IndusInd Bank Personal Loans - Types of IndusInd Bank Personal Loans

IndusInd Bank offers a smooth resolution of financial problems with IndusInd Bank personal loans. These loans can be used to cover medical bills, wedding expenses, international vacation expenses, or debt consolidation. IDBI personal loans do not require any security or collateral and are hassle-free with an easy application process. mymoneykarma gives you all the information you need on IndusInd Bank personal loans.

Benefits of IndusInd Bank Personal Loans

IndusInd Bank personal loans are loaded with customer-centric benefits and features. Here are a few highlights of IndusInd Bank personal loans.

• Significant loan amounts ranging from a minimum of Rs 50,000 to a maximum of Rs 15 lakhs. The loan amount depends on the applicant's repayment capability, credit score, credit history, and yearly income.
• Loan tenures ranging from a minimum of 12 months and a maximum period of five years.
• Affordable interest rates starting from 10% per annum.
• Loans available for salaried individuals, public and private company employees, and government employees.
• Special offers if the applicant is an existing customer of IndusInd Bank.
• Various feasible repayment channels such as NEFT, post-dated cheques, and online banking.
• Facility of personal loan transfer from other banks to IndusInd Bank.
• Simplified loan application and approval process with minimal documentation.
• Dedicated 24/7 customer service desk for query resolution.
  

Types of IndusInd Bank Personal Loans

IndusInd Bank offers the following types of personal loans

Personal Loans For Education

These personal loans from IndusInd Bank can be used for financing children’s education and further studies in India and abroad.

Eligibility Criteria

• Minimum income of Rs 25,000 per month.
• Sound repayment capability and a good credit score.
• Loans available only to salaried customers.
• An age range of 21-60 years for salaried individuals.
• Minimum work experience of 2 years with 1 year at the current organization.
• Minimum stay of 1 year at current residence.
• An age range of 25-65 years for self-employed individuals.
  

Personal Loans for Wedding

These personal loans from IndusInd Bank can be used to cover the costs of a wedding in the family or of the applicant.

Eligibility Criteria

• Minimum income of Rs 25,000 per month.
• Sound repayment capability and a good credit score.
• Loans available only to salaried customers.
• An age range of 21-60 years for salaried individuals.
• Minimum work experience of 2 years with 1 year at the current organization.
• Minimum stay of 1 year at current residence.
• An age range of 25-65 years for self-employed individuals.
  

Personals Loans for Home Renovation

These personal loans from IndusInd Bank can be used much like a home loan, to upgrade or renovate the applicant’s house.

Eligibility Criteria

• Minimum income of Rs 25,000 per month.
• Sound repayment capability and a good credit score.
• Loans available only to salaried customers.
• An age range of 21-60 years for salaried individuals.
• Minimum work experience of 2 years with 1 year at the current organization.
• Minimum stay of 1 year at current residence.
• An age range of 25-65 years for self-employed individuals.
  

Personal Loans for Medical Expenses

These personal loans from IndusInd Bank can be used to mitigate costs of medical treatments, surgeries and other medical emergencies for parents, other family member, or the applicant itself..

Eligibility Criteria

• Minimum income of Rs 25,000 per month.
• Sound repayment capability and a good credit score.
• Loans available only to salaried customers.
• An age range of 21-60 years for salaried individuals.
• Minimum work experience of 2 years with 1 year at the current organization.
• Minimum stay of 1 year at current residence.
• An age range of 25-65 years for self-employed individuals.
  

Personal Loans for Balance Transfer

These personal loans from IndusInd Bank can be used to reduce the costs of interest for other loans that have been transferred from other banks.

Eligibility Criteria

• Minimum income of Rs 25,000 per month.
• Sound repayment capability and a good credit score.
• Loans available only to salaried customers.
• An age range of 21-60 years for salaried individuals.
• Minimum work experience of 2 years with 1 year in the current organization.
• Minimum stay of 1 year at current residence.
• An age range of 25-65 years for self-employed individuals.
  

Documents Required for IndusInd Bank Personal Loans

• Applicants need to submit the following documents while applying for IndusInd Bank personal loan.
• A filled loan application form with necessary details such as income, occupational details, and personal information.
• Two copies of recent passport sized photographs
• Copies of the applicant's PAN card and Aadhaar card.
• Copies of income proof such as salary slips of the previous three months, bank statements of the last three months, and a copy of Form 16.
• Copies of residence proof such as telephone bills, electricity bills, or rental agreement attested by the applicant.

IndusInd Bank - Types of IndusInd Bank Personal Loans

IndusInd Bank offers a smooth resolution of financial problems with IndusInd Bank personal loans. These loans can be used to cover medical bills, wedding expenses, international vacation expenses, or debt consolidation. IDBI personal loans do not require any security or collateral and are hassle-free with an easy application process. mymoneykarma gives you all the information you need on IndusInd Bank personal loans.

Benefits of IndusInd Bank Personal Loans

IndusInd Bank personal loans are loaded with customer-centric benefits and features. Here are a few highlights of IndusInd Bank personal loans.

• Significant loan amounts ranging from a minimum of Rs 50,000 to a maximum of Rs 15 lakhs. The loan amount depends on the applicant's repayment capability, credit score, credit history, and yearly income.
• Loan tenures ranging from a minimum of 12 months and a maximum period of five years.
• Affordable interest rates starting from 10% per annum.
• Loans available for salaried individuals, public and private company employees, and government employees.
• Special offers if the applicant is an existing customer of IndusInd Bank.
• Various feasible repayment channels such as NEFT, post-dated cheques, and online banking.
• Facility of personal loan transfer from other banks to IndusInd Bank.
• Simplified loan application and approval process with minimal documentation.
• Dedicated 24/7 customer service desk for query resolution.

Types of IndusInd Bank Personal Loans

IndusInd Bank offers the following types of personal loans
Personal Loans For Education

These personal loans from IndusInd Bank can be used for financing children’s education and further studies in India and abroad.

Eligibility Criteria

• Minimum income of Rs 25,000 per month.
• Sound repayment capability and a good credit score.
• Loans available only to salaried customers.
• An age range of 21-60 years for salaried individuals.
• Minimum work experience of 2 years with 1 year at the current organization.
• Minimum stay of 1 year at current residence.
• An age range of 25-65 years for self-employed individuals.
  

Personal Loans for Wedding

These personal loans from IndusInd Bank can be used to cover the costs of a wedding in the family or of the applicant.

Eligibility Criteria

• Minimum income of Rs 25,000 per month.
• Sound repayment capability and a good credit score.
• Loans available only to salaried customers.
• An age range of 21-60 years for salaried individuals.
• Minimum work experience of 2 years with 1 year at the current organization.
• Minimum stay of 1 year at current residence.
• An age range of 25-65 years for self-employed individuals.
  

Personals Loans for Home Renovation

These personal loans from IndusInd Bank can be used much like a home loan, to upgrade or renovate the applicant’s house.

Eligibility Criteria

• Minimum income of Rs 25,000 per month.
• Sound repayment capability and a good credit score.
• Loans available only to salaried customers.
• An age range of 21-60 years for salaried individuals.
• Minimum work experience of 2 years with 1 year at the current organization.
• Minimum stay of 1 year at current residence.
• An age range of 25-65 years for self-employed individuals.
  

Personal Loans for Medical Expenses

These personal loans from IndusInd Bank can be used to mitigate costs of medical treatments, surgeries and other medical emergencies for parents, other family member, or the applicant itself..

Eligibility Criteria

• Minimum income of Rs 25,000 per month.
• Sound repayment capability and a good credit score.
• Loans available only to salaried customers.
• An age range of 21-60 years for salaried individuals.
• Minimum work experience of 2 years with 1 year at the current organization.
• Minimum stay of 1 year at current residence.
• An age range of 25-65 years for self-employed individuals.
  

Personal Loans for Balance Transfer

These personal loans from IndusInd Bank can be used to reduce the costs of interest for other loans that have been transferred from other banks.

Eligibility Criteria

• Minimum income of Rs 25,000 per month.
• Sound repayment capability and a good credit score.
• Loans available only to salaried customers.
• An age range of 21-60 years for salaried individuals.
• Minimum work experience of 2 years with 1 year in the current organization.
• Minimum stay of 1 year at current residence.
• An age range of 25-65 years for self-employed individuals.

IndusInd Bank Home Loan - Eligibility Criteria of IndusInd Bank Home Loan

IndusInd Bank is one of the prominent private sector banking entities in India, renowned for offering a wide array of products to its customers ranging from credit cards to housing loans.

IndusInd Bank understands the desire and requirement of its customers to own a house. Like various other products that are offered by the bank, home loans are designed to suit the needs of numerous modern-day banking customers.

Features of IndusInd Bank Home Loan

Security/Collateral:

• The security or collateral in the home loan is the title deed of the property which the customer wants to get financed. Apart from the title deed, there can be few additional requirements on a case-to-case basis.
  
  
• Provision for co-applicant in the home loan: Co-applicants are always advisable in home loans to ensure higher eligibility for the loan amount and risk mitigation for any default in payments. The income of the co-applicant is summed up along with the primary applicant.
  
  
• The borrower can include their spouse/parents/children as a co-applicant, where their income will also be considered to enhance the loan amount. If there is any other co-owner of the property, he/she has to become a co-applicant mandatorily. Here the point to be noted is that the co-applicant need not be a co-owner, but a co-owner will always be a co-applicant.
  
  
• Equated Monthly Installment (EMI): The loan amount is repaid in the form of EMI or 'Equated Monthly Installment.' The EMI is predetermined, and the customer is informed about it during the time of loan sanction. The amount of EMI is proportional to the principal amount, loan tenure, and the interest rate offered. In other words, EMI is the sum of interest amount and a part of the principal amount, which the customer needs to pay monthly.
  
  
• Home loan processing: Prospective customers who have finally decided on availing the home loan from IndusInd Bank can check their eligibility online and even apply before deciding on the property. A lump sum amount as per the ability of the customer to repay is sanctioned on the records. After deciding on the property and its related value, the customer has to submit the property-related documents. The swift processing method of home loan in IndusInd Bank brings delight to those customers who don't want to lose on time once they decide to purchase a property.
  
  
• Co-applicant: The potential buyers who have decided on borrowing the home loan from IndusInd Bank may also include the co-applicants in the loan. Including co-applicants ensures that the risk is duly shared between two individuals and also brings higher eligibility amount. The income of co-applicants is clubbed together to derive the final eligibility amount.
  

Home Loan Process

Apply IndusInd Bank Home Loan Online

• The customer may apply online for a home loan through mymoneykarma website.
• The prospective applicant needs to provide some critical details to receive a comprehensive list of home loan offers as applicable to the situation.
• The customer may choose the home loan offer provided by IndusInd Bank and can apply online without providing any documentation at this stage.
• If the loan applicant fits into the eligibility criteria of the bank, a bank representative will contact the applicant to complete the rest of the formalities.
  

How to Get IndusInd Bank Home Loan Offline

Visit the nearest IndusInd Bank branch and meet the home loan officer to start the process.

Types of Home Loan Products

IndusInd Bank offers attractive interest rates and a multitude of products under its home loan category to cater to the needs of numerous customer segments:

Home Purchase Loans

This loan is provided for purchasing houses or apartments. The banks usually offer a loan at 80%-85% of the market value of a property. They are available for various tenures and at fixed and floating interest rates.

Land Purchase Loans

This loan is offered for the purchase of land for any residential activity, construction, or investment purposes. It cannot be used for buying any agricultural land. Unlike home loans where the loan is provided at 80%-85% of the property value, land purchase loans are offered at 70% of the value of the land.

Home Construction Loan

Home construction loans are offered for constructing a home on an existing land of the borrower. The plot can be empty or created by demolishing the already existing house and building a new one in its place. The loan amount given by the bank for this purpose is usually at 85%-90% of the construction cost.

Home Improvement Loans

These loans help the borrower in all types of a home renovation or improvement works which include paint job, new flooring work, plumbing, and exterior elevation works, etc.

Home expansion loans

These loans are provided to the borrowers for expanding their existing homes. The expansion of home may include the construction of a single room or multiple rooms to build a new floor above the existing house. In these projects, the loan amount could vary from Rs. 20,000 to Rs. 10 lakhs based on the project.

Eligibility Criteria of IndusInd Bank Home Loan

IndusInd Home Loan is offered to all applicants who are either salaried or self-employed or independent professionals. The home loan products have been designed to meet the expectation of a more extensive section of Indian Economy, specifically the middle-class Indian families. The home loan eligibility is determined in a very transparent manner wherein various factors such as age, salary, number of dependents of the individual comes into consideration.

Home Loan Eligibility Based on Salary

Minimum salary to avail this loan should be Rs. 25000

IndusInd Bank Loan Against Property

Induslnd Bank gives utmost importance to its customer services. The bank aims to be a leader in the market place in terms of productivity, profitability, and efficiency. A loan against property from IndusInd Bank helps customers in meeting all financial needs and allows an individual to take care of personal or business expenses.

Features

• Competitive interest rates with maximum loan approval
• A hassle-free and easy documentation process
• Fast approvals
• Balance transfer at a lower interest rate
• Multiple assessment criteria
  

Co-applicants

• For expanding the eligibility criteria, one can include co-applicants in the loan application.
  

Interest rate

• The minimum and maximum interest rate for an IndusInd loan against property also depends on the tenure, which is a maximum of 10 years.
  

Bank ROI

• The minimum rate is 9.95%
• The maximum rate is 15%
• The average is 11.32%
  

Annual Percentage Rate (APR)

• The minimum rate is 10.05%
• The maximum rate is 15.10%
  

IndusInd Bank Loan Against Property Schemes

• Loan Against Home: Residential properties can be mortgaged to get a loan against property.
• Loan Against Commercial Property: Commercial properties can also be put under collateral to avail a loan.
• Loan for Commercial Property Purchase: By keeping one commercial property as collateral, an individual can buy another one with the help of the loan availed.
• Funding Against Rentals from the Commercial Property: If a person has rented out a commercial property, then he can take a loan against property against the rented income as well.
• Balance Transfer: The borrower can also transfer a home loan from another bank to IndusInd in order to avail the advantage of a low rate of interest.
• Top-Up Loans: Here, the borrower can take additional credit on an existing Loan.

Eligibility Criteria

Salaried Employees

• Individuals who are employed permanently with PSUs, Government undertakings, MNCs, listed public limited companies, or any renowned private limited companies are eligible to apply for IndusInd loan against property.
• Minimum age of applicant: 21 years
• Maximum age of the applicant: Should be lower than the retirement age during the maturity of the loan.
• Minimum income: Rs. 30,000 per month (gross income).
• The minimum experience required is three years.
  

Self-Employed Professionals

• Chartered accountants, doctors, cost accountants, engineers, architects, company secretaries, and chartered financial analysts are eligible to apply for IndusInd loan against property.
• Minimum age of the borrower: 21 Years
• Maximum age of the borrower: Should be lower than 70 years.
  

Documents Required for IndusInd Loan Against Property

For Self-Employed

• A filled in loan application form
• Two passport size photographs
• ITR for the last two years
• Identity proof(any of the following IDs): Passport/ driving license/ voter ID/ PAN
• Residence proof: Leave and license/registered rent agreement/ utility bill (up to three months old), passport.
• Business proofs: VAT/ service tax registration, incorporation details, company address proof, P & L (Profit and Loss) account, balance sheets certified by CA, copy of partnership deed, and proof of business existence.
  

For Salaried Employees

• A filled in loan application form
• Two passport size photos
• ITR of the last one year
• Identity proof: Passport/driving license/voter ID/PAN
• Residential address proof: Leave and license/registered rent agreement/utility bill (up to three months old)/passport.
• Income documents: Six months’ payslips, two years’ Form-16, 6 months’ bank statements reflecting monthly salary credit (and EMI debit if any).
  

Property Documents

• Registered sale deed/lease deed
• Past sale deed records (each transaction with respect to this property since the first allotment)
• Latest house tax payment receipts
• Approved building plan from a Municipal Corporation
  

IndusInd Bank Mortgage Loan EMI and Interest Calculator

• The EMI calculator present on the IndusInd Bank website can be used to calculate loan EMIs. EMI is a fixed amount that a customer has to pay each month towards the repayment of the loan.
• Monthly EMIs at various rates of interest can be calculated and compared to the lowest EMI per lakh on loan.
• Loan tenure is of considerable significance, as a higher loan tenure reduces the EMI amount.
• Another factor that affects EMI is the interest rate on the loan. Higher the interest rate; higher will be the EMI. However, the cumulative interest charged will be significantly more in a longer tenure loan as compared to a short tenure loan.
• The interest rate comparison of different banks helps the customer in finding the cheapest loan.