Are you in need of financial help for various reasons like renovating your home, funding your child’s education, or covering unexpected expenses? IDBI Bank personal loan is what you need. In this article, we’ll dive into the specifics of IDBI Bank’s personal loan interest rates and eligibility criteria:
Types of IDBI Personal Loan
The following sections will help you discover some of the best personal loan options and their details:
Personal Loan for Salaried Applicants
- Aim: These loans are intended for salaried individuals employed by State/Central governments, PSUs, MNCs, listed companies, or private limited companies, whether or not they have an existing relationship with IDBI Bank.
- Loan Amount: Rs. 25,000 to Rs. 5 lakh.
- Tenure: 1 to 5 years.
- Processing Fee: A processing fee of 1% of the loan amount is charged, subject to a minimum of Rs. 2,500 + taxes.
- Part Prepayment: Borrowers can make part prepayments, which are set at 10% of the outstanding loan amount, subject to a minimum of Rs. 10,000.
- Foreclosure Charges: If the loan is sought for closure before 12 months from the disbursement date, a charge of 2% of the outstanding loan amount is applicable. After 12 months but before 24 months, the charge is 1% of the outstanding amount.
Personal Loan for Self-Employed Professionals
- Purpose: Self-employed professionals with an asset and liability relationship with IDBI Bank can avail of these loans to meet personal requirements.
- Loan Amount: Rs. 25,000 to Rs. 5 lakh.
- Tenure: 1 to 5 years.
- Processing Fee: A processing fee of 1% of the loan amount is charged, subject to a minimum of Rs. 2,500 + taxes.
- Part Prepayment: Borrowers can make part prepayments, set at 10% of the outstanding loan amount, subject to a minimum of Rs. 10,000.
- Foreclosure Charges: If the loan is sought for closure before 12 months from the disbursement date, a charge of 2% of the outstanding loan amount is applicable. After 12 months but before 24 months, the charge is 1% of the outstanding amount.
Salary Account with In-built Overdraft Facility
- Purpose: IDBI Bank personal loan offers overdraft facilities to individuals having salary accounts with the bank.
- Loan Amount: Up to five times net salary.
- Tenure: The overdraft facility is available for 2 years and can be renewed every 2 years for salary accounts with IDBI Bank.
- Processing Fee: There is no processing fee for this type of loan.
- Part Payment/Foreclosure Charges: There are no charges for part payments or foreclosure.
Pension Account with In-built Overdraft Facility for Pensioners
- Purpose: This loan is designed for pensioners having a pension account with IDBI Bank.
- Loan Amount: Rs. 25,000 to Rs. 3 lakh.
- Tenure: 1 to 5 years.
- Processing Fee: A processing fee of 1% of the loan amount is charged, subject to a minimum of Rs. 2,500 plus taxes.
- Part Prepayment: Borrowers can make part prepayments, set at 10% of the outstanding loan amount, subject to a minimum of Rs. 10,000.
- Foreclosure Charges: If the loan is sought for closure before 12 months from the disbursement date, a charge of 2% of the outstanding loan amount is applicable. After 12 months but before 24 months, the charge is 1% of the outstanding amount.
- Top-up Loan: For loan account holders with at least 12 months of a clear repayment history.
Eligibility Criteria for IDBI Bank Personal Loan
The eligibility criteria are different for different personal loan options:
For Salaried Applicants
- Occupation: Permanent employees of State/Central/PSUs/Departments/MNCs/Listed Companies/Private Limited Companies, whether or not they have an existing relationship with the bank.
- Salaried and Corporate Salary Account: Applicants should be salaried and have a corporate salary account with IDBI Bank.
- Age: 21 to 60 years.
- Minimum Salary: At least Rs. 1.8 lakh per year.
For Self-Employed Professionals
- Profession: Self-employed professionals with a liability and asset relationship with IDBI Bank.
- Age: 21 to 60 years.
- Minimum Salary: At Least Rs. 3.6 lakh per year.
For Salary Account with In-built Overdraft Facility
- Employment: Individuals employed in government, semi-government, quasi-government, public limited companies, multinational corporations (MNCs), private limited companies, and reputable institutions.
- Salaried and Maintaining Salary Account: Applicants should be salaried and maintain a salary account with IDBI Bank.
- Age: 22 to 60 years.
- Minimum Salary: At least Rs. 1.8 lakh.
For Pension Account with In-built Overdraft Facility (Pensioners of IDBI Bank):
- Pension Account: Applicants must have a pension account with IDBI Bank.
- Age: Not more than 75 years.
- Minimum Pension: Pensioners should receive a minimum annual pension of Rs. 3.6 lakh.
Conclusion
Understanding these interest rates, features, and eligibility criteria for IDBI Bank personal loan will help you make an informed decision. Whether you’re a salaried individual, a self-employed professional, or a pensioner, IDBI Bank personal loan meets your specific financial needs. With competitive interest rates and favorable terms, IDBI Bank can assist you in achieving your financial goals.
