IndusInd Bank Personal Loan

With Indusind Bank Personal Loan Meet Sudden Expenses With A Smile

The need for a personal loan may arise at any point of your life and finding a hassle-free and quick access to loan is a major requirement. IndusInd Bank Personal Loans understand the needs of the customer and for that reason have tailored their loan process to ensure instant loan approval and timely service. IndusInd Bank is a new generation private bank that was founded in 1994 and has since paved its way to become one of the preferred banks in the country. Owned by the Hinduja group, IndusInd Bank has over 800 branches and 1500 ATMs in the country. Internationally, the bank opened its offices in the Middle East and London. IndusInd Bank has the clearing bank status for BSE and NSE – major stock exchanges in the country. It has been ranked number 13th in the BrandzTop 50 for being the most valuable brand in India in 2015. This ranking was provided by a leading global research agency called WPP and Millward Brown.

Overview Of IndusInd Bank Personal Loan

IndusInd Bank personal loan provides the access to instant loan to help meet their customer’s individual needs and requirements. The bank offers personal loans that start from as low as Rs. 50,000 to as high as Rs. 15 lakh. The eligibility on a higher loan value depends upon the nature of your job, the income you earn and how your repayment history has been so far. IndusInd Bank allows you to repay your loan is a highly flexible term that you can choose between 1 to 5 years.

Why Pick IndusInd Bank Personal Loan?

You can count on getting a reliable and transparent personal loan from IndusInd Bank due to many reasons:

  • Quick Loan Disbursal –IndusInd bank offers personal loan with faster processing time. Their simple documentation process and transparent loan structure is highly regarded.
  • No Collateral – IndusInd Bank does not ask for any collateral or guarantor as such to be able to disburse the personal loan.
  • Balance Transfer Scheme – Amongst the many offers that IndusInd Bank provides from time to time, a balance transfer scheme allows you the flexibility to transfer your existing loan at a nominal interest rate, thereby reducing your monthly loan amount.
  • Doorstep Service – IndusInd Bank offers a superior customer service by bringing bank at your doorstep. Simply use their doorstep service whenever you need to avail a personal loan and their highly efficient team will do the rest.
  • Extended Loan Tenure – IndusInd Bank allows you to the flexibility to repay your loan for as long as 5 years.

Features of IndusInd Bank Personal Loan

IndusInd Bank Personal Loans allows you to fulfil your dreams of a house renovation or a family vacation. Here are some of its exciting features:

  • Multiple Repayment Option – IndusInd Bank allows you to repay your loan through a variety of repayment methods that you can choose according to your convenience. If you are an existing customer, you can choose IndusInd Bank debit or an ECS method from any other bank.
  • Low Interest Rates – IndusInd Bank offers competitive rate of interest that can fall anywhere between 13.09% to 21.50% depending on your eligibility.
  • Transparent Application Process – IndusInd Bank provides a transparent and simple documentation process that is hassle free and quick.
  • Balance Transfer – Get your existing loan transferred into IndusInd Bank by reaping the benefits of a low interest rate upon balance transfer.
  • Processing Fees – IndusInd Bank charges 2.50% of loan (excluding tax) as processing fees.
  • Prepayment Charges – Salaried employees need to pay four percent of the principal outstanding once you have paid successfully for an year. For self employed, you need to pay four percent of the principal outstanding after having paid 6 EMIs.

Benefits of Applying IndusInd Bank Personal Loan on Letzbank

Letzbank website offers a simple and informative way in which the loan information of all top leading banks are provided. Our customers get to evaluate the loan offerings of all banks via our systematic loan description that also allows you to compare different loans. Once you are ready to move forward with the application process, you can simply file the application online at our website and get the application service fee waived. You can also receive Instant Quotes from different banks as Letzbank has a tie up with all leading financial institutions to bring forth such services to its customers. Not only that, you can check your Credit Score online via Experian, a leading credit rating company. And if you need to get your Income Tax Returns in order, use our free e-filing service to get that done too!

Letzbank also offers a variety of insurance plans that you can avail such as travel insurance, car insurance, life insurance, and much more! And by using our Document Locker Tool, you can save your important documents online to help you with a prompt application process every time you process any transaction on our website.

IndusInd Bank Personal Loan Eligibility

The eligibility criteria as per the specific loan category is as follows:

  • Salaried Individuals – Minimum age should be 21 and maximum 60 years. Minimum Net income should be Rs. 25,000 per month. Must have been under employment for two continuous years with a minimum of one year in the current organization. If you live in a rented accommodation, you should have stayed for atleast one year in the current residence.

  • Self-employed Individuals – Minimum age should be 25 and maximum 65 years. Minimum annual income should be atleast Rs. 4.8 lakhs that is after deducting all taxes. Must have atleast five years of post qualification experience.
  • Self-employed professional (MBBS doctors, architects, CAs, CS, Engineers and MBA consultants) - Minimum age should be 25 and maximum 65 years. Minimum annual income should be atleast Rs. 4.8 lakhs that is after deducting all taxes. Must have atleast four years of post qualification experience.

IndusInd Bank Personal Loan Documents

The documents required for IndusInd Bank personal loan is as follows:

  • Identity Proof - Voter ID/Driving License/Passport/Aadhar Card/PAN Card
  • Address Proof - Ration Card/latest utility bill/Valid Passport with current address/Rent Agreement
  • Income Proof –Latest Form 16 and last three months salary slip
  • Bank statement for the last three months where the salary is credited

Documents required for self-employed individuals:

  • Identity Proof - Voter ID/Driving License/Passport/Aadhar Card/PAN Card
  • Address Proof - Ration Card/latest utility bill/Valid Passport with current address/Certificate of Sales Tax/Trade License certificate
  • Bank statement for the current account of the past 6 months or passbook
  • Latest Income Tax Return with details of income calculation, balance sheet and profit and loss account that have been audited by a CA
  • Proof of Business – Trade License/Sales Tax Certificate
  • Partnership deed/certificate of MOA, AOA and Board resolution/sole proprietorship declaration/last 2 yrs balance sheet of partnership firm as certified by CA
  • Identity Proof - Voter ID/Driving License/Passport/Aadhar Card/PAN Card
  • Address Proof - Ration Card/latest utility bill/Valid Passport with current address/Certificate of Sales Tax/Trade License certificate
  • Bank statement for the current account of the past 6 months or passbook
  • Qualification proof of the highest degree
  • Latest Income Tax Return with details of income calculation, balance sheet and profit and loss account that have been audited by a CA
  • Proof of active profession

IndusInd Bank Personal Loan Interest Rates

IndusInd Bank offers competitive rate of interest and their annual percentage rate are between 13.09% to 21.50%. The applicable interest rate might go as high as 23% in some cases.

IndusInd Bank Personal Loan EMI Calculator

You can determine your monthly EMI for IndusInd Bank personal loan by using Letzbank EMI calculator here: https://www.letzbank.com/emi-calculator/personal. Simply enter the loan amount, interest rate as well as the loan tenure. Letzbank EMI calculator will then be able to promptly determine your monthly EMI.