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Is your Credit Score >750?
Get answers to commonly asked questions related to credit bureaus
The minimum credit score needed by applicants for a personal loan from IndusInd Bank is 750. Having a high credit score helps the applicant in getting instant approval of the loan application (provided they meet the other eligibility criteria). You can check your credit score for free within a few minutes on CreditMantri.
besides the credit score, the bank has set several other parameters to be eligible for IndusInd Bank personal loans. These parameters for personal loan eligibility are tabled below.
Minimum – 21 years
Maximum – 60 years (or retirement whichever is earlier)
Minimum – 25 years
Maximum – 65 years (at time of loan maturity)
Minimum net monthly income – Rs. 25,000
Minimum net annual income (post-tax) – Rs. 4,80,000
Minimum 2 years (1 year in current employment)
Minimum 4 years of post-qualification experience
Minimum 5 years of post-qualification experience
Minimum 1 year stay at current residence (if applicant stays in rented place)
The IndusInd Bank is a new age private sector bank in India. This bank provides unique banking solutions to its customers across retail, corporate, wealth management, insurance and more. The personal banking segment of IndusInd Bank includes many types of loans for the customers. These loans are for varied purposes and the maximum amount of loan that can be sanctioned also depends on the type of loan of the bank.
The bank has set many requirements that have to be met by the applicants for any loans of the bank. These parameters include age restrictions, minimum income requirements, work experience, credit score, employment status, etc. The details of the credit score and other details of the personal loans of the bank are mentioned below.
The credit score is the rating of the creditworthiness of the applicant that is an essential requirement in the sanction of any loan. The credit score of any person in India is provided by four credit rating agencies. These agencies are,
The credit score issued by CIBIL™ ranges from 300 to 900. The credit score of a person has to be good or in the acceptable range for the application to be considered for further approval. The credit score showcases the credit history of the person. Any past delays, defaults, overutilization of credit limit, etc. form the basis for the credit score.
If the applicant has a credit score lower than 650, the chance for rejection of credit card/loan application is high. Lenders will consider such a person to be of high risk as the chances of delay or default may be high in such cases.
While maintaining the credit score of the applicant is essential, there are some common practices that may end up affecting the credit score of the person negatively. Some of these common practices are mentioned below.
1. What is the maximum personal loan that can be sanctioned by IndusInd bank?
A. The maximum personal loan that can be sanctioned by IndusInd Bank is Rs. 15,00,000.
2. Is credit score mandatory for personal loan application of IndusInd Bank?
A. Yes. The credit score of a person is a mandatory requirement while reviewing a personal loan application of the bank.
3. Can a person apply for a personal loan if their credit score is 500?
A. IndusInd Bank requires the applicants to have a minimum credit score of 750 to be eligible for the personal loans of the bank. A person can apply for a personal loan from the bank even if they have a low credit score. But, the loan output may not be favourable to the borrower.
4. What is the significance of credit score for a personal loan of IndusInd Bank?
A. Credit score of a person is crucial for a personal loan application or any other loan product or credit cards of the bank. Some of the benefits of having a better credit score are mentioned below,
5. Can prepayment of a personal loan affect the credit score of a person?
a. Yes. Prepayment of a personal loan will have a positive effect on the credit score of a person and will lead to an increase in such score.
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
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A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
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It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
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One common worry that runs through your mind after you have made a credit card settlement is,
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