Need a financial boost? Whether you’re facing an unexpected cost or wanting to start a major home renovation, applying for a personal loan could help you meet your financial needs. Not only will it enable you to consolidate your debt, but it will also help make your major purchases possible. Luckily, with an IDBI Bank Personal Loan, you can now experience any of these perks and more.
Created to help customers meet their urgent financial demands, this financing option is best for funding your education, hospitalization, overseas travel, home renovations, and more. Boasting favorable terms and prices, IDBI Bank Personal Loan is sure to help improve your financial standing.
Here, we have prepared a brief guide on how you can apply for the offer. Continue reading to learn more about the details surrounding this offer. It is important to understand all of the fees and charges associated with the loan before you apply.
IDBI Bank Personal Loan: Features & Advantages
Created especially for salaried individuals, self-employed professionals, non-professionals, and pensioners, the IDBI Bank Personal Loan is a worthy loan offer to check out this season. This is especially true if you’re looking for a good loan option that promises favorable terms and conditions.
Under the said program, salaried individuals, along with self-employed professionals and non-professionals, can avail a loan amount ranging from Rs 50,000 to a maximum of Rs 1,000,000, while pensioners are eligible for a loan range of Rs 25,000 to Rs 500,000.
As part of the offer, the loan can be taken out with a minimum of a 12-month tenor and a maximum of 60 months, depending on what the individual is eligible for.
Existing loan account holders, coupled with a clear repayment track record, can also enjoy the privilege of having a top-up loan facility. Borrowers can experience a sense of security with free personal accident insurance coverage.
For first-time loan borrowers, you have to know the basic rules to follow. Check here for more information on those rules.
Cons Of The IDBI Bank Personal Loan
Of course, similar to all other loan offers, the IDBI Bank Personal Loan also has its downsides. One among them is the need for clients to accomplish two specific conditions first before they can be allowed to access the bank’s part pre-payment offer. Specifically, these conditions include a) Prepayment/foreclosure of Personal loan after six months of disbursal may be allowed without pre-payment charge; and b) Prepayment/foreclosure, sought before 6 months from disbursal date, a charge @ 2% of the outstanding loan amount is to be levied.
In case the individual meets all these conditions, he or she can avail of pre-payment. However, no further personal loan will be sanctioned to the borrower for 12 months from the date of making the pre-payment.
How To Apply
To apply for the loan, the IDBI requires that individuals must be 21 years old or above, with the maximum age set at 60-years-old or date of retirement, whichever is earlier. Meanwhile, for pensioners, the bank set a maximum age requirement of 75.
Specifically, IDBI provided a list of eligible individuals. This includes the following.
- All salaried/pensioner customers with corporate salary account/pension account with IDBI Bank.
- All confirmed/permanent employees of State/ Central/ PSU/ Departments, Multi-National Companies, Listed Companies, Reputed Pvt Ltd Companies, with or without an existing relationship with IDBI Bank.
- Self-employed professionals/non-professional that have an asset/liability relationship with IDBI Bank.
As part of the requirements, salaried individuals must also meet a minimum annual net salary/income of Rs. 1,80,000/- p.a, while self-employed professionals must have Rs. 3,60,000/- p.a.
For non-professional borrowers, the bank has set a minimum annual business income of Rs 5,00,000/- p.a.
The application can be done online by visiting the bank’s official website. From the Home page, select Products and click on the Loans option. Tap Personal Loan and click on the Apply Now button located just beside the header of the page. You will then be directed to the Application page. Go to the Apply Online box and click on Personal Loans. Fill in all the necessary fields and wait for the confirmation.
You may also opt for an in-bank process by visiting the nearest IDBI branch in your area.
Rates And Fees
- Processing fee
- 1% of the loan amount + applicable taxes
- Prepayment / Foreclosure
- Within Twelve months from disbursement date: 2% of the outstanding loan amount + applicable taxes.
- Between 12 months to 24 months from disbursement date: 1% of the outstanding loan amount + applicable taxes.
- After 24 months: zero fees
- Part-payment
- Within six months from disbursement: 2% of the outstanding loan amount + applicable taxes
- After six months from disbursement: zero
- The maximum part payment amount allowed is 10% of the outstanding loan amount, subject to a minimum of Rs. 10,000/-
IDBI Bank Contact Info And Address
To know more about this loan offer, you may contact the IDBI Bank at 1800-209-4324 or 1800-22-1070. You may also visit them at their registered office located at IDBI Tower, WTC Complex, Cuffe Parade, Colaba, Mumbai 400005.
Conclusion
Interested to avail this financing option? Perfect for individuals who are in need of instant access to cash, the IDBI Bank Personal Loan is sure to help you meet your financial needs. Remember, you can find more information about this loan on the bank’s website.
*Note: There are risks involved when applying for and using a loan. Consult the bank’s terms and conditions page for more information.
