IndusInd Bank offers 2 types of loan against your credit card– ‘Indus Easy Loan’ and ‘Indus Easy EMI’. The loans come with low processing fees and flexible tenure ranges. You can easily get a loan against as well as above your credit card limit. Here’s everything you need to know about IndusInd Bank Credit Card Loan including its features, eligibility criteria, the application process, associated fees and charges and more.
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IndusInd Bank loan on Credit Cards are of two types which are discussed below
Indus Easy Loan
| Particulars | Indus Easy Loan on Card Details |
| Eligibility | IndusInd Bank Credit Card Holders to whom the offer to participate has been communicated |
| Documents Required | No documents required |
| Loan Amount | Minimum loan amount- Rs.5000
Maximum loan amount- Varies from customer to customer (At the sole discretion of the bank) |
| Loan Tenure | Flexible tenure options (Will be communicated from the bank’s side) |
| Interest Rate | Varies from customer to customer |
| Processing Fee | One-time processing fee of 2.50% or Rs.250 (whichever is higher) |
| Loan Disbursal Time | Within 7 working days of approval |
Note: If you have availed Loan Against Credit Limit, the cash limit and credit limit on your IndusInd Bank Credit Card will be blocked by the amount for which the loan facility is granted. The cash limit and/or credit limit shall be restored to the extent of the amount of EMI repaid by you.
Indus Easy EMI
| Particulars | Indus Easy EMI Details |
| Eligibility | IndusInd Bank Credit Card Holders to whom the offer to participate has been communicated |
| Documents Required | No documents required (Pre-approved facility depending on your credit limit) |
| Loan Amount | Transactions of Rs.2000 or more can be converted into EMIs (This minimum and the maximum amount will be specified by the bank) |
| Loan Tenure | 6, 12, 18 or 24 months |
| Interest Rate | Varies from customer to customer |
| Processing Fee | A processing fee will be specified by IndusInd Bank from time to time |
| Loan Disbursal Time | Immediate (conversion of transaction into EMI can be placed within 45 days from the date of purchase) |
Note: Only purchase transactions towards which payment is not received shall be eligible for conversion into EMI.
Further Read: Credit Card EMI
Follow the below-listed steps to apply for Loan against your IndusInd Bank Credit Card-
Or
You can contact the IndusInd Bank Customer Care on 1860 267 7777 and request for the application of loan against your credit card.
Also Read: 7 Credit Card Fees And Charges You Must Be Aware Of
For Indus Easy Loan- The loan amount shall be disbursed to your account through NEFT or Cheque or Demand Draft, as deemed suitable by the bank.
For Indus Easy EMI- Only Purchase transactions of Rs.2000 or plus can be converted for payment through EMIs. This minimum and the maximum amount will be specified by the bank itself.
Requests for conversion of transactions into EMI can be placed within 45 days from the date of purchase. Requests raised after 45 days of purchase date will not be converted into EMI. Only purchase transactions towards which payment is not received shall be eligible for conversion into EMI.
Suggested Read: Why You Must Always Pay Your Credit Card Balance in Full?
For Indus Easy Loan- The EMI amount will be billed on a monthly basis and shall reflect in the monthly credit card statement. You shall be required to pay the entire amount of the EMI for a particular month on the due date, as mentioned in the statement and the same shall not be allowed to be carried forward in the next statement.
Note: Late payment charges and standard interest charges shall apply in case of non-payment of the EMI by the due date, as per the terms and conditions.
For Indus Easy EMI- The first EMI shall be billed on the date on which Purchase Transaction or the Outstanding is converted into EMI. All billing of EMIs in the further months shall be on the same date as the conversion date for that particular month.
For example
If you (Statement date- 15th of every month) make a purchase of Rs.15,000 on 5th May (Purchase Date) and asks the merchant for EMI at the time of purchase and the merchant sends the information to the bank for conversion to EMI (EMI Intimation date) on 10th May. The Bank will convert the transaction into EMI at its sole discretion by 25th May (Conversion date). Then the first EMI shall be billed on 25th May and shall reflect in the statement generated on 15th July.
Note: The EMI amount will be included as a part of the Minimum Amount Due (MAD) in your monthly credit card statement. If the MAD is unpaid, charges shall be levied on such outstanding as per the defined terms and conditions.
What is the maximum amount of loan I can get?
Indus Easy Loan is a loan which the bank gives against the credit limit that is not utilized. The bank tries to calculate the maximum loan a customer can get depending on the used credit limit.
What benefits can I get from using the IndusInd credit card loan?
The card allows user to get instant fund transfer into their accounts. You can repay the loan in simple EMIs without going through the procedure of loan in details.
What interest rate will I be charged?
The applicable interest rate will be disclosed at the time of loan application
Before my tenure period reaches its end can I pay the outstanding principal in one go?
Certainly you can pay the outstanding principal at one go but there will be a pre-closure fee for paying before the end of your tenure.
How many transactions can I convert into an EMI?
You can convert a maximum of 10 transactions into EMI simultaneously.
Can I convert a 2 month old transaction into EMI?
You can convert the transaction into EMI within 45 days of transaction. Thus, two month (60 day) old transactions cannot be converted.
