInd personal loan includes-

Multipurpose Loan

The personal loan from IndusInd bank is a multipurpose loan. One can use a personal loan for any kind of usage. May it be a medical emergency, marriage expenses, taking a vacation and so on. The freedom of usage makes a personal loan form IndusInd bank a great choice to fulfil any need of money.

Online Processing

A loan applicant can enjoy the online processing of the loan. A personal loan from IndusInd Bank carries out the entire loan processing through online which makes the loan much faster and smoother in processing. One can initiate the loan application by applying it online through the online application forms available on the website. Because of the online application, the loan applicants can enjoy speedy disbursal of the loan.

Simple Documentation

This bank requires minimal documents to process the loan. A few basic documents like ID proof, address proof and income proof are enough to get a loan from IndusInd bank.

Flexible Loan Tenure

The loan tenure of a personal loan from IndusInd bank ranges from 12 months to 60 months. One can choose any of length according to the convenience. Before opting a personal loan calculate your monthly EMI with online personal loan EMI calculator. Doing this helps for your financial plan in a better way.

Doorstep Service

If you are a busy person and you are at the shortage of time to visit the bank branch then IndusInd bank is the right lender for you as it provides doorstep service to its customers. So your loan procedures such as submitting the documents or signing the loan documents etc. will be taken care of by the lender with doorstep service.

Competitive Interest Rate

The IndusInd bank personal loan interest rates are tailor-made according to the eligibility of the applicant. In this way, you can expect the best interest rate on your personal loan according to your credit rating.  

Collateral Free Loan

The IndusInd bank provides personal loans without any collateral. This is an unsecured loan hence none of your assets will be hypothecated in order to get the loan sanction. Not only collateral, the bank never demands loan guarantors too.

Balance Transfer Facility

IndusInd personal loan gives you the option of transferring your existing high-interest personal loan from other banks to IndusInd bank to enjoy a lower rate of interest. You can take a balance transfer loan or debt consolidation loan to manage your personal loans better.

Ease of Repayment

Just like applying, processing or disbursing of the loan, one can enjoy the easy repayment methods. One can choose any of the repayment methods according to the convenience. You can opt for IndusInd Bank a/c debit or ECS from your other bank to pay EMIs of the loan.

IndusInd Bank Personal Loan Eligibility

  • Minimum age at the time of application should be 21 years at the time of applying for the loan.
  • Maximum age should be 60 years or retirement age whichever is earlier at maturity of the personal loan.
  • Minimum net monthly income should be Rs.25000 per month.
  • Minimum of 2 years of working experience and at least one year at the present organisation.
  • If the applicant’s address is a rented one, should have completed minimum 1 year of stay at the current residence.

Documents Required for IndusInd Bank Personal Loan

Proof of Identity:

Passport/driving license/voters ID / PAN card /card issued by UIDAI containing the details of name, photograph, address and Aadhaar number

Proof of Residence:

Leave and License Agreement/ration card /utility bill (not more than 3 months old) / valid passport – provided the passport address is present address mentioned in the application form

Proof of Income:

Latest 3 months’ salary slip/salary certificate and latest Form 16

Bank Statements:

Latest 3 months bank statement of salary account.

Fees and Charges

Let’s learn the fees and charges you are pay in order to avail a personal loan from IndusInd bank. The IndusInd bank personal loan interest rate starts at 11.25% onwards. The processing fee can be up to 2.50% of the loan amount with applicable taxes. If you dishonour any EMI payment, you will have to pay a penalty of Rs. 450 with applicable tax.

The Last Lines

At present day, there abundance of online lenders who can offer you a personal loan. But making the right choice of the lender is very important as the wrong selection can give a bitter experience in borrowing. So make informed decisions and make your personal loan a smooth one from start to finish.