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Personal Loan

Induslnd Bank fulfills all the financial needs by offering a tailor based Personal Loan  which is specifically designed to cater to the requirements of individuals to accomplish their dreams.


Why one avails Personal Loans from Induslnd?


Nobody wants to spend entire liquid cash even if it’s available in their hands as they want to keep the same for emergency /unforeseen circumstances or for other specified reasons. Hence, it’s prudent to avail Induslnd Personal loans which will not only meet the requirement but also fulfill the wishes and desires.


Reasons could be the following:-
 

  • Child’s marriage.
  • Child’s higher education.
  • Capital requirement for business.
  • Fund medical treatments.
  • Buying gifts for someone.

Why one should choose Induslnd personal Loan
 

Induslnd Bank, the “Best Mid Sized Bank” and India’s “6th Most Trusted Private Bank”, has been recognized for its top class service and high end products which suits all the segments of the society and therefore caters to their requirements. Established in 1994 and with huge network of branches and expert professionals on board, one can easily trust Induslnd Bank to avail Personal Loan.


Features & Benefits of Induslnd Bank Personal Loan
 

Induslnd Bank offers Personal Loans which have some unique features which are:
 

  • Competitive interest rate with maximum loan approval: Induslnd Bank provides a very attractive interest rates on Personal loan.
  • Easy, simple and hassle free documentation: With a very effortless and trouble free documentation, Induslnd Personal loans become very customer friendly.
  • Doorstep service: One can avail door step service and enjoy the convenience.
  •  Balance Transfer option at a lower rate: To do away with the high rate of interest from other lenders, the loan can be transferred to Induslnd bank at a much lower rate.
  • Securities /Collaterals and Guarantors are not needed: Induslnd Personal loans are given purely on the basis of the income and KYC. And documents related to these are only needed. No collaterals or any other securities are needed to avail the same.
  • Induslnd Personal Loan tenor is as long as 5 years: One has the option to choose the tenor from 1 to 5 years to repay Induslnd Personal loan.
  • Facility to preclose the loan: Induslnd Personal Loan can be closed even before maturity.

Details of the Loan
 

  • Minimum Induslnd Personal Loan Tenor is 12 months- One has to take the loan for a minimum of 12 months.
  • Maximum Induslnd Personal Loan tenor is 60 months-Options are available for a maximum of 60 months which means one can choose the repayment till 5 years.
  • Minimum Amount: The minimum amount which has to be taken is Rs 50000.
  • Maximum Amount: The maximum amount one can take is Rs 15 Lakhs.

Indus Kisan

In order to benefit the India farmers on a larger scale, Induslnd bank has taken out a new loan policy called the Indus Kisan. This Induslnd Personal loan is best suited for the smart farmers who want to make a clear and wise financial decision relating to agriculture. It is a Direct Agri Funding Product. This Indus Kisan enables the farmers to obtain both short term as well as long term loans through a specific single window system for farming and other affiliated activities. The loan acquired through this item will be safely procured and the benefit of loan extension is also available. This extension procedure will be based on the agricultural acquisition of the lands as well as the investment requirements of the farmers. Let us look at the various features of Indus Kisan on the basis of which this product will be clearer to us.
While taking into consideration the above mentioned features, it can be said that the loan against securities of the Induslnd bank also benefits the applicants in a host of ways. Let us take a look at the different advantages of this loan:
 

  • As soon as the Induslnd Personalloan is applied by the applicant, immediately the approved investments are liquidated.
  • The payment of the principal loan amounts takes place as per the wish of the loan applicant.
  • Interest is payable on a monthly basis only on the amount consumed by the applicant.
  • No extra hidden costs are charged by the applicant if the amount is not utilised by him.
  • Pre-payment of loan option may be taken.
  • Loan prepayment option is totally free of cost.
  • Lower chargeable interest incurred on the loan amount.
  • Loan processing fee is also minimal.
  • Online Induslnd Personal loan application process available.
  • This loan has basically two sub-categories namely agricultural activities and agri-allied activities.
  • Agricultural activities involve crop loan or production loan and investment loan.
  • In crop or production loan, the need for working or running capital is satisfied for undertaking the cultivation of crops.
  • Investment loans takes into consideration the long term requirements of the farmers for setting up farming equipment like pump sets, etc.
  • Agri-allied activities involve dairy, fisheries, poultry etc.
  • They are of two types of personal loans namely agri-allied over drafts and agri-allied term loan.
  • Agri-allied over draft helps the farmers in satisfying their need for working amount for agri-allied activities.
  • Agri-allied term loan caters to the long term money needs of the farmers for agri-allied activities.

Loan against Security
 

Induslnd Bank offers personal loan of another type called the loan against securities wherein, the applicant may use their investments, mutual funds, shares etc that are approved by the bank as a security or collateral in order to take loan. By securing their approved investments, the applicants can meet their pertaining needs and requirements without liquidating their assets. The following are the features of Induslnd Personalloan against securities of Induslnd bank:
 

  • Offered loan amounts to 80% of only the approved investments.
  • Minimum loan amount of Rs. 2 lacs can be offered to the applicants.
  • Investments considered can be mutual funds, shares, bonds or any other investments.
  • The Induslnd Personalloan applicant has the benefit to avoid security liquidation.
  • Securities are valued at a comparatively larger rate.
  • Very competitive rate of interest charged from the applicants.
  • The fee involved in the Induslnd Personalloan procedure in minimally charged.
  • Facility of overdraft available.
  • The securities used as collateral can be guaranteed from any Depository Participant in India.
  • He bank generally issues monthly statements containing data as regard to the Induslnd Personalloan amount.
  • Induslnd Bank offers Personal Loans in a wide range of loan extraction process through net banking, mobile banking, cheque book and also debit card.]\

Induslnd Personal loan Eligibility for Indus Kisan
 

Not all farmers are eligible to take up Indus Kisan scheme offered by the Induslnd bank. They need to fulfil certain criteria laid down by the banksto offer personal loans. Let us find out the various factors that make the farmers eligible to apply for this personal loan:
 

  • The person should be someone residing in India.
  • He should be between the age ranging between 18-70 years.
  • The person must be involved in agricultural as well as agri-allied activities.
  • If the applicant is above the implied age of 70 years, he is required to have a co-borrower of the loan.
  • The applicant’s name should not be mentioned as a ‘Defaulter’ in the Defaulter’s List as per the CIBIL/RBI Report.
  • Indus Kisan scheme is offered in only certain Induslnd branches namely Punjab, Haryana, Rajasthan, Himanchal Pradesh, Madhya Pradesh, Gujarat and Maharashtra and the area of working should not be more than 50kms. from the supposed branch to the applicants residing address.

IndusInd Personal loan amount Eligibility

Salaried employees are chartered accountants, doctors, selected private and public government employees and government state and local body employees.


Self employed professionals are architects, self employed chartered accountants, doctors, engineers, company secretaries and MBA consultants.


Self employed individual are directors, partners and sole proprietors who are engaged in trading, services and manufacturing business.
 

Eligibility Criteria

Salaried

Self Employed Professional

Self Employed  Individual

Net Monthly Income

Rs 25000/-

Minimum Annual Net Income required for Induslnd Personal loan post tax should be Rs 4.8 Lakhs

Minimum Annual Net Income post tax should be Rs 4.8 Lakhs

Age of Applicant

Applicant’s Age should be Min 21 years

Max 60 years /retirement age whichever is lower at the time of the maturity of the loan.

Applicant’s Age should be25 years

Max 65 years at the time of the maturity of the Induslnd Personal loan.

Applicant’s Age should be25 years

Max 65 years at the time of the maturity of the Induslnd Personal loan.

Current Experience

Applicant should possess minimum 2 years in employment and 1 year in the present organization.

Applicant should possess minimum 5 years of post qualification experience

Applicant should possess minimum 5 years of post qualification experience

Minimum Loan Amount

Rs 1 Lakh

Rs 1 Lakh

Rs 1 Lakh

Maximum Loan amount

Rs 15 lakhs( Listed companies) and Rs 7 lakhs ( Non Listed)

Rs 10 lakhs & above

Rs 10 lakhs & above

Minimum Tenor

1 year

48 months

48 months

Maximum Tenor

60 months ( Listed companies) and 48 months ( Non Listed)

 

 

Processing Fee

0.5%-2.5%

0.5%-2.5%

0.5%-2.5%

Prepayment Charges

4% after 1 year of emi clearance

4% after clearance of 6 emis.

4% after clearance of 6 emis.

Turn Around Time for processing

4-7 working days

4-7 working days

4-7 working days

 

 

 

 

 

Personal Loan Interest Rates & Charges

Personal Loan Interest Rates
Minimum 11.00%
Maximum 30.50%
Mean 14.93%


 

Personal Loan Annual Percentage Rates (APR)
Minimum 13.09%
Maximum 21.50%


Service tax and other taxes will be applicable on above.

Repayment
 

Repayment can be done through EMI which can be paid through ECS Electronic Clearing System) or SI (Standing Instruction) to debit the Induslnd bank account.
 

Part Prepayment
 

Part Prepayments are not permissible in case of Induslnd personal loans. The same has to be either fully paid or serviced for the contracted tenure for Induslnd Personal Loan.


Account Opening
 

It’s not mandatory to open savings account with Induslnd bank, however it’s advisable to do so as the bank can offer host of other value added services like special interest rates, minimum documentation and fasterdocumentation processing on a priority basis if one is the account holder of the bank. Also it’s much easier to track the monthly payments and therefore can be easily tracked.


Schedule of charges
 

The following are the schedule of charges which are the requirements for personal loans which an applicant should know while making a Induslnd personal loan application.
 

Description

Charge

Induslnd Personal loan Interest rate

11.00% - 30.50% p.a

Processing charge

Upto 2.5% of the loan amount inclusive of tax

Prepayment charge

For salaried its 4% after 12 months emi clearance.

For self employed its 4% after 12 months emi clearance.

ECS/ SI  dishonor charge

Rs 450/- plus tax

Cheque/ ECS/ SI swapping

Rs 500/-- plus tax

Duplicate statement charge

Rs 250/- plus tax

Duplicate No Due Certificate

Rs 250/- plus tax

Duplicate Amortization Schedule

Rs 250/- plus tax

Loan cancellation charges

Rs 1000/- plus tax per event.

Loan Re-booking/ Rescheduling charge

Rs 1000/- plus tax per event.

Penal charge

Rs 150/- plus tax, Per EMI delay beyond 5 days.

Charges for photocopy of Agreement / Documents

Rs 250/- plus tax

Legal charge

As per Actuals

CIBIL Report

Rs 50/- per instance plus tax

Stamp Duty

As applicable as per the current state laws.

 

 


Schedule of Charges for loan against security
 

Schedule of charges for Current Account Loan against Securities
 

Loan processing charge

Up to 1% of the money sanctioned  subject to a minimum of Rs. 2500

Charge fee loan renewal

Up to 1% of the money granted  subject to a minimum of Rs. 2500

Fee incurred for late loan payment

24% per annum is charged on the money overdue. It is computed daily and charged monthly.

Pledge/ depledge charge

0.02% of the pledge and depledge worth which should not be more than Rs. 20 per trf.

Fine for pre-payment and part-payment of loan

Not applicable

Fee on the amount drawn in extra of limits

The penal interest of 24% per annum including tax is charged on the money extracted in excess of the limit. This interest is computed daily and is charged monthly.

Security sale

All charges on transactions, brokerages and other taxes as per originals

Incidental and legal fees

As per originals

Demat charges

As applied to the Demat account from time to time

Stamp duty and other compulsory charges

As per the law of the State applicable on the Induslnd Personalloans

Charges for ascertaining the credit

Not applicable

 

Schedule of Charges for Indus Kisan


The Schedule of charges is as follows:
 

Charge for loan processing

1% of the total amount of loan including applicable service tax.

Charges for pre-payment

Not applicable.

Maintenance fee per annum

Rs. 800 including applicable service tax for every proposal per annum for all CC/OD accounts during October.

Penal interest

18% per yearly charged on the balance overdue that is payable along with the interest.

Charges for CERSAI

 

Other misc. fee

 

Documentation

As mentioned above, easy, hassle free and minimum mandatory documentations are needed along with the Induslnd Personal loan application form. The details are as follows:-
 

Documentation

Salaried

Self employed

Financials /Income Documents

  1. Salary Slip for last 3 monthsare needed.
  2. Latest Form 16 or ITR
  3. Appointment letter.
  4. Latest banks Statements for main account for last 6 months are needed. It could be a CA (Current), SA ( Savings), OD ( Overdraft), CC ( Cash Credit)

 

 

  1. Income Tax return for last 2 years with Profit and Loss account along with computation of Income and Balance sheet for last 2 years certified by a CA including schedules and audit reports( Form 3CB &3CD)
  2. Latest bank Statements for main account for last 6 months. It could be a CA (Current), SA ( Savings), OD ( Overdraft), CC ( Cash Credit)
  3. Business continuity proof : Trade License, Establishment / Sales Tax Certificate.

 

 

Proof of Identity

  1. Valid Passport
  2. Voter’s Id
  3. Valid Driving Licence
  4. Aadhar Card or letter issued by UIDAI
  5. PAN Card

 

  1. Valid Passport
  2. Voter’s Id
  3. Valid Driving Licence
  4. Aadhar Card or letter issued by UIDAI
  5. PAN Card

 

Proof of Address

  1. Utility bill not more than 3 months old.
  2. Valid Passport with the same address as mentioned in the application form.
  3. Ration card
  4. Leave and license Agreement.

 

  1. Utility bill not more than 3 months old.
  2. Valid Passport with the same address as mentioned in the application form.
  3. Ration card
  4. Leave and license Agreement.
  5. Trade License
  6. Sales tax Certificate

 

 

Additional Mandatory documents

                       NA

  1. Sole Proprietorship Declaration
  2. Certified copy of Partnership Deed.
  3. Certified copy of Memorandum and Articles of Association & Board Resolution.

 

 

List of Cities where Personal Loan is available

Induslnd Personal loan is available only is selected few cities in India. The list can be summarized as follows:
 

North & East

West

South

Chandigarh/ Panchkula

Ahmedabad

Bangalore

New Delhi / Delhi 

Mumbai

Chennai

Faridabad

Navi Mumbai

Hyderabad/ Secunderabad

Ghaziabad

Pune

Coimbatore

Gurgaon

Thane

Vishakhapatnam

Jaipur

Kochi

Ludhiana

Kolkata

Nagpur

Lucknow

Noida

Surat

Kanpur

Amritsar

Jodhpur

Indore

Baroda

Cuttack

Bhubaneswar


Advantages
 

Indus Kisan is a very beneficial loan scheme taken out by Induslnd bank. It has a vast range of benefits that cater to almost all the needs of the farmers. Let us point out certain advantages of this scheme:
 

  • The Induslnd Personalloan is approved instantly.
  • The loan is disbursed in a quick and hassle-free way.
  • There are no extra charges involved in loan application process.
  • The Induslnd Personal loaninterest rates are comparatively very low and competitive.
  • The option of loan pre-payment is available without any fine on the part of the applicant.
  • The applicants can deposit as well as extract the amount from any Induslnd bank branch without having to pay any extra charge.
  • Term loan portion supports accumulated savings bank account and the cash extraction portion is done with the help of a debit card.

Induslnd Personal Loan EMI Calculator

The website Paisabazaar.com provides the Personal Loan EMI calculator. It is very easy and user friendly and helps one to calculate EMI for Induslnd Personal loan to know the total amount payable, principal amount, monthly payment and total interest payable. Few examples are :
 

  • Loan amount : Rs 50000 taken for 1 year at 13% , the emi will be Rs 4466/- , the total interest payable will be  Rs 3591/-
  • Loan amount : Rs 100000 taken for 2 years at 13.25% , the emi will be Rs 4766/- , the total interest payable will be  Rs 14383/-
  • Loan amount : Rs 200000 taken for 3 years at 13.50% , the emi will be Rs 6787/- , the total interest payable will be  Rs 44335/-
  • Loan amount : Rs 500000 taken for 4 years at 13.75% , the emi will be Rs 13601/- , the total interest payable will be  Rs 152830/-
  • Loan amount : Rs 800000 taken for 54 months at 14.75% , the emi will be Rs 20359/- , the total interest payable will be  Rs 299389/-

Very often during festivals, Induslnd offers personal loan with special offers. Currently Personal Loan of Induslnd Bank is offering loan uptoRs 20 lakhs with up to 50% off on the processing fee and the interest rates starts from 12.99%. Speedy approvals, faster documentations and a 60 months repayment period makes the loan customer friendly and helps them to fulfill their dreams and wishes.

Applying for an Induslnd Personal loan

One can apply for anInduslnd Personal Loan online using the online web portal called Paisabazaar.com. The website offers easy loan application process where the customers can apply for the loan at the click of a button. An Induslnd Bank personal loanOnline Application form is available where the basic minimum details needs to be filled up post which the process of applying for the loan is initiated. The applicant is required to furnish his details like the present city of residence, resident type, date of moving to current residence, date of birth, type of employment, total EMI that is paid currently in a month. After putting all the details, a screen will appear where the maximum eligible loan amount  loan amount , interest  and the emi will show which can be adjusted or changed according to one owns choice and thereafter the application can be made.


For example: A person working in an MNC bank for more than 6 years with net monthly income of Rs 60000/- and with current monthly obligations of Rs 10000/-  is eligible for a maximum loan amount of Rs 10.8 lakhs. However, this amount can be adjusted. Lets take for an example that this person needs only Rs 8 lakhs , so monthly payment will come to Rs 18718/-, interest rate is 14.25% which is fixed. The total interest will be Rs 323080/-, fees and tax will be Rs 9576, hence the total cost of the Induslnd Personalloan will be Rs 11,32,656/-.


Tracking Loan Application
 

After applying for aInduslnd Personalloan, the bank needs a minimum time to process the loan. In the meantime the customer has the facility to track or check his loan application status. And for checking the loan status, the applicant needs to visit the same Paisabazaar.com website to check the status of his loan application. After the application details are filled in, the Induslnd Personal loan status will be displayed and the applicant can know whether the loan is sanctioned of in the processing stage.

IndusInd Bank Personal Loan
(4/5 ) 1 Review
Personal LoanPersonal Loan
4/5

Low interest rates

I had taken a personal loan from IndusInd bank for my honeymoon trip to Europe. My loan was approved very easily at with low interest rates as I had an excellent credit history and all my documents were ready. The bank agents were also very helpful and polite.

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Posted on: Jan 19 , 2017