IDBI Bank personal loan is one of the best options if you need funds during a financial emergency. The bank offers loans at competitive interest rates and you can get funds in your account within hours. You can use the loan amount for expenses like medical emergencies, education, travel, marriage etc. The application process of personal loan is also very easy and you can get the loan in 3 easy steps. Check all the major features of IDBI Bank personal loans in this blog.
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IDBI Bank Personal Loan: Major Highlights
IDBI Bank Personal Loan offers a flexible financial solution for individuals looking to meet their needs. The loan amount can range from INR 25,000 to INR 5 lakh. The interest rate starts from 10.55% per annum. If you do not have any days past due in CIBIL score, the bank will approve the loan quickly. Check some major highlights of IDBI personal loans in the table below:
| IDBI Bank Personal Loan | Key Highlights |
| Types of Personal Loans Offered | Salaried, Pensioner, Self Employed Professional, Self Employed Non-Professional |
| Maximum Loan Amount | INR 5 lakh for Salaried Individual |
| Repayment Period | 5 years |
| Interest Rate | Starting from 10.55% |
| Official Website | www.idbibank.in |
Also Read: Check here all the major details about Personal Loan and Tax Benefits
IDBI Bank Personal Loan Apply Online
The application process for IDBI Bank personal loans is very simple, easy and quick. You can apply for the loan through the official website of the bank or by visiting the nearest branch of IDBI Bank. Make sure that you do not have major derogatory marks on credit report or else the application will be rejected. Check the steps involved in personal loan application online below:
- Visit the official website of IDBI Bank
- Go to the personal loan section and check all the features of the loan
- Click on ‘Apply Now’
- Check all the features of the loan and fill out the loan application form
- Upload all the documents as specified by the bank
- Submit the loan application form and wait for the bank’s approval
Eligibility Criteria
The eligibility criteria for IDBI Bank personal loans are specified by the bank based on income, age, CIBIL score etc. Check the eligibility criteria before applying for the loan and ensure that you are fulfilling the eligibility. Check the details below:
- The age of the applicant must be between 22 to 60 years
- A minimum net monthly income as stipulated by the bank (INR 20,000-22,000), which varies based on the city and the applicant’s profile
- The applicant must be employed with a reputable organization for at least 2 years, with a minimum of 1 year in the current job
- The credit score must be good i.e. above 750 or more
Also Read: Check here and understand how to remove derogatory marks from credit report
Documents Required
Documents required for IDBI Bank personal loan include KYC and financial documents. All the documents must be self-attested or attested by any gazetted officer of central or state government (if required). Check the major documents required for an IDBI personal loan below:
- Aadhaar Card and PAN Card
- Bank statements for the last 6 months
- Salary slips for the last 3 months
- ITR details (for self-employed individuals)
- Form 16 or Income Tax Return (ITR) of the last 2 years
IDBI Bank Personal Loan Interest Rate
IDBI Bank offers personal loans at competitive interest rates ranging from 10.55% to 14.00% per annum. The actual interest rate depends on factors like the applicant’s credit score, income, loan amount, and repayment tenure. Check the major details below regarding IDBI personal loan interest rates:
| Type of Personal Loan | Interest Rate |
| Pension Account with overdraft facility (For retired IDBI Staff) | 10.55% |
| Salary or Pension Account with overdraft facility (For others) | 13.30% |
| Annual Percentage Rate (Approx) | 13.59% |
IDBI Bank offers personal loans to salaried and self-employed individuals. If you have a stable income and a high credit score, you can get the loan easily. Check some common FAQs based on IDBI personal loans below:
FAQs
IDBI Bank requires applicants to be salaried individuals, self-employed professionals, or pensioners with a stable income. The minimum age is 21 years, and the maximum age at loan maturity should not exceed 60 years for salaried individuals and 65 years for self-employed professionals.
IDBI Bank offers personal loans ranging from INR 50,000 to INR 5 lakhs, depending on the applicant’s income, credit profile, and repayment capacity.
The processing time for an IDBI Bank Personal Loan is quick. You can get the loan amount in your bank account within a few hours.
IDBI Bank offers flexible repayment tenures ranging from 12 to 60 months. Borrowers can choose a tenure that best suits their financial situation.
IDBI Bank allows prepayment and foreclosure of personal loans. However, a nominal prepayment or foreclosure fee may be applicable ranging between 2% to 3% of the outstanding loan amount, depending on the terms and conditions agreed upon at the time of loan sanction.
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