IDBI Personal Loan: All You Need to Know

The IDBI bank offers some interesting benefits to its customer through the IDBI Personal Loans. So if you need a personal loan for any reason, be it for any medical expense or for travel purpose or even for your child’s education; you can opt for the IDBI personal loans and fulfil your requirements after grabbing the IDBI bank details for personal loans.   

Features and Benefits of IDBI Bank Personal Loans:

IDBI Personal Loan is categorized into three segments on the basis of the customer type:

  • Salaried Person having a salaried account with IDBI
  • Pensioners who are maintaining their pension account with IDBI
  • Salaried or Self-employed individuals with or without having an account with IDBI

 

There are certain distinct features that this Personal Loan provides to its customers:

  • The Maximum Loan amount provided by the bank is Rs. 10,00,000/- in case of a Salaried personnel. In case of a pensioner, the loan is provided up to a max amount of Rs. 5,00,000. Get a fair idea of the EMI to be paid with the help of an IDBI personal loan calculator.
  • You have the flexibility to choose the term of the IDBI Personal loan from 1year to max 5 years.
  • Repayment option is also very simple; you can activate the Standing instructions in your IDBI bank account which can be auto debited every month from your salary account.
  • To reduce the burden of the loan, there are Pre-payment and Part payment options as well. The Pre-payment, as well as the Part-payment, can be done after completion of minimum 6 months of the Loan disbursement. However, if you opt for Part-payment option, you will not be entitled to any further loan from the same bank for a period of at least 12 months.
  • The loan also provides the Pre-closure option.
  • If you are an existing Borrower with the IDBI Bank with consistent payment of the loans for minimum 12 months, then you could also avail additional Top-up loan facility over an above your IDBI Personal Loan.
  • Another great feature is that you also get Free Accidental Insurance with the IDBI Bank Personal Loan
  • One of the striking features of the IDBI Personal Loans is that you don’t need a guarantor for the applying for the Loan.

Eligibility and Documentation:

There are certain eligibility and documentation procedures we need to keep in mind while applying for the personal loan with IDBI bank:

Eligibility Criteria:

  • The minimum age to apply for a Personal loan is 22 years
  • The maximum age is 60 years or your retirement data (which comes earlier)
  • In the case of a pensioner, the age may go up to 75 years as well.

Documents required:

  • The application form needs to be duly filled and signed
  • Passport size colour photograph
  • For the Proof of Identity, any of the below-mentioned documents could be provided:
    • Driver’s License
    • Voter’s ID
    • Ration Card
    • PAN Card
    • Adhaar Card
    • Government ID Card
    • Defence ID Card
  • For the Proof of residence, you could provide either of these documents:
    • Passport
    • Voter ID
    • Adhaar Card
    • Ration Card
    • Driving License
    • Rent Agreement (if you are staying on rent)
    • Any utility bill like Telephone / Electricity / Water Bill / Gas bill
  • For your Income documents, you could the below documents:
    • Form 16/ Latest Salary Slip (Incase of Self Employed – ITR or Income certificate for last 2 financial years
    • Bank Statement for last six months
  • Standing Instruction sheet for the EMI deduction to be done every month from the salary account

 

How to Apply for the IDBI Personal Loan:

Applying to the IDBI Bank’s Personal loan is very simple and easy process. You could first check the eligibility criteria online and gauge if you are eligible for the same. The website will also help you in finding the idbi personal loan eligibility. The Online application form can also be filled online as well. Once you have filled the application form, upload the form on the portal i.e. on the IDBI Bank website. You could also calculate your monthly EMI with the IDBI personal loan EMI calculator online.  

Incase you don’t wish to submit the details online; you could also visit any nearest IDBI bank and submit the documents there. Alternatively, you could also call the IDBI personal loan contact number and they could arrange a visit for the documentation collection as well.  

Checking Status:

If you have applied online on the bank website or Policy Bazaar website, you will be provided a loan account number. You can check status of the application through this application number only. You can either check online itself or you can also call the bank’s customer service number.

IDBI Bank Personal Loan Interest Rates:

The IDBI Bank Personal Loan Interest rates varies as per customer type:

  • The IDBI personal loan interest rate is 12.99% fixed for all salaried individuals and those who are pension and have their salary and pension accounts with IDBI bank.
  • For all customers, Salaried or Self-employed, who are not existing account holders with the bank, get 13.49% (fixed) as their IDBI bank interest rates.
  • Those salaried or self-employed people who have already taken some loan from the IDBI bank will be eligible for a 12.49% fixed interest rate

 

Calculate your exact Loan EMI with IDBI Personal loan EMI Calculator:

You can log in to the paisabazaar.com website or the IDBI bank’s official website as well and check the EMI as per your loan amount on the IDBI bank home loan EMI calculator.   

 

FAQs:

  1. What is the maximum age to apply for a Personal loan in IDBI bank?

The Maximum age is 60 yrs to apply for an IDBI personal loan.

  1. What income documents can be given for the loan application?

Salaried people can provide their Form 16 or latest Salary sip, and Self-employed professionals need to provide their Income Tax Return or Tax File for last 2 years

  1. What is the minimum age to apply for a personal loan?

One needs to be a minimum 22 years of age.

  1. What can I submit as an Identity proof?

You can submit the PAN Card, Adhaar Card Driving License, Ration Card or Voter ID as well when you opt for IDBI bank personal loan apply online.

  1. After how many years can we opt for prepayment option?

The prepayment of the policy can be done only after completion of 12 months of loan disbursement.