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  • IDBI Bank Personal Loan Eligibility

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  • IDBI Bank offers 3 types of personal loans up to Rs.10 lakh for salaried individuals and self-employed individuals and up to Rs.5 lakh for pensioners, each with its own unique eligibility criteria:

    • To be eligible for the IDBI personal loan for salaried individuals, self-employed individuals and Self- Employed Non-Professional (SENP) & Pensioners. In the case of salaried and self-employed applicants should be a minimum of 21 years old and a maximum of 60 years old, while the maximum age for pensioners is 75 years by the end of the tenure of the personal loan. Salaried, self-employed and pensioners need to have an existing IDBI Bank corporate salary account to be eligible for the personal loan.
    • To be eligible for the IDBI Bank Salary Account with in-build overdraft facility personal loan scheme, the applicant should be a permanent employee with a minimum of 1-year experience.
    • To be eligible for the IDBI Pension account with in-build overdraft facility scheme, the applicant should have an existing pension account with IDBI Bank.

    *Confirmed employees of the State and Central Government, reputed and Listed Private Companies, multi-national companies, etc., with no existing relationship with IDBI Bank are also eligible for a personal loan.

    Criteria Salaried Self-Employed Non-professional & Pensioners
    Age Minimum: 21 years Maximum: 60 years at maturity of the personal loan Minimum: 21 years Maximum: 60 years at maturity of the personal loan Maximum of 75 years at maturity of the personal loan.
    Income Minimum net income of Rs.1.8 lakh p.a. Minimum business income of Rs.3.6 lakh per annum Minimum business income of Rs.5 lakh per annum
    Work Experience Should be a salaried individual Should be a self-employed individual Pensioner with an account asset or liability with IDBI Bank
    CIBIL Score 750 750 NA
    Residential Status Resident of India Resident of India Resident of India
    Interest Rate 12% p.a. - 14% p.a. 12% p.a. - 14% p.a. 12% p.a. - 14% p.a.
    Loan Amount Minimum: Rs.50,000 Maximum: Rs.10 lakh Minimum: Rs.50,000 Maximum: Rs.10 lakh Minimum: Rs.25,000 Maximum: Rs.5 lakh
    Loan Tenure 12 months – 60 months 12 months – 60 months 12 months – 60 months

    IDBI Bank Salary Account with in-build overdraft facility scheme eligibility

    Criteria Salaried
    Age Minimum: 22 years old Maximum: 58 years old
    Income As per the terms and conditions set by the bank
    Work Experience Permanent employee with minimum of 1-year experience
    CIBIL Score 750
    Residential Status Resident of India
    Interest Rate 12.85% p.a.
    Loan Amount 5 times of net salary
    Loan Tenure Overdraft facility is valid for 2 years

    IDBI Bank Pension account with in-built overdraft facility scheme

    Criteria Pensioner
    Age Maximum of 75 years by the maturity of the scheme
    Income As per the terms and conditions set by the bank
    Work Experience Should have an existing IDBI Bank pension account
    CIBIL Score 750
    Residential Status Resident of India
    Interest Rate 12.85% p.a.
    Loan Amount 5 times of pension income
    Loan Tenure Overdraft facility is valid for 1 year

    Factors affecting IDBI Bank personal loan eligibility

    • The age of the applicant: The younger the applicant, the better are their chances of the personal loan application being approved by IDBI Bank. To apply for a personal loan, the applicant should be a minimum of 21 years old and a maximum of 60 years by the maturity of the scheme.
    • Relationship with IDBI Bank: Unless the applicant is employed by the State or Central Government, or in a reputed or listed private company, then he/she needs to have an IDBI corporate salary account to be eligible for a personal loan.
    • Repayment track record of the individual: The applicant should have a clean repayment track record to be eligible for an IDBI Personal Loan. If the applicant has no past loan dues and has a good credit score, the chances of him/her being eligible for a personal loan is higher.
    • Income of the applicant: To be eligible for an IDBI personal loan, the applicant should meet the minimum income requirement which varies based on whether the applicant is a salaried individual, self-employed individual or a non-professional or pensioner.

    How to improve chances of IDBI Bank personal loan eligibility

    • Apply when debt-free: If you apply for an IDBI Bank personal loan when you do not have any past loan dues and a good enough credit score, anything above 750, then you improve your chances of being eligible for an IDBI personal loan.
    • Choose the right loan amount: Choose a loan amount that you can afford to pay back. Ensure that the EMI is not more than 40%-50% of your net monthly income to start with. If your income is low, choose a lower loan amount as well to improve your chances of being eligible.
    • The tenure of the loan matters: If your income is low, choose a longer tenure as this will bring down the EMI amount.
    • Have a good relationship with IDBI Bank: If you hold a corporate IDBI Bank salary account will increase your chances of being eligible for a personal loan.

    FAQs

    1. Does IDBI Bank offer personal loan top-up?
    2. Yes, IDBI Bank offers the personal loan top-up facility if the borrower has completed 12 EMIs and has a clean repayment record.

    3. Which the best way to apply for an IDBI Bank personal loan?
    4. You can apply for an IDBI Bank personal loan online or at the nearest bank branch, as per your convenience.

    5. Are there any other benefits with an IDBI Bank personal loan?
    6. The borrower will be granted a free personal accident insurance policy from the disbursal of the personal loan amount.

    7. Will I need a guarantor to be eligible for an IDBI Bank personal loan?
    8. If you’re a pensioner, you will need a third-party guarantor.

    9. Can NRIs apply for an IDBI Bank personal loan?
    10. No, only resident Indians are eligible for an IDBI Bank personal loan.

        

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