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With flexible repayment terms and low-interest rates, IndusInd Bank provides consumers with individualised personal loan alternatives The loans offered come with low-interest rates and flexible tenure. Depending on age, financial condition, and credit history, customers can get a personal loan worth up to Rs. 75 Lakhs. Customers can submit their application and supporting documentation online or by visiting their nearest bank. For added convenience, the bank offers doorstep service for loan applications. No collaterals are required, and the loan term ranges between 1 to 6 years.
Meet your financial obligations with the IndusInd Bank Personal Loan, with minimal sanction amounts starting from INR 30,000 up to INR 5 lacs. These no-collateral loans are readily approved, require no paperwork, and have competitive interest rates starting at 10.49%. This loan comes with flexible end-use and an instant online approval feature, making it a truly unique loan offering.
When you apply for an IndusInd bank personal loan, you unlock the below-depicted features and benefits:
To get hassle-free IndusInd bank personal loan approval, applicants must meet pre-specified eligibility criteria. Here are the basic eligibility criteria that the applicant must adhere to:
When you apply for an IndusInd bank personal loan, you must get acquainted with associated fees and charges. It will help you to get a personal loan with utmost ease and eliminate later-stage hurdles.
Documentation is the key to easy access to loan products; the same applies to personal loans. Be prepared with the following documents beforehand to get loan approval with utmost ease:
Additionally, in the case of a salaried employee, the applicant will have to provide a bank statement of the last three months showcasing salary credits. At the same time, self-employed professionals will require bank statements for the previous six months.
Apply for an IndusInd bank personal loan and get attractive interest rates from 10.49% onwards. However, the offered IndusInd bank personal loan interest rates are determined per the loan amount, repayment tenure and applicant’s credibility.
| IndusInd Bank Personal Loan Interest Rate (2022-23) | |
| Starting from | 10.49% |
| Up to | 26.50% |
| Mean Interest Rate | 15.08% |
| Annual Percentage Rate for Financial Year 2022-2023 | |
| Minimum Rate | 10.49% |
| Maximum Rate | 29.50% |
IndusInd Bank’s personal loan is the foremost way to meet financial obligations. Don’t compromise on the crucial things in daily life; get credit at attractive rates with IndusInd bank.
Several factors influence IndusInd bank personal loan interest rates. To determine at what interest rate the bank will provide you with a personal loan, consider the following factors.
CIBIL score reflects the repayment potential and credibility of the loan applicant, thus making it the most powerful tool to secure lower IndusInd bank personal loan interest rates. The higher the CIBIL score, the better the deal and the lower the interest rates.
After evaluating the credit score, the lender’s next consideration is the applicant’s repayment history. The payment towards existing credits and other repayment helps to determine creditworthiness. An applicant with a food repayment record unlocks a better deal regarding personal loan interest rates.
An applicant in a high-income bracket is expected to make more timely payments than those with lower income. On-time payments are equal to better credibility, which further helps the applicant to unlock lower interest rates on their IndusInd bank personal loans.
If an applicant already has ongoing loans and credit card payments to make, the debt load will consume a significant chunk of the monthly salary. In such a scenario, the lender considers the applicant a high-risk applicant who might default on repayments. Thus, an applicant with a high debt-to-income ratio may get loan approval but at a higher interest rate.
If you are a working professional, your employer’s reputation greatly matters. Finance providers give a rating to an organisation as per their reputation. You might have to pay higher interest rates if you work for an organisation with a bad reputation.
By using the flat rate approach and reducing the balance method, one may determine the interest rate on a personal loan.
The interest paid is static (remains the same throughout the loan tenure) when using the flat rate method. Throughout the loan term, the total interest due is calculated based on the amount received. Therefore, even though the principal on your loan decreases as you make monthly payments, the interest rates are fixed and do not change.
On the other hand, the reducing balance method applies an interest rate based on the amount of the outstanding balance, which decreases each time you make a personal loan EMI.
An applicant can put forward the interest rate calculated using the below-depicted formula:
Equated Monthly Instalment: (Principal amount + Total Interest Payable) / Repayment Tenure in Months)
To compute the total interest payable amount, use the following formula:
Principal x Personal Loan Rate x Loan Tenure/100
Equated Monthly Instalment: [P x R x (1+R)^N]/[(1+R)^ (N-1)]
Where P is the Principal Amount, R is the IndusInd bank personal loan interest rate, and N is the loan repayment tenure in months.
To know how IndusInd Bank compares with other lenders, refer to the below given tabular data:
| Bank or NBFC | Personal Loan Interest Rates (per annum) |
| Tata Capital Personal Loan | 10.99% |
| ICICI Bank Personal Loan | 10.25% |
| SBI Personal Loan | 9.60% |
| HDFC Bank Personal Loan | 10.25% |
| Kotak Mahindra Bank Personal Loan | 10.25% |
| PNB Personal Loan | 7.90% |
| IndusInd Bank Personal Loan | 10.49% |
| Axis Bank Personal Loan | 10.25% |
| IDFC First Bank Personal Loan | 10.49% |
| Bajaj Finserv Personal Loan | 13.00% |
| Clix Capital Personal Loan | 14.99% |
To resolve your queries, get in touch with the IndusInd representative by calling on any of the below-mentioned numbers:
You can secure an IndusInd bank personal loan with an attractive interest rate starting from INR 10.49%.
The IndusInd bank offers several benefits on a personal loan, including attractive interest rates, flexible repayment tenure and end use, easy process, quick approval, minimum documentation, the loan without collateral and guarantor, etc.
An applicant needs to provide basic documents to secure a personal loan, including identity-proof documents, address-proof documents, an application form, and income-proof documents.
Like other banks, IndusInd bank also checks the CIBIL score for a personal loan to determine the applicant's credibility and offered interest rate.
The IndusInd bank offers personal loans with a minimum amount starting from INR 30,000. At maximum, this amount can go up to INR 5 lacs.