IDBI Bank is a privately owned bank which provides all banking services to its customers right from banking to all credit and saving services. It works under the RBI banking policy but operates more in a private structure. People those who own a bank account in IDBI Bank and those requiring loan from a bank at lower interest rate can apply for personal loan from IDBI Bank . But , it is essential for those who hold a bank account require to have a good credit and saving history with bank in order to secure personal loan at lower interest and for those who want to buy a product or require loan from the bank can directly apply for loan without holding any account with the bank .
IDBI Bank personal loan is easy to apply and to all those seeking loan from the bank either self employed or salaried employees can directly apply for loan as per their requirement and by checking their eligibility on the official web portal of IDBI Bank . If you are seeking some professional help to apply for personal loan from IDBI bank online , then in this article , you will get some good knowledge on it.
IDBI Personal Loan Application Requirements
IDBI Personal loan application process is as simple as it is like applying through a DSA (Direct Selling Agency ) or a NBFC. IDBI offers special offers in terms of personal loan for people to apply for loan as per their eligibility and requirement from the offers with the difference in interest rate charged. Their is hardly any difference in documentation or process for application of loan compared to any NBFC or PSU bank , as online facility is used by bank to obtain queries of loan and then complete assistance to the customer is provided on call or through special agent visit by the bank .
Also , for obtaining loan form IDBI bank their is some special requirements to be met where the applicant can apply for the loan only in case the credit score is above the 750 score and also the person has not defaulted for any loan through any bank or financial institution .
IDBI Personal Loan Eligibility
To apply for personal loan from IDBI Bank, the following requirements are to be met:
- Applicants should of age between 21 years to 65 years .
- Minimum salary for application of a salaried employee should be more than 15000.
- Employee should be a part of a recognized and reputed organisation for applying for salaried personal loan from IDBI bank .
- The maximum loan tenure would be 75 months , so it is essential to keep the credit score well maintained in order to keep the interest rate fixed .
- Applicant will be able to fore close the loan , but he must be able to pay 1% as processing fee charges to the bank for first debit from the account holder of the bank .
Personal loan on the above conditions shall be provided also to self employed professionals , self employed plus professionals ,overdraft seekers and loans required by pensioners.
Also read : Bank se loan kaise lete hai – Bank Loan Application , Details and Interest Rates
Personal Loan from IDBI Bank Causes and Documentation
To apply for personal loan from IDBI Bank , the following criteria and document requirements are to be met :
Minimum salary/Pension
- Rs. 1,80,000/- Per Annum for Salaried Class/Pensioner
Age
- For salaried:
- Minimum Age : 21 Years
- Maximum age at termination of loan should not be above 60 years or date of retirement, whichever is earlier.
- For pensioners:
- Minimum Age: At the start of pension
- Maximum Age: 75 years at the termination of loan
Loan Tenure
- Minimum : 12 months
- Maximum : 60 months
Loan Amount
- Minimum Amount : Rs. 25,000/-
- Maximum Amount : Rs. 3,00,000/- (Pensioner) / Rs. 5,00,000/- (Salaried)
Interest Type
- Fixed Rate
Processing Fee
- 1 % of the loan amount subject to minimum Rs.2500/- plus applicable taxes.
Part Payment/Foreclosure Charges
- Foreclosure:
- Within Twelve months from the disbursement date:2% of the outstanding loan amount
- Between 12 months to 24 months from disbursement date:1% of the outstanding loan amount
- After 24 months : Nil
- Part payment:
- Within Six months from the disbursement :2% of the outstanding loan amount
- After Six months of disbursement: Nil
- Maximum part payment allowed is 10 % of the outstanding loan amount subject to minimum of Rs. 10,000/-
- Part payment allowed maximum 3 times in a year with minimum interval of 90 days.
Top Up Loan
- The existing loan account holders with minimum 12 months and with clear repayment track record will be eligible for top up loan facility.
IDBI Personal Loan Interest Rates
On IDBI , loans are provided to the applicant the lowest complications and the minimum interest compared to any other PSU . Personal loan from IDBI Bank can be availed on interest rate of 8.75 percent to 10.75 percent . In case , their is some problem with the documents or with the eligibility of the applicant , interest rate shall subject to change.
Rejection of Personal Loan from IDBI Bank What to do ?
Personal loan from IDBI Bank can be rejected in certain cases where the applicant is short of funds or applies for a loan for a irrelevant cause not provided in the terms of the bank. Some major reasons for which your loan could be rejected by the bank in case :
- If loan is applied for any personal reason rather than any productive purpose.
- If during verification any of the document of the applicant does not matches the information provided. ‘
- The employee does not receive , a salary slip or does not file his tax returns to the department .
- Their is no earning support on the applicant .
There can by any reason for rejection of loan by the bank , to know the cause of rejection or cancellation of application of personal loan IDBI bank , you can directly consult any of the bank loan agent or officer by calling onto their official loan consultation number there at 1800-209-4324.
Also read : Bajaj Finance se Loan Online Kaise Len – Bajaj Finance Loan Online Application and Interest
FAQ
Can personal loan from other bank be shifted to IDBI Bank ?
No , only fresh personal loan can be obtained from IDBI . Loans to IDBI can be shifted in the form of Balance transfer (BT ) form only.
IDBI Rejected my loan application can it be applied again with DSA ?
No, application once rejected by IDBI bank cannot be reapplied through a DSA.
What interest rate is charged on Personal loan from IDBI Bank ?
Personal loan is available from IDBI Bank at the rate of 8.75% onwards.