Have You Checked IndusInd Bank Personal Loan Interest Rates? - Farah Atelier


Thursday, July 12, 2018

Have You Checked IndusInd Bank Personal Loan Interest Rates?

So you are mulling a personal loan from IndusInd Bank, right? Why do you want to apply there? Are you applying just for the point of extending your relationship further with IndusInd Bank or is it offering you an attractive rate of interest? It would be good if you are being offered the latter. The reason being it’s a personal loan and can come with high interest rates because of its unsecured nature.

As IndusInd offers the loan without having you to mortgage any property or asset from your side, it can raise the rates to make it an expensive deal for you. So, you should look to get the rates eased to an extent. Even a 2%-3% difference in IndusInd Bank Personal Loan Interest Rates can bring significant savings for you to enjoy.

Gauge The Difference Between IndusInd Bank Personal Loan Usual Rates and What’s Offered to You

The private lender usually offers a personal loan at 10.99%-23% per annum for a maximum of 5 years. However, IndusInd Bank Personal Loan Rates can be customized for those applying on several instant loan portals.

So, if you are offered a rate of 15% on the basis of income and existing relationship as opposed to someone with 19%, how much savings could you make, assuming the tenure to be 5 years in each of the cases? Let’s find out. Well, in such a situation, you are supposed to pay an EMI of 11,895, which would lead to an interest payment of 2,13,698 over the course of 5 years.

On the other hand, the other person would have to pay an EMI of 12,970, taking his/her interest liability to ₹2,78,217. So, you can save 64,519 of interest with 15% rate, besides paying an EMI which is lower than the other individual by 985.

IndusInd Bank Personal Loan EMI Calculator

The above results of EMI and interest outgo were possible through the EMI calculator that computes the same. You just need to feed the amount of loan, tenure and interest rate to compute the installment and interest outgo.

The installment combines both principal and interest which you have to pay every month to the lender till the time the debt runs its entire course. More the loan amount and interest rate, greater will be the EMI and interest outgo. Tenure, however, has a different effect on your repayment. Lesser the tenure, greater would be the EMI and vice-versa. But, with that, the interest outgo comes down, unlike a long tenure that reduces the amount of installment and raises the interest liability. Which should you opt for then? No prizes for guessing, you would like to go for a shorter tenure to rein in interest payment even as the EMI jumps with the same.

Apply for IndusInd Bank Personal Loan Online

You can apply online by clicking on ‘Apply Now’ upon visiting the website of IndusInd Bank. A few personal and professional details and it’s done. A custom quote, based on your details, will come on the screen. You can thus apply by giving your confirmation on the quote. The executives would come to your residence to pick the following documents.

Identity Proof - PAN Card/Voter ID/Passport/Aadhaar/Driving License
Residence Proof - Voter ID/Passport/Aadhaar/Driving License/Utility Bill
Income Proof - Latest salary slips for salaried, last 2-3 years ITR for self-employed, bank statement for the last 6 months
Passport size photographs

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