🚀 Fincover® App is Now Live!
Join 10 Million+ users on web – now available on mobile!
Pre-loan Eligibility checker
Last updated on: July 22, 2025
Author
Read Bio
Reviewed by
Read Bio| Eligibility Criteria | Details/Requirements |
|---|---|
| Age | Minimum: 21 years, Maximum: 60 years |
| Employment Type | Salaried individuals and self-employed |
| Minimum Income | Salaried: ₹25,000/month; Self-employed: ₹4.8 Lakhs annual post-tax |
| Employment Stability | Salaried: 2 years overall, 1 year with current employer; Self-employed: 4 years business continuity |
| Credit Score | Typically 750+ |
| Loan Amount | ₹30,000 to ₹50 Lakhs |
| Loan Tenure | 12 to 72 months |
| Existing Relationship | Existing IndusInd customers may get preferential terms |
| Documents Required | ID proof, address proof, income proof, bank statements, Form 16, ITR (3 years), 3-month payslips, photographs |
| Debt-to-Income Ratio | Preferred: 50% or lower |
| Interest Rates | From 10.49% |
| Processing Fee | Up to 3% |
| Guarantor/Co-applicant | May be required in some cases |
Improving your personal eligibility involves meticulous financial planning and proactive measures. Here are six tips to enhance your personal loan eligibility
Maintain a Good Credit Score
A High Credit Score is required for personal loan approval. Usually, banks expect a credit score of 750+ in order to grant approval for a loan. If you have low credit score, payback your dues, rectify the errors in the credit report to increase your credit score
Stability in Employment
Most Banks expect a stable employment tenure for the loan applicants. Frequent job changers are a liability as a question mark is raised about their loyalty and repaying ability.
Manage Debt Effectively
A Debt-to-income ratio of less than 40% makes you more favourable to lenders as you have a better chance of repayment
Optimize Income Levels
If possible, work towards increasing your monthly income. This could involve negotiating a salary raise, taking up additional freelance work, or diversifying income sources
Build a relationship with IndusInd Bank
Having a relationship with IndusInd bank such as savings account or fixed deposit may enhance your chances. IndusInd banks provides preferential treatment to existing customers
Written by Prem Anand, a content writer with over 10+ years of experience in the Banking, Financial Services, and Insurance sectors.
Prem Anand is a seasoned content writer with over 10+ years of experience in the Banking, Financial Services, and Insurance sectors. He has a strong command of industry-specific language and compliance regulations. He specializes in writing insightful blog posts, detailed articles, and content that educates and engages the Indian audience.
The content is prepared by thoroughly researching multiple trustworthy sources such as official websites, financial portals, customer reviews, policy documents and IRDAI guidelines. The goal is to bring accurate and reader-friendly insights.
This content is created to help readers make informed decisions. It aims to simplify complex insurance and finance topics so that you can understand your options clearly and take the right steps with confidence. Every article is written keeping transparency, clarity, and trust in mind.
Based on Google's Helpful Content System, this article emphasizes user value, transparency, and accuracy. It incorporates principles of E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness).
Loved by 1M+ users. Start your financial journey today!
