IndusInd Personal loan Eligibility Calculator
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Eligibility Criteria for IndusInd Bank Personal Loans in 2024
| 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 |
How to improve your Personal Loan Eligibility
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
