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Eligibility Criteria for Personal Loans from IDBI Bank
IDBI Bank has set many criteria that determine the eligibility of a person for personal loans. These criteria relate to age, income and various other aspects.
The details of the eligibility for the personal loans of IDBI Bank are mentioned below.
Eligible applicants
The eligible applicants for personal loans of the bank are,
- Salaried persons
- Self-employed persons
- Pensioners
Age of the applicant
The age criterion set by the bank is different for salaried persons, self-employed persons and pensioners. The details of the same are tabled below.
Category of applicants | Minimum age | Maximum age |
Salaried persons | 21 years | Earlier of,
|
Self-employed persons | 21 years | Age at the time of maturity of loan should be earlier of,
|
Pensioners | 21 years | 75 years (at the time of maturity of the loan) |
The income of the applicant
The minimum income needed for personal loan eligibility varies for different category of persons. The details of the same are tabled below.
Category of applicant | Minimum Income |
Salaried persons | Rs. 1,80,000 |
Self-employed persons | Rs. 3,60,000 |
What are the highlights of the personal loans of IDBI bank?
The personal loans of IDBI bank are available at reasonable rates of interest for eligible applicants. These loans have many highlights that make them a good option for personal loans.
Some of these features are mentioned below,
Amount of loan
The amount of loan that can be sanctioned for a personal loan is tabled below for self-employed persons and salaried persons as well as pensioners.
Amount of loan | Salaried persons | Self-employed persons | Pensioners |
Minimum loan | Rs. 25,000 | Rs. 25,000 | Rs. 25,000 |
Maximum loan | Rs. 5,00,000 | Rs. 5,00,000 | Rs. 3,00,000 |
Rate of Interest
The rate of interest for personal loans is dependent on many factors like the credit score of the applicant, loan amount, tenure, etc. The current rate of interest for IDBI personal loans is,
- Personal loan overdraft with a floating rate of interest
- for retired IDBI staff – 8.30%
- for salary or pension account for others – 11.05%
- personal loan with a fixed rate of interest
- for salaried/pension accounts – 12% - 13.50%
- for salaried customers – 12.25% - 13.50%
- for self-employed individuals or non-individuals – 13% - 14%
Tenure
The minimum tenure for a personal loan of IDBI Bank is 12 months (1 year) and the maximum tenure id 60 months (5 years)
Additional requirement
The additional requirement is the third party guarantee which is mandatory for the pensioners.
What are the documents needed for a personal loan from IDBI Bank?
The documents needed for a personal loan from IDBI Bank are KYC documents that are required to verify the eligibility of an applicant.
The list of documents needed is mentioned below.
Identity Proof
Any of the following documents can be submitted as identity proof,
- Passport
- Aadhaar Card / UIDAI Letter
- Voter ID
- Driving License
- Photo PAN Card
Address Proof
The applicant can submit any of the following documents as address proof
- Passport
- Driving License
- Job Card issued by NREGA (duly signed by State Government Officer)
- Voter ID
- Aadhaar Card/ UIDAI Letter
Age Proof
Along with identity proof, age proof is also required. The applicant can submit any of the following documents,
- Birth Certificate
- PAN Card
- Aadhaar Card/ UIDAI Letter
- Voter ID
- Passport
Signature Proof
The applicant can submit any of the following documents as signature proof
- Passport
- Driving License
- Pan card
- Banker’s Certificate
Income Proof
Income proof is part of every loan application. The documents to be submitted for income proof of the salaried applicant are,
- Latest 3 Months Bank Statement
- Latest Salary Slip
- Latest ITR for self-employed persons
About IDBI Bank Personal Loans
IDBI is one of the oldest banks in India. This bank was originally a subsidiary of RBI and was later transferred to the Indian Government. IDBI Bank has many types of loans that can be sanctioned to eligible persons based on their eligibility and their needs. Among these loans, the personal loans of the bank are considered to be favoured in the market due to a lower rate of interest and higher loan amount. The bank requires the applicant to meet all the eligibility criteria set by the bank to be able to get the benefits of these personal loans.
FAQs - Personal Loan Eligibility – IDBI Bank
1. What is the personal loan calculator?
A. The personal loan calculator is the facility available for personal loan applicants that provides them with the benefit of getting an estimate of the loan amount that can be sanctioned to them based on their eligibility.
2. What is the maximum tenure for a personal loan of IDBI Bank?
A. The maximum tenure for a personal loan of IDBI Bank is 5 years (60 months).
3. Can a self-employed person apply for the IDBI Bank personal loan?
A. Yes. A self-employed person can apply for the IDBI Bank personal loan provided they have an account with any branch of the bank.
4. What is the maximum eligible amount of loan that can be sanctioned to borrowers of personal loans from IDBI Bank?
A. The maximum eligible amount of loan that can be sanctioned to borrowers as a personal loan is Rs. 5,00,000 for salaried and Self-employed persons and Rs. 3,00,000 for pensioners.
5. What is the minimum age limit for personal loans of IDBI Bank?
A. The minimum age limit for personal loans of IDBI Bank is 21 years.
6. What are the factors affecting the eligibility of or a person?
A. The factors affecting the eligibility of or a person are credit score of a person, age of a person, the income of such person, repayment capacity of a person, amount of loan needed, etc.
7. Can the IDBI personal Loan be prepaid or partly paid?
A. Yes. Borrowers can partly pay or foreclose the personal loan after completion of the minimum period of time as per the guidelines of the bank. Such a facility is available at a nominal charge.
8. What is a Personal Loan?
A personal loan is an unsecured loan that can be applied by any eligible person to meet their personal needs. There are many types of reasons that can be covered under these personal needs. These reasons can be medical expenses for self or family members, education needs of self or family members, or travel expenses, wedding expenses, etc. These loans are relatively easier for sanctioning and are processed faster. Also, the applicants do not need to provide any excess documentation for these loans.
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