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 Details: The Basic Information You Need To Familiarize Yourself!
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.
What Type Of Personal Loan Products IndusInd Bank Offers To Customers?
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% 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
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% 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.|
|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
|Minimum Annual Income After Tax||Rs. 4.8 lakh|
|Experience||4 Years (Self-employed professionals) &
5 Years (Self-employed individuals).
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.
Taking Pre Approved Personal Loan Indusind Bank: How To Improve Your Chances For Loan Approval
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
Once you complete the aforementioned tasks, it’s time to apply for the loan and get the fund. Visit the nearest branch of the IndusInd Bank in your area and submit your application to the banker after filling in all details correctly. Bank executives will have conversations with you and analyze your requirement for the loan from all possible angles. You must fulfill the loan eligibility criteria without fail and supply correct information to the banker. Bank executives will be able to conduct background checks and verify the information. It is essential to you to answer the question of Bank executives bravely and submit correct documents upon request. The application processing, interviews, documentation, verification of facts, and other formalities can take multiple days to get completed.
The banker will announce its decision after analyzing all factors one by one. Deliberate submission of wrong information, financial record, bad credit score, and other factors may provoke the banker to reject your application. Your application is approved if the banker is satisfied with your eligibility, income status, creditworthiness, and payment potential. You can get the agreed amount from your bank account in a few days after the deduction of processing fees. The online method of loan application follows the same course of action. You can apply for the loan by using an online or offline mode. A large number of individuals prefer the first method of loan application because of its ease and convenience. Withdraw the money and use it for meeting essential expenses in the best possible way.
Frequently Asked Questions?
Is It Ideal For Taking An Indusind Bank Personal Loan For My Marriage Or A Foreign Tour?
All individuals have a right to lead a happy and king-size life. However, money shouldn’t be the sole reason for their long-awaited desire. Yes, you can take an IndusInd Bank personal loan for marriages and foreign tours. The Bank allows you to get funds for meeting almost all emergency requirements. Before applying for the loan, check out its details attentively and make a good decision accordingly.
What Should I Do To Improve My Chances For The Approval Of The Indusind Bank Personal Loan?
The approval for the loan depends upon a wide range of factors mentioned above. Generally, meet the eligibility criteria, supply correct information to the banker, and complete all formalities as instructed by the IndusInd Bank. A team of bank executives will review your application and announce its decision in a few days. You may be approved for the loan after satisfying the banker.
The Indusind Bank Offers Different Personal Loans. How To Decide Which One Is Suitable For Me?
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.
What Should Be My Credit Score To Get Approved For Indusind Bank Personal Loan?
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.
What Should I Do To Get An Indusind Bank Personal Loan With No Credit Score At All?
If you are applying for a personal loan for the first time in life, the Bank demands the credit scores of your close relatives. It allows the banker to check the overall financial condition of your family and guess the risk factor you carry. Then, the Bank may approve your application for the loan if everything speaks in your favor.
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.