IDBI Bank personal loan

IDBI bank or Industrial Development Bank of India is one of the largest private lenders in the country. The main headquarters of this financial institution is based in Mumbai. Other than the IDBI bank personal loan product, this financial institution also caters to the needs of the consumers in the mutual funds and investment banking. IDBI bank personal loan will help you to relieve your financial emergencies without any hassles. The financial institution offers personal loans to the salaried applicants, self-employed borrowers, pensioners, as well as self-employed non-professionals. IDBI bank has more than 1400+ branches across India.

There are a plethora of advantages of opting for an IDBI bank personal loan, and a few of them are here as follows:

You can avail financial assistance from the minimum amount of 25 thousand rupees to a maximum of 10 lakh rupees. Thus, you can make use of the IDBI bank personal loan amount to take care of any financial exigency that comes across your path.

Further, the financial institution offers IDBI bank personal loan rates ranging from 12.55%. Apart from that, the financial institution also provides you with a processing fee of around 1% of the total loan amount that you borrow.

The financial institution also offers you with the feature of flexible repayments. Thus, you can plan ahead and repay all of the borrowed money in the form of EMIs (equated monthly installments) within the time-frame of 1 to 5 years.

Further, you also have the option to partly prepay as well as foreclose your IDBI bank personal loan account (as long as you meet the required conditions; for further information, seek the counsel of IDBI bank)

The IDBI bank personal loan rates are mostly in the range of 12.5% to 14% p.a. Further, you can even make use of the EMI calculator available on the ApnaLoan site to compute your installments.

The required IDBI bank personal loan eligibility criteria that you need to fulfill are here as follows:

The minimum age to apply for an IDBI bank personal loan is 22 years and the maximum is 58 years (for salaried, self-employed professionals); whereas, it is up to 70 years for IDBI pensioners.

The minimum annual net income (ANI) for salaried applicants has to be more than 1, 80, 000 p.a. On the other hand, the self-employed individuals need to possess ANI of more than 3,60,000 p.a. The minimum net income needs to be above 5, 00, 000 p.a. for self-employed non-professionals.

The maximum loan repayment tenure is up to 60 months.

Further, the financial institutions also check your repayment capability and credit score before sanctioning your loan amount.

However, there are a few IDBI bank personal loan documents that you need to submit in order to successfully obtain the loan amount, and they are here as follows:

The first one of the IDBI bank personal loan documents that you need to produce is your photograph along with a duly filled application form.

Also, ensure that you provide the IDBI bank with a processing fee cheque.

You also need to submit your income proof in the form of past 3-month salary slips or last 6 months passbook.

The self-employed applicants also need to provide the latest income tax returns with form 16 as well as their updated bank statement. However, the salaried borrowers need to produce their salary slips or their salary certificate with form 16.