IDBI Personal Loan Details
Industrial Development Bank of India ( IDBI ) is a prominent commercial bank in India that offers a wide range of services to the people. The bank’s innovative products and committed services using advanced technologies boost up the banking sector and make it reach the top chart in financial institutions. The demand for IDBI bank reached the height and as a result, the bank opened 1400 branches across India so far to serve the people effectively. The services of the bank are not confined to India only, as it supports globally and major countries are Singapore, UAE, and China.
As stated earlier, the bank offers exclusive services to the people and one such is the ‘IDBI PERSONAL LOAN’ and this service enabled the borrower to meet their requirements in an efficient manner.
The salient features of the personal loan offered by the IDBI are listed below.
Why choose IDBI Bank for a personal loan?
Interest rate: IDBI’s personal loan rate of interest is minimal and this helps borrowers to repay the amount without any stress. The IDBI Personal Loan Interest Rate starts from 12.50% and the loan amount lies in the range of 25,000 to 10 lakh.
Minimal Documents: IDBI bank always stand for the needy people and for their solace, the bank demands fewer documents against the loan and hence enable the borrower to get the loan in a quick span of time.
Speedy Method: The banks usually take time to disburse the loan amount but IDBI bank is well known in the financial market for speedy method. The scrutiny of the application and documents are done in a short span of time and after the approval of the loan, the disbursed amount is transferred to the borrower’s account immediately.
Foreclosure: It is a unique feature provided by the bank which enabled the borrower to finish the loan before the maturity period. However, the bank will charge 2% of the outstanding amount as a foreclosure fee if the loan is closed 6 months before the maturity period.
Processing Fee: It is a fee usually charged by the bank against the process of the loan. IDBI processing fee is quite low and it is 1% of the total loan amount.
What is the eligibility to avail IDBI personal loan?
- The borrower must be salaried/ self-employed.
- Pensioners are also eligible for a personal loan.
- The age limit fixed by the IDBI bank against the loan lies in the range of 22 years to 60 years. However, the pensioner whose age is 70 is also eligible to avail of the loan.
- The salaried employee must hold a Rs 20,000 annual balance in their account to avail of the loan. For self-employed, the annual balance must be Rs 25,000 in their bank account.
What are the essential documents required for IDBI personal loan?
- Filled application form
- An Identity proof may be a Voter ID card, Aadhar Card, Driving License, or Passport.
- Residential Proof such as Electricity bill, Telephone bill, Water bill, Rent agreement, and more.
- For income proof, the borrower has to submit a copy of the bank’s statement of the last 6 months and the pensioners have to submit the income certificate of the last 2 years.
So, if you are willing to fulfill your needs then rush to the nearest IDBI branch to avail the personal loan. But before that, you must know about the IDBI bank personal loan calculator. This is a unique feature of IDBI bank which enables the borrower to know about their monthly EMI. The process to access the loan calculator is simple and for your convenience, the steps are listed below.
How to access the IDBI bank personal loan calculator?
- Go to the official website of IDBI bank.
- Move to the ‘Financial Tool’ section listed on the homepage and select the EMI calculator.
- Thereafter, a new page will open which will feature the loan amount and tenure.
- Use the slider to choose the loan amount and the period.
- After selecting the same, you will find the calculated monthly EMI at the right end of the page.
After knowing about the EMI calculator and other features of IDBI personal loan, it’s time to know about the online application procedure and for your solace, the details are listed beneath.
How to apply for IDBI personal loan online?
- Go to the official website of IDBI Bank.
- Move to the personal loan section and click on “Apply”.
- Thereafter, a new page will appear on your screen which will show the application form.
- Fill the form carefully with relevant details such as Name, Gender, Address, Occupation, and more.
- After filling the form click on the ‘Next’ button.
- Thereafter you will be directed to the document section and here you will have to upload the necessary documents such as Income proof, Identity proof, residential proof, photo, and signature.
- After uploading the document, click on the ‘Next’ button.
- That’s it; soon you will receive a confirmation message of your personal loan.
However, if you stuck amid the process or need to resolve the query, then you may access IDBI personal loan contact number. Calling this number will give you an opportunity to talk to the bank’s representative and through their assistance, you can resolve your query. The number is open 24*7, so you can make a call anytime. Hence, stay in touch with IDBI bank to grab more and more exclusive offers.