Saturday, October 1

What are the IndusInd Bank Personal Loan Requirements?

If you need a lump sum amount, IndusInd Bank Personal Loan could help you in this. But it is not that easy to get the money from the bank. This loan might not require an asset, but there are other things that you need to meet in order to get the loan from the bank. And if you are not able to meet those requirements, the loan won’t be provided to you. Keep on reading this article further to know more about the IndusInd Bank Personal Loan.

List of the IndusInd Bank Personal Loan Requirements

The applicant needs to fulfill the below requirements of the IndusInd Bank for a personal loan –


There is a certain amount of income you should earn if you want an IndusInd Bank Loan. This criterion may differ for salaried and self-employed applicants. Let’s see what is the bank’s minimum income requirement for both of these types of applicants. For salaried, the minimum amount of income should be INR 25,000. Whereas self-employed people need to have an annual income of INR 4.8 Lakh post-tax payment. 

To verify the applicant’s income, the bank needs the following documents –

From Salaried

The salaried employees need to submit the following documents to prove their income –

  • Current three months bank statements and salary slips

If these documents are submitted and the income is confirmed to be true, your loan application gets accepted by the IndusInd Bank. 

From Self-employed

If you are self-employed, submit the below documents –

  • Form 16
  • Income Tax Return Report for the last three years

These documents let the bank know the applicant’s income growth over the years and how his or her business is doing. If it is in profit and capable of affording the EMI payment of the applied loan amount, the loan request gets approved and the same will be disbursed to the account.

Age of the Borrower

The current age of the borrower at the time of loan application lets the bank know how many years of regular income has left. Well, this varies based on the applicant’s type of employment. An employee working in an MNC or any corporate job needs to have a minimum income of 21 years and a maximum of 60 years. If you are self-employed and the boss of your own, to apply for the loan you need to have a minimum age of 25 years and a maximum of 65 years.

There is an age difference between the salaried and self-employed because employees of an organization or company have an age limit. So their retirement comes earlier compared to a self-employed person. 

Work Experience

IndusInd Bank will lend you a personal loan if you have a stable source of income. So the years you have spent in the business or current job matters. This will let the bank know whether your source of income is reliable or not. Let’s see whether you meet this requirement of IndusInd Bank and what it is –

  • Two years of work experience for salaried and one year in the current organization or company
  • Four years in the business sector after post-qualification

CIBIL Score 

This three-digit number known as the CIBIL score will help the bank know your repayment capabilities. A good repayment record might even help you get a lower IndusInd Personal Loan Interest Rate. So check your CIBIL score before you apply for the loan. Because if it is high, you can use it to negotiate with the IndusInd Bank and reduce the interest rate. Lower interest payment can help you have an affordable EMI and less interest payout. It means you are not paying much interest for the amount that you have borrowed from the bank.

Now you know about the bank’s requirements, so apply for the loan and meet your financial needs.

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