Applying for a loan can be a really tiring and lengthy process, but with the best personal loan available, you can simplify the process. IndusInd Bank personal loan is one such loan that offers the best services, lower rates, and great serviceability to the applicants.
IndusInd Bank requires no collateral and income proof for loan approval. Regarding features and benefits, it emphasizes minimal documentation, rapid processing, and disbursal. Candidates can choose a loan tenure between one and six years to enhance their borrowing experience. You can specify your choices for repayment with this option.
Among various aspects that set IndusInd Bank’s personal loans above other loans are their low-interest rates, doorstep service, and lack of collateral or guarantor requirements. This simple process will reduce your stress and make it more accessible.
Prime Features & Benefits of IndusInd Bank Personal Loan
IndusInd Bank personal loans are instant personal loans that can offer you a multitude of benefits. These features have benefits you can’t afford to miss. With simple applications and customer-friendly terms, it will aim to provide solutions for every finance-related situation.
1] Adjustable Personal Loan Duration
Apply for a fast personal loan and select a loan tenure between 1 and 6 years. This facility helps in every worst financial situation and allows you to adjust the repayment period. You can make repayments based on your convenience.
2] Simple Documentation
Get an instant personal loan with easy paperwork, quick processing, and fast disbursement. This not only saves time but also simplifies the application process. Simple documentation makes it more convenient for you to access this online personal loan.
3] No Guarantor Required
With IndusInd Bank’s personal loan, you benefit from low-interest rates. Not only this, but you will also get the advantage of no submission of collaterals or guarantors. This borrower-friendly feature reduces stress and makes it more customer-centric for you.
4] Lower Interest Rates
The interest rate that is associated with the IndusInd Bank personal loan is quite friendly. This allows the applicator to get the funds with ease and enjoy the same at a lower cost. This will fulfill your financial needs to the best.
5] Simple Eligibility
Most personal loans are only for salaried individuals, but this is different. Self-employed individuals and professionals can also apply for the loan and get the benefit. Though there might be a bit of variation in the age criteria, still, the needs can be fulfilled.
6] Multiple End Use
This loan can be used for anything you need. Be it education, renovation, business, or maybe travel, you can end up using these funds for any purpose without being worried at all about disclosing the same.
7] Digital Application
With time, the demand for online applications is increasing rapidly, and on the list is this loan, too. You can apply for this loan online without the need to visit the branch, which is definitely an added benefit.
With all these features in light, this is a great loan to apply for.
Best Digital Personal Loan, Best Instant Personal Loan, Best Personal Loan in India
Online Application Process for IndusInd Bank Personal Loan
Getting an IndusInd Bank personal loan is not challenging, as it’s an easy online platform. Follow these steps to fill out your application process on the IndusInd Bank website:
Step 1: Enter Your Information
Begin the loan process by sharing essential personal details and outlining your loan requirements. Check the eligibility criteria like age limit, minimum income, credit score, etc. This initial step lays the foundation for the best experience.
Step 2: Customized Offer
After the submission of your information, analysis by IndusInd Bank begins. Their team works diligently to fetch the most fitting loan offer per your eligibility. They will share with you details like interest rates, tenure options, and loan amounts you can get.
Step 3: Application Completion
Proceed to finalize your loan application by completing your KYC. This involves navigating through the V-KYC (Video Know Your Customer) process. It will set up an automatic repayment arrangement for your convenience.
Step 4: Quick Fund Transfer
Upon completing the application, the next step involves digitally signing the contract. This action will start the disbursement of funds, transferring the approved loan amount directly into your bank account.
Eligibility of IndusInd Bank Personal Loan
You must check the basic requirements like age, credit score, and income to take this online personal loan. As stated above, the application process involves sharing personal details. Additionally, here are the other criteria you must see for approval of this personal loan.
Age Requirement: You must fall under the age limit of 21 to 60 years.
Income Criteria: Your monthly income must be a minimum of INR 25,000 per month if you are salaried. For the self-employed, it is a minimum of INR 4,80,000 per year.
Credit Score: Your credit score must be 750 or above.
Mandatory Identification: You must give your PAN or Aadhaar card as your identification document.
Financial documents: Submit a bank statement of the last 3 months to fulfill this eligibility criterion.
IndusInd Bank Personal Loan Fees & Charges
This section details the fees linked to IndusInd Bank personal loans. It explains some crucial fees applicable to this online personal loan.
Processing Fee
When you request a digital personal loan, several lenders will apply a non-refundable processing fee to manage your application. This fee varies between banks and can go up to 6% of your loan amount. But IndusInd Bank imposes lower processing fees. It is limited to 3% of the loan. For instance, you must pay a processing fee of INR 15,000 if you get a loan of INR 5 lakhs.
Pre-payment or Foreclosure Charges
You may receive a significant sum during the loan term, like a bonus or property sale. IndusInd Bank allows you to use this money for loan pre-payment, but you’ll incur 4% charges. While pre-paying reduces the overall burden, foreclosure charges may offset the benefits. So, carefully calculate your loan amount before deciding.
Payment Dishonour Charges
In case your cheque is dishonored or your NACH transaction fails due to the funds issue in your account, this charge will be applied to your account. The charge is usually around INR 450 + GST. So, it’s important that you ensure you have proper funding in your account.
Other Charges
Additional charges may apply in different situations besides processing fees and fixed interest rates. For example, if your EMI gets delayed by 5 days, the bank will charge you INR 150. Also, you must pay INR 1000 if you’ve canceled your loan at any time.
Important Insurance to Take with a Loan
Taking out insurance is a wise move when applying for digital personal loans. Here are four types of insurance that can provide you with coverage in various situations. Let’s explore why they matter when taken along with a personal loan.
EMI Protection Insurance
EMI Protection Insurance comes with hidden benefits that are sometimes overlooked. This insurance may have a feature that cancels a part of the remaining EMIs if there’s a critical illness. Additionally, it might cover extra expenses, such as legal fees or documentation charges, associated with specific events.
Life Insurance
Life insurance ensures your family receives a certain amount if you pass away. Some can be used to pay off your fast personal loan, relieving you of financial burden. The remaining money will allow your family to manage the rest of their life without financial worries.
Critical Illness Insurance
This insurance can offer help with expenses during your recovery from a serious illness. It will also cover various costs that arise after the treatment. It might also include a feature that provides partial payouts when diagnosed with less severe but impactful illnesses.
Disability Insurance
Disability Insurance includes a benefit for modifying your home according to your disability. The plan may also cover training for your caregivers. This provides financial help for your family members to acquire the necessary skills to assist people with disabilities.
Benefits of Balance Transfer From Your Existing Indusind Bank Loan
You can now transfer your current loan to IndusInd Bank to save more money. Why? This helps reduce your monthly payments and the total interest over the loan period. It’s a practical way to make things easier for you and assist your family in clearing old debts. With the facility of the best personal loan at your disposal, you can minimize the burden on your finances and save a great deal with the balance transfer facility.
