Terms & Conditions: Indus Easy Loan

• Zero documentation
• Pre-qualified loan amount on your Credit Card
• Loan Against Credit Card Limit, Loan Above Credit Card Limit and Top-Up Loan
• Ease of repayment; as monthly EMI is billed in your Credit Card Statement
• Flexible tenure options
• Low processing fees
• Option to pre-close the Indus Easy Loan anytime
• Cooling off period of 7 days for Digital loans
• IndusInd Bank shall provide the holder of Credit Card issued by the Bank ('card holder') a facility of availing loan against unutilized credit limit to be repaid to the Bank through Equated Monthly Installments (EMI's) billed in Customer’s Credit Card Statement hereinafter referred to as “Loan Against Credit Limit”
• IndusInd Bank shall also provide the holder of Credit Card issued by the Bank ('card holder') a facility of availing loan above the Credit Card credit limit to be repaid to the Bank through Equated Monthly Installments (EMI's) billed in Customer’s Credit Card Statement, hereinafter referred to as “Loan Above Credit Limit”
• IndusInd Bank shall also provide the holder of Credit Card issued by the Bank ('card holder') a facility of availing Top-Up Loan to be repaid to the Bank through Equated Monthly Installments (EMI's) billed in Customer’s Credit Card Statement, hereinafter referred to as “Top-Up Loan”.
• Customer can avail an additional Loan (Top-Up Loan) where existing “Loan Above Credit Limit” will be preclosed without any Preclosure/Foreclosure charges and remaining principle loan balance of existing loan will be deducted from the new Top-Up Loan account. The residual Loan amount of Top-Up Loan will be disbursed to the cardholder’s savings account.
• The Bank reserves the right to decide from time to time whether a card member is eligible for the loan product. The card member can avail the loan only if he is eligible for the loan at that point of time as per the Bank's eligibility criteria.
• The loan amount shall be disbursed to the card holder through NEFT to the card holder's account with any Bank.
• The loan can be requested by the card holder through the Bank's helpline number or such other modes as may be communicated by the Bank, from time to time. The final approval of the loan amount of the facility is subject to the card holder's performance on the Credit Card and the available credit limit at the time the Bank receives the request for the facility from the card holder; and is at the sole discretion of the Bank.
• A Transaction/Processing fee shall be charged for the loan facility as may be specified by the Bank from time to time. The Transaction/Processing fee shall be billed to the Credit Card account of the card holder.
• The card holder hereby agrees not to utilise the funds from the loan facility towards capital market investments or repayment of Credit Card dues or towards any illegal purposes.
• Interest rate is applicable as communicated to the card holder by the Bank at the time of availing the offer for the loan facility. The interest calculation will start from the time the loan is booked on the Credit Card account.The card holder will be sent a communication with details of the loan facility availed including EMI amount, interest rate, charges etc. through the delivery mode specified by the Bank.
• The EMI amount will be billed on a monthly basis and shall reflect in the subsequent statement. The card holder hereby authorises the Bank to debit the Credit Card account of the card holder on a monthly basis for the amount of EMI due for that particular month. The card holder shall be required to pay the entire amount of the EMI for a particular month on the due date, as indicated in the statement and the same shall not be permitted to be carried forward/included in the next statement; i.e. the EMI shall be construed to be a part of the minimum amount due on the Credit Card account each month. Late payment charges and standard Credit Card interest charges shall apply in case of non-payment of the EMI by the due date, as per the terms and conditions applicable to the Bank's Credit Cards.
• If the Cardholder has availed Loan Against Credit Limit, the cash limit and credit limit on the Credit Card of the card holder will be blocked by the amount for which the loan facility is granted. The cash limit and/or credit limit shall be reinstated to the extent of the amount of EMI repaid by the card holder.
• If the Cardholder has availed Loan Above Credit Limit or Top-Up Loan, The Loan Amount availed will be over and above the Cardholder’s Credit Limit and will not block the cash and/or credit Limit of the cardholder. However, the cash limit and/or credit limit shall be blocked each month to the extent of the EMI billed to the cardholder in that month and will be reinstated once the amount of EMI is repaid by the cardholder.
• Customer can pre-close the Loan by calling our customer care number.
• If the loan facility is preclosed/foreclosed or terminated before its tenure, the amount of the loan facility outstanding at the time of preclosure/foreclosure/termination together with all interest thereon and all other monies due in respect of the loan facility shall become repayable immediately by the card holder. The cardholder shall pay such preclosure/foreclosure charges as indicated at the time of availing the loan, which may be modified or changed at the discretion of the Bank from time to time. Notwithstanding anything, the Bank shall, without prejudice to all its rights and remedies, have the right to call upon the card holder to repay the outstanding loan amount forthwith along with all interest thereon and all other monies due in respect of the loan facility.
• Upon occurrence of event of default in repayment of the amount of the loan facility, the card holder shall be liable to repay all such amounts upon such demand. Upon preclosure/foreclosure of the loan facility, the entire principal outstanding will be billed to the cardholder. If the card holder chooses not to pay the entire amount and opts to pay the Minimum Amount Due, then the entire amount will attract normal Credit Card interest rate.
• If the cardholder chooses to pre-close a Loan Above Credit Limit or Top-Up Loan, the entire outstanding of the loan at the time of pre-closure shall be payable immediately.
• The cardholder understands and accepts that by availing the loan facility, the cardholder shall not be eligible for any reward points on the EMIs as mentioned above charged on the Credit Card.

Following shall constitute events of default:

• Numbers used by the bank to inform about the Loan offers - Click here to know Numbers.
• The cardholder's commission of a breach of any of the terms and conditions and covenants contained herein.
• Any misrepresentation by the cardholder to the Bank.
• The card holder having been declared an insolvent.
• Any proceedings for misconduct or default having been initiated against the cardholder.
• The cardholder's failure to furnish any information or documents that may be required by the Bank.
• The cardholder's entering into any composition with his/her creditors.
• The cardholder's defaulting on any of the terms and conditions of any other loan or facility provided by the Bank or other creditors to the cardholder.
• The existence of any other circumstances which, in the sole opinion of the Bank, jeopardises the Bank's interests.
• Upon the occurrence of any event of default as specified above, the Bank shall be entitled to exercise rights and remedies available to it under these terms and conditions as also the terms and conditions for issue of Credit Cards by the Bank.
• The Bank reserves its right, at any time, to add, alter, modify, change or vary all or any of additional terms and conditions with prior notice to the customer.
• In addition to the general right to set off or other right conferred by law or under any other agreement, the Bank may, without notice, combine or consolidate the outstanding balance on the card holder's card account, or the account linked to the Credit Card account, with any other account(s) that the card holder maintains with the Bank and its group companies, and set off or transfer money standing to his/her credit in such other account(s) towards the satisfaction of the card holder's liability to the Bank under the loan facility.
• The terms and conditions governing the loan facility shall be in addition to and not in substitution / derogation of the terms and conditions governing the Credit Cards of the Bank.
• Applicable Tax, as notified by the Government of India, is applicable on processing fee, preclosure fee and interest component of the EMI, and is subject to change as per relevant regulations of the Government of India.
• *Digital lending services provided by our partner – Creditas Solutions Private Limited
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