IndusInd Bank Personal Loan Eligibility
IndusInd Bank Personal Loan Application
The minimum age limit 21 years
- Maximum age of the borrower at the time of loan maturity should be 60 years or superannuation age
- The minimum net monthly income of the borrower should be Rs.25,000
- Must have lived in current residence for at least one year (if renting)
- Must have completed 2 years of service
- Worked at least 1 year in the current organization
IndusInd Bank Personal Loan Eligibility for Self Employed Professionals
- Minimum net annual income after tax deduction should be Rs 4.80 lakh
IndusInd Bank Personal Loan Eligibility for Self Employed Individuals
- Applicant must be at least 25 years old
- The age of the borrower should be 65 years at the time of loan maturity
- Net annual income after tax deduction should be at least Rs 4.80 lakh
- Must have at least 5 years post qualification experience
Along with the above criteria, the bank may also consider credit score, existing EMIs from other loans or credit cards etc. to evaluate the personal loan eligibility of IndusInd Bank personal loan applicants like other lenders.
What are the factors affecting personal loan eligibility?
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 a credit score of 750 and above are considered more creditworthy and their lenders are more likely to approve their loan application. Many lenders prefer to offer lower personal loan interest rates to applicants with high credit scores. However, applicants with low credit scores, that is less than 750, are considered to have poor credit profiles and thus, some lenders may either charge higher interest rates or reject their personal loan applications.
IndusInd Bank EMI repayment capacity
Banks / NBFCs also consider the repayment capacity of their individual loan applicants while deciding their loan application. Personal loan lenders require the total EMI of the loan applicants, including the EMI of their proposed loan, to be within 50-60% of their net monthly income. Therefore, consumers planning to avail a personal loan should consider using a personal loan EMI calculator to determine the optimum EMI for their personal loan and loan tenure based on their repayment capacity. Also, they should ensure that their total EMI should remain within 50% of their net monthly income.