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We found 1 IndusInd Personal Loan Eligibility
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11% - 16% Fixed
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1-5 years
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IndusInd Personal Loan Eligibility is Rated as "Great!" by 949 Users

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IndusInd Personal Loan Eligibility

IndusInd Bank personal loans are ideal for large expenses that your savings can’t meet. Acquiring that expensive product or renovating your home, paying for child’s marriage or education has never been easier. Personal loans from IndusInd Bank can be acquired with a very easy application process, they come at low interest rates and can be paid off in tenures from 1 to 5 years depending on your personal requirement.

IndusInd Bank Personal Loan Eligibility for Salaried and Self-employed Applicants

Particulars Salaried Self-employed
Age (Min-Max) 21 to 60 years 25 to 65 years
Income Rs.25,000 per month (minimum) Rs.4.8 lakhs p.a. (post tax)
Guarantor Not required Not required
CIBIL Score 650 (minimum) 650 (minimum)
Minimum Loan Amount Rs.50,000 Rs.50,000
Maximum Loan Amount Rs.15 lakhs Rs.15 lakhs
Minimum Loan Tenure 1 year 1 year
Maximum Loan Tenure 5 years 5 years
Interest Rate 11.25% onwards 11.25% onwards
Processing Fee Up to 2.5% + Tax Up to 2.5% + Tax
Prepayment Charge After 12 EMIs, 4% of principal outstanding + Service Tax After 6 EMIs, 4% of principal outstanding + Service Tax

Factors affecting Eligibility of IndusInd Bank Personal Loans

IndusInd Bank, like other banks, gauge eligibility on the basis of applicants’ ability to repay the loan. Some factors that affect a person’s eligibility are:

  • City of residence. Getting loan sanctioned in a metro city like Bangalore, Chennai, Mumbai or Delhi is easier than in other cities.
  • Income. The more you earn, the more you can repay. Hence, the higher your income, the higher the amount that can be budgeted towards EMI for repayment.
  • Your age. Younger applicants are risky candidates, as young salaried people shift jobs often to exploit opportunities. Older and more experienced applicants are viewed as safer bets.
  • Type of employment. Salaried people get regular incomes on fixed dates and can have EMIs due deducted directly from their salary accounts as and when they get paid. Self-employed people rely on the demand for their products or services in order to earn an income. This income is usually inconsistent and seasonal, and may not be enough to pay off the EMIs.
  • Employment status. It takes a while for young salaried people to find a comfortable job that takes care of all their needs – once you find that stable job, you’re most eligible for an IndusInd Bank personal loan. It helps if you’ve been employed for a few years in the same company.
  • Residence type. Applicants living in rented houses must pay an amount of their salary as rent, lowering the disposable income left over to pay EMIs. Also, it’s easier for a person living in a rented place to abscond in case they feel they cannot keep up with EMI payments. Applicants living in owned properties are more likely to get loans approved, and on better terms as they pay no rent, and have a greater amount of idle income to divert towards EMIs. The bank will also have the security of a definite location to find them in case they default.
  • Duration of residence in application location. The longer you’ve been living in a certain place, the higher are the chances of getting a personal loan approved on your terms. IndusInd Bank gives more preference to applicants who’ve lived in the city for longer, as it’s a sign of stability.

How does CIBIL score affect your IndusInd Bank Personal Loan Eligibility?

  • Score: When taking a personal loan from IndusInd Bank, a CIBIL score over 750 will ensure your eligibility. But if you want to increase your eligibility, scores closer to 900 will increase IndusInd Banks confidence in your ability to repay your loan.
  • Loan ratio and borrowing pattern: A ratio that shows you’ve taken more secured loans than unsecured loans will work in your favour.
  • Repayment history: Your previous loan and credit card repayment history will also play an important role in instilling confidence in IndusInd Bank that you will repay your personal loan.
  • Settlement history: If you’ve been unable to repay your debts / loans and have arranged for a settlements with lenders, IndusInd and other lenders will consider this behaviour and will reduce your Personal loan eligibility.

How to increase INDUSIND Bank Personal Loan Eligibility?

  • Maintain a good mix of secured and unsecured loans. Secured loans are looked at more favourably than unsecured ones. More secured loans in your borrowing history increases your eligibility.
  • Maintain a clean credit history. Clearing your debt on time and on the terms you’ve agreed on with the lender increases your CIBIL score – and eligibility.
  • Prepayment. Settling existing loans before taking on new ones is the way to go – and banks see it this way too, as it directly increases your eligibility.
  • Don’t overleverage yourself. Taking multiple loans and paying off multiple EMIs can be troubling and will leave you with no adequate funds to take care of your livelihood. Banks will not lend to those who already have 2 – 3 loans being paid off with monthly EMIs. Having more than two active loans lowers your eligibility considerably.
  • Lower EMIs on exiting loans. Reducing EMIs on existing loans by extending the term is a way to free up more money on a monthly basis, which can be redirected towards paying off EMIs on your new IndusInd personal loan.

FAQs on IndusInd Bank Personal Loan Eligibility

Q. What are the age limits for individuals who wish to get a personal loan from IndusInd Bank?

A. For salaried individuals and professionals: Between 21 years and 60 years of age.

For self-employed people: Between 25 years and 65 years of age.

Q. What is the level of work experience required for salaried individuals who wish to take an IndusInd Bank personal loan?

A. Applicants must have been employed for a minimum total of 2 years and at least 1 year with the current employer.

Q. What is the income requirement for people who wish to take an IndusInd Bank personal loan?

A. For salaried individuals and professionals: Minimum net monthly income should be Rs.25,000.

For self-employed individuals: Minimum annual income of Rs.4,80,000 (after tax).

Q. Is there any collateral or guarantor required for IndusInd Bank personal loans?

A. No, there is no security, collateral or guarantor required to avail a personal loan from IndusInd Bank.

Q. What is the maximum loan amount that can be sanctioned through INDUSIND Bank personal loans?

A. Loans are sanctioned up to Rs.15,00,000.

Personal Loan Reviews

  • IndusInd Bank Personal Loan
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    There is no particular reason for taking the personal loan with the INDUSIND BANK but the loan amount what they have offered is sufficient added on that they have offered the rate of interest is 12.5% with this personal loan. The process of getting the loan is simple and quick.
    Was this review helpful? 3
    , bangalore
    Reviewed on Dec 14, 2018
  • IndusInd Bank Personal Loan
    "Not satisfied"
    0.5 1.0/5 "Really Bad"
    It was not a good experience with Indusind bank for personal loan, the process took 10 days to complete. Customer support was not up to the mark with this bank and there was no proper response. Loan amount was or Rs 2 lacs with high interest rate and tenure period is 5 years.
    Was this review helpful? 2
    , ludhiana
    Reviewed on Dec 14, 2018
  • IndusInd Bank Personal Loan
    "Good service"
    0.5 4.0/5 "Great!"
    My personal loan was approved with IndusInd bank and the experience was good, i received my loan amount within 7-10 days, The loan amount was for Rs 19.3 lacs with nominal interest rate and tenure period for this loan is 4 years. Customer service was good and they collected documents on time.
    Was this review helpful? 0
    , new delhi
    Reviewed on Dec 14, 2018
  • IndusInd Bank Personal Loan
    "Not satisfied"
    0.5 1.0/5 "Really Bad"
    I have taken personal loan from the Indusind bank which is instant approval and documentation . Am not that much satisfied with the rate of interest which they have provided . They charged more for processing fees with the tenure period .Their customer service and response is not good .
    Was this review helpful? 1
    , faridabad
    Reviewed on Dec 13, 2018
  • IndusInd Bank Personal Loan
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I bank with Indusind Bank for the personal loan. It was a smooth process and I received the loan around eight days. I had request for five lakhs and after which I chose a loan of 4.25 Lakhs due to the emi duration. The interest rate is of 12% and the processing fee is zero.
    Was this review helpful? 3
    , chandigarh
    Reviewed on Dec 13, 2018
  • IndusInd Bank Personal Loan
    "Process can be more sooner and charges low"
    0.5 4.0/5 "Great!"
    I had taken my personal loan from Indusind Bank. It took time as they delayed initially to contact me and I had to follow up. After which the documents was collected and once that was done it took them another week to get the loan. The whole process took three weeks. The rate of interest is around 12%. There was no processing fee but they have taken 2500 for the insurance.
    Was this review helpful? 2
    , bangalore
    Reviewed on Dec 13, 2018
  • IndusInd Bank Personal Loan
    "Good service and Polite, positive & supporting staff"
    0.5 5.0/5 "Blown Away!"
    My experience was good with personal loan from IndusInd bank, the process took 15 days to complete. The loan amount was for Rs 9.5 lacs and including BT it is Rs 11 lacs. Rate of interest was nominal and the tenure period for this loan is for 5 years.
    Was this review helpful? 0
    , new delhi
    Reviewed on Dec 13, 2018
  • IndusInd Bank Personal Loan
    "Need to reduce the interest rates"
    0.5 4.0/5 "Great!"
    They have offered me a interest rate of 12.5% and almost before 1 month i have purchased my personal loan with Indusind just because of given reference i have selected this bank. There is no processing fee and they charged Rs. 100 for an agreement. I have been paying the EMI of Rs. 5300. Total tenure period of the loan is 36 months.
    Was this review helpful? 0
    , lucknow
    Reviewed on Dec 12, 2018
  • IndusInd Bank Personal Loan
    "GOOD"
    0.5 4.5/5 "Excellent!"
    The process of getting the personal loan with the INDUSIND BANK is very good but it is delay to get the loan amount . The rate of interest is satisfactory and it is good with this bank. It is a good banking where they have provided with the good loan amount.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 12, 2018
  • IndusInd Bank Personal Loan
    "Average banking experience"
    0.5 5.0/5 "Blown Away!"
    Got the personal loan 1.5 months back. Not a particular reason for choosing indusind bank. I'm happy about the interest rate which is 11.5% and they reduced rs. 8000 from the loan documents for the insurance fee and processing fee however i have not received any kind of insurance documents. I'm yet to call the call centre people for this issue. I used to pay the EMI of Rs. 11,500 for 5 years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 12, 2018
  • IndusInd Bank Personal Loan
    "GOOD"
    0.5 4.5/5 "Excellent!"
    The reason for taking the personal loan with the INDUSIND BANK is because of lower rate of interest so taken. The process is easy and simple to get the loan. The loan amount is good also the rate of interest is 12.5%. The duration is for 5 years but there is no processing fee.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 12, 2018
  • IndusInd Bank Personal Loan
    "Good in all"
    0.5 4.5/5 "Excellent!"
    The process was fairly good with Indusind Bank for the personal loan. They collected the documents on time. There was a delay in the disbursement because they were wanting one document. I finally received the loan as needed without me submitting the document. The rate of interest is around 12% flat and there was no processing fee.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Dec 12, 2018
  • IndusInd Bank Personal Loan
    "Good loan"
    0.5 5.0/5 "Blown Away!"
    Documentation was easy in this loan, if they could reduce the rate of interest it would be great because the rate of interest which they are charging is little high when compared with other banks, but processing and rest everything was good, i have taken this loan for 3 years tenor.
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 11, 2018
  • IndusInd Bank Personal Loan
    "Good loan "
    0.5 4.0/5 "Great!"
    In this loan the charges were normal in processing fee and rate of interest were also nominal, but they could reduce the processing time from the bank end as this time they have taken was too long to get processed, at the time of fund transfer there were no issues.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 11, 2018
  • IndusInd Bank Personal Loan
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    The reason for taking the personal loan with the INDUSIND BANK is because they are offering with the lower rate of interest. The loan amount is satisfactory with this bank. The process of getting the loan amount is simple also it is satisfactory.
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 11, 2018
  • IndusInd Bank Personal Loan
    "Overall good"
    0.5 4.0/5 "Great!"
    It was a good experience with Indusind Bank for the personal loan. I got the loan as expected but there was a bit of delay of couple of weeks to get the loan. The rate of interest is around 15% and the processing charges is waived off. The after loan services are good.
    Was this review helpful? 0
    , thane
    Reviewed on Dec 11, 2018
  • IndusInd Bank Personal Loan
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my personal loan from Indusind bank a month ago, the loan amount they have given me was sufficient and the rate of interest they have charge me was nominal and the processing fee they have not charged in this loan ,and documentation part went smoothly, overall service is good.
    Was this review helpful? 0
    , vadodara
    Reviewed on Dec 10, 2018
  • IndusInd Bank Personal Loan
    "Average"
    0.5 3.0/5 "Satisfactory"
    My personal loan was taken with INDUSIND BANK , i ma facing some issue with this bank They have deducted the EMI , they have not informed anything. I am not happy with customer service and their response it is not up to the mark . They have not given any documents .
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 10, 2018
  • IndusInd Bank Personal Loan
    "Its convenient"
    0.5 5.0/5 "Blown Away!"
    There was no difficulties faced on my personal loan process, they have taken only two days of time to sanction the amt after the collecting the documents. The interest rate is quite nominal and they gave me flexible emi and also zero processing fee.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 10, 2018
  • IndusInd Bank Personal Loan
    "Good service"
    0.5 4.0/5 "Great!"
    It was quite a good experience which i had with this loan where the loan amount which they had provided has been satisfactory as well. The interest rate with them was around 15% and there has not been any additional charges which hey had made so far.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 10, 2018
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