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.
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.
