IDBI bank personal loan offers you a hand at times of financial emergencies and enables you to tackle your expenses at affordable rates of interest starting at 9.50%. You get the comfort of a flexible repayment period that ranges up to 60 months. There are different reasons such as debt consolidation, travel, house renovation etc. which can lead you to seek a personal loan with easy features. If that’s what you are looking for, then here is the IDBI personal loan among one of the best options for you.
|Loan Amount||Starts from Rs 25,000 and ranges up to Rs -5 lakh|
|Interest Charges||Starts at 9.50%|
|Processing Fees||1% of the loan amount (Minimum Rs 2500) + Applicable Charges|
Here are the key features and benefits of IDBI Personal loan that you may want to enjoy:
Purpose : IDBI provides personal loans to help customers fulfill their financial purposes. This loan backs different types of personal expenses such as wedding, education, travel, house repairs and renovation. It can also be availed to pay off existing debts.
Loan Amount : The IDBI bank personal loan amount ranges from Rs 25,000 to Rs 5 lakh. The salaried and self employed individuals can apply for the loan amount ranging from Rs 25,000 to Rs 5 lakh. The pensioners can apply for the loan amount ranging from RS 25,000 to Rs 3 lakh.
Interest Charges : The IDBI personal loan interest rates depend on the various factors such as loan tenure, your employment type, your credit history etc. The bank charges fixed interest rates on personal loans that range from 9.50% to 14%.
Loan Repayment Tenure : The IDBI bank personal loan can be repaid within a flexible period. Customers are provided with the repayment tenure ranging from 12 months to 60 months.
Prepayment : You are offered the option to prepay your personal loan amount and close it before the tenure ends. You can make the part-payments too. The bank enables you to prepay your IDBI personal loan after 24 months of disbursement without any foreclosure charges. To prepay the loan after 12 months of loan disbursement, you will be charged the foreclosure fees.
When it comes to making part-payments for IDBI personal loan, you can make the payment after 6 months after the loan disbursement. For part payments made within 6 months, you will be charged fees.
You should make sure you are eligible to apply for the IDBI bank personal loan. Your IDBI personal loan eligibility is assessed on many factors including the minimum income required and age which you should check before applying for the loan.
Here is the eligibility criteria for IDBI personal loan:
IDB bank requires the applicants to submit some documents in order to take the personal loan application ahead. Thus, whether you are a self-employed person or a salaried borrower, you should confirm you have all the required documents for an IDBI personal loan.
Mentioned below are all the necessary documents required for IDBI personal loan application:
|Documents||Salaried Individuals||Self Employed Individuals|
|Identity Proof||Aadhar Card, Passport, Driving Licence, Voter ID Card||Aadhar Card, Passport, Driving Licence, Voter ID Card|
|Address Proof||Passport, Voter ID Card, Recent Utility Bill such as Electricity Bill, Water Bill, Telephone Bill||Passport, Voter ID Card, Recent Utility Bill such as Electricity Bill, Water Bill, Telephone Bill|
|Income Proof||Salary Slips, Bank Statement, Form 16, Salary Certificate||IT returns, Bank Statements, Balance Sheet and Profit & Loss Account, Challans Showing Payment of Advance Income Tax|
|Other Documents||Passport-size Photographs, Application Form||Passport-size Photographs, Application Form|
|AXIS Bank Personal Loan||12% to 24%|
|SBI Personal Loan||11.30% to 16.40%|
|HDFC Bank Personal loan||10.75% to 21.50%|
|Kotak Mahindra Bank Personal Loan||10.50% to 16.99%|
|Yes Bank Personal Loan||20.00% to 22.00%|
|Citi Bank Personal Loan||10.50% to 17.99%|
|ICICI Bank Personal Loan||10.99% to 16.25%|
|Standard Chartered Bank Personal Loan||11.00% to 19.20%|
|RBL Bank Personal Loan||14.00% to 23.00%|
|HSBC Bank Personal Loan||10.75% to 17.84%|
|IndusInd Bank Personal Loan||11.00% to 16.75%|
|Bank of Baroda Personal Loan||7.65% to 12.65%|
|Bank of India Personal Loan||12.15% to 14.15%|
|Canara Bank Personal Loan||12.05% onwards|
Here is how you can apply for IDBI bank personal loan:
Apply for IDBI bank personal loan offline
You can visit the nearest branch of IDBI bank with all the necessary documents and apply for the personal loan there. You can enquire about IDBI personal loan and find assistance from the bank official in order to move ahead with the loan application procedure.
You can call the IDBI bank customer service and enquire about the personal loan application.
Apply for IDBI bank personal loan online
You can also apply for the IDBI personal loan online. To do that, you can follow the steps mentioned below:
The basic formula is apply to calculate the EMI of IDBI Bank personal loan :
Here is the toll-free number that you can dial to reach out to the IDBI bank in case of any query, feedback or grievances.
There are multiple ways you can check your IDBI personal loan. You can contact the customer service of IDBI bank to know the status of your personal loan. You can also try the following modes to track the status:
IDBI bank allows you to repay your personal loan in Equated Monthly Installments. You can pay the EMIs using standing instructions or NEFT.
If you are an existing loan account holder for at least 12 months and have a clean track of repayment, then you can apply for a top up loan from IDBI bank.
Q.4 What is the tenure period of IDBI Bank personal loan?
IDBI bank personal loan tenure period can range between 1 to 5 years
The interest rate charged by IDBI Bank personal loan is 12% to 14%.Last Updated on : 24/Mar/2021
Know More About
You're eligible for a Idbi Bank Personal Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Personal Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
|Idbi Bank Personal Loan Details|
|Interest Rate (Monthly reducing balance)||12% - 14%|
|Processing Fees||1 %|
|Loan Tenure||1 year to 5 years|
|Pre-closure Charges||Varies with bank|
|Guarantor Requirement||Varies with bank|
Personal Loans EMI Calculator