IDBI Bank Personal Loan Apply Online: In today’s era, taking loan has become a common thing. Whether you are a salaried person or a businessman, many times you have to take a loan to meet your expenses. Nowadays, while all the commercial banks are providing loans, there are also many non-banking finance agencies which are providing loans at easy interest rates.
In this series, IDBI Bank, which is a well-known bank of India, has also started personal loan system for the customers. If you are also a customer of IDBI Bank and want to take a personal loan, then IDBI Bank is providing you personal loan at low interest rates and minimum processing fees.
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IDBI Bank Personal Loan Interest Rate 2024 Update
IDBI Bank provides loans ranging from ₹25000 to ₹500000 to the customer for a tenure of 5 years. After the increase in the Reserve Bank of India reverse repo rate in 2023, IDBI Bank has also increased its interest rates. Before 2024, IDBI Bank used to charge the maximum interest rate from 9% to 13.58%, whereas in 2024, this interest rate in IDBI Bank will be The rate has been increased. In the year 2024, IDBI Bank is providing personal loans to customers at an interest rate of 11%.
IDBI Personal Loan 2024 Overview
- Scheme- IDBI Personal Loan
- Interest rate -11%-15.50%
- Financial Year -2024
- Processing fees -1% or 2500 whichever is lower
- Loan amount -25,000 to 5lakh
- Helpline number -1800-209-4324
IDBI Bank also allows customers to make partial payments. Apart from this, IDBI Bank also offers top up loan to its account holders apart from personal loan. Generally, the interest rate of IDBI Bank Personal Loan is determined on the CIBIL score, those who have a good civil score are given interest at the rate of 11%, this interest rate can go up to a maximum of 15.50%. Generally IDBI Bank charges 1% processing fee from the customers.
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Documents required for IDBI Bank Personal Loan
- applicant’s application form,
- Applicant’s passport, voting card, identity card, driving license, Aadhar card, PAN card, applicant’s processing fee check.
- The last 3 months’ bank statement of the applicant is required.
- 6 months bank statement of the applicant
- If the applicant is salaried then the applicant’s salary slip and form 16
- If the applicant is self-employed, submit the applicant’s tax papers and business balance sheet.
Eligibility for Personal Loan in IDBI Bank
To avail a personal loan from Idea Bank, the applicant must have the following eligibility criteria
If the applicant is salaried:
- The applicant must be employed in a recognized company.
- The applicant must have an account in a corporate bank.
- The age of the applicant should be between 21 to 60 years is required.
- The minimum salary of the applicant must be ₹ 12000 per month.
If the applicant has a business
- The applicant must have an account in IDBI Bank.
- The age of the applicant must be 21 to 60 yearsyears is required.
- The applicant must have a profit of Rs 3.6 lakh per year from the business.
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If the applicant is a pensioner
- The applicant must have a pension account in IDBI Bank.
- The age of the applicant should be maximum 75 years.
- The applicant’s annual income must be Rs 3.6 lakh.
What are the features of IDBI Personal Loan?
The following are the features of IDBI Bank Personal Loan:
- IDBI Bank provides loans ranging from ₹25000 to ₹500000 to its customers.
- Customers can also take top up loan on top of the existing loan.
- To avail top up loan, customers must have a loan of at least 12 months old.
- IDBI Bank provides a minimum loan of Rs 25000 and a maximum of Rs 3 lakh.
- IDBI Bank offers a loan repayment tenure of 12 months to 60 months.
- The interest in IDBI Bank starts from 11% and this interest completely depends on the civil score.
- Additionally, IDBI Bank charges a processing fee of 1% on personal loan or a maximum of ₹2500 per loan application.
Types of IDBI Bank Loan
IDBI Bank offers the following types of personal loans:
For salaried applicants
- IDBI Bank offers easy personal loans to salaried account holders.
- In which the applicant must have a fixed employment.
- The applicant can take this personal loan to meet his personal expenses.
- This loan can range from ₹ 25,000 to ₹ 5,00,000, for which IDBI Bank provides a tenure of 1 to 5 years for repayment.
Generally, IDBI Bank charges 11% to 15.5% interest on loans provided to salaried employees. But it completely depends on the civil score and financial record of the salaried employee.
IDBI Bank Loan for Businessman
- IDBI Bank also provides personal loans to self-employed applicants.
- This loan is given only to those applicants who already have an account in IDBI Bank.
- Apart from this, the applicant must have a fixed employment of his own in which he must have an annual profit of Rs 1.8 lakh.
- IDBI Bank provides personal loans to businessmen for a tenure of 1 to 5 years in which IDBI Bank charges a processing fee ranging from 1% to ₹2500.
- Apart from this, IDBI Bank also allows partial prepayment to the businessman with a payment limit of 10% of the outstanding amount or ₹10000.
- Same IDBI Bank charges 2% for payment before 12 months.
- It charges a processing fee of 1% on payments within 12 months or 24 months.
IDBI Bank Inbuilt Overdraft Personal Loan to Pension Account Holders
- IDBI Bank also provides personal loan with overdraft facility to its pension account holders.
- For this, IDBI Bank gives time of 1 to 5 years for payment.
- In which the applicant can take a loan ranging from ₹ 25000 to ₹ 300000.
- IDBI Bank also charges its processing fee up to 1%.
- Apart from this, IDBI Bank charges 2% interest on premature payment.
How to apply for IDBI Bank Personal Loan?
- To apply for a personal loan in IDBI Bank, you have to follow the following steps
- First of all you have to visit the official website of IDBI Bank in your device.
- After this you will have to choose the loan option.
- After clicking on the loan option, you will have to choose the Personal Loan option.
- After this you will have to click on the Apply Now button.
- As soon as you click on the Apply button, the loan application form will appear in front of you.
- You have to fill this loan application form carefully and click on the Submit button.
- As soon as you click on the submit button, your application form is submitted to the bank and soon the bank officials contact you for further action.
How much will IDBI get a personal loan from the bank (How much will you get from idbi bank for personal loan?)
All these loans will be made available to you as personal loans. This loan bank gives its customers according to their eligibility. That is, separate eligibility for the employed people and different rules for those who do their own business have been fixed. By completing them, you can easily get a loan. This loan is immediately approved in which you take at least 10 minutes.
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IDBI Bank Personal Loan Status Check: Online
IDBI Bank offers customers a simple and trouble -free medium to check their personal debt status.
To check the status of your personal loan from IDBI Bank, you have to provide the following information:
- Specific registration number
- PAN number
- mobile number
- Type of loan
- Individual debt tracking
Keep an eye on IDBI Bank Personal Loan application through your mobile number and date of birth.
Being a mobile number one unique identifier, many banks use only mobile numbers as a reference point to track individual loan applications. In this way, the customer does not need to search for another number such as reference numbers to examine the status of his application. Using this method, the customer can check the loan status from anywhere. As additional caution, some banks can also ask for a date of birth with reference numbers/application number for reference.
IDBI Bank Personal Debt Tracking by reference numbers
Like the mobile number, reference numbers/application number is also a unique identifier. The only disadvantage to the customer in checking the loan status using this method is that they have to keep this number with them because they may not have remembered it.
Know the status of IDBI Bank Personal Loan Application through Net Banking
If you are an existing customer, you have an additional benefit. Not only can you try to negotiate on better debt terms, but you can also see and apply on the ET banking portal. All you have to do is log on to your net banking portal and go to the loan section. Here you can apply, check or know the remaining amount on the loan you applied.
Check the personal debt status
There can be a time in every person’s life when he needs a lot of money. This can happen for many reasons such as marriage, payment of education fee, medical emergency etc. At such a time, a person may need an amount ranging from a few thousand to millions. Banks like IDBI banks provide personal loans to help in such situations.
As you can clearly see that personal loan is a multipurpose loan that can be applied online or offline. Since personal loans are unsafe loans, the borrower has to complete strict rules and laws before the loan is approved. After the personal loan is approved, you can check the status of the loan through one of the following.
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IDBI Bank Personal Loan application affects factors
Apart from eligibility criteria, there are some factors that affect your loan application, mainly the minimum wage expect and your loan amount eligibility. they are
1. Location: The place where you live play an important role in your loan application. This IDBI bank determines your minimum wage amount to be eligible for personal loan. Cities have high minimum wage and even more in terms of metros like Mumbai.
2. Income: The higher your income, the better the loan amount you will get. This also shows that your repayment capacity is excellent.
3. Housing conditions: You live in your home or in rental property, it also plays a role in determining the amount of your loan. This is because staying in the rental property reduces disposable income, which means that your repayment capacity decreases.
4. Employment company: By working in a reputed company for about a year, the lender may indicate that you are in a stable job, the better the company’s rating is, the better conversation can be made at the interest rate.
5. Current Credit: If you already have any other loan or credit card loan then it will be a major factor in determining your loan amount and interest rate.
6. Credit History: Your credit history based on which your credit score is calculated, is very important. It is a primary factor on which the loan amount, interest rate and duration depends. If there is any discrepancy in your credit history, your debt is likely to be completely rejected.
Banks consider several factors before approving any personal loan.
FAQs (IDBI Bank Personal Loan)
Question: How does IDBI Bank determine the loan limits for giving personal loans?
Answer: IDBI Bank sets the loan limit for giving loan based on the income of the applicant, his age and paying capacity.
Question: Does IDBI Bank take any kind of guarantee for giving loan?
Answer: No, IDBI Bank does not ask for any kind of collateral security for providing loan.
Question: How much does IDBI Bank charge on prepayment of personal loan?
Answer: IDBI Bank charges a prepayment fee of 2% on prepayment of personal loan from self-employed individuals.
conclusion
I hope you liked this post and also understood the process of taking IDBI Bank Personal Loan. If you want to read such latest posts, then read other posts of this website and if you have any suggestion or question related to this post, then tell us in the comment below.