A Novice Guide to Obtaining a Personal Loan from Banks
Nowadays, many financial institutions are providing personal loans to individuals at competitive rates. This is mainly because of the prevailing cutthroat competition in the market. Many borrowers opt for IndusInd personal loans due to their vast loan amount and competitive interest rate.
| Rate of interest | 11.00% p.a. onwards |
| Loan Amount | Up to Rs. 15 Lakh |
| Eligible age |
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| Processing Fees | Up to 2.5% of the loan amount sanctioned |
| Repayment Tenure | Up to 3 years |
| Foreclosure Charge | 4% of the principal outstanding loan amount |
Types of IndusInd Bank Personal Loan
- Home Renovation Loan
- Medical Expenses Loan
- Wedding Loan
- Personal Loan Balance Transfer
What is your requirement?
- It is imperative to choose an IndusInd personal loan that suits your individual needs and requirements. Therefore, you should first determine your requirements and search for a personal loan that fits into them.
- You can use the personal loan calculator available on various websites to determine the amount you can borrow and the repayment term in the end.
Choosing Secure vs. Unsecured Personal Loan
- Suppose you find the amount of the personal loan amount you wish to borrow at an attractive rate. Still, the terms and conditions of the personal loan do not meet your requirements. In that case, you can opt for a secured personal loan.
- However, this type of personal loan is suitable only for homeowners because you need to pledge your property against the loan amount.
- On the other hand, if you can pay off the entire amount of the personal loan within the given period, you can go for the unsecured personal loan.
- However, the IndusInd bank personal loan interest rate and the repayment term will be high compared to the secured personal loan. Hence, it is advisable to choose an IndusInd personal loan that best meets your needs and requirements.
- The best option is to use online personal loan calculators to find the loan amount you can borrow and the repayment terms.
Fee and Other Charges
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The Loan Repayment Tenure
- It is advisable to choose a personal loan with flexible repayment terms to free yourself from any further financial burden.
- This can be done quickly. All you need is to complete the application form accurately. Besides, you should also provide the right information like your name, current employment, income, and monthly expenses. IndusInd Bank personal loan interest rate would be as per your eligibility.
The CIBIL Score
- The lender will check your credit score before providing you a personal loan. He or she may require you to have a copy of your recent salary slip along with some identification documents.
- However, the cash loan rates vary with each lender. Therefore, it is wise to go through the various personal loan quotes available so that you can pick the one that suits your needs. The repayment term is also based on the loan amount.
Why you use an online personal loan EMI calculator
- You can save a lot of time and money by using online personal loan calculators. All you want is to fill in the relevant details. Once the online personal loan calculator estimates the amount of money that the borrower can borrow and the interest rate, you can access the facility online.
- This can save you considerable time, and you can concentrate on your business. All you need to do is to repay the personal loan on the agreed term.
There is no credit check done for the borrower for the personal loan. Thus, this makes it the most preferred type of loan. The IndusInd Bank personal loan interest rate is meager. The time taken to get the loan approved is also significantly less.
Conclusion
The provided information above is enough to get you started on the IndusInd Bank personal loan applying process. Do not forget to read the terms and conditions, using the EMI calculator to find out the monthly EMI or negotiate a better interest rate.
