How does the Indus Bank Loan Eligibility Calculator work?
You can use this calculator by inserting your details such as –
- Employment type
- Monthly income
- Monthly obligations
- Current EMIs
- Loan Tenure
Once you enter these details, the calculator will generate your eligible loan amount. Click on the ‘Apply Now’ button, which pops on your screen, and proceed with the loan application.
Aamir is a 30-year-old MNC employee who earns a monthly salary of INR 30,000. He needs a lump sum amount of INR 4 Lakh for his knee surgery. So, he searches for personal loans and comes across two offers one is from IndusInd Bank and one from an NBFC.
The NBFC offers Aamir a loan limit of INR 4 Lakh at an interest rate of 16.00% per annum. He doesn’t know the IndusInd Bank offer so he uses the loan eligibility calculator. According to the online tool, Aamir can borrow up to INR 4,50,000.
How does Indus & Bank affect my availability of personal loans?
Below are the factors used by Indus & Bank to determine your eligibility for a personal loan.
Age – 21-60 years and 25-65 years for employees and self-employed applicants. These eligibility criteria for a personal loan from Indus & Bank help you determine if you are old enough to earn a regular income.
Income – You need to earn a minimum amount of money to get a personal loan from Indus & Bank. The minimum wage of a salaried worker is Rs 25,000 However, IndusInd Bank requires a net income of Rs 4.48 million per annum.
Experience – A steady source of income for an experienced entrepreneur or employee. Therefore, if you are a salaried employee, you must have two years of work experience and you must have worked in your current organization for at least one year. Continuing education experience for self-employed applicants is four years for professionals and five years for non-professionals.
Years of use in current home – If you are a renter, you must live in your current home for at least one year. This is because the bank requires the fixed address of the borrower. Not everyone who has just moved into a new house can get a personal loan from Indus & Bank.
Submit valid documents to Indus & Bank.
To prove your eligibility to IndusInd Bank, you need to submit the following documents –
- Identity Proof such as Aadhaar Card, PAN Card, Driving License
- Form 16, ITR for the last three years
- Latest three months bank statements in which your salary is credited
By checking the above documents, the bank knows your Personal Loan Eligibility and you can check online for IndusInd Personal loan EMI Calculator. In case of misinformation or fraud, your loan application will be rejected immediately.