IndusInd Bank Personal Loan Eligibility

The eligibility for IndusInd Bank personal loan is determined on the basis of the applicant’s profession, monthly income, age, repayment capability, repayment history and credit score. All of these factors are collectively responsible for deciding whether an applicant is eligible for the loan or not. To avail IndusInd Personal Loan, you need to meet the bank’s eligibility criteria, which are listed as follows:

IndusInd Personal Loan Eligibility Criteria for Salaried Employees

The Salaried Employees category refers to salaried doctors and salaried CAs, employees of select public and private companies and government employees. The IndusInd Personal Loan Eligibility Criteria for salaried employees are:

• Minimum age of the loan applicant at the time of loan application should be 21 years.
• Maximum age of the loan applicant at personal loan maturity should be 60 years or retirement age, whichever is earlier.
• Minimum net monthly income of the loan applicant should be Rs.25,000
• The loan applicant should have minimum 2 years of work experience and minimum 1 year of work experience in the current organisation
• In case of rental residence, the loan applicant should have completed minimum 1 year of stay at the current residence

IndusInd Personal Loan Eligibility Criteria for Self-employed Professionals

The Self-employed Professionals category refers to doctors (MBBS and Higher Degree), Architects, Chartered Accountants, Company Secretaries, Engineers and MBA consultants. The IndusInd personal loan eligibility criteria for self-employed professionals include:

• Minimum age of the loan applicant at the time of loan application should be 25 years
• Maximum age of the loan applicant at loan maturity should be 65 years
• Minimum annual net income of the loan applicant post-tax should be Rs. 4.8 Lakh
• The loan applicant should have at least 4 years of post-qualification experience

IndusInd Personal Loan Eligibility Criteria for Self-employed Individuals

The Self-employed Individuals category refers to self-employed sole proprietors, directors and partners in the business of manufacturing, trading or services. The IndusInd personal loan eligibility criteria for self-employed individuals include:

• Minimum age of the loan applicant at the time of loan application should be 25 years
• Maximum age of the loan applicant at loan maturity should be 65 years
• Minimum annual net income of the loan applicant post-tax should be Rs. 4.8 Lakh
• The loan applicant should have at least 5 years of post-qualification experience

In addition to the above-mentioned points, there are other factors too that the IndusInd Bank might consider when assessing your loan application. Other factors that might influence your chances of getting personal loan approval are:

• Credit Score: Credit score is a 3 digit number that reflects your creditworthiness. It ranges from 300 to 900, with 300 being the lowest score and 900 being the highest. Banks avoid giving loans to people with low credit score. Some banks even mention the minimum credit score that is required to apply for a loan. To ensure your personal loan application gets accepted by the lender, keep your credit score as high as possible. If you are not sure about your credit score or credit report, fetch free credit score and credit report at Paisabazaar.com. If possible, apply for a personal loan only when you have no financial liabilities. Doing so will increase your chances of loan approval and banks might also give you the loan at attractive personal loan interest rates.
• Location: Your personal loan eligibility also relies on the place where you live. If you are living in an unserved area, your loan application will be rejected. The personal loan eligibility criteria might also differ from one place to another. The personal loan eligibility criteria set for people living in rural areas is slightly different from the criteria set for people living in urban areas.
• Type of Profession: Personal loans are for everyone but those in hazardous jobs have low chances of being eligible for a personal loan. The eligibility criteria set for salaried and self-employed professionals are also different. This is because salaried people have a regular income and therefore have low chances of defaulting, whereas, self-employed professionals have inconsistent and maybe seasonal income, which might not be enough to pay off the loan EMIs.
• Company Profile: People working with big organisations have a higher chance of getting loan approval than people working with start-ups. This is because big organisations are stable whereas start-ups have a risk of being closed down. There are a few banks which offer personal loan to non-categorized companies’ employees but at high-interest rates.
• Current Financial Liabilities: Your current financial liabilities might reduce your chances of loan eligibility. Lenders, after considering your income and existing financial liabilities, might think that you will struggle to repay the loan on time. To avoid such a situation, pay off your debts as soon as possible.

To avail a personal loan, you must be first eligible for it. But going to every bank’s website and reading their eligibility criteria to assess if you are eligible for it or not is a tedious job. Applying for a personal loan directly is also not a practical option as doing so will not only waste your time and efforts but will also lead to drop in your credit score due to hard enquiries by the bank. To avoid all hassles, Paisabazaar.com offers Personal Loan Eligibility Calculator. It is an online tool that helps you identify your eligibility for personal loan offered by various banks and NBFCs. It is easy to use and gives you instant results regarding your personal loan eligibility.

To calculate your IndusInd personal loan eligibility, enter the following details in the Paisabazaar’s personal loan eligibility calculator:

• Net monthly income
• Existing EMI liability
• Rate of Interest
• Loan Tenure

In the tool, you can either adjust sliders given in each section to reach the desired value or can enter the information manually into the text boxes placed next to each heading.

Q. Is there any collateral or guarantor required to be eligible for IndusInd Bank personal loans?
A. No, there is no collateral or guarantor required to be eligible for IndusInd personal loans.

Q. How to apply for the IndusInd Bank personal loan?
A. The first and foremost step while applying for the IndusInd Bank personal loan is to check the eligibility. Eligible candidates can download the application form directly from the bank’s website or they can also use www.paisabazaar.com to directly get e-approval for personal loan.

Q. How to check the loan status?
A. Customers can check their loan status by logging into the net banking service provided by the IndusInd Bank. Customers who do not have the net banking facility can call the customer care or send an email to the bank to know the status of their personal loan. It is advisable to call or send e-application to the bank for a detailed report of your loan status.

Q. Is it mandatory to have an IndusInd Bank account to avail personal loan?
A. Having an account relationship with the bank is not necessary to avail IndusInd Bank personal loan. However, IndusInd Bank customers have an upper hand since having an IndusInd Bank account certainly makes it easy for the borrower to make payments and repayments. It also eases up the overall procedure for the application of the personal loan.

Q. What are the repayment options available for the IndusInd personal loan?
A. Borrowers can make the loan repayments in the form of Equated Monthly Instalments (EMIs) and pay them in cash, through cheque, or Electronic Clearance Service (ECS). Here, ECS can be considered as a highly convenient option as it saves a lot of time and trouble because the payment is automatically debited from the customer’s savings account.