The full form of IDBI Bank is Industrial Development Bank of India. IDBI personal loans are available for both salaried and self-employed professionals. It is one of the largest commercial banks and offers personalized banking and financial services to their customers. The IDBI personal loans meet financial requirements such as:
Wedding expenses
House renovation expenses
Education expenses
Paying credit card dues
Hospital expenses
Holidays expenses
1. Provide best services :
IDBI Bank personal loan provides best services to the customers to fulfill their financial needs and services.They meet their financial needs through wedding expenses, education expenses, holidays expenses, home renovation expenses etc.
2. Less documentation :
IDBI Bank provides less and minimal documentation for the customers. It is not required to submit so many documents for the procedures. The process of documentation is very simple and fast.The basic documents submitted by the customers are KYC, address proof and income proof with the loan application form.
3. Best interest rate :
IDBI Bank offers the best and affordable interest rate to the customers. The minimum interest rate starts from 12% and the maximum interest rate is upto 14%.
4. Flexible tenure :
The IDBI Bank personal loans are taken to meet their sudden needs of the customers. It provides a flexible loan tenure period of minimum 1 year and maximum 5 years and with this you can easily repay your loan.
|
TYPE |
CHARGES |
|
Processing Fee |
1% of loan amount plus applicable taxes |
|
Prepayment/Foreclosure Charges |
Within 12 months from the date of disbursement: 2% of the outstanding loan amount + applicable taxes Between 12 to 24 months from the date of disbursement: 1% of the outstanding loan amount + applicable taxes After 24 months: Nil |
|
Part Payment Charges |
Within 6 months from disbursal: 2% of the outstanding loan amount + applicable taxes After 6 months of disbursal: Nil |
|
BANKS |
INTEREST RATES |
|
12% to 24% |
|
|
11.30% to 16.40% |
|
|
12.15% to 15.15% |
|
|
11.50% to 12% |
|
|
10.75% to 21.50% |
|
|
10.50% to 16.99% |
|
|
20.00% to 22.00% |
|
|
10.50% to 17.99% |
|
|
10.99% to 16.25% |
|
|
11.00% to 19.20% |
|
|
12.00% to 14.00% |
|
|
14.00% to 23.00% |
|
|
10.75% to 17.84% |
|
|
11.00% to 16.75% |
|
|
7.65% to 12.65% |
|
|
12.15% to 14.15% |
|
|
12.05% onwards |
|
TYPE |
ELIGIBLE CRITERIA |
|
AGE |
Salaried/ Self Employed and Professionals: 22-58 years Pensioners/ Family Pensioners: 21-70 years (on the maturity date of the loan) |
|
INCOME |
For salaried minimum income is Rs 20000 and for self employed the minimum income is Rs. 25000 |
|
NUMBER OF YEARS IN JOB /PROFESSION |
2 years |
|
TYPE |
DOCUMENTS |
|
Id proof |
Aadhar card, pan card, driving license, passport etc. |
|
Address proof |
Aadhar card, voter id, rental agreement, registry and utility bills |
|
Income proof |
For salaried employees : Latest salary slip, current dated salary certificate, latest 3 month bank statement, latest form 16 For self employed : Latest bank statement, latest ITR or Form 16 |
1. Offline Method : Visit to nearest branch of IDBI Bank
2. Online method :
Browse to IDBI bank official portal
In “Personal” select “Products”
In loan section click on “ personal Loan”
Fill the application form
Attached all required documents with application form
After submitting your application form you will get notification through bank about loan status
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 tenure period can range between 1 to 5 years
No, collateral or security is needed for a personal loan from IDBI Bank.
The minimum loan amount is Rs.50,000 and maximum loan amount is Rs. 10 lakh.
For salaried ,self and professionals the age should be 22 years to 58 years and for pensioners the age should be 70 years at the date of maturity of loan amount.
The interest rate charged by IDBI Bank personal loan is 12% to 14%.
Last Updated on : 07/Sep/2020Know 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 % of loan amount + applicable tax |
| Loan Tenure | 1 year to 5 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Personal Loans EMI Calculator