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    IDBI Bank Personal Loan Eligibility Calculator

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    13.20% Floating
    1% + S.T. One time fee
    50,000 - 10L
    1-5 Years
    Response Time Within 30 minutes
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    Eligibility Criteria
    Personal Loan BYTES FROM OUR KITCHEN

    About IDBI Bank Personal Loan

    IDBI Bank is a financial service company owned by the Indian government. The bank offers various kinds of financial services and products to cater to different financial needs of the customers. IDBI Bank personal loan helps meet unexpected expenses or even get out of a high debt. The personal loan can even be used to manage margin money for a home loan. The loan offers different repayment tenures and an attractive rate of interest.

    IDBI Bank Personal Loan eligibility criteria

    If an individual intends to avail IDBI Bank personal loan, they have to fulfill the eligibility criteria for the loan. Given below are the IDBI Bank personal loan eligibility criteria.

    Eligibility criteria for salaried individuals
    • Minimum age: 22 years
    • Maximum age: 60 years
    • Minimum income: Rs.20,000
    • Maximum loan amount: Rs.10,00,000
    Eligibility criteria for self employed individuals
    • Minimum age: 22 years
    • Maximum age: 60 years
    • Minimum income: Rs.25,000
    • Maximum loan amount: Rs.5,00,000

    Factors affecting IDBI Bank personal loan eligibility

    There are several factors that can affect your IDBI Bank personal loan eligibility. Listed below are the main factor that affect your eligibility with IDBI Bank personal loan.

    • Financial background:Your financial background gives the lender a clear picture of your repayment capacity. An individual with a good financial background has more chances of getting a personal loan over an individual who has a poor financial background.
    • Stability of your income:You need to have a consistent and stable flow of income in order to avail IDBI personal loan.The bank might end up rejecting your application if you work as a temp or as an intern as there is no steady source of income. Banks look at the stability of your income to assess your repayment capacity.
    • Age: Age is also a crucial factor that affects your IDBI Bank personal eligibility. The bank needs the applicant to be of at least 22 years old to be eligible for the loan.
    • Credit score:Your credit score/history acts as a deciding factor when it comes to your IDBI Bank personal loan eligibility. The applicant is expected to have a minimum score of 700 and above in order to be eligible for the loan.

    How CIBIL score affects your IDBI Bank personal loan eligibility?

    You are very mistaken if you think that CIBIL score does not affect your IDBI Bank personal loan eligibility. Your CIBIL score determines your ability to get the loan. Your CIBIL score gives a clear picture of your repayment capacity and commitment towards the loan. The higher the CIBIL score, higher the chances of getting a loan. Your CIBIL score is calculated based on your credit history including the details of your previous credit card applications and loan applications. The first thing the banks check in your application is your CIBIL score. If you have a poor CIBIL score, your application will not be considered and will be rejected right away.

    How to Increase IDBI Bank Personal Loan Eligibility?

    There are a few steps that can be followed to increase your IDBI Bank personal loan eligibility. Listed below are the steps that will help you increase your eligibility and get a loan without any hassles.

    • Good CIBIL score-A good CIBIL score will increase your IDBI Bank personal loan eligibility as it is one of the main aspects that banks assess before granting you the loan. It is important to maintain a very good credit history in order to have a good CIBIL score.
    • Filling in the form correctly-Wrong information in the form or incomplete forms can land your application in the rejection pile. It is important to fill the form with the right details and not leave out any parameter in the form. If you have any doubts with the form it’s best to clear it with the bank rather than submit an incomplete form.
    • Only borrow what you need-It is best advised to borrow as less as you can. Borrowing less will increase your eligibility. Banks won’t grant you a loan if you are trying to borrow more than your repayment capacity.
    • Don’t be a job hopper-Being a job hopper or working as a temp will not work in your favour if you are trying to get a loan. Being in a permanent job and not changing jobs frequently will help you increase your personal loan eligibility.
    • Pay off existing loans-Paying off existing loans before applying for a new loan will increase your loan eligibility. Banks will be more inclined to grant you a loan when you don’t have too many loans to repay.

    FAQs on IDBI Bank personal loan eligibility

    Who is eligible for IDBI Bank personal loan?

    Salaried, self employed individuals and pensioners are eligible for IDBI Bank personal loan.

    IDBI Bank personal loan offers an attractive rate of interest along with personalized services and easy documentation. Another reason to opt for the loan is the fact that interest is charged on daily reducing balance.

    What is the repayment tenure for IDBI Bank personal loan?

    The repayment tenure for IDBI Bank personal loan ranges between 12-36 months.

    What is the maximum age of eligibility for pensioners?

    The maximum age of eligibility for pensioners is 75 years.

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