IndusInd Bank Personal Loan Interest Rate

IndusInd Bank Personal Loan Interest Rate

The following table outlines the applicable interest rate on personal loan by IndusInd Bank:

Features and Benefits of IndusInd Bank Personal Loans:

• Tailor-made personal loans for various needs like education, medical expenses, housing renovation, marriage etc.
• Doorstep service is provided by the bank for individuals interested in availing the personal loan.
• IndusInd Bank offers easy documentation, quick processing and fast disbursal.
• Personal loan tenure is flexible between 1 and 5 years.
• There is no need for guarantors.
• The bank offers an option of ‘Balance Transfer Option’ to close any existing high interest debts.
• Repayment options can be conveniently chosen from account debit or ECS from another bank account
• EMI Calculator helps in estimating monthly instalments on the basis of the principal amount borrowed, interest rate and the tenure.
• Eligibility to apply for a personal loan can be checked online through the bank’s website.

Factors that impact your IndusInd Bank Personal Loan interest rate

IndusInd Bank does not provide the same interest rate or tenure or terms & conditions of a personal loan to all applicants. It varies from applicant to applicant and depends on few factors. These have been mentioned below:

A good credit history ensures easy loan availability and favourable terms & conditions. It is therefore prudent to make timely EMIs and pay credit bills correctly. Even if you have a poor credit score, a personal loan can be made available however the interest rates will be on the higher side. A rejection of a loan application does not contribute to your financial profile well.

All banks consider the income being drawn by the applicant. This is directly linked to the repayment capacity of the individual and hence plays an important role in determining the interest rate and the tenure. If your repayment capabilities are good, the bank will be willing to offer you better rate of interest on the loan.

While the bank runs through your financial background, employment with a reputed organisation makes a huge difference. It indicates regular salary and steadiness of your income. If the company is listed with the bank, it becomes easier to get a personal loan.

Taking a loan from your existing banking firm makes all the difference you need. Since you are a customer who is known to the bank, there will be less negotiations involved as they have past experience of your financial situation. The familiarity factor will work in your favour. A non-customer will need to go through additional steps to avail a personal loan. The documentation process also works out to be a longer.

How to calculate the EMI on IndusInd Bank Personal Loan

IndusInd Bank offers Personal Loan EMI calculator on its website. This helps in calculating the monthly instalments to be paid towards closing the personal loan. The calculator is a very simple tool to use. One needs to enter the loan amount, rate of interest and the tenure of the loan to arrive at the EMIs amount. One can use the tool many times to work out different permutations and combination of figures. The result includes the EMI, total interest payable and the principal amount. This certainly helps in your financial planning for the month or the year.

How to apply for IndusInd Bank Personal Loan

IndusInd Bank is very approachable when it comes to customer communication. There are various ways to apply for a personal loan with the bank.

• Online: The bank offers an option of applying for a personal loan online on its website. This is probably the best way to apply for a loan as it is more convenient and faster.
• Call Back option: You can leave a request on the IndusInd Bank website to have a bank representative call you back and discuss details of the personal loan. The bank also offers doorstep service to finish documentation of your loan application.
• Visit a branch: IndusInd Bank has an extensive network of branches across the country. You can visit the nearest bank branch and speak to a representative directly. This helps in clarifying any point regarding the loan and make an immediate submission.
• 24x7 Customer care: One can reach out to the customer care team at the bank to get details on personal loan and make a request for it.

IndusInd Bank Personal Loan Status

If you have submitted the personal loan application form correctly with the required supporting documents, it is possible to find the status of your application online. The netbanking facility offers an option to track your loan request. One needs to refer to the application number to find out this information. It is also possible to connect with the customer care team of the bank to check the status of the loan application.

Indusind Bank Personal Loan Interest Rate FAQs