IndusInd Bank Personal Loan Eligibility Calculator

Manual computations can be very stressful and time-consuming. Shuffling between formulas and adjusting mathematical variables can lead to countless errors and uncertainty. The risk of making computative mistakes can lead to incorrect financial planning, bringing about future budget challenges. The IndusInd Bank Personal Loan Eligibility Calculator is a user-friendly tool that can empower applicants to manage their finances. All users need to do is enter their desired loan amount, tenure and interest rate to instantly obtain EMI values that fit their financial needs and goals. Whether an individual is funding a wedding, higher education or unexpected expenses, the calculator can help them plan for any financial obligation. 

Key Features & Benefits 

Below are some key features and benefits of the IndusInd Bank personal loan eligibility calculator:

• Simple UI: The calculator offers a user-friendly interface, making it easy for anyone, even a newbie. Users only need a smartphone or a desktop computer to input essential information and plan their financial strategy. 
• Assists in finding your eligibility: The tool incorporates your income, age, existing loan commitments, and CIBIL rating to give you an expected loan sum for which you qualify. 
• Input different values for different situations: Users can choose from an ideal loan term and amount by incorporating various loan limits and terms. This feature allows them to determine their EMIs in different scenarios, and this also helps users gauge their eligibility based on their financial standing. 
• Quick results: Another essential feature of this tool is that it provides users with lightning-fast results. Manual calculations, at times, may be inaccurate and tiresome. Applicants can use this tool for quick calculations with any extensive paperwork.
• Loan Structuring: Another essential aspect of this calculator is that it guides borrowers into effectively structuring their loan requirements as it showcases the exact amount they are expected to pay. 

How does the IndusInd Bank Personal Loan Eligibility Calculator Work?

You can check Urban Money’s website, which offers you the IndusInd Bank personal loan eligibility calculator for free. To determine their eligibility, users must adhere to the steps outlined below:

• Go to www.urbanmoney.com 
• Click on ‘Loans’ and select the ‘Personal Loan’ category.
• Select IndusInd Bank. 
• You will be directed to the IndusInd Bank personal loan page.

• Submit all the relevant information and accept the terms and conditions.
• Click on ‘Check Eligibility’.
• Enter the OTP received on your registered mobile number and get your estimation.
• Upon confirmation, click ‘Apply Now’ and submit your application. 

IndusInd Bank Personal Loan Eligibility Criteria 

Certain eligibility criteria must be met to get an IndusInd Bank personal loan. These eligibility criteria vary from person to person. Below are mentioned different eligibility criteria based on various categories:

Salaried Professionals

• Age: Applicant should have a minimum age of 25 and a maximum age of 65.
• Income: Applicant should have a minimum income of ₹25,000 per month.
• Employment: An applicant needs at least two years of employment experience and one year of experience in the current organisation. 

Self-Employed Individuals and Professionals 

• Age: Both self-employed professionals and individuals should have a minimum age of 25 and a maximum age of 65 to apply for a personal loan from IndusInd Bank.
• Income: Applicants should have a minimum income of ₹4.8 lakh per annum excluding all taxes.
• Experience: A self-employed professional must have at least four years of experience. Self-employed individuals should have a minimum working experience of 5 years to apply for an IndusInd Bank personal loan.

What are the Factors Affecting IndusInd Bank Personal Loan Eligibility 

Below is a list of factors that affect an applicant’s eligibility for an IndusInd Bank Personal Loan.

• Income: Applicant with a stable income stands a better chance of getting their loan request approved, as their loan repayment capacity is higher. 
• Age: Most financial institutions, including IndusInd, offer personal loans to applicants within the age bracket of 21-60 years. Applicants in this range are usually financially stable as either salaried or self-employed individuals.
• Employment Status: To be eligible for an IndusInd Bank Personal Loan, an applicant must have stable employment. Individuals who have been professionally employed or have a business and are financially stable are considered reliable and liable to get their loan request approved. 
• Credit Score: Credit score addresses an applicant’s approach and behavioural patterns towards finances. Financial institutions favour borrowers with high credit scores while approving personal loan demands. Most lenders provide loans to individuals with a credit score of 700 or more. Applicants may be rejected if they have a very low credit score.

Tips to Improve IndusInd Bank Personal Loan Eligibility

An applicant may improve their eligibility to avail of an IndusInd Bank personal loan. To make that possible, it is imperative that the following steps are followed.

• Improve your credit score: Credit Score or CIBIL Score is a three-digit number that denotes an applicant’s creditworthiness to a lender. This is assigned to an applicant based on how they maintain their finances and pay their bills. All lenders give great importance to an individual’s credit score. If an individual has a credit score of 650 and above, their chances of getting a loan approval are high.
• Job Stability:- Maintaining employment stability is essential when applying for a personal loan. Lenders always keep a tab on your financial stability and employment history.
• Borrow what you need:- Another way to increase your eligibility is to borrow a loan within your financial limits. It is imperative that you borrow an amount within your repayment capacity; otherwise, your loan request will most likely be rejected.
• Maintain a low debt-to-income ratio:- Debt-to-income implies the amount of EMI you will pay with your income. If your balance exceeds 45%, your loan application may be delayed or, in some cases, rejected. Keeping a low debt-to-income ratio is important to get your loan request approved without any hassle.
• Show all income sources:- Having multiple sources of income can also fast-track your loan approval, as this may convince a lender that you can repay your loan on time. It is beneficial for applicants to reveal all their income sources as that may lead to a swift approval.

Remember that the above points don’t guarantee eligibility but can significantly improve your IndusInd Bank personal loan eligibility.

Impact of Credit Scores on IndusInd Bank Personal Loan Eligibility 

Your creditworthiness is the first thing a lender looks at when reviewing your application. A loan seeker’s credit score directly impacts their borrowing capacity. The higher the credit score, the higher the chances of getting a loan approval without any hassle. For instance, if an individual has a credit score of 650 and above, the chances of getting a loan approval with lower interest rates are higher than an applicant with a very low credit score. Clients with low credit scores can get high-interest rates, and their applications may be rejected. IndusInd Bank requires applicants to have a minimum credit score of 750. Any applicant with a credit score lower than this is considered a high risk of defaulting on payments. 

Eligibility Comparison across Numerous IndusInd Bank Personal Loans 

IndusInd  Bank offers applicants various personal loan products, some of which have been tabulated below:

Personal Loan Product	Minimum Age	Maximum Age	Minimum Income	Credit Score	Experience
Education Personal Loan	21	65	₹25,000 Per Month	750 or above	Two years overall experience and one year with the current organisation
Travel Personal Loan	21	65	₹25,000 Per Month	750 or above	Two years overall experience and one year with the current organisation
Home Renovation Personal Loan	21	65	₹25,000 Per Month	750 or above	Two years overall experience and one year with the current organisation
Personal Loan for Salaried Professionals	21	65	₹25,000 Per Month	750 or above	Two years overall experience and one year with the current organisation
Personal Loan for Self-Employed Professionals and Individuals	21	65	₹4,80,000 Per Anumm (after deducting all taxes)	750 or above	Four years experience for self-employed professionals and five years experience for self-employed individuals