When you are facing a financial trouble, exploring every options to arrange money becomes necessary. Some try to get a credit card, a loan with a collateral or ask a friend. However, every one of these options will take a lot of time. Therefore, the quickest way is to get a personal loan.
A personal loan is an unsecured loan without any need for collateral in order to get it. There are many lenders but few are fantastic such as IndusInd Personal Loan. It offers a high loan amount, a quick disburse time and have complete transparency. Let’s check it out to understand it better.
IndusInd personal loan
IndusInd personal loan is suited for any personal loan a borrower might have. There is no need to offer collateral or security to apply for the loan. There are three different types of instant personal loan currently and there is even customizable personal loan too.
Personal loan for Medical
Personal loan for Education
Personal loan for Home renovation
Here are the loan details.
IndusInd bank offers personal loan from Rs 50,000 to Rs 15 lakhs.
The rate of interest is between 10.99% to 31.5% P.A
The processing fee for the loan is up to 2.25% of the loan amount excluding GST.
The loan tenure is between 1 year and 5 years.
The prepayment charge is 4% of the loan amount.
The penal charge is Rs 150.
The payment dishonour charge is Rs 450.
The duplicate statement charge is Rs 250.
The swapping charge is Rs 500.
The no dues certificate charge is Rs 250.
The loan re booking or rescheduling charge is Rs 1000.
The loan cancellation charge is Rs 1000.
What is the IndusInd bank personal loan eligibility criteria?
When you apply for the loan, this is the IndusInd Bank Personal Loan Eligibility Criteria you will have to follow.
The borrower should be a salaried individual working in a central, private or a state company. The self-employed professional such as Doctor or CA.
The applicant age should be between 21 years and 60 years to apply for the loan.
The applicant minimum salary should be at least Rs 25,000 per month.
The applicant should have minimum 2 years of work experience while working in the present company for minimum 1 year.
For self-employed professional, the minimum monthly income should be at least Rs 40,000.
The applicant should have minimum 4 years of experience post qualification.
What factors will effect your personal loan interest rate?
Before we move on, let’s talk about the personal loan interest rate. There are a lot of difference factors involve in determining it. However, here let’s focus on the essential onces.
The Credit history and CIBIL score
The monthly income
The loan tenure
Documents required by IndusInd bank personal loan
The application form
Passport size photograph
Proof of identity( Aadhar card, PAN Card, Passport, Voter ID card)
Proof of residence( Rent agreement, utility bill)
Proof of income ( bank account statement, salary slips, Passbook statement)
Qualification proof
Profit and loss account statement for the last 2 years
Business current account statement for the last 6 months
How to apply for IndusInd bank personal loan at Afinoz?
Start by downloading the Afinoz app from the Google play store.
Register on the app.
Fill out the application form.
Choose the IndusInd bank from the lenders list.
Upload the documents.
Submit the loan application.
Wait for verification.
Once the verification is done, the loan amount is disbursed.
Conclusion
Due to its quick processing, IndusInd instant personal loan has become famous. It requires easy documentation, have collateral free loan and there are multiple ways to repay the loan. Overall it is a good experience for a borrower.