IndusInd Personal Loan Eligibility

Factors Affecting IndusInd Bank Personal Loan Eligibility

1. Nature of Employment: IndusInd Bank only offers personal loans to salaried employees, self-employed professionals like doctors, chartered accountants, architects, engineers, MBA consultants, and company secretaries, and to self-employed individuals like sole proprietors, partners, and directors. Thus, individuals who are unemployed or those who do not fall under the previously-mentioned categories may not be eligible to avail a loan from IndusInd Bank.
2. Age: The age at which you avail a personal loan plays a significant role in your eligibility to borrow a personal loan. The lender considers salaried individuals who are over the age of 21 years as eligible to borrow personal loan. Self-employed professionals and individuals, however, have to be over 25 years of age. If you do not fall within this age bracket of the lender, you may not qualify for a personal loan.
3. Income: Those who earn a good income stand a better chance of being approved for a personal loan as a result of their repayment capacity being high.
4. Work Experience: To borrow a personal loan from IndusInd Bank, you are required to have adequate work experience. Individuals who have been employed or have run a business successfully for a few years are considered to be more financially stable and are, thus, more likely to be approved for a personal loan.
5. CIBIL Score: Your CIBIL score plays a significant role in your eligibility for a personal loan. Most lenders prefer to give loans to individuals who have a credit score of over 700. If the applicant has a very low CIBIL score, their application may be rejected by IndusInd Bank.

How to Increase IndusInd Bank Personal Loan Eligibility?

1. Borrow only as much as you need: One way to increase your eligibility is to borrow a reasonable loan amount that is in line with your financial needs. Make sure to not borrow more than what you need or your repayment capacity since the lender may turn down your application.
2. Check if you meet the lender's eligibility criteria: Rather than simply applying to IndusInd Bank for a personal loan, you should first check whether you meet the lender's eligibility criteria. You can also use an eligibility calculator to check how much you are eligible to borrow.
3. Improve your CIBIL score: If you have a low credit score, you should do what is required to increase your credit score. This will increase your personal loan eligibility.
4. Don't apply to different lenders at the same time: Applying to multiple banks and financial institutions for personal loans at the same time can affect your credit score negatively. Thus, ensure that you avoid doing this at all costs.

IndusInd Bank Personal Loan Details

What are the Documents that will have to be Submitted to the Lender to Borrow a Personal Loan?

You will need to submit the following documents:

1. Proof of identity
2. Proof of residence
3. Proof of income
4. Bank statements
5. Proof of qualification
6. ITR
7. Profession continuity proof
8. Any other documents requested by the lender

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