At IndusInd Bank, we believe that no dream is too extravagant. With minimal documentation, smooth processing and speedy approvals, we have made personal loan procurements seamless and easy. So, whether it’s a house that you have been intending to buy or your children’s impending education or wedding that you have been planning for, IndusInd Bank has you covered. Enjoy hassle-free personal loan application, without fretting over any guarantors or collateral. The convenience of doorstep service is an additional benefit that we offer to our customers. To avail a personal loan, follow these easy steps listed below:

• • Choose Your Amount

You can avail a personal loan ranging from Rs. 50,000 to 15,00,000, subject to your income, employment and capacity for repayment.

• • Decide Your Tenure

IndusInd Bank allows its customers a time frame of 12 to 60 months for full loan repayment.

• • Online Application Form with a Recent Photograph

Fill our e-form, at your convenience.

• • Proof of Identity

Submit any one of the following – Passport/Driving License/Voter ID/PAN Card/Aadhaar Card.

• • Address Proof

The following documents are required for address proof – Leave and License Agreement/Ration Card/Utility Bill (not more than 3 months old)/Valid Passport – provided the passport address is the present address mentioned in application form.

• • Calculate Your Loan EMIs

You can make use of our online EMI calculator to plan your easy monthly repayments.

• •  Enjoy the Best Rates

Our competitive interest rates start from 11.25%.

• • Transfer Existing Loans

Ease your high interest debts by opting for Balance Transfers with IndusInd Bank.

• • Get a Hassle-Free Personal Loan

IndusInd Bank answers to the need for hassle-free personal loans with speedy disbursals.

One can’t predict when a sudden need for funds might arise. It is, therefore, advisable to keep your credit record spotless. A bad credit/CIBIL score, arising from late payment or non-payment of credit card bills, can severely hamper your attempt to procure a personal loan. However, having a good CIBIL score will considerably improve your chances for the same. This would also offer you some degree of control with regards to your loan terms and interest rates. As personal loans are unsecured and risky for banks, credit history plays a vital role in determining the repayment capability of the potential borrower.

• What is Meant by Personal Loans?

Personal loans are unsecured loans, which means they are advanced without any collateral or guarantor. The money thus procured can be used flexibly, for a number of reasons such as, medical emergencies, travel, weddings and house renovations.

• What is a CIBIL Score?

The Credit Information Bureau India Limited provides the CIBIL score which is a measure of the credit worthiness of an individual. Having a favourable CIBIL score is crucial for getting approval on personal loans.

• What is a Good CIBIL Score?

When applying for a personal loan, a CIBIL score of 750 will make your case more compelling and provide you with a higher bargaining power.

• What Should Be the CIBIL Score for Home Loans?

A CIBIL score of 750 or more is generally required to gain a home loan.

• What Should Be the Minimum CIBIL Score to Get Personal Loans?

Applicants with a CIBIL score of 750 or more are given quick loan approvals.

• What is Meant by Foreclosure Charges?

If you prepay or foreclose your loan balance in one shot, there is a certain penalty the borrower is asked to pay. This is termed as foreclosure charge.

• How Long Does It Take to Get a Personal Loan From a Bank?

Personal loans are usually disbursed within 4-7 working days, after the required documents have been received.

Taking a personal loan comes with the obligation of repaying the amount in fixed monthly instalments over a decided period of time. If you fail to repay on time, however, you are liable to pay penalties for late payment, which nullifies the benefits of availing a personal loan in the first place. In addition to this, late repayment has a bad effect on your credit score, which in turn reduces your credit-worthiness in terms of future borrowings.

If, on the other hand, you repay the loan amount before time, you stand to gain even more by saving on the amount of interest that you end up paying. You must ensure, therefore, that not only do you have the resources to meet your repayments on time, but that you manage to stay ahead of your repayment dates. Following are some tips which could help you repay your personal loan faster:

Prioritising Repayment of Loans

In case you have outstanding loans, it would be prudent to identify the costliest ones and try to repay them first. These would be loans for which you are paying a higher rate of interest. You would be well-advised to allocate your funds primarily towards paying off such loans while maintaining the regular payments on loans with lower interest rates. This strategy helps you minimise the total amount of interest that you would pay on all the loans by eliminating higher interest amounts.

Consolidating Your Debts

If you have multiple debts to pay off, it could be quite daunting to pay interest rates on each of them, while keeping track of individual payment dates. In such a situation, it is worth considering a secured loan against property to consolidate all your outstanding debts in to one. They attract comparatively much lower interest rates, you can be more organised and can choose the instalment amount and tenure per your convenience.

Making Prepayments with Monetary Gains

In case you make some extra money, be it through an increased salary, a sudden bonus or gains from an investment, use it to make a prepayment against the loan. Making prepayments reduces the tenure of the loan and the lesser the tenure of an outstanding loan, the lower is the rate of interest it attracts.

Paying Credit Card Dues Using Personal Loans

A delayed credit card payment leads to growing accrued debts because of substantially higher interest rates levied on them. By converting these debts to EMIs, you attract lower rates, greater flexibility in repayment and the option to make prepayments.

Making Lifestyle Changes

You could try and reduce your unwanted spending and make more accommodating lifestyle choices for a brief period to save a little more in order to pay higher EMIs.