In today’s modern time, needs and ambitions are unlimited. From time to time, we need additional cash to meet critical financial commitments. Our salary and savings prove to be insufficient when we have unavoidable financial obligations. Such expenses are marriages, Loan EMIs, different utility bills, education fees, primary medical treatment, etc. IndusInd Bank Personal loan is an ideal way to arrange additional funds in a hurry. It helps you fulfill all-important financial obligations without asking for monetary help from anyone. Doesn’t this financial assistance help when you are desperate for cash? Let’s know more about it and discuss its advantages.
IndusInd Bank Loan Basics – Key Info You Should Know!
The IndusInd Bank loan is a ray of hope for anyone looking for immediate funds due to the sudden appearance of emergency expenses. The bank allows eligible borrowers to get funds starting from Rs. 50,000 to 25 lakhs for 1 to 5 years. The interest fees applied on the borrowed money ranges between 10.49% to 20%. In addition, the bank takes processing fees which may go up to 3% of the loan amount sanctioned. Furthermore, it allows you to settle the loan before its maturity date. So, don’t get disappointed if you have unavoidable financial commitments. Get an Indusind personal loan after completing all formalities and clearing all pending bills.
Which Personal Loan Products Does IndusInd Bank Offer?
IndusInd Bank is India’s highly prestigious and widely appreciated Bank. It has a vast customer base in India. It offers different personal loan products to eligible borrowers:
Types of Personal Loans Offered By IndusInd Bank
Pre-approved personal loan IndusInd bank
IndusInd bank pre-approved personal loan is designed for those people who maintain an active bank account with the bank. The bank executives can quickly verify your details and credit the loan in a few hours. Minimal documentation and swift processing of the application are the main characteristics of this loan product.
Personal Loan Balance Transfer
If you maintain an active bank account with IndusInd Bank, you can get a suitable loan product. You can transfer the existing personal loan balance (from another bank) to IndusInd Bank. With its help, you can reduce the burden of EMIs up to a certain extent. The minimal document, low processing fees, flexible repayment tenure are significant benefits of this credit arrangement.
Personal Loan For Medical Expenses
With its help, you can finance the medical treatment of your kith and kins. Those who maintain an active bank account with IndusInd Bank may get a loan with preferential interest rates. Under this scheme, you can get collateral-free money up to Rs. 15 lakh for 1-5 years.
Home Renovation Loan
You can use this loan to renovate your house and revamp its look-up to a great extent. The interest rates on the borrowed funds start from 11.99% p.a. You can repay the loan in a maximum of 5 years. Hassle-free application process and minimal documentation are salient features of this loan.
Also read: Canara Bank Pre- Approved Personal Loan
Wedding Loan
With this, you can finance different expenses for your wedding. The bank allows you to get a collateral-free loan up to Rs. 15 lakh with an interest rate starting from 11.99% p.a. The actual loan amount & interest fees may change as per the borrower’s eligibility criteria.
Indusind Bank Personal Loan Eligibility
Eligibility Criteria For Salaried Individuals
| Citizenship | Only Indians can submit their application for the loan. |
| Age | 21-60 Years |
| Employment & Salary Details | The applicant must have stable employment with a well-established company, business entity, central or state government. You should be on the job with your current employer for at least one year. |
| Salary | Minimum Rs. 25 000 or more. |
| Bank Account | You should have an active bank account either with IndusInd Band or any other bank. The bank account must accept online transactions. |
Eligibility Criteria For Self-Employed Professionals Or Individuals
| Age | 25-65 Years |
| Minimum Annual Income After Tax | Rs. 4.8 lakh |
| Experience | 4 Years (Self-employed professionals) &
5 Years (Self-employed individuals). |
Documents
For Salaried Individuals
- Details of personal identity,
- residence proof,
- Income details- last three months’ salary slips,
- Account details: Last six months’ details of your salary bank account.
For Self-Employed Professionals
- Identity proof,
- Address proof,
- Your business bank account statement (passbook or last 6 months bank statement),
- Last two years ITR along with income details,
- Highest professional degree, and
- Proof of your business and its continuity.
Also Read: IndusInd Bank Fixed Deposits Interest Rates
Improve Chances for Indusind Bank Loan Approval with Pre-approved Personal Loan
Increase Your Knowledge About The Loan Product
Knowledgeable borrowers often make smart borrowing decisions. That is why you must try to get more information about the loan you want to get. Call the bank executive or visit the website of IndusInd Bank to do so. Learn about the loan amount, repayment tenure, eligibility criteria, documentation needs, interest fees, processing fees, pre-closure fees, and other details. It will allow you to evaluate the feasibility of the loan per your requirement & make an intelligent decision. However, many borrowers don’t understand all terms of loan products. So, they must contact industry experts and seek impartial feedback from them.
Also Read: A Detailed Guide on Pre-Approved Personal Loans
The Loan Amount You Want To Take
As mentioned above, IndusInd Bank allows you to get funds starting from Rs.50,000 to Rs. 25 lakh for a maximum of 5 years. Due to the increased debt limit, most borrowers try to get the maximum amount as a loan. They ignore the basic fact that the bank examines their overall income status and the payment potential before approving a particular loan amount. That is why as a borrower, you must evaluate your requirement for additional money keeping all factors in mind. If you have stable employment and a regular monthly income, you can easily take a handsome loan and repay it at the right time.
If you can meet financial obligations in a short amount of money, don’t try to take a significant sum as a loan. It is because you never know when your financial condition will go down. Long illnesses, fatal accidents, termination from the job, increased household expenses due to rising inflation, and other factors negatively affect your ability to repay the borrowed money with interest. If you take a moderate amount as a loan, its repayments don’t give you sleepless nights. Experts recommend taking the loan amount you need and can repay comfortably. You can choose an EMI calculator to determine the loan EMIs and interest fees and make prudent decisions accordingly.
Monthly Income Versus Overall Expenses
A careful analysis of monthly payments and overall expenses is essential before applying for a new loan. To repay the loan amount, the borrower must have sufficient cash reserves when the repayment date draws nearer to refund the loan amount. Just look at how much money you earn from all sources and what are your major monthly expenses. IndusInd Bank loves to issue loans to individuals who maintain a steady record of financial discipline.
There shouldn’t be too many pending bills, loan EMIs, and financial notices from banks when you apply for an IndusInd personal loan. All these create a negative picture of you in the banker’s mind. If possible, cut all unnecessary expenses that don’t put any difference to your daily lifestyle. Settle as many pending bills as you can and ensure that a loan EMI is against your name. A well-maintained financial record always works in your favor when you apply for any personal loan online or offline for meeting emergency expenses. It allows the Bank to trust you like a loan borrower and expect timely repayment.
Risk Factor You Carry
Due to the growing number of pending payments on loans, almost all leading Indian banks have the largest share of non-performing assets. IndusInd Bank evaluates the risk factor you carry as a borrower. The risk factor is an indicator that tells banks the likelihood of repayment or non-repayment of a loan. The higher the risk factor, the fewer chances there are for the approval of your application. Banks love to deal with borrowers having the lowest risk factor. The presence of too many pending bills, credit card payments, loan EMIs, irregular income, FIRs can make any person a high-risk borrower. Try to maintain a clean financial record before applying for an IndusInd Bank personal loan.
Your Relationship With The Bank
Your relationship with banks plays a vital role in loan approval. When you apply for the loan, bank executives check your account statements and salary slips to confirm the income status mentioned by you. Therefore, your relationship with the Bank should be neat and clean. If the Bank deactivated your account in the past because of suspicious transactions, tax avoidance, not maintaining the minimum balance, or any reason, it negatively impacts the banker. It lets the Bank feel that you have an unstable financial life and paying in new loans will not be easier for you. Therefore, maintain a good relationship with the banker and avoid suspicious banking activities as much as possible.
Your Credit Score
IndusInd Bank will look at your credit school when you apply for a personal loan. A credit score is a statement that displays transactions made by borrowers in the last ten years. It shows the borrower’s loans, their repayment, non-payment, pending EMIs, loan extensions, etc. Having a good credit score means that the borrower is financially strong. He can quickly pay back the borrowed money with interest charges within the repayment period. On the other hand, individuals with a poor credit score are always considered financially unstable. The banker feels that if they issue a new loan to bad credit people, the money will go in vain. That is why such individuals often face rejections from banks and other financial organizations as well. You need to maintain a minimum credit score of 750 or more to get approved for an IndusInd Personal Loan.
Also Read: Can You Get A Personal Loan With A Low Credit Score
IndusInd Personal Loan Application
After completing tasks, apply for the loan at the nearest IndusInd Bank. Meet with bank staff, fulfill criteria, provide correct info. Bank will analyze, verify details, conduct interviews. Be truthful, submit necessary docs promptly. Approval depends on eligibility, income, credit. Funds received within days. Online application process similar. Choose method, prefer online option for simplicity. Withdraw funds for expenses efficiently.
Conclusion
When you take an IndusInd Bank personal loan, specific financial commitments are no longer a problem. You can quickly get the desired fonts after submitting your application and completing all formalities successfully. The careful use of acquired funds can bring happiness to your life and maintain sufficient liquidity. Repaying the loan at the right time will strengthen your credit score and help in future loan applications. Happy Borrowing.
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Frequently Asked Questions
Q. Is It Ideal For Taking An Indusind Bank Personal Loan For My Marriage Or A Foreign Tour?
A. Everyone deserves a fulfilling life beyond just material desires. IndusInd Bank offers personal loans for diverse needs. Thoroughly review loan details before deciding.
Q. What Should I Do To Improve My Chances For The Approval Of The Indusind Bank Personal Loan?
A. Loan approval depends on meeting criteria, providing accurate details, and following IndusInd Bank instructions. A bank team will review your application and notify you of their decision shortly. Approval is possible if all requirements are met.
Q. The Indusind Bank Offers Different Personal Loans. How To Decide Which One Is Suitable For Me?
A. You need to carefully review the details of different loans and see which one of them is suitable for you. Then, you can discuss your requirements with bank executives, and they will help you choose the best loan product.
Q. What Should Be My Credit Score To Get Approved For Indusind Bank Personal Loan?
A. It would help if you had a minimum credit score of either 750 or more to get approved for the loan. The Bank may not consider your application if you are a bad credit borrower.
Q. What Should I Do To Get An Indusind Bank Personal Loan With No Credit Score At All?
A. When applying for your first personal loan, the Bank may request credit scores of close relatives to assess family finances and determine risk before approving your application.
