IndusInd Bank Personal Loan Eligibility

IndusInd Bank Personal Loan Eligibility for Salaried Employees

IndusInd Bank Personal Loan Eligibility For Self-employed Professionals

IndusInd Bank Personal Loan Eligibility For Self-employed Individuals

Along with the above-mentioned criteria, the bank may also consider the credit score, existing EMIs from other loans or credit cards, etc. to evaluate the personal loan eligibility of IndusInd Bank personal loan applicants, just like other lenders.

Credit Score

It is one of the most important factors used by banks/NBFCs to evaluate the personal loan eligibility of their applicants. Personal loan applicants with credit scores of 750 and above are considered more creditworthy and have more chances of getting their loan application approved by the lenders. Many lenders also prefer offering lower personal loan interest rates to applicants with high credit scores. However, applicants with low credit scores, that is below 750, are considered to have poor credit profiles and thus, some lenders may either charge high interest rates or reject their personal loan applications.

EMI Repayment Capacity

Banks/NBFCs also contemplate the repayment capacity of their personal loan applicants when determining their loan application. Personal loan lenders require the total EMIs of loan applicants, including the EMI of their proposed loan, to be within 50-60% of their net monthly income. Therefore, consumers planning to avail personal loans should consider using Personal Loan EMI Calculator to determine optimum EMIs and loan tenures for their personal loan based on their repayment capacity. At the same time, they should also ensure that their total EMIs should remain within 50% of their net monthly income.

Occupation Profile

Lenders also consider the occupation profile of their personal loan applicants while approving the loan application. Most lenders also prefer setting the personal loan interest rates of their loan applicants based on their occupation profile. For example, banks/NBFCs prioritize salaried applicants over non-salaried applicants as the former have high income certainty. Among the salaried applicants also, banks/NBFCs prefer applicants working in the public sector and reputed private sector companies. Similarly, among non-salaried applicants, professionals like doctors and chartered accountants are preferred more.

Existing relationship with the lender

Many banks/NBFCs offer pre-approved personal loans to their existing customers at favorable interest rates. So, consumers who want to avail personal loan should get in touch with the bank/NBFC with whom they already have a banking/lending relationship. Moreover, personal loan applicants should also compare personal loan interest rates offered by their bank with other banks/NBFCs.