IDBI Bank Personal Loan: Do you seek monetary support? Applying for a personal loan should help you accomplish your financial objectives, whether you’re experiencing an extra expense or want to initiate substantial house maintenance.
It will not only help you combine your obligations, but it will also assist you in making bulk transactions.
IDBI Bank personal loans are a fantastic opportunity because of their customizable repayment schedule and affordable interest charges. IDBI Bank personal loans provide versatile repayment plans ranging from 1 year to 5 years, with interest rates starting at 9.50 percent p.a. and administrative costs as minimal as 1% of the loan amount.
Curious to check other banks’ offered Personal loan features, eligibility, interest rates, tax benefits, and a repayment plan. Go with our one-stop Personal Loan Page & swipe out your doubts within no time.
The IDBI Bank Personal Loan Eligibility is very basic, and IDBI Bank Personal Loan apply Online is completely hassle-free and straightforward.
Hence, it is an ideal choice. In this article, we’ve carried out a thorough assessment of the loan provided by IDBI and have broken down its components like the IDBI Bank Personal Loan rate of interest for your comprehensive understanding.
IDBI Bank
- IDBI Bank Overview
- IDBI Bank Features
- How to Apply for a Personal Loan in IDBI Bank?
- IDBI Bank Personal Loan Eligibility Criteria
- IDBI Bank Personal Loan Documents Required
- IDBI Bank Personal Loan Features
- Types of Personal Loan Offered by the IDBI Bank
- Takeaways from the Article
IDBI Bank Overview
The Industrial Development Bank of India is also known as the IDBI Bank. Earlier, it was an apex Development Financial Institution in the field of industry and was established on July 1st, 1964. In 2004 it was converted into a completely functioning bank. With over 1890 barnches and over 3300 ATMs, IDBI Bank has surely touched the lives od millions.
IDBI Bank Features
The IDBI Bank has certain features which make them stand out and different from its competitors in the market. Some salient features of the IDBI Bank are
- They have a world-class system and process to meet the needs of their customers and also help them in improving their business efficiency.
- They provide their customers with excellent services and provide them with the best financial solutions.
- The bank has a very ethical, responsible, and very transparent approach and is slowly creating a benchmark in corporate governance.
- The IDBI Bank has an ever-expanding global presence.
- They maintain a healthy work environment in the bank and often encourage their employees to grow and become more efficient.
How to Apply for a Personal Loan in IDBI Bank?
One can apply for a personal loan in the IDBI Bank very easily. It is a three-step program and it follows
- The first step is to get in contact with the bank with the help of their toll-free numbers. They have a 24×7 program.
- The next step is to visit the nearest branch of the bank.
- Then the individual will receive a call from the bank representative. This means that the individual’s personal loan application has been accepted by the bank.
To register for the personal loan online, the consumer will have to follow the given instructions.
- At first, the consumer will have to visit the official website of IDBI Bank.
- Next, they will have to click on the ‘net banking’ option, which is present on the top right side of the screen.
- They will have to click on the dropdown and consequently select the ‘personal’ option.
- Next, they will need to click on the ‘login’ option and continue.
- After entering the valid credentials like the login ID, they will need to click on ‘continue to login
IDBI Bank Personal Loan Eligibility Criteria
The minimum eligibility criteria for salaried and self-employed professionals are as mentioned below:
- The basic requirement is that the consumer must be a resident of India.
- The age of the consumers must be between 21 years and 60 years. The maximum age for pensioners allowed is 75 years.
- The yearly income of the salaried class applying for the loan must be a minimum of INR 1.8 lakhs per annum.
- The yearly income of the self-employed professional class applying for the loan must be a minimum of INR 3.6 lakhs per annum.
- The yearly income of the self-employed non-professional class applying for the loan must be a minimum of INR 5 lakhs per annum.
- The minimum loan amount which is allowed is Rs.25,000, and the cap loan amount extends to Rs.5 lakh.
- The maximum available loan duration here is 60 months or five years.
The minimum eligibility criteria for salaried in-built Over Draft account and in-built Over Draft IDBI Pensioners account are as mentioned below:
- The age of the consumers must be between 22 years and 65 years. The maximum age for IDBI pensioners allowed is 75 years.
- The maximum loan amount permissible is five times of net salary.
- Overdraft facility of 1 year for IDBI pensioners is allowed, which extends to 2 years for salaried account holders
IDBI Bank Personal Loan Documents Required
Given below is a comprehensive list of all the documents required for applying for a loan.
- A copy of your Aadhaar card or PAN card or Voter ID or Passport or Driving License etc. is required as photo identification proof.
- A photocopy of your recent Electricity Bill, which mandatorily should not be more than three months old, or a Passport or Ration Card is necessary as proof of your residential address.
- A copy of salary account bank statements for the past six months is required for salary verification, along with the salary slips for the last three months.
- A certificate issued by the employer mentioning one year of continuous employment with the current employer is essential.
- Form 16 or the acknowledged Income Tax Returns for the last two years is also required.
- A filled application form with a signature and three passport-size photographs attached is required.
IDBI Bank Personal Loan Features
The personal loan of the IDBI Bank has certain features which make them different from the personal loan provided by other banks. Thus the features of the personal loan of the IDBI Bank are
- They have a high maximum limit of up to five lakhs.
- The repayment period can extend up to a period of sixty months.
- The bank does not issue any security for applying for a personal loan.
- The bank does not enforce any pre-payment penalty on its customers.
- The bank has a quick and easy processing of the loan application.
- The bank does not usually take much time in loan approval.
- The bank provides special offers and schemes of discounts for employees of big organisations.
Types of Personal Loan Offered by the IDBI Bank
The IDBI Bank provides Personal Loans of different types which are
- IDBI Bank offers personal loans to salaried persons, retirees, self-employed individuals, and non-professionals to support their own economic obligations.
- Customers who have a pension account with IDBI bank are suitable for this program. The maximum overdraft limit is five times the monthly net pension amount.
- Consumers who have a salary account with an overdraft feature are also entitled. A person must be a permanent employee with a minimum of one year of unbroken employment for any of the following to be considered for the financial advantage:
- Government/Semi-Government/Quasi-Government entity.
- Recognized Organisations.
- Multinational Corporations.
- Public or Pvt. Ltd Co.
Takeaways from the Article
Thus, this concludes the article detailing personal loans and, in particular, IDBI Bank Personal Loan. It is very necessary to understand the basics requirements and methods to apply for personal loans. This article details a few of the important things to know and understand in order to apply for a personal loan.
Apart from the details provided in the article one must always read carefully the terms and conditions a specific bank puts out before applying to it for a loan.