The best financial weapon to meet any cash requirements is a Personal Loan. A personal loan from IndusInd particularly comes with enticing deals. To make IndusInd Personal Loans one of the preferred ones, various features play a major role. Some of the key characteristics of IndusInd Bank personal loan have been listed below, have a look:
- Multipurpose loan: The use of personal loans by IndusInd Bank is not limited to the lender’s hand. It can be used in any sphere, for any function. When and how you choose to use it is entirely dependent on you. If you use it for a trip, tuition, or some other personal expenses. This is why, at the time of capital, it is considered among the most suitable and feasible financial goods.
- Unsecured Loan: No protection is needed for a personal loan from IndusInd Bank. This ensures that there is no need to think about the amount of protection or collateral to be imposed against the loan. You only need to fulfill the IndusInd Bank Personal Loan Eligibility Criteria.
- Quick Loan Processing: In a short period, a personal loan from IndusInd Bank can be used. Since they have fast loan processing and the application for online loans is even easier and quicker. With online processing, you can easily Check IndusInd Bank Personal Loan Status Online.
- Competitive Interest Rate: You can get personal loans from IndusInd Bank without making a hole in your pockets. The personal loan interest rate of the IndusInd Bank begins at 11.25 percent.
- Flexible Repayment Tenure: IndusInd Bank provides flexible tenure from which the tenure can be selected according to its convenience.
Features of IndusInd Bank EMI Calculator
The following are the few main features of the personal loan EMI calculator of IndusInd Bank before using a loan number. So, they are here:
- Interest Rate– The interest rate of the IndusInd Bank personal loan varies based on different factors, such as EMIs and tenure of loan repayment.
- Loan Amount Eligibility- You can find out whether you are eligible or not for the loan by using the IndusInd Bank EMI calculator.
Advantages of Using an EMI Calculator for Personal Loans
- The manual calculation of an EMI personal loan can be time-consuming and hectic. But you can do it in a matter of a few seconds with the use of an IndusInd Bank personal loan EMI calculator as it all requires you to fill in the information such as loan number, interest rate, and repayment tenure.
- The EMI calculation is very lengthy and carries a major risk of errors if anyone uses a pen and paper to do it manually.
- But the result is more reliable when it comes to an EMI calculator, as IndusInd Bank’s Personal Loan EMI Calculator is free of human error.
Tips for Handling an EMI Personal Loan
- Accessible according to your ability: You should always apply only for as much as you can afford to pay. You can know the EMI in advance with an advanced EMI calculation and you will do a better job and a clever judgment.
- Manage personal expenses: Not more than 50 percent of your monthly income should be the sum of the total required number. And search for another revenue stream as well.
- Timely pay EMI: You are enabled to retain a credit score by timely EMI payments. In various ways, you can keep your credit, such as paying off all debts, including credit card payments, current loans, etc.
- Select longer repayment tenure: The tenure of personal loan repayment has a direct effect on the monthly EMI. Going for a long term for repayment of the loan would allow you to repay the total amount over a longer period, which will for the EMI amount automatically.
Factors Influencing the IndusInd Bank Personal Loan EMI:
- Credit score: Credit repayment history is one of the most relevant variables taken into account during the processing of personal loans. The odds of your loan application rejection or having a personal loan at a high-interest rate are higher if you have a poor credit score.
- Income: A low-interest rate attracts higher incomes. This suggests that, in the eyes of the lender, an applicant with a high income is a successful nominee and has low chances of loan default.
- Defaults: A personal loan seeker should always strive to have a clean and settled credit repayment background as if a lender discovers any defaults in an applicant’s credit profile, they will either charge a very high-interest rate or can refuse the loan application of the applicant. As each lender searches for a nominee with zero defaults.
- The Current Lender Relationship: Most of us tend to open our savings accounts and fixed deposits in one bank, being loyal customers of the bank.
- The Employer’s Reputation: In deciding the personal loan interest rate, the reputation of the business with which an applicant operates often plays an important role.
IndusInd Bank Personal Loan Eligibility Criteria
For Salaried Staff
- The group of salaried employees includes salaried physicians and salaried CAs, select public and private sector employees, and government employees. For salaried workers, the IndusInd Bank personal loan eligibility requirements are:
- The minimum age of the borrower should be 21 years and the maximum age should be 60 years or the retirement age (personal loan maturity at IndusInd).
- A loan applicant’s minimum net monthly income should be Rs.25,000
- An applicant should have at least 2 years of work experience and at least 1 year of work experience in the present organization.
- If an applicant stays in a rental home, he/she should have completed a stay at the current residence of at least 1 year.
For Self-Employed Experts
Doctors (MBBS and Higher Degrees), architects, chartered accountants (CA), business secretaries (CS), engineers, and MBA consultants are included in the group of self-employed professionals. For self-employed professionals, the IndusInd Bank personal loan eligibility requirements include:
- The minimum age of a borrower should be 25 years (at the time of the loan application) and the maximum age should be 65 years (at the time of the loan application) (at the time of loan maturity).
- Rs. 4.8 lakhs should be the minimum annual net income of a loan borrower post-tax.
- The applicant should have post-qualification experience of at least 4 years.
For Self-Employed Individuals
The individual self-employed group refers to the sole proprietors, directors, and partners of the self-employed in the manufacturing, trading, or services industry. For self-employed persons, the IndusInd Bank personal loan eligibility requirements are:
- The minimum age for an applicant should be 25 years and the highest age should be 65 years (at the time of IndusInd personal loan maturity).
- Rs. 4.8 Lakhs should be the minimum annual net income of an applicant after tax.
- A candidate should have at least 5 years of post-qualification experience.
Conclusion:
Availing IndusInd personal is easy to avail as it comes with easy eligibility criteria and a low-interest rate. And the online processing that enables o check IndusInd personal loan status online is the icing on the cake.
