Finance

IndusInd Bank Personal Loan Eligibility Criteria

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IndusInd Bank is one of the premier ‘next-gen’ private sector banks in India. The bank offers flexible personal loans for salaried and self-employed individuals under multiple categories, such as Personal Loans for Medical Expenses, Personal Loan for Education, Personal Loan Balance Transfer, Personal Loan for Wedding, and Personal loan for Home Renovation, to cater to their specific needs. You can get a personal loan from Rs. 50,000 up to Rs. 25 lakh from IndusInd bank with minimum documentation and competitive interest rates. You can repay the loan as per your convenience through various repayment modes – IndusInd Bank account debit or ECS from other bank you have accounts with – during the loan tenure ranging from 1 to 5 years. The bank offers free of cost doorstep services, and you don’t need to provide collateral to get a personal loan from IndusInd bank.  

IndusInd Bank personal loan eligibility criteria


IndusInd Bank offers a personal loan for both salaried professionals and self-employed individuals at attractive interest rates. Borrowers need to meet the following eligibility criteria to get a personal loan from IndusInd Bank.

IndusInd Bank personal loan eligibility criteria for salaried professionals:


Age
       Minimum age of the applicant should be 21 years at the time of application
       Maximum age at personal loan maturity should be 60 years or retirement age (whichever is low)
Minimum income
Net monthly income should be at least Rs. 25000
Credit score
Should have a good credit score
Total work experience
Should have a minimum of 2 years of work experience and a minimum of 1 year in the current organisation  
Loan tenure
From 12 to 60 months
Residential status
Any Indian
Interest rate
11.25% onwards

IndusInd Bank personal loan eligibility criteria for self-employed professionals:


Self-employed professionals include doctors (MBBS and higher degree), Architects, Chartered Accountants, Company Secretaries, Engineers and MBA consultants.

Age
       Minimum age of the applicant should be 25 years at the time of application
       Maximum age at personal loan maturity should be 65 years
Minimum income
Net monthly income post tax should be at least Rs. 4.8 lakh per annum
Credit score
Should have a good credit score
Total work experience
Should have a minimum of 4 years of work experience post degree
Loan tenure
From 12 to 60 months
Residential status
Any Indian
Interest rate
11.25% onwards

IndusInd Bank personal loan eligibility criteria for self-employed individuals:


Self-employed non-professionals include sole proprietors, directors and partners in the business of manufacturing, trading or services.

Age
       Minimum age of the applicant should be 25 years at the time of application
       Maximum age at personal loan maturity should be 65 years
Minimum income
Net monthly income post tax should be at least Rs. 4.8 lakh per annum
Credit score
Should have a good credit score
Total work experience
Should have 5 years of work experience
Loan tenure
From 12 to 60 months
Residential status
Any Indian
Interest rate
11.25% onwards

What are the top factors that affect your bank personal loan eligibility?


Age: Age is a very important factor that influences your Eligibility criteria for a personal loan. Younger applicants who are in their early 20s are more likely to qualify for a personal loan than people who are in their 50s, because young ones have enough time to earn and repay the loan.
Monthly income: Your income is the direct reflection of your repayment capacity. Generally, income depends on the city you live in and the lenders you are applying with. The higher your income, the better for you.

Credit score: Since a personal loan is an unsecured loan, your credit score plays a crucial role in your application for a personal loan. Your credit score shows how responsible you are in handling your debts.  Generally, a credit score of 750 or above is considered perfect for a personal loan.

Job and work stability: Job stability and the organisation you work with are amongst the most important factors that lenders look into before processing a personal loan application. It gives a clear picture of a regular stream of income. Salaried individuals should have at least 2 years of work experience and should have worked for at least 1 year in their job. A self-employed person needs to have a minimum of 5 years of total experience and at least 2 years of experience in their current business. 

Documents required for bank personal loan

Here is the checklist of documents required for a personal loan from IndusInd bank:

For salaried employees

       Identity proof: Passport / Driving license / Voters ID / PAN card /Aadhaar card
       Address proof: Leave & License Agreement/ Ration card /Utility bill (not more than 3 months old) / Passport - provided the passport has the present address mentioned in the loan application form
       Income proof: Salary slips for the last 3 months along with salary certificate and latest Form 16
       Bank statement: Bank statement showing salary being credit for the last 3 months

For self-employed professionals

       Identity proof: Passport / Driving license / Voters ID / PAN card /Aadhaar card
       Address proof: Leave & License Agreement/ Ration card / Sales tax certificate / Utility bill (not more than 3 months old) / Passport - provided the passport has the present address mentioned in loan application form
       Business address proof
       Proof of qualification: Highest professional degree
       Latest 2 years ITR along with computation of income, B/S, P&L a/c with all schedules audited by a Chartered Accountant
       Bank statement: Business (current account) statement for latest 6 months
       Profession continuity proof

For self-employed individuals

       Identity proof: Passport / Driving license / Voters ID / PAN card /Aadhaar card
       Address proof: Leave & License Agreement/ Ration card / Sales tax certificate / Utility bill (not more than 3 months old) / Passport - provided the passport has the present address mentioned in loan application form
       Business address proof
       Latest 2 years ITR along with computation of income, B/S, P&L a/c with all schedules audited by a Chartered Accountant
       Bank statement: Business (current account) statement for latest 6 months
       Business continuity proof
       Additional documents:

       Sole proprietorship declaration
       In case of partnership: Certified copy of partnership deed /certified copy of MOA, AOA and Board resolution
       Latest 2 years partnership firm's B/S, P&L a/c with all schedules certified by a CA in case income comes from partnership firm 

How to apply for IndusInd bank personal loan through Afinoz?

Applying for a personal loan on Ainoz is very easy. You can apply for a personal loan by clicking ‘Apply Now’ button on the personal loan page. Now fill the short and simple personal loan application form to check your eligibility. You will receive exclusive offers from multiple lenders, including IndusInd bank, based on your eligibility.  As per the requirements and offers, you can apply for a personal loan from IndusInd bank.

Why is Afinoz?

Afinoz is a one-stop destination for customised rate quotes on loans and investment products in India. The company is owned by DS Finworld Pvt. Ltd. Our objective is to make personal financial decisions easy, seamless, and transparent for our customers. We have designed a system that provides comprehensive results and enables customers to compare products simultaneously so that they can access the right product.

You can contact our team to get more information or apply for a loan or investment by calling on +91 120 411 0376 or by emailing at info@afinoz.com. Afinoz.com provides solutions which are quick, reliable, transparent, confidential and above all free.

FAQs
Q. Can I get a personal loan from IndusInd Bank for a flexible loan tenure?
Ans. Yes, you can get a personal loan for a flexible repayment tenure ranging from 12 months up to 60 months.
Q. How to repay the loan?
Ans. You can repay the loan in EMIs through ECS or a standing instruction in your IndusInd bank account.

Q. Can I prepay or foreclose my personal loan?

Ans. Salaried individuals can prepay/foreclose the entire outstanding loan anytime after paying 12 EMIs and self-employed individuals anytime after paying 6 EMIs. Prepayment charges would be applicable on the outstanding amount as per the loan agreement.

Q. Is there any offer for an existing IndusInd Bank customer?

Ans. IndusInd Bank customers can enjoy lower interest rates and minimum documentation.
Q. Do I need to have an account with IndusInd bank to avail a personal loan?

Ans. It is not mandatory to have an account with IndusInd Bank to get the loan. However, banking relationship with the bank can help you to enjoy a host of value-added services. 

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