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What are IndusInd bank personal loan details?

A personal loan is unsecured in nature which means that collateral is not required to avail loans from the bank. This loan is provided by most banks and Non-Banking Financial Companies (NBFC). As the type of loan is a multi-purpose loan and is ideal for immediate cash requirements to the user like- medical emergencies, personal expenses, planning for a vacation, etc. Get IndusInd bank EMI calculator to check different loan tenures and interest rates. 

You should know, you have the backing of IndusInd Bank that offers personal loans at competitive interest rates that can be paid off in tenure starting from 1 year to 5 years depending on your loan requirement. Borrowers get IndusInd bank personal loan offers when they require short-term financial needs. 

How to get the best offer on IndusInd Bank personal loan?

One can get the best personal loan interest rates from IndusInd Bank on their loan amount, salary, and other obligation company they work with. Here is the list of some factors that determine the personal loan interest rate from IndusInd Bank. 

Loan amount: 

The loan amount borrowed from a borrower from the bank and that bank offers lower interest rates for higher amounts. IndusInd Bank offers loans starting from Rs. 50,000 up to Rs. 25 lakhs. 

Salary: 

Your income defines your capacity for loan repayment. If individuals get higher salaries, they get loans at lower interest rates. In this case, the interest rate of the bank varies with your net monthly income.

Employer category: 

IndusInd Bank has an internal list of companies that categorized as high rank to low rank of companies, based on the company’s size, reputation, and existing relationship with the bank. The employees work under higher companies get attractive discounts and low-interest rate loans. 

Loan Tenure: 

Personal loans are of shorter tenure starting from 12 months to 60 months as they require the individuals to meet their immediate requirements. 

Repayment capacity: 

IndusInd Bank checks the repayment capacity of the borrower before giving loans to the borrower. Thus, the bank verifies the repayment capacity of the customer through CIBIL, as it has the repayment track record of previous loans taken by the borrower. CIBIL also captures the information of your credit card bills payment. 

IndusInd Bank personal loan eligibility criteria  

Eligibility Salaried EmployeeSelf-employed professionals Self-employed individuals 
CategoriesIt refers to the salaried doctors and salaried Cas, employees of select public and private companies, and government companies. It refers to doctors (MBBS and higher degree), architects, Chartered Accountants, Company Secretaries, engineers, and MBA consultants. It refers to self-employed sole proprietors, directors and partners of the business of manufacturing, trading, or services. 
Nationality Any Indian citizen can apply.Any Indian citizen can apply.Any Indian citizen can apply.
Age criteria The applicant should be-Minimum 21 years Maximum 60 years at the time of personal loan maturity. The applicant should be-Minimum 25 years Maximum 65 years at the time of personal loan maturity.  The applicant should be-Minimum 25 years Maximum 65 years at the time of personal loan maturity.  
Income Minimum net monthly income of the individual should be Rs. 25,000. Minimum net monthly income of the loan applicant post-tax should be Rs. 4.8 lakhs. Minimum net monthly income of the individual’s post-tax should be Rs. 4.8 lakhs. 

The eligibility for IndusInd Bank personal loan is determined on the basis of an individual’s profession, monthly income, age repayment history, credit score, and repayment capacity. These are the main factors that collectively responsible for deciding that an individual is eligible or not. To avail IndusInd personal loan, you need to meet the bank’s eligibility criteria that mentioned as under:

IndusInd Bank personal loan eligibility calculator 

People avoid all hassles- as they apply for the loan directly through the personal loan eligibility calculator. It is an online tool that helps the borrower to identify the eligibility for a personal loan offered by various banks and NBFCs. IndusInd Bank personal loan eligibility calculator is one that easily gives you instant results regarding your personal loan eligibility. 

Factors affecting IndusInd Bank personal loan eligibility criteria

With the above-mentioned points, there are other factors that IndusInd Bank might consider while assessing the personal loan application. The factors mentioned under gives you chances of getting a personal loan approval:

Credit score: 

The 3-digit number of credit score reflects your creditworthiness. It starts from 300 to 900, with 300 being the lowest score and 900 being the highest. Mostly, banks avoid giving loans to people with a low credit score. 

Type of profession:

Every individual can apply for a personal loan but those in hazardous jobs have low chances of being eligible for a personal loan. The eligibility criteria for salaried and self-employed professionals are different because salaried individuals have a regular income and therefore, have low chances of defaulting. Whereas, self-employed professionals have inconsistent and maybe seasonal income. 

Current financial liabilities

The current financial liabilities might reduce your chances of loan eligibility. Lenders, after considering your income and existing financial liabilities, might think that individual may struggle to repay the loan on time. 

IndusInd Bank personal EMI calculation

The interest rate for IndusInd Bank personal loan starting from 10.75% p.a. The table explain the personal loan EMI calculator for different loan tenures and interest rates provided by IndusInd bank. 

Loan amount and interest rates Monthly EMI for 1-year loan tenure Monthly EMI for 2-year loan tenureMonthly EMI for 3-year loan tenureMonthly EMI for 4-year loan tenureMonthly EMI for 5-year loan tenure
Rs. 5 lakhs at 11.25% p.a.Rs. 44,249Rs. 23,362Rs. 16,429Rs. 12,984Rs. 10,934
Rs. 10 lakhs at 13% p.a.Rs. 89, 317Rs. 47,542Rs. 33,694Rs. 26,827Rs. 22,753
Rs. 20 lakhs at 15% p.a.Rs. 1.8 lakhsRs. 96,973Rs. 69,331Rs. 55,661Rs. 47,580

Conclusion:

The above-mentioned details give complete details of IndusInd Bank personal loan for individuals looking for instant financial help. Thus, you can easily evaluate and calculate your IndusInd Bank personal loan eligibility with the help of the above details. 

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