If you believe a December 2020 RBI survey, different Indians Banks have seen strong demand for individual loans. Unstable financial conditions, volatile job market, higher inflation, the rapidly increasing costs of valuable commodities, and other factors have significantly fueled the demand for loans. Despite multiple loan products in the market, IndusInd Bank Loans are pretty popular among the overwhelming majority of Indian borrowers. Needy individuals can quickly arrange extra funds with its help & maintain sufficient liquidity in everyday life. Why do so many people take IndusInd Instant Loans? Let’s know more about it and find out the reason behind its rapidly increasing popularity.
A Brief Summary of IndusInd Personal Loan
|Loan Amount You Can Get||Rs. 50000 to Rs. 25 lakhs|
|Loan Tenure||1-5 years|
|Interest Rate||11% p.a. onwards|
|Processing Fee||1%-3% of the loan amount you get|
|Possibility of prepayment of the loan||Yes, but the bank demands pre-payment changes.|
Reasons Behind The Popularity of Pre-approved Personal Loan IndusInd Bank.
Multiple Loan Products
Different people take loans to meet various financial obligations. Keeping the people’s needs in mind, IndusInd bank offers different personal loans to eligible borrowers. These loan products are detailed here below:
IndusInd Bank Personal Loan for Medical Emergency
With its help, you can easily manage medical expenses. This loan is quite helpful when you or any of your relatives is seriously ill, is hospitalized, and there is an urgent need for additional money.
IndusInd Bank Personal Loan for Home Renovation
Home renovation is a costly affair if you try to implement your personalized design. Don’t worry and apply for an IndusInd Bank personal loan for home renovation. With its help, you will be able to meet some expenses on home renovation.
IndusInd Bank Personal Loan for Wedding
The expenses on weddings in India continue to increase with each passing year. IndusInd Bank personal loan for the wedding is an optimal way to finance different costs of winning events and successfully arrange the celebration without facing any financial hardship.
IndusInd Bank Personal Loan for Education
This loan is quite helpful if you need additional money to finance the higher education of your daughters and sons. The best thing about this loan product is that you get ample funds on preferential interest fees and flexible terms and conditions.
Note: These are essential personal loan products from IndusInd Bank. It would be pretty helpful if you contact the banker and discuss your requirement for the loan in detail. Bank executives will analyze your need for the money and offer customized loans accordingly.
Also read: Canara Bank Pre- Approved Personal Loan
Personal Loan IndusInd Bank Is Free From Collateral
Collateral placement is one of the main reasons that automatically disqualify a large number of Indian borrowers. Collateral is a security against the borrowed money placed by the borrower. It acts as a guarantee that the borrower will repay the loan at the right time. The bank reserves the right to seize the valuable property if the borrower fails to repay the loan as per the agreement. Traditional credit lending institutions in India necessitate collateral placement if the one wants to get approved for the loan.
But you must be pleased to know that the IndusInd Bank personal loan is free from collateral placement formality. Instead, the bank considers your current employment, income, insurance papers, and investment documents as security against the loan. In most cases, you get approved for a particular loan product after meeting the eligibility criteria and completing all necessary formalities. Lack of collateral placement formative is a boon for those who need additional cash following financial emergencies.
Moderate Interest Rate
Naturally, all credit borrowers try to get loans with the lowest possible interest fees. It wouldn’t be wrong to say that the interest applied on borrowed money affects the repayment potential of credit powers up to a great extent. If the interest rate on the loan is very high, the borrower needs to pay a considerable sum of money during the repayment tenure. A costly loan can affect the financial well-being of persons who live from one page to another and feed a large family. That is why most people try to get personal loan online or offline with reasonable interest fees. It becomes more accessible for the borrower to repay the loan without facing any difficulty. Even after paying off EMIs, you have sufficient balance left in your account to meet all necessary expenses in a particular month.
The interest rate applied on IndusInd Bank personal loans starts from 11 % per annum. It may fluctuate depending upon your financial condition, income, creditworthiness, the requirement for money, repayment potential. Negotiate with the banker to provide you with a loan with flexible interest fees. To boost your credibility, borrow the loan with a co-borrower and submit LIC papers, investment documents, property documents, gold, and other expensive valuables in the Bank’s custody. The best thing about IndusInd Bank’s loan is that its interest rate doesn’t change during the repayment tenure.
Simple Eligibility Criteria
IndusInd Bank aims to issue personal loans with low interest rates to all eligible candidates in India. It helps a large number of Indians to get the required funds when there is a cash emergency. You need to fulfill the following criteria to get approved for IndusInd Bank pre-approved personal loan
Eligibility Criteria for Employed People
- Identity Proof,
- Residence Proof,
- Stable Employment Record,
- Income Proof
- Bank account details
- You must earn at least Rs. Twenty-five thousand or more per month to become eligible for the loan.
Eligibility Criteria For Self-employed Individuals
- Identity proof,
- Proof of Residence,
- Current Bank statement
- Business continuity proof,
- Latest two years ITR along with other documents required by IndusInd Bank.
Also Read : Simple Ways to Pay Off Your Personal Loan Quickly
Doorstep services are one of the main reasons why many Indians apply for an IndusInd Bank personal loan. As a leading business bank in India, IndusInd takes all possible steps to help people get the desired loan. When you submit your application for the particular loan product, one representative from the bank will visit your house to collect the document. Thus, it expedites the process of loan processing up to a great extent.
Speedy Processing of Your Application
After applying for a loan, most people expect a quick response from the bank. However, IndusInd Bank is always prompt in loan processing, interviews, documentation, background checks, the announcement of its decision, etc. Just apply for the loan and attach the supporting document along with the application. Soon, one executive from the bank will get in touch with you and take further action to approve or reject your application.
What Actions Should I Take To Get Approved For The IndusInd Bank Instant Loan?
IndusInd Bank personal loan is a beneficial financial aid that helps deal with all physical emergencies quickly. But applicants must keep in mind that they need to take decisive steps to get approved for the loan. Bank executives pay sufficient attention to all details and announce their decision impartially. What should you do to impress the banker and improve your chances for loan application? A few helpful tips are detailed below-
Don’t Send Too Many Loan Applications To Different Indian Banks At The Same Time.
When there is a cash shortage, people’s priority is to get the required funds anyhow and from any source. That is why they apply for different loans hoping that at least one bank will approve their application. It is a wrong approach to get loans. Keep in mind that all Indian banks are interconnected when it comes to verifying supplied data and background checks. They can easily extract how many loan applications you have sent to banks. Just avoid this practice and do some homework before loan application. Apply for an IndusInd Bank personal loan with the correct approach and wait for the bank’s decision. If everything goes as planned, you may get a decision in your favor.
Reduce Unnecessary Expenses And Loan EMIs
Financial discipline is essential for IndusInd Bank when they consider your profile as a credit borrower. If you already have too many pending bills and existing loan EMIs, rejection from IndusInd Bank is highly likely to come. This is because the bank feels that you won’t have enough resources to repay the new loan at the right time. That is why you must reduce unnecessary expenses and existing loan EMI as far as possible before applying for a new loan. Maintaining perfect financial liquidity is indeed very difficult even for financially stable and prosperous people. But it helps in loan approval as the bank trusts your creditworthiness up to a great extent.
Your Relationship With The Banker
This factor plays an important role when you apply for an IndusInd personal loan and expect quick decisions from the bank. Individuals who maintain an active bank account with IndusInd bank itself may get preferential treatment from Bank executives. It becomes more accessible for the bank to verify your income details and creditworthiness. The bank may announce its results in a maximum of 7 to 10 days after confirming your details. If you hold a bank account from another bank, maintain patience after applying for the loan.
The IndusInd Bank contacts your banker to verify the information and see if it is correct or not. As an individual, it’s your responsibility to keep using your bank account frequently and maintain enough liquidity in it. It will give the banker an accurate picture of incoming and outgoing transactions throughout the year. If it is revealed that you have sufficient income every month and enough resources for loan repayment, a favorable decision from the IndusInd Bank will come soon. On the other hand, if the banker finds that your account has no sufficient liquidity, was terminated in the past due to suspicious transactions, or was not used for a long time, it may go against you. The IndusInd Bank may quash your application for the loan on this ground.
Also Read : Long Term Personal Loans vs Short Term Personal Loans
The Expected Loan Amount
Naturally, all loan borrowers want the maximum amount of money as a loan. It allows them to maintain an abundant liquid theme in everyday life and meet a wide range of requirements without any fuss. But always keep in mind that banks look at your application from their perspective. For them, your income and creditworthiness matter a lot. That is why the bank may not agree to the requested loan amount. Its executive will look at your income and repayment capability to check your profile as a credible borrower. That is why you must have a realistic figure for the loan.
Don’t be stubborn if the bank offers a revised loan package. However, it is your responsibility to borrow only the required money. It is you would need to repay the loan along with applicable interest fees during the repayment tenure. Borrowing a considerable amount can create an imbalance in your financial life and result in non-payment of the borrowed money. In such situations, your credit score goes down, and you face legal action from the bank. The bank will take all possible steps to recover the loan amount you didn’t repay willingly. It may also put penalties against you and block your profile as a borrower. The worst-case scenario makes you unfit for any loan offer from IndusInd Bank in the future.
Maintain An Excellent Credit Score
To get an IndusInd Bank loan, you need to maintain a credit score of 750 or more. It is the essential requirement every borrower needs to fulfill without fail. The IndusInd bank doesn’t issue loans to people with bad credit scores. The bank will reject your application if you happen to be a bad credit borrower. Multiple things make your credit score bad. The bank executives will mention the main reasons why there is trade your application for the loan. There is no need to get disappointed because of your bad credit score. You need to address issues and maintain a disciplined financial record as far as possible. It will help you improve your credit score up to a great extent and succeed in future loan applications.
A Few Words About The Loan Application And Repayment
It’s always easier to apply for an IndusInd Bank personal loan. You can submit your application online or offline mode at your convenience. All you need to do is fill the application form with correct information, submit documents and follow the steps suggested by bank executives. You should prove your profile as an ideal credit borrower to the banker to get approved for the loan. Submission of inaccurate information, document forgery, unrealistic loan amount, not responding to the banker’s message may become the reason behind the rejection of your loan application.
After approval, you may get funds in your bank account in a few days. Usually, the IndusInd Bank deducts the loan processing fee from the approved amount and credits the remaining balance in your bank account. There is no need to worry about loan repayment- thanks a lot to the automated repayment facility. Just maintain sufficient balance in your bank account for a timely and successful loan department. The due amount is automatically deducted from your bank account on the repayment date. You will get the notification for the same almost instantly. Contact the nearest branch of the bank if there is an unfair deduction from your bank account. The bank executives will look into the matter and do the needful as required. Never try to skip the loan payment EMI as it will harm your credit score.
Frequently Asked Questions
Why Should I Get A Personal Loan From IndusInd Bank When Other Options Are Available In The Market?
There is no doubt that multiple loan products are available in the Indian market. But if you consider the benefits, IndusInd Bank personal loan stands out from the crowd. Sufficient loan amount for different purposes, lack of collateral placement formalities, minimal documentation, and swift processing of your application are some significant advantages of IndusInd Bank personal loan.
When Should I Get An IndusInd Bank Personal Loan?
Ideally, an IndusInd bank loan is designed to help people get additional funds during financial emergencies. But as a responsible credit borrower, you must use it as a last resort to arrange funds. When a specific need for additional money emerges, first see if your upcoming paycheck and savings are sufficient or not. If not, then do homework and apply for a moderate loan amount.
How Much Money Can I Expect To Get After Applying For IndusInd Personal Loan?
IndusInd Bank allows you to borrow cash from Rs. 50,000 to 25 lakh. Before issuing a new loan, the bank will examine your overall monthly income, repayment capabilities, and creditworthiness. Then, it will give you a debt you can pay off with great ease.
Should I Apply For An IndusInd Bank Instant Loan If I Have A Bad Credit Score?
IndusInd Bank will quash your application if you have a bad credit score. It’s better not to waste your time and resources on a loan application. Take active steps to strengthen your credit score and maintain financial discipline. It will help you in the future, allowing you to get approved for a loan.
Is It Wise To Seek Advice From Independent Loan Experts?
If you don’t have sufficient knowledge about the loan product, seek advice from an independent specialist. They help you gain more information about different loan products offered by IndusInd Bank. It enables you to choose the proper financial assistance & fulfill all needs.
IndusInd Bank Personal Loans enable people to finance their emergency needs. Prove your eligibility for the loan and get funds up to a maximum of 25 lakh. Thanks to easy application procedures, simple documentation, and swift processing, many Indians are crazy about IndusInd Bank Loans. Borrow the loan responsibly, fulfill your needs and repay the money in time. It is the secret of a happy, pleasant, and smooth financial life.
Grab beneficial deals on IndusInd Instant Loan now! Meet your needs & lead a smooth fiscal life!
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