IndusInd Bank Personal Loan Benefits

Are you in a financial emergency? If yes, don’t worry apply for an IndusInd Bank Personal Loan. You must be thinking if you are already in a situation where you are unable to meet the ends, why to get more burden over it by borrowing a loan. But IndusInd Bank Personal Loan is not a burden, it is a helpful financial tool that gets your problem resolved by providing you a lump sum of funds. With this loan, you can manage wedding expenses, renovate your home, meet the expenses of a medical emergency or foreign education for your children and more. Let’s read this article and know about the IndusInd Bank Personal Loan in detail.

Benefits of IndusInd Bank Personal Loan

When you are borrowing the IndusInd Bank personal loan, you will get the following benefits

• Easy Documentation: Borrower ID, Income and KYC proof along with loan application form and the borrower passport size photograph.

• Flexi Tenure: Repay the IndusInd Bank Personal Loan in Equated Monthly Installment (EMI) from 12-60 months post disbursement of the loan amount.

• & Best in Class Service: From Indusind Bank you will get doorstep service, enticing personal loan interest rate ranging from 11.00-31.50% with no stress of collateral and guarantor.

How Much to Borrow?

IndusInd Bank has a limit of INR 50,000 to INR 15 lakh for the personal loan. And your loan limit will be dependent on the following factors-

• Income:- A salaried borrower minimum salary should be INR 25.000, whereas self-employed professional and non-professional annual net income should be INR 4.8 lakh post-tax payment.

• Age:- The age limit for the IndusInd Bank Personal loan is as follows- Salaried (21-60 years) and for self-employed professionals and non-professional (25-65 years).

• Credit Score:- Your credit score must be at least 750 or above

• Work Experience:- If you are salaried, you must have a combined experience of 2 years with 1 year of experience in the current organization. And if you are a self-employed professional you need to have 4 years of post-qualification experience. In the case of a self-employed non-professional, 5 years of post-qualification experience will be required.

What are the IndusInd Bank Personal Loan Additional Charges?

Every customer has to pay a processing fee up to 2.5% of the loan amount and the requisite documentation charges for the IndusInd Bank personal loan. And these charges will be deducted from your loan amount at the time of disbursal.

Option to Close IndusInd Bank Personal Loan Early

If during the repayment period you met with an excellent financial year, you can prepay/foreclose the entire loan. But this facility will be available to you if you have paid the first 12 installments without any due (Salaried). The lock-in period for foreclose is 6 installments for Self Employed Clients. For an early closure of the IndusInd Bank personal loan, you need to pay a prepayment charge which is applicable as per your outstanding loan amount.

Note- The exact amount for a personal loan pre-closure will be available in the Foreclosure Letter of the IndusInd Bank. The Turn Around Time(TAT) for issuance of a Foreclosure Letter is 15 working days from the date of its request.