Indusind Bank Self Employed Personal loan

Are you a business owner facing unexpected expenses or looking to seize a new opportunity? IndusInd Bank's Personal Loan for Business People can be your financial safety net. They understand entrepreneurs' unique challenges, and our personal loan is designed to offer quick, hassle-free funding to help you achieve your business goals. This page provides all the details you need to know about eligibility, interest rates, and the application process. Get started today and unlock your business's potential!

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Table of Content

1. IndusInd Bank Personal Loan For Self Employed- Highlights

2. Compare Self Employed Loans From Other Banks

3. IndusInd Bank Personal Loan For Self Employed Fees And Charges

4. IndusInd Bank Personal Loan For Self-Employed- Documents Required

5. IndusInd Bank Personal Loan For Self-Employed- Eligibility Criteria

Written By

Hepson Franklin

Hepson Franklin is a seasoned financial expert and accomplished writer specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & loan products. With a wealth of experience in the financial industry, he has established himself as a trusted voice, providing invaluable insights and guidance to both seasoned investors and those new to the world of finance. With a comprehensive understanding of the intricate facets of the financial landscape, he is dedicated to demystifying complex financial concepts for readers of all backgrounds.

Reviewed By

Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

IndusInd Bank Personal Loan For Self Employed- Highlights

Features	Description
Who Are Eligible?	Self-employed Individuals with a minimum of 5 years of experience.
Maximum Loan Amount	Up to ₹50 lakhs.
Loan Tenure	1 to 5 years.
Margin	N/A
Upfront Fee	Up to 3% processing fee.
Collateral/Security	Not required.

Compare Self Employed Loans From Other Banks

Banks/NBFCs	Interest Rates (p.a.)
State Bank of India	11.15% – 15.30%
Axis Bank	10.49% onwards
ICICI Bank	10.65% onwards
Kotak Mahindra Bank	10.99% onwards
Tata Capital	10.99% onwards
HDFC Bank	10.50% onwards

IndusInd Bank Personal Loan For Self Employed – Fees And Charges

Here is a structured table for fees and charges of IndusInd Bank personal loans for self-employed:

Type of Fees	Amount
Processing Fees	Up to 3.5% of loan amount + GST
Prepayment Charges	4% of the principal outstanding after repayment of 12 EMIs + GST
Payment Dishonor Charges	Rs 450/- per instance + GST
Cheque / ECS / SI Swapping Charges	Rs 500/- per event + GST
Duplicate No Dues Certificate	Rs 250/- per event + GST
Loan Re-Booking / Rescheduling Charges	Rs 1000/- per event + GST
Penal Charges	2% + GST on total overdue (Principal + Interest) or 100 + GST whichever is higher
Loan Cancellation Charges	Rs 1000/- per event + GST
Legal Charges	As per Actuals Stamp Duty As per State laws

IndusInd Bank Personal Loan For Self-Employed- Documents Required

Here is a comprehensive list of documents needed for a Self Employed personal loan:

Proof of Identity (Aadhaar, PAN, Passport)
Proof of Residence (Utility bills, Rent agreement)
Income Proof (ITRs, Profit & Loss statements, Bank statements)
Medical Registration Certificate
Educational Certificates

IndusInd Bank Personal Loan For Self-Employed- Eligibility Criteria

Here’s a look into the eligibility criteria and requirements for business individuals seeking a personal loan with IndusInd Bank:

Professional Stability: Must have been practising for at least 5 years post-qualification.
Income Proof: Income should be verifiable through ITR filings, bank statements of the practice, and any other relevant financial documents.
Age: The age range is usually between 25 to 65 years at the time of loan maturity.
Business Stability: The practice should be profitable and run for a minimum period as defined by the bank.
Creditworthiness: A healthy credit score is essential to demonstrate a good track record of credit usage and repayments.