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What are the Eligibility Criteria for Taking Personal Loan for Salaried Employees?
Posted on Saturday, May 20th, 2023 | By IndusInd Bank
SUMMARY: IndusInd Bank has fairly straightforward personal loan eligibility criteria for salaried employees related to age, income, and employment history. With a host of special features, an IndusInd Bank personal loan is a great option when you are in need of instant funds.
A personal loan is a collateral-free loan that provides instant financial succour, meeting your immediate needs and saving you the hassle of going from pillar to post. No wonder most people continue to fall back on personal loans for big-ticket expenses such as a home renovation as well as unforeseen contingencies such as a medical emergency.
Today, people from all walks of life – business owners, self-employed individuals, salaried professionals – apply for a personal loan for meeting their financial goals.
However, when it comes to approval, salaried applicants have an edge over their non-salaried counterparts. This is because most banks and non-banking financial companies (NBFCs) consider repayment capacity before sanctioning a loan and salaried individuals enjoy a slight preference on account of their higher income certainty and stability.
If you are a salaried employee in need of a loan and are wondering if you qualify for one, here’s everything you need to know about personal loan eligibility criteria and features.
IndusInd Bank Personal Loan Eligibility Criteria for Salaried Employees
IndusInd Bank offers personal loans to salaried employees, self-employed professionals, and self-employed individuals in India. Below are the personal loan eligibility criteria for salaried individuals:
- The applicant must be at least 21 years of age
- The applicant should have a minimum net monthly income of INR 25000
- Maximum age at the time of personal loan maturity should not exceed 60 years or retirement age – whichever is earlier
- The applicant should have completed at least 2 years in employment and at least 1 year at the current organisation
Why IndusInd Bank Personal Loan for Salaried Employees is a Good Idea
A personal loan from IndusInd Bank is a collateral-free loan with no end-use restriction, meaning it can be used for any personal need. Moreover, it has several features that make it an attractive option for salaried employees in need of extra money. These are:
1) Easy to Apply: You can always apply for a personal loan for salaried individuals online. There is a simple four-step 100% digital process with instant approval and swift disbursal – no running around, no waiting.
2) Attractive Interest Rates: Get an affordable loan at an attractive interest rate with low processing fees.
3) Flexible Repayment Option: Choose a repayment tenure ranging between 1-4 years – pay back at your own comfort and convenience.
4) Flexible Loan Amount: The loan amount is wide-ranging from INR 30,000-INR 5 lakhs, so you may choose in accordance with your needs and repayment capacity.
As elucidated above, a personal loan can be a great way to obtain extra funds when you are in need. At IndusInd Bank, the entire process of applying for and obtaining a loan is seamless and hassle-free. In addition, benefits such as low interest rates and flexibility of tenure make it an attractive option for salaried individuals with steady albeit limited incomes.
Apply for an IndusInd Bank personal loan for salaried employees online now!
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.
