Looking for a Loan Against Securities to consolidate your debts from IndusInd Bank?
Unlock the power of your shares, mutual funds and bonds
IndusInd Bank Loan Against Securities
This loan helps borrowers get access to funds by pledging their shares, mutual funds or bonds to the bank. This secured loan can be used to meet any financial needs such as a wedding, overseas travel, higher education, debt consolidation, etc.
Features of Loan Against Shares from IndusInd Bank
Why this Loan?
- The IndusInd Bank Loan Against Securities is meant for borrowers who want to avail financial assistance by pledging shares to meet their financial needs
- Borrowers can also avail this scheme as a consolidation loan and pay off their debts
- The bank offers a relatively higher loan amount at a competitive interest rate under this scheme
- The maximum loan amount sanctioned by the bank under this loan is Rs. 20 lakh for shares, Rs. 20 lakh for mutual funds, Rs. 50 crore for debt mutual funds, Rs. 20 lakh for Govt./PSU Tax-free bonds to individual borrowers and Rs. 50 crore for Govt./PSU Tax-free bonds to non-individual borrowers
- As of October 2020, the interest rate applicable to this loan can be anywhere from 9.80% to 11.80%
- This loan must be repaid within 12 months. Borrowers can renew the facility if they meet the bank’s criteria (which are not mentioned on the bank’s website)
- The bank accepts pledging of securities as collateral for this loan
Margin Money (Borrowers Contribution to Total Cost)
- As of October 2020, this information is not mentioned on the bank’s website. Get in touch with the bank to get more details
Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest. So, if the total amount needed is Rs. 20 lakh, you will have to contribute 20% which comes to Rs. 4 lakh. The bank will provide the balance of Rs. 16 lakh.
- The bank charges up to 1.00% of the loan amount with a minimum of Rs. 2,500 for processing this loan
Documents Needed for Individuals (Salaried and Self-employed)
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
- Income/Banking Proof for Self-employed Professionals/Insurance Agents: Computation of income of last 2 years, Balance sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.
- IndusInd Bank Website: www.indusind.com
- Headquarters: Pune, Maharashtra
- Call Centre Toll-Free Number: 1860 500 5004