Can IDBI Bank Personal Loan Help Meet Your Financial Needs?

Yes, IDBI Bank Personal Loan is the solution of all your financial problems. With its easy disbursal , high loan amount, affordable interest rates and flexible tenure, you can meet any of your financial needs. The maximum amount you can borrow from IDBI Bank in respect of personal loan is INR 5 lakh. And whether you are salaried, self-employed or pensioner if you have a regular source of income, you are eligible to borrow the IDBI Bank Personal Loan. Want to know more! Read the article below.

IDBI Bank Personal Loan Interest Rate Schedule

The IDBI Bank Personal Loan interest rate ranges from 12.00-13.50% per annum as stated in the bank official. The applicants are eligible to get an IDBI Bank personal loan if their credit score is 700 to 739 only if they have corporate relationships with the IDBI Bank such as LIC and its subsidiaries staff, payroll, salary and pension accounts, and IDBI bank staff.

Eligibility Criteria for the IDBI Bank Personal Loan

If you want to apply for IDBI Bank Personal Loan, check the following before -

• Age - 21-60 years (salaried/self-employed) and up to 75 years at loan maturity (pensioners/family pensioners)

• Minimum annual income - INR 1.8 lakh (salaried) and INR 3.6 lakh (self-employed)

On What Factors Does Your IDBI Bank Personal Loan Amount is Based?

IDBI Bank will decide your loan limit based on the following -

• Monthly Income - By taking your income information from the bank statement and pay slips, the bank knows your capability for loan repayments. So if your income is high, there are greater chances for you to borrow a higher amount from IDBI Bank.

• Credit Score - Make sure you do check your credit score before when you are applying for IDBI Bank Personal Loan, because a higher score can help you get instant approval.

• Credit Obligations - Your credit card bills and ongoing loan EMIs could be a problem for your new IDBI Bank Personal Loan, so make sure your debt to income ratio is at least 40-45%. Because if your liabilities are high, IDBI Bank Personal Loan amount will be low.

Procedure of IDBI Bank Personal Loan

To apply for IDBI Bank Personal Loan, you can either visit your nearest IDBI Bank branch or apply via its official website.

Offline Application

Go to your nearby IDBI Bank and request for ‘IDBI Bank Personal Loan’ from the bank representative. The IDBI Bank representative will hand you an application form which you need to fill up with the accurate personal details and need to paste 2 colored passport size photographs as well. When the application form is duly filled, attach the requested documents to the application form and submit the same to the bank branch. You will hear from IDBI Bank via SMS, call or email when your ‘IDBI Bank Personal Loan’ is approved.

Online Application

If you want to apply for IDBI Bank Personal Loan at the convenience of your home, you can follow the instructions below -

• Visit IDBI Bank website

• Select ‘Personal Loan’ from the products drop down

• Click the ‘Apply Now’ button

If you are an existing IDBI Bank customers, follow the steps below -

• Enter customer ID or account number

• Click ‘Generate OTP’ button

• Enter the OTP which you have received on your mobile

If you are not an IDBI Bank customer, follow the steps below -

• Enter your name, address, mobile and email

• Select gender and marital status

• Select application status from salaried, self-employed, businessman or NRI salaried

• Select ‘Personal Loan’ in the type of loan required option

• Enter the required loan amount in INR

• Enter the amount you wish to repay

• Choose your loan tenure

After that you need to enter your income details such as -

• Income in INR

• Work experience

• Current obligations in INR

• Number of remaining services till retirement

Lastly, select the preferred IDBI Bank branch for IDBI Bank Personal Loan processing.