IndusInd Bank Personal Loan Balance Transfer

IndusInd Bank Personal Loan Balance Transfer Highlights
Interest rate	10.49% p.a. onwards
Repayment tenure	Up to 5 years
Processing fee	Up to 3% of the sanctioned loan amount

Note: Interest rates as on 19 September 2024

IndusInd Bank Personal Loan Balance Transfer Interest Rates

IndusInd Bank Personal Loan Balance Transfer interest rates are not specified. That said, the IndusInd Bank Personal Loan Interest Rates for fresh borrowers start from 10.49% p.a. onwards. Similar to the personal loan balance transfer schemes offered by other banks and NBFCs, the final interest rates offered to an applicant of IndusInd Bank Personal Loan Balance Transfer may vary based on the credit score, monthly income, employer’s profile, job profile, etc.

Also Read: How you can build or rebuild your credit score with  Step UP Credit Card co-branded with SBM Bank India Ltd.

Compare IndusInd Bank Personal Loan Interest Rate with Other Banks/NBFCs

Banks/NBFCs	Interest Rates(p.a.)
Axis Bank	11.25% onwards	Apply Now
IndusInd Bank	10.49% onwards	Apply Now
IDFC First Bank	10.99% onwards	Apply Now
HDFC Bank	10.85% onwards	Apply Now
ICICI Bank	10.85% onwards	Apply Now
Kotak Mahindra Bank	10.99% onwards	Apply Now
Tata Capital	11.99% onwards	Apply Now
Federal Bank	12.00% onwards	Apply Now
DMI Finance	Up to 28%	Apply Now
L&T Finance	12.00% onwards	Apply Now
Kreditbee	16.00% - 29.95%	Apply Now
MoneyTap	13.00% onwards	Apply Now
Piramal Finance	12.70% onwards	Apply Now
Aditya Birla	10.99% onwards	Apply Now
Moneyview	14%-36%	Apply Now
Cashe	27.00% onwards	Apply Now

Fees and Charges of IndusInd Bank Personal Loan Balance Transfer

Processing Fees

IndusInd Bank charges a processing fee of up to 3% of the sanctioned loan amount.

Prepayment Charges

IndusInd Bank prepayment charges for personal loan are 4% of the principal outstanding amount after repayment of 12 EMIs.

Other Fees and Charges

Payment Dishonor Charges	Rs 450 per instance
Duplicate Statement Charges	Rs 250 per instance
Cheque/ECS/SI/ Swapping Charges	Rs 500 per event
Loan Cancellation Charges	Rs 1,000 per event
Penal Charge	Rs 150 per EMI delay beyond 5 days

Eligibility Criteria for IndusInd Bank Personal Loan Balance Transfer

For Salaried Employees

• The minimum age limit of the applicant should be 21 years
• The maximum age of the borrower at the time of loan maturity should be 60 years or the retirement age
• Minimum net monthly income of the borrower should be Rs 25,000
• Should have stayed at least for a year at the current residence (if rented)
• Should have completed 2 years of employment
• Should have worked for at least 1 year in the current organization

For Self-employed Professionals

• Minimum age of the applicant should be 25 years
• Maximum age at the time of loan maturity should be 65 years
• Minimum net annual income after tax deduction should be Rs 4.80 lakhs
• Should have experience of 4 years post qualification.

For Self-employed Individuals

• Applicant should be at least 25 years of age
• Borrower should be 65 years old at the time of loan maturity
• Net annual income should be at least Rs 4.80 lakhs after-tax deduction
• Should have at least 5 years of post-qualification experience

Additionally, IndusInd Bank may also consider the credit score of its personal loan balance transfer applicants, just like other lenders while evaluating the personal loan balance transfer eligibility of their applicants.

IndusInd Bank Personal Loan Balance Transfer Documents Required

• Duly filled application form with passport-sized photographs
• Self-attested photocopy of anyone of the ID proof- Passport, Aadhaar, PAN, driving license and voter ID
• A valid residence/ID/signature proof for KYC
• Last 3 months salary slips/ITR for last 3 years/Form 16
• Any other document required by the bank