IndusInd Personal loan Eligibility Calculator
Get Personal Loan for all your needs at IndusInd Bank with low interest rates and paperless documentation.
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Eligibility Criteria for IndusInd Bank Personal Loans in 2024
Eligibility Criteria | Details/Requirements |
Age | Minimum age: 21 years, Maximum age: 60 years |
Employment Type | Salaried individuals and self-employed |
Minimum Income | Salaried: Monthly income of at least Rs. 25,000; Self-employed: Annual income post tax should be Rs. 4.8 Lakhs |
Employment Stability | Salaried: Minimum 2 years of employment experience with one year at with current employer; Self-employed: Minimum 4 years of business continuity |
Credit Score | A good credit score, typically above 750 |
Loan Amount | Rs. 30000 to Rs. 50 lakhs |
Loan Tenure | Minimum tenure: 12 months; Maximum tenure: 72 months |
Existing Relationship | Existing IndusInd Bank customers may receive preferential terms |
Documents Required | ID proof, address proof, income proof, bank statements, and passport-size photographs, Application form, Form 16, ITR 3 years, Last 3 months payslip |
Debt-to-Income Ratio | Usually, a debt-to-income ratio of 50% or lower is preferred |
Interest rates | From 10.49% |
Processing Fee | Upto 3% |
Guarantor/Co-applicant | 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