Personal Loan: Get Instant Personal Loan Online

• What is a Personal Loan?

  A Personal Loan is an unsecured term loan provided by banks and financial institutions. What makes Personal Loans distinct is that an individual can use the loan amount as per their needs. You borrow a certain amount from the bank and must repay it with the applicable interest rates. A personal loan does not require lock-in of any collateral by the applicant.

• What is the minimum eligibility for a Personal Loan?

  To apply for a Personal Loan with IndusInd Bank, a salaried individual must: 
  

  • Be minimum 21 years of age.
  • Have a minimum net monthly income of ₹25,000.
  • Have completed a minimum of 2 years in employment and a minimum of 1 year in the current organisation.
  • Should have completed a minimum 1 year of stay at the current residence, if rented.

  In addition, their maximum age at the loan’s maturity should be 60 years or retirement age, whichever is earlier.

  The eligibility criteria vary for self-employed professionals and individuals. The minimum age to apply for personal loan is 25 years and maximum age at loan maturity should be 65 years. The bank will consider their annual net income post tax which should be ₹4.8 lakhs minimum and post qualification experience of minimum 4-5 years.

• What are the steps to apply for an instant Personal Loan?

  Follow the steps below to apply for an instant Personal Loan online:

  • Visit our Personal Loan page and provide few basic details like your mobile number, PAN card number etc. to get started
  • Verify your address details
  • Check out your Personal Loan offer and complete your video KYC
  • Provide your bank account details for disbursement 

• At what interest rate can I avail an instant Personal Loan online?

  You can avail an Instant Personal Loan with IndusInd Bank at low interest rates starting from 10.49%. However, one must know that interest rates can vary based on a lot of factors. Your credit score, income, loan amount, and repayment capacity are some factors that banks take into consideration. In addition, the applicant’s profile also determines the interest rates. 

• Are there any additional charges?

  A processing fee of up to 3.5% of the loan amount and requisite documentation charges are applicable, and the same is deducted from the loan amount at the time of disbursal.

• What are the minimum and maximum tenure and amounts available for an Instant Personal Loan?

  You can get an instant personal loan online for amounts ranging between ₹30,000 to ₹5 Lacs and tenure ranging 12-48 months through a complete digital process with no physical documentation required using only your PAN card and Aadhaar number.

• What are the documents required for a Personal Loan?

  Salaried individuals must provide the following documents for a Personal Loan:

  • Application form with photograph
  • Proof of Identity:
    • Driving license
    • Passport
    • Voters ID
    • Aadhaar
    • PAN
  • KYC: Valid identity/Residence/Signature proof
  • Income proof:
    • Form 16/ITR for last 3 years
    • Latest 3 months’ salary slips
  • Banking: Latest 3 months’ Salary Credit Bank Statement.

  Self-employed individuals and professionals will also have to provide bank statements for their Current Account and Primary Savings Account.

  However, for Instant Personal Loans upto ₹5 lakh, you can apply online through a complete digital process with no physical documentation required using only your PAN card and Aadhaar number.

• What is the CIBIL score required to get Personal Loan?

  A minimum CIBIL score of 730 is required to be eligible for a Personal Loan.

• Is there any stamp duty applicable for taking Personal Loan?

  Yes, stamp duty is applicable for Personal Loan agreements. However, the exact amount may vary between states. Banks charge stamp duty as per the state’s applicable stamp laws.

• How to calculate personal loan EMI?

  To calculate EMI, banks use the following formula:

  E = P x R x (1+r)^n/((1+r)^N – 1.

  Here,

  ‘E’ = Equated Monthly Instalment

  ‘P’ stands for principal amount

  ‘R’ denotes the applicable rate of interest

  ‘N’ stands for the loan term or tenure.

  However, you can simply use our Personal Loan EMI Calculator to get an estimate of your EMI with just a few clicks.

• What is the minimum salary required for a personal loan?

  For a salaried professional, the minimum salary should be ₹25,000.

  Self-employed professionals and individuals need to meet separate income criteria. They should have a minimum annual net income of ₹4.8 lakhs. This limit is considered after income tax deductions.

• How does Personal Loan works?

  When you apply for a personal loan, the bank follows the due procedures. If the application is approved, you will receive the agreed sum in your bank account. You can use this amount as you see fit.

  You must repay the amount to the bank in instalments over a chosen tenure as per the interest rate.

• How do I make overdue payments of my Personal Loan?

  In case of any overdue EMIs, you can pay it by clicking on the link below:

  Link: https://myaccount.indusind.com/LoanEMIWeb/default.aspx

  You may also reach out to the bank and explain why the payment was overdue. The bank might offer a favourable solution.

  Regardless, the ideal thing to is pay the overdue EMI as soon as possible, along with any late penalties. You can make the payment online, through a mobile banking app, or by visiting a branch.

• What should I do if my Personal Loan gets rejected?

  If your personal loan gets rejected, try to understand the reason for rejection. You can contact the bank to get a clear idea regarding this.

  Also, you can work on improving your credit score, clearing existing debts, and ensuring that all application details are accurate. Reapplying after addressing these issues can improve your chances.

  If you have urgent financial needs, you can also consider applying with a co-applicant.

• How much personal loan can I get if my salary is ₹25,000?

  The personal loan amount depends on various factors like your credit score, existing debts, and repayment capacity.

• What can I use a Personal Loan for?

  You can use the Personal Loan amount for various purposes, such as consolidating debt, fund home renovations, cover medical expenses, finance a wedding, or manage travel costs. It offers flexibility to address unexpected financial needs, pay for education, or even support a business venture. A personal loan provides the financial freedom to meet diverse personal and professional requirements. IndusInd Bank provides Personal Loans catering to various needs. So, apply now!

• At what interest rate can I avail an instant Personal Loan online?

  You can avail an Instant Personal Loan with IndusInd Bank at low interest rates starting from 10.49%. However, one must know interest rates can vary based on a lot of factors. Your credit score, income, loan amount, and repayment capacity are some factors that banks take into consideration. In addition, the applicant’s profile also determines the interest rates.

• Do you offer any top-up on the existing Personal Loan?

  Yes, IndusInd Bank provides a top-up facility on existing personal loans. This option allows customers to borrow additional funds over their current loan amount. However, eligibility for the top-up facility is subject to the customer meeting the bank's policy norms and guidelines. You can reach out to the bank via a branch or our 24/7 customer service to get more clarity.

• How to apply for a pre-approved instant Personal Loan online?

  IndusInd Bank offers pre-approved personal loans to select customers.

  You can click on the below link to verify your eligibility for the pre-approved personal loan.
  Link: https://easycredit.indusind.com/

  This convenient option allows eligible customers to access funds without extensive paperwork or waiting periods, ensuring a seamless borrowing experience.

• How do I approach IndusInd Bank for a Personal Loan?

  You can approach us in any of the following ways for a Personal Loan:

  1. Apply Online – You can apply online for loan amount upto Rs. 5 lac through a complete digital process by visiting the bank’s website.

  2. Reach out to our representative through our 24-hour Customer Care number:  1860 267 7777 or write to us at reachus@indusind.com

  3. Or you can simply walk into your nearest bank branch, in the select cities where we offer Personal Loans. Use our Branch Locator tool to find your nearest IndusInd Bank branch.

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