IndusInd Personal Loan Online – Crucial Details to Know Before Applying

Are you planning to apply for IndusInd personal loan online? Headquartered in Mumbai, IndusInd Bank Limited is an Indian new generation bank. Operational since 1994, IndusInd bank provides transactional, commercial and electronic banking products. With 1055 ATMs and 573 branches spread across the country, IndusInd Bank aims at providing the best financial products and services along with top-notch customer service. They provide a variety of loan products including gold loan, car loan, home loan and personal loan. The company even allows you to borrow against your credit card. IndusInd personal loans are marked by easy application, minimal documentation, fast approval and instant disbursal of funds.

If you are planning to apply for the IndusInd personal loan online, you must get to know the nitty-gritty of the loan product. Here at Loan Sumo, we aim at helping you find the best instant personal loans. Take a look at the details of the IndusInd personal loan to make a well-informed decision.

Why should you go for IndusInd personal loan online application?

No matter how cautious you are in life, you can never prevent or prepare enough for emergencies. You or a loved one may fall sick or meet with an accident, your car may break down, your house may require urgent repair and what not! Such events often take a significant toll on your finances, which adds to your stress. If you are facing a financial crisis in the aftermath of an emergency, you might need an external injection of funds. The IndusInd personal loans can help you a great deal in such situations. Unlike online cash loans that only offer a small sum of money, IndusInd personal loans can provide you with a sizable amount.

You can also apply for the IndusInd personal loan online for non-emergency expenses involving weddings, home remodelling, purchase of new appliances or gadgets, vacation and much more. These personal loans are highly versatile, and you can borrow the same for various personal reasons. Thanks to the competitive interest rates and charges offered by the company, IndusInd personal loans are often cheaper than credit cards. That is why you may want to take out a personal loan instead of using your credit card. Also, regardless of whether you have some liquid money or not, you may not want to spend all of your savings on a personal project. That is when you can try applying for the IndusInd personal loan online.

IndusInd personal loan online – eligibility requirements

The IndusInd personal loan online application makes it super easy to apply for the loan. You do not have to visit the bank, stand in a long queue, or spend hours at it. You submit your application right from the comfort of your home. However, before you take the final step, you should find out if you are eligible for the loan. Like all loan products, IndusInd personal loans also have some qualifying criteria that you need to meet to get the approval. Since the loan is available to both salaried and self-employed individuals, the eligibility requirements may also vary. Let’s a take a look.

Salaried employees

Self-employed professionals

Self-employed individuals

Examples of salaried employees include doctors, chartered accountants, private and public sector employees, central government and PSU employees and so on. Examples of self-employed professionals include doctors and healthcare professionals with their own practice, architects, CAs with their own business, company secretaries, engineers, MBA consultants. Self-employed individuals may refer to sole proprietors, partners, and directors involved in trading, services, or manufacturing businesses.
Applicants need to be between the ages of 21 years and 60 years. Applicants must be within the age bracket of 25 to 65 years. Age of the borrower must be between 25 and 65 years.
Monthly income must be over Rs. 25,000. Applicant must have a net annual income of over Rs. 4.8 lakhs. Must have a net income of at least Rs. 4.8 lakhs per annum
Must have a minimum overall work experience of 2 years. Applicant must also have minimum experience of 1 year with the current employer. Applicant must have at least 4 years of experience as a professional post qualification. Must have at least 5 years of experience in the relevant field after qualification.

Aside from these basic requirements, lenders may also have some additional criteria. For example, to obtain the IndusInd personal loan online, you must have good credit scores. Having an excellent credit record helps you get the lowest interest rates and most favourable repayment terms. If you do not know your credit score, you may try the free CIBIL score checker. Having poor credit ratings, on the other hand, can get your application rejected. The same applies to borrowers with no credit score. If you are struggling to qualify for a traditional personal loan due to bad credit rating, you should explore your options in bad credit personal loans.

Interest rates and charges of IndusInd personal loans

Finding out that you are eligible for the IndusInd personal loan online application is a cause of celebration. However, you cannot go and apply right away. The research and decision-making process is not over yet! Before you submit your application, you need to think about the cost of the loan. Will you be able to repay it on time? Will the monthly instalments or EMIs take a toll on your budget? Here is a quick overview of the rates and charges that come with IndusInd personal loan. It should help you carry out a rough calculation.

For salaried

For self-employed

Loan amount Rs. 50,000 to Rs. 25 Lakh Rs. 50,000 to Rs. 15 Lakh
Tenure 1 to 5 years 1 to 5 years
Lowest interest rate 11.00% 14.00%
Processing Fee Min 1% – Max 2.50% Up to 2.5%
Part Prepayment Charges Not allowed Not allowed
Pre-closure Charges Up to 4% Up to 4%

So, have you decided to go for the IndusInd personal loan online? Browse through Loan Sumo and submit our quick online application form to get started!