IDBI Bank offers personal loans to salaried persons, self-employed, and pensioners starting at 11.00% p.a. for loan amounts of up to Rs.5 lakh and for loan tenures up to 5 years. They also offer part prepayment or foreclosure facilities to their personal loan borrowers. The applicants availing of personal loans from IDBI Bank are also offered top-up loans on their existing personal loans.
IDBI Personal Loan Overview
|Loan Amount||Rs.25,000 to Rs.5 Lakhs|
|Loan Tenure||1 year to 5 years|
|Interest Rate||11.00% p.a.-15.50% p.a.|
|Processing Fees||1 % of the loan amount subject to a minimum Rs.2500 + GST|
|Age Limit||21 years or above|
|Minimum Income||Rs.1,80,000 p.a. for Salaried Class or Pensioner|
Reasons to Avail Personal Loan from IDBI Bank
- IDBI provides personal low at a reasonable and attractive rate of interest.
- Interest is charged by IDBI on a daily reducing balance.
- Personalized services and quick documentations are available.
- Borrower doesn’t need to pay insurance fees for Loan Insurance.
IDBI Bank Personal Loan Eligibility Criteria
- Personal Loan for Salaried Individuals/Pensioners
Occupation: All Confirmed or permanent employees of State/Central/ PSU/ Departments, MNCs, Listed Companies, Reputed Pvt. Ltd Companies with and without existing relationships with IDBI.
- All salaried individuals or pensioners must have a salary account with IDBI Bank.
- Age limit: Minimum- 21 years, Maximum 60 years for salaried a 75 years for pensioners.
- Minimum Salary: Rs.1,80,000 p.a. for salaried or pensioner
- Personal Loan for Self-Employed Professionals
Occupation: Self-employed professionals having an Asset/Liability relationship with IDBI.
- Age Limit: Minimum age is 25 years and the maximum age at termination of the loan should not be more than 65 years.
- Minimum Income: Rs.3,60,000 per annum
- Personal Loan for Self-Employed Non-Professionals
Occupation: Self-employed non-professionals having an Asset/Liability relationship with IDBI.
Minimum Income: Rs.5 Lakhs per annum for self-employed non-professionals.
- Salary Account with in-built Overdraft Facility
Occupation: Permanent employee with a minimum of 1 year of continuous service with the PSUs/Govt./Semi-Govt./Quasi Govt, Public & private companies, MNCs, and reputed institutions.
- The salaried applicants maintain salary accounts with IDBI Bank.
- Minimum age is 22 years and the maximum age is 65 Years at loan maturity or retirement age whichever is earlier.
- Minimum Income: Rs.1,80,000 per annum for salaried persons.
- Pension Account with in-built Overdraft Facility to Pensioners of IDBI Bank
The applicants must have a pension account with IDBI Bank.
Maximum age limit should not exceed 75 years at the time of loan maturity.
Minimum Income is Rs.1,80,000 per annum.
IDBI Bank also considers the CIBIL score of its applicants, just like other lenders do while evaluating their personal loan eligibility requirements.
IDBI Bank: Personal Loan Documents
The following are the below mandatory documents needed to avail personal loan from the IDBI Bank-
- Duly filled application form along with photographs (passport size).
- Proof of Identity: Aadhar Card /PAN Card /Voter ID Card /Passport /Driving License, etc.
- Residence Proof: Electricity Bill (not more than three months old) / Passport/ Ration Card, etc.
- Income Proof: Salary account bank statements for the previous six months.
- Salary slips for the past 3 months.
- Employment certificate from the current organization.
- Form 16 and recognized Income Tax Returns for the last two years.
- Any other additional document required by IDBI bank.
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