Financial requirements can arise without any prior notice. And anyone can be in this circumstance, especially the metro city like Noida. Noida has sheltered many IT firms and MNCs; this is one of the significant reasons for people’s mobility to the city. However, moving to Noida is quite straightforward, but surviving can be difficult for money. Here personal loans in Noida can be considered one of the best financial tools to fight against the crisis. A personal loan can be used regardless of the purpose of the fund’s requirements; a personal loan is one of the best choices a person can make.
Although there is an ample number of lenders, those provide a personal loan in Noida. But here we will be talking about the IndusInd Bank personal loan as it helps you to stand firm in the hardest of your situation. It among the best ways to fulfill all your financial requirements. An IndusInd personal loan is a collateral-free loan. This personal loan is an EMI based loan that can be availed by anyone who is looking for support in a crisis. IndusInd provides personal loans for the maximum amount at a competitive rate of interest.
IndusInd Bank personal loan benefits a borrower in various ways. Following is the list of some benefits:
1.Competitive Interest Rate: IndusInd Bank personal loan rate of interest is one of the lowest loan interest rates available in the financial market.
2. Timely Discounts: Periodically discount offers are provided in IndusInd personal loans. Especially during the festive time, you can acquire the benefits of different offers available on the IndusInd Bank personal loan. Apart from the festive offers, other discounts are also provided as per the applicant profile.
3. Online Loan Application: Nowadays, almost everything is available online. Likewise, you can also apply online for the IndusInd personal loan. This not only saves your time but also facilitates you with a personal loan with the comfort of home.
4. Low Prepayment Charges: IndusInd Bank takes low prepayment or foreclosure fees on business loans.
IndusInd Bank personal loan processing is done with complete transparency. This ensures that zero hidden charges are charged for any of the IndusInd Bank personal loan schemes.
5. Fast Loan Procedure: Simple and quick loan processing of IndusInd leads to the rapid approval of the loan amount.
Why go for the IndusInd Bank Personal Loan?
IndusInd offers a wide range of personal loans to match the diversified customer requirements. Some of the main reasons why IndusInd personal loan is considered one of the best loans in the market are mentioned below:
- IndusInd personal loans can be availed to meet your personal financial needs.
- Hassle-free loan processing.
- The IndusInd Bank loan processing is simple and easy.
- A competitive interest rate is offered.
- The high loan amount is offered based on the borrower’s profile.
Required Documents of IndusInd Personal Loan
The requirement of documents may change based on the applicant profile. Below are the standard materials which generally needed for a personal loan:
- Proof of identity like the Aadhaar Card, Passport, Voter ID, Driving License, etc. whatever the accepted by the bank.
- Duly filled the application form.
- Passport-size photograph.
- Income proof like salary slips, bank statements, etc.
- PAN Card of the primary applicant.
- Address proof like the Driving License, Voter’s ID, Passport, Telephone Bill, Electricity Bill, etc.
IndusInd Bank Personal Loan EMI calculator
It is essential to calculate the monthly EMI before availing of the loan. This helps you in budgeting and planning the other things as well. Especially when you are planning to take a personal loan. As if you will know how much you need to pay every month, then you will be prepared to take the financial decision more aptly. For a person, it is not an easy thing to make financial decisions, so; it becomes even more critical to get a clear idea about the expenses and debts they need to be paid every month.
Factors affecting the Personal Loan EMI:- Various factors have a significant impact on personal loan EMI; some of them have been mentioned below:
- Loan amount – The loan amount or the principal amount is the amount borrowed from the lender.
- Rate of Interest – The Interest rate is the rate charged over the principal amount borrowed. High-interest rate raises the monthly EMIs, which ends up increasing the total cost of a personal loan.
- Loan Repayment Tenure – The period provided by the lender to repay the loan amount is termed as the loan repayment tenure. Generally, the extended repayment tenure attracts low EMIs.
Advantages of using a Personal Loan EMI Calculator
- The EMI calculation with a pen and paper can be full of human errors, which increases the risks of wrong output, which ultimately affects the overall financial planning. Whereas the result provided from the online EMI calculator is free from human error, so it is quick and accurate. You can also play with the figures while using an EMI calculator like the loan amount, repayment tenure, and rate of interest, and you will get the results accordingly.
- A personal loan EMI calculator saves a lot of time and effort, whereas the manual calculation of an EMI can consume a lot of time and effort. With the use of an EMI calculator, the result is generated in a few seconds with few clicks. This facilitates you to the detailed information and knowledge about the payments even before applying for a personal loan. All you need to provide the information like the interest rate, loan amount, and the repayment tenure and everything else is done digitally. It also helps in negotiating with the loan lender and settle for a better rate of interest.
Eligibility Criteria of IndusInd Bank Personal Loan
IndusInd Bank has some eligibility criteria for the personal loan. Although the requirements may vary based on various things. Here are the essential eligibility criteria:
Eligibility for Salaried Employees
- The minimum applicant age at the time of application should be 21 years.
- The maximum age at the personal loan maturity should be 60 years.
- The minimum net monthly income should be Rs.25000 or above.
- Minimum of 2 years of working experience and with a minimum of 1 year of experience in the current organization.
- If rented, a minimum of 1 year of stay at the current residence.
Eligibility for Self Employed Professionals
- The minimum age at the time of application should be 25 years.
- Should have 4 years of post-qualification experience.
- The maximum age at personal loan maturity should be 65 years.
- An applicant should have a minimum annual net income (after taxation) of Rs.4.8 Lakhs.
Eligibility for Self Employed Individuals
- The Minimum required age at the time of application is 25 years.
- Applicant age should not be more than 65 years at the time of loan maturity.
- Should have Minimum annual net income of Rs. 4.8 Lakhs post-tax.
- Minimum 5 years of post-qualification experience.
IndusInd Bank Personal Loan Eligibility Calculator
Let’s have a look at the benefits of using a personal loan eligibility calculator:
Helps in making Informed Decisions:- Knowing your eligibility can make your decision more practical and in favor. As if you will know about your capability of availing of the loan amount as per the lender, then you can apply for the same amount. This will not only increase your loan approval chances but also help you in improving your CIBIL score.
Check Eligibility of the Loan amount:- A vital feature of a personal loan eligibility calculator is that it enables you to experiment with the loan amount as per the wants. Different numbers can be entered in the column like loan amount, rate of interest rate, repayment term, etc. Personal loan eligibility calculator is free of cost even if you are not a customer of the; you can also use it free of charge.
Ways to Improve your Eligibility for a Loan
1. Choose Longer Repayment Term
As mentioned above, the loan repayment tenure attracts the low EMI, which shows you as a capable and reliable applicant in the lender’s eyes for an extended period.
2. Maintain a good Credit Score
It’s a well-known fact that a Credit Score is one of the most crucial elements whenever there is talk about credit regardless of the type of loan. But if we specially talk about the personal loan, then it becomes even more important as a personal loan is an unsecured loan which places a lender in a weak position. So, they use credit scores as among the vital factors while deciding on the loan approvals.
3. Pay Off all Existing Loans
It is essential to make sure that all your existing credit is fully settled at the time of a personal loan application. If not, then the lender may reject your loan application with a thought that you are already liable to pay off other lender’s debts.