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.
- What is the definition of a personal loan?
- What makes the IDBI personal loan such a smart choice?
- What are the different loan choices provided by IDBI?
- What are the minimum eligibility criteria for the loan?
- List of documents required for applying for the loan
- How to register online for a personal loan?
- What are the options available to repay the loan?
- On an IDBI Bank personal loan, how is interest assessed?
- How can the progress of the IDBI personal loan be monitored?
A personal loan is a multi-purpose, unprotected (i.e., zero collateral) loan that is primarily employed to address short-term investment objectives. Personal loans are among the most prevalent loans in the business because of their speedy evaluation and approval.
IDBI, as one of India’s pioneering financial institutions, offers a comprehensive range of personal loan services. For any banking transaction, it is the most preferred bank by all classes of individuals.
When it concerns loans, the IDBI personal loan is the greatest option because of the following:
- The timeframe of your tenure is flexible and adaptable: Individuals can decide from a 12-month to 60-month payback period for an IDBI Bank personal loan, according to their repayment potential.
- An advantage to pensioners: Pensioners are offered excellent incentives.
- The magnitude of the loan: A personal loan of up to Rs. 5 lakh can be acquired from IDBI Bank to encompass a spectrum of monetary obligations.
- Straightforward to implement: IDBI Bank personal loans are straightforward to implement online from the security of your own home or office and demand the lowest possible paperwork.
- Transparent costs: There are no additional prices or administrative fees.
- Personal accident coverage is provided at no charge: Individuals who sign up for a personal loan from IDBI Bank will be insured by a comprehensive personal accident insurance coverage.
- 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.
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.
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.
You can always visit the nearest IDBI branch to apply for a loan.
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.’
One can repay IDBI Bank Personal Loan through either of the following options:
- Standing Instruction or,
- Using the ECS facility.
On reducing balances, interest is imposed at a specified interest rate. At the end of every month, it is withdrawn from the loan account.
By browsing the IDBI Bank website, you can track the progress of your IDBI personal loan. There, you must enter the URN number, PAN, facility type, and mobile phone number. After then, the loan application’s progress is displayed.