IndusInd Bank offers personal loans to salaried employees, self employed professionals and individuals after assessing their eligibility. The bank factors in various parameters such as the age, occupation profile, monthly income, etc. to evaluate the IndusInd Bank personal loan eligibility.
What is the criteria for IndusInd Bank Personal Loan Eligibility?
IndusInd Bank Personal Loan Eligibility for Salaried Employees
- The minimum age limit of the applicant should be 21 years
- The maximum age of the borrower at the time of loan maturity should be 60 years or the retirement age
- Minimum net monthly income of the borrower should be Rs 25,000
- Should have stayed at least for a year at the current residence (if rented)
- Should have completed 2 years of employment
- Should have worked for at least 1 year in the current organization
IndusInd Bank Personal Loan Eligibility For Self-employed Professionals
- Minimum age of the applicant should be 25 years
- Maximum age at the time of loan maturity should be 65 years
- Minimum net annual income after tax deduction should be Rs 4.80 lakhs
- Should have experience of 4 years post qualification.
IndusInd Bank Personal Loan Eligibility For Self-employed Individuals
- The applicant should be at least 25 years of age
- The borrower should be 65 years old at the time of loan maturity
- The net annual income should be at least Rs 4.80 lakhs after-tax deduction
- Should have at least 5 years of post-qualification experience
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.
What are the factors affecting Personal Loan Eligibility?
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.
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.