IndusInd Bank Personal Loan Interest Rate

IndusInd Bank Personal Loan Interest Rate

IndusInd Bank Personal Loan Interest Rates start from 10.49% p.a. Although the bank has not specified the differential IndusInd Bank Personal Loan Interest Rates based on various factors such as the monthly income, credit score, etc. of its loan applicants for various personal loan schemes, most lenders consider these factors while setting their personal loan interest rates. 

IndusInd Bank Personal Loan Rate of Interest for Different Schemes

Particulars	Rate of Interest (p.a.)
Personal loan for education	10.49%
Personal loan for medical expenses	10.49%
Personal loan for wedding	10.49%
Personal loan for home renovation	10.49%
Other personal loan schemes	10.49%

Note: Interest Rates as of 13th November 2024

Factors Affecting IndusInd Bank Personal Loan Interest Rates

Let’s talk about the prime factors affecting the IndusInd Bank Personal Loan Interest Rates in detail.

Occupation Profile

IndusInd Bank considers the occupation and employer’s profile of its personal loan applicants while evaluating their loan eligibility. However, the IndusInd Personal Loan Interest Rate matrix has not been disclosed based on the occupation or employment profile.

Having that said, many lenders consider the occupation, as well as the employer profile of their loan applicants when setting their personal loan interest rates. Usually, they offer personal loan for salaried at lower interest rates than those set for personal loans for the self-employed. Lenders also offer lower interest rates to salaried applicants of PSUs and governments as they have higher income and job security. 

Furthermore, personal loan applicants of MNCs and reputed private sector organizations are also offered lower interest rates as they are better at handling economic downturns compared to applicants of private sector organizations. 

Credit Score

While the role of credit score in setting IndusInd Bank Personal Loan Interest Rate has not been disclosed, many lenders prefer offering lower interest rates to applicants with credit scores of 750 or above. For that reason, consider improving your credit score by timely repaying your credit card bills and EMIs, avoiding multiple credit card applications or loans within a short period of time and maintaining minimum credit utilization ratio. Doing this will also help improve your eligibility for personal loans, credit cards, home loans and other such lending facilities.

You should also keep in mind that any errors in your credit report can reduce your credit score. Therefore, ensure to check your credit reports at regular intervals, identify such errors and take necessary actions to avoid this from happening. Lower credit scores can also reduce your chances of availing lower IndusInd Bank Personal Loan Interest Rates. 

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

Existing Relationship with the Lender

While the bank has not disclosed if it offers favorable personal loan interest rates to its existing customers, many lenders offer personal loans at concessional rates to applicants who already have a banking relationship with them. So if you are planning to avail personal loan, consider getting in touch with the lender you already have an existing banking or lending relationship with. You can compare the interest rates offered by those banks with IndusInd Bank Personal Loan Interest Rates. Along with this, you could also visit online financial marketplaces to compare the interest rates offered by other lenders.

Income

IndusInd Bank has set a criteria of minimum net monthly income of Rs 25,000 for online personal loan applications done by salaried applicants. For self-employed professionals and self-employed individuals, the minimum annual net income post tax should be Rs 4.8 lakh. 

While the differential IndusInd Bank Personal Loan Interest Rates based on monthly income of its applicants are not disclosed, many lenders offer lower interest rates to applicants with higher income as they have lower credit risk due to their higher loan repayment capacity. 

Tips to Avail Personal Loans at Lower Interest Rates

To avail personal loans at lower interest rates, you can consider the below mentioned tips:

• Maintain a credit score of 750 or above.
• Regularly check for pre-approved personal loan offers from banks and NBFCs.
• Visit online financial marketplaces to check and compare IndusInd Bank Personal Loan Interest Rates with the interest rates offered by other banks and NBFCs.
• Keep track of personal loan interest rates offered by top banks/NBFCs, especially during festive seasons.
• Check with banks/NBFCs with whom you have deposit or loan accounts.

FAQs

What is the interest rate for IndusInd Bank Personal Loan?

Ans. IndusInd Bank offers personal loans at 10.49% p.a. onwards. However, the lender has not disclosed the differential interest rates offered to its personal loan applicants depending on the credit score, occupation profile, employer’s profile, etc.

How can I reduce my personal loan interest rates?

Ans. IndusInd Bank has not disclosed the procedure for its existing personal loan borrowers to reduce their interest rates. Hence, borrowers should directly contact the bank for rate reduction and if the bank refuses to do so, they can opt for personal loan balance transfer facility for transferring their IndusInd Bank Personal Loans to some other lenders at lower interest rates.

Does IndusInd Bank offer personal loans at fixed or floating interest rates?

Ans. IndusInd Bank offers personal loans at fixed interest rates. Personal Loans availed at fixed interest rates result in fixed interest cost throughout the loan tenure, which leads to higher certainty for the borrowers regarding interest cost and budgeting.

What is the interest cost of Rs 5 lakh personal loan in IndusInd Bank?

Ans.  Interest cost of Rs 5 lakh personal loan can be calculated with the help of IndusInd Bank Personal Loan EMI Calculator. Applicants need to enter the loan amount, loan tenure and interest rate in the Personal Loan EMI Calculator and get the interest cost and EMIs payable throughout the tenure.