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IDBI Personal Loan

IDBI Personal Loan 2023: Discover the benefits of IDBI Bank Personal Loan, from low interest rates to easy application. Learn about eligibility, required documents and payment options.
In today's dynamic financial landscape, securing a loan has become a frequent requirement. Whether you are an employed person or an entrepreneur, there are times when access to additional funds becomes essential to meet various expenses. Among a range of lending institutions, both conventional banks and non-banking financial institutions, IDBI Bank, a leading name in India's banking sector, has started offering Personal Loans.
This article explores the intricacies of IDBI Bank Personal Loan, its Benefits, Eligibility Criteria and Application Process.  


IDBI Personal Loan

With interest rates ranging from 11% to 15.50%, IDBI Personal Loan 2023 presents a versatile solution to your financial needs. As of 2023, these loans cater to loan amounts ranging from ₹25,000 to ₹5 lakh, offering a lifeline for various financial needs. Additionally, the bank has introduced a reasonable processing fee of 1% or ₹2500, whichever is less, ensuring accessible credit.

IDBI Bank Personal Loan Interest Rate 2023 Update

In light of Reserve Bank of India reverse repo rate hike in 2023, IDBI Bank has adjusted its interest rates accordingly. In the range of 9% to 13.58% earlier, Bank interest rate this year looks at a competitive 11%. The interest rate is based on the borrower's CIBIL score, which rewards those with a higher score with a lower interest rate of up to 15.50%. Notably, IDBI Bank offers relief through partial repayment and extends top-up loan options to its patrons, expanding the range of financial possibilities.

Important Documents

For a seamless loan application process, IDBI Bank mandates submission of key documents:

  • Application form duly filled by the applicant.
  • Proof of Identity including Passport, Voting Card, Aadhaar Card, PAN Card etc.
  • Recent bank statement (last 3 and 6 months).
  • For salaried persons, pay slip and Form 16.
  • For self-employed applicants, business balance sheets and tax records.

Eligibility for Personal Loan at IDBI Bank

To avail IDBI Personal Loan 2023, applicants must fulfill certain criteriaFor Salaried Persons:
  • Employed in a recognized company.
  • Have an active corporate bank account.
  • Age between 21 to 60 years.
  • Minimum monthly salary ₹12,000

For business owners

  • Maintain an active account with IDBI Bank.
  • Age between 21 to 60 years.
  • Maintain an annual business profit of ₹3.6 lakh.

For Pensioners

  • Maintain a pension account with IDBI Bank.
  • Age not more than 75 years.
  • Annual income of ₹ 3.6 lakh

Features

IDBI Bank Personal Loan offers many features, including:
  • Loans range from ₹25,000 to ₹5,00,000.
  • Top-up loan option on existing loan.
  • Flexible tenure from 12 to 60 months.
  • Interest rates starting at 11%, subject to CIBIL score.
  • Processing fee 1% or a maximum of ₹2500 per loan application.

Types of IDBI Bank Loans

IDBI Bank extends Personal Loans options to both salaried individuals and businessmen:
  • Salaried Applicants:
  • Loans for salaried account holders with fixed employment.
  • Loan amount from ₹25,000 to ₹5,00,000.
  • Repayment tenure ranging from 1 to 5 years.
Businessmen:
  • Personal Loans for Self Employed Applicants with IDBI Bank Account..
  • Loan tenure of 1 to 5 years.
  • Processing fee ranges from 1% to ₹2500.

Personal Loan for IDBI Bank Inbuilt Overdraft Pension Account Holders:

IDBI Bank offers personal loans with overdraft facility for pension account holders:
  • Loan tenure of 1 to 5 years.
  • Loan amount from ₹25,000 to ₹3,00,000.
  • Processing fee up to 1%.

How to Apply for IDBI Bank Personal Loan

Applying for IDBI Personal Loan 2023 is a simple process:
  • Visit the official website of IDBI Bank.
  • Select the “Loan” option, then select “Personal Loan”.
  • Click on “Apply Now” and complete the application form.
  • Submit the form online.
  • Wait for contact from bank officials for next steps.

Important Link

IDBI Personal Loan Apply

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