IndusInd Bank Launches New Loan Against Property Product

IndusInd Bank has unveiled a new financial product designed to assist individuals in managing their essential expenses. The Loan Against Property option offers quick personal loans ranging from ₹30,000 up to ₹25 lakh. The introductory interest rate stands at 10.49%.

To apply, interested individuals can visit IndusInd Bank's website, complete the application form, and provide basic details such as name, mobile number, and city. This process also involves consenting for Urban Money to access credit information for assessment.

Key Features and Benefits

• Higher Loan Amount: Eligible individuals could receive higher loan limits based on assessments.
• Flexible Use: Loan amounts can be used for both personal and business purposes.
• Doorstep Services: The bank's executives will visit customers for application and document processing, eliminating the need to visit a branch.
• Quick Approval: Fast approval process ensures access to immediate funds.

IndusInd Bank Overview

Headquartered in Mumbai, Maharashtra, IndusInd Bank Limited has been providing financial services since 1994. With an initial capital of ₹100 crore, the bank offers a variety of products, including the popular Loan Against Property, catering to both self-employed individuals and salaried employees. It supports a repayment period of up to 15 years, suitable for business expansion or home purchase.

Eligibility Criteria

• Individuals: Must file income tax returns, be at least 21 years old, and below 70 at loan maturity.
• Private Limited Companies, Partnership Firms, Proprietorship Concerns, Closely Held Public Limited Companies: Eligible for applying.

Interest Rates

Specific interest rates depend on the borrower's credit profile, where a higher credit score may yield lower rates. Factors influencing these rates include age, property type, loan amount, tenure, income, and relationship with the lender.

Applicable Fees and Charges

• Processing Charges: Up to 3% of the loan amount.
• Pre-Payment Charges: 4% of outstanding principal after 12 EMIs.
• Other Fees: Include late payment, cheque bounce, and documentation charges. Refer to the bank's website for specific details.

Required Documentation

• Application Form: With photograph.
• Income Proof: Salary certificate, latest salary slips, or ITR copy. Non-individuals may require financials and audit reports.
• KYC Documents: Residence, identity, and signature proofs.
• Bank Statements: Up to 6 months for main accounts.
• Property Documents: Necessary for mortgaging purposes.

EMI Calculation Tool

IndusInd Bank provides an online EMI calculator allowing borrowers to estimate monthly payments by inputting the loan amount, tenure, and interest rate, facilitating better financial planning.

Comparison with Other Lenders

• State Bank of India: 9.00% - 11.90%
• PNB Housing Finance: 7.99% - 11.00%
• Bank of Baroda: 10.15% - 15.80%
• HDFC: 9.00% - 11.90%
• IDFC First Bank: 8.40% - 15.90%
• LIC Housing Finance: 9.10% - 12.25%
• L&T Housing Finance: 10.30% - 10.90%
• Kotak Mahindra Bank: 9.50% - 11.70%
• Godrej Housing Finance: 9.75% - 14.50%
• ICICI Bank: 9.75% - 10.90%
• Tata Capital: Starting at 10.10%
• Axis Bank: 9.90% - 10.35%

Contacting IndusInd Bank

For queries related to the Loan Against Property, customers may contact IndusInd Bank through these numbers or email addresses: 022 68577777, 022 44066666, 022 42207777, 1860 267 7777, or via email at reachus@indusind.com.