IDBI BANK PERSONAL LOAN

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. 

IDBI Personal Loan Interest Rates & Charges

Features and Benefits of IDBI Personal Loan

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. 

Eligibility for IDBI Bank Personal Loan

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:

• Salaried, self employed professionals and business owners can apply for the loan.
• Pensioners having a salaried account with the bank can apply. 
• The minimum net annual income of a salaried applicant should be Rs 1,80,000.
• The minimum net business income of a self employed applicant should be Rs 3,60,000.
• The applicants should be at least 21 years of age to apply for the loan.
• The maximum age of the applicant should not be more than 60 years during loan maturity. Pensioners should not be more than 75 years at the time loan maturity. 

Documents Required for IDBI Bank 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:

COMPARE OTHER PERSONAL LOAN INTEREST RATES :

How to Apply for IDBI Personal Loan

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:

• Visit the official web portal of IDBI bank.
• Click on the “Apply Now” drop down menu.
• Click on the “Apply Online” option.
• Find and click on the “Personal Loan” from the list of options. 
• Select whether you are an existing account holder with IDBI or a new customer.
• Now, you need to fill all the details including your personal and income information.
• Once done, hit the “Submit” button.

HOW TO CALCULATE EMI OF IDBI BANK PERSONAL LOAN :

The basic formula is apply to calculate the EMI of IDBI Bank personal loan :

P*r* (1+r)^n/([(1+r)^n]-1)

Where:

• P =  Loan amount.
• r = Rate of interest per month
• n = tenure in month

IDBI Bank Personal Loan Customer Care

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. 

1800-209-4324

FAQs On IDBI Bank Personal Loan

Q.1 How can I check my IDBI personal loan status?

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:

• Check your IDBI personal loan status offline : You can track the IDBI personal loan status offline. To do that, you can visit the nearest branch of IDBI bank. 
• Check your IDBI personal loan status online : You can check the status of IDBI bank personal loan by visiting the official website. You need to log into your NetBanking to do that. Alternatively, you can use the IDBI mobile application and track the status of your personal loan. 

Q.2 How can I repay my IDBI personal loan?

IDBI bank allows you to repay your personal loan in Equated Monthly Installments. You can pay the EMIs using standing instructions or NEFT. 

Q.3 Can I avail the IDBI top up loan?

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 

Q.5 What interest rate should be charged by IDBI Bank personal loan?

The interest rate charged by IDBI Bank personal loan is 12% to 14%.