Personal loans help you meet your financial needs instantly, so if you are in need, apply for IndusInd Bank Personal Loan. This loan product doesn’t demand any collateral for the lump sum amount security as happens in a secured loan. But same as the secured loan, for this, the bank charges a processing fee. Well, the fee is up to 3% of the amount you apply for. Keep reading this page for more details on the personal loan and its processing charge.
What is an IndusInd Personal Loan?
This is an unsecured loan product of the IndusInd Bank. With this, you can meet financial obligations immediately. How? Here, the bank will lend you up to INR 25 Lakhs. Using this much money you can meet any financial need. And the processing of the loan will be completed in 24 to 48 hours following the date of receiving the documents.
For the loan processing, IndusInd Bank charges a fee that will be reduced from your disbursed loan amount. So you won’t have to pay the fee upfront. It will be charged once your loan request is approved. You should know that, upon cancellation of a personal loan, the processing fee won’t be refunded to you.
How My Loan Limit is Determined?
The lender will decide on your loan limit based on the following factors –
Income of the Borrower
The net monthly income of the applicant lets the bank know his/her repayment limit. So if you have a high income, it means you can have a high loan amount as well. Well, the minimum income required to apply for an IndusInd Bank Personal Loan is INR 25,000. If you meet this criterion of the bank, your loan application will get approved. But you should know that this minimum income won’t be able to get the high loan amount such as INR 10, 15, 20 or 25 Lakh. So, check the income criteria before you apply for the loan.
Borrower’s Credit Record
Your previous payment history helps the bank know your repayment credibility. If you have paid the loan EMIs and credit card bills on time without any penalty, this is a spotless credit record and could help you borrow the desired amount. Whereas, a record of non-payment, due bills on the credit card, or penalties will make it harder for you to get the loan from IndusInd Bank.
So what you need to do in a situation like this is, check the credit report and remove the error and late payment record. To do the same, file a dispute with the credit bureau. If the reason for your poor credit record is non-payment, visit the lender’s branch office and settle the due payments. When you do the same, your record will gradually improve.
If you have active credit cards or loan EMIs, the IndusInd Bank will consider them to determine your loan limit. Because the bank wants to be assured, you can manage to pay two obligations under your income without any trouble. And to increase your reliability of regular payment, you can also borrow this loan jointly. Because when you borrow this loan with your spouse or parent, there is an assurance that if you step down from the repayment, the co-borrower will pay the rest.
You should know that in a joint IndusInd Bank Personal Loan both the primary and co-borrower will have to face consequences if the loan is not paid.
How Much is the IndusInd Bank Personal Loan Interest Rate?
The rate of interest begins from 10.49% per annum. The maximum rate that could be applied to your borrowed lump sum amount is 29.50% per annum. So if you are highly eligible for the loan, you could have the lowest IndusInd Bank Personal Loan Interest Rate. So get the amount from the bank and meet your financial obligations.