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How to Boost your Chances of Getting a Personal Loan from IndusInd Bank?
Posted on Monday, July 18th, 2022 | By IndusInd Bank
When single mother Chitra Singh was told by the doctor that her 16-year-old daughter Natasha would need an appendectomy – removal of the appendix – the first thing she did was panic. She was also worried about the medical expenses since Natasha obviously didn’t have health insurance and Chitra’s health insurance plan did not include family members. However, she was equally wary of applying for a personal loan. In fact she wasn’t even sure she’d qualify for one.
Chitra decided to broach the subject of a personal loan with her nephew Uday, who knew a fair bit about personal loans and decided to help out his aunt with all the information she needed. Uday explained Chitra why it wasn’t such a good idea to deplete her savings and instead, apply for a personal loan. But would she even geta personal loan online, wondered Chitra. This is when Uday shared 5 useful tips on how she could up her chances of getting a personal loan from IndusInd Bank.
Check out Personal Loan Application & Tips
Provide Accurate Information:
To begin with, it was important to furnish the requisite documents and provide accurate information regarding her personal and income details. This would render the process smooth and hassle-free, increasing the odds of loan approval.
Consider Debt-to-Income Ratio:
Before applying for a personal loan, it is important to check the debt-to-income ratio i.e. the monthly debt payment divided by her total monthly income. A low debt-to-income ratio – EMIs lower than 30% of her monthly income – indicated creditworthiness and ability to repay the loan.
Show Good Credit Score:
Having a good credit score – more than 700 or 750 – definitely helped in securing faster approval of a personal loan. A good credit score has a positive impact on the credit profile of the applicant.
Maintain Adequate Balance:
In addition to a satisfactory credit history, it is necessary to have an adequate average monthly bank balance. As a personal loan was collateral-free, a good bank balance indicated a higher repayment capacity.
Stick to One Lender:
Last but not least, it is advisable to avoid applying multiple loan applications to different banks. Lenders could see the multiple loan applications and interpret this as a sign of credit-hunger. Moreover, multiple applications could result in multiple rejections, and have an adverse impact on credit score. So it was best to stick only to IndusInd Bank.
Luckily for Chitra, IndusInd Bank offered a personal loan that suited all her needs and came with a bunch of benefits i.e. the Indus Easy Credit Personal Loan. Uday told Chitra all about the key features of the loan such as low interest rate, flexible repayment tenure, and simple documentation. Best of all, applying entailed an easy, four-step, 100% paperless process that was followed by instant approval of the personal loan.
Chitra, convinced of the benefits and convenience of the Indus Easy Credit Personal Loan, profusely thanked Uday for sharing his trove of information.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
