IndusInd Bank Personal Loan Eligibility Criteria
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 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.
Should have a minimum of 2 years of work experience and a minimum of 1 year in the current organisation
Self-employed professionals include doctors (MBBS and higher degree), Architects, Chartered Accountants, Company Secretaries, Engineers and MBA consultants.
Self-employed non-professionals include sole proprietors, directors and partners in the business of manufacturing, trading or services.
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.
Here is the checklist of documents required for a personal loan from IndusInd bank:
For self-employed professionals
For self-employed individuals
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
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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.
Originally published at https://www.amhmagazine.com.