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Personal Loan Interest Rates and Charges – IndusInd Bank
Posted on Thursday, February 2nd, 2023 | By IndusInd Bank
Personal loans are ideal for managing your big-ticket expenses without breaking the bank. They are collateral-free and provide you with instant liquidity. What’s more, you can apply for one of these loans online with a lender of your choice. But before applying for one, you must understand the charges and fees you’ll have to bear besides the interest rate.
While these charges vary from bank to bank, IndusInd Bank gives you the best offers for quick access to credit without the added financial burden.
In this blog, we’ll break down the personal loan interest rate and charges at IndusInd Bank so you can make an informed decision.
Let’s understand all about Personal Loan and interest rate at IndusInd Bank
1. Interest Rate
Interest rate is expressed as a percentage and is the rate at which you’ll have to pay interest on your principal loan amount. This rate varies based on multiple parameters like the loan amount, tenure, income, credit score, etc.
At IndusInd Bank, we offer attractive personal loan interest rates, starting at just 10.49%. This allows you to repay the loan comfortably over your desired tenure.
2. Processing Fee
When you apply for a personal loan, most lenders levy a non-refundable processing fee to process your loan application.
The processing fee varies from bank to bank and can go up to 6% of your loan amount. But at IndusInd Bank, we charge low processing fees, only up to 3% of the loan as a processing fee. For example, if you’re applying for a personal loan of Rs. 5 lakhs, your processing fee will be up to Rs. 15,000.
3. Pre-payment or Foreclosure Charges
During the loan tenure, you might get access to a large sum of money in the form of a bonus, sale of property, etc. With a personal loan from IndusInd Bank, you can use this money to pre-pay your loan if you wish.
However, you’ll have to bear the loan pre-payment or foreclosure charges. While pre-paying the loan can reduce your overall principal and interest burden, the foreclosure charges might cost you even more. So make sure you do the calculations carefully before pre-paying your loan.
Other Fees and Charges
While the processing fee and interest rate are fixed, you might have to pay other charges depending on different situations. You can view details on the IndusInd Bank website.
Enjoy the Lowest Interest Rates with IndusInd Bank
When it comes to Personal Loans, IndusInd Bank offers one of the lowest interest rates and charges in the market. You can apply for a personal loan with IndusInd Bank with rate of interest starting from as low as 10.49%.l
What’s more? You also get access to benefits like instant approval, quick disbursal, no collateral or guarantors, and lots more.
Additionally, our loan application process is entirely online and paperless and involves only four simple steps.
So wait no more. Head to our website and apply for an IndusInd Bank personal loan to manage your big-ticket expenses conveniently.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
