Personal Loan for Bank Employees

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Personal loans are among the most sought after banking products because of the utility it provides. IDBI Bank is a well-known bank which offers personal loans to a variety of candidates and even applicants who are bankers themselves. Such applicants often get preferential interest rates to boost but not all the time. A working bank employee basically qualifies for a loan under the salaried applicant category while a retired bank employee earning pension falls under the pensioner’s category. Both categories are eligible to apply for loans from the following banks.

IDBI Personal Loan

These personal loans from IDBI allow borrowers to meet a wide range of expenses right from marriage expenses to consolidating credit card debt.

Personal Loan to Salaried applicants, Self-employed professionals (SEPs) and/or Pensioners:

• In this loan variant, the minimum loan amount available for salaried applicants is Rs 50,000 whereas the maximum loan that can be availed is Rs 10,00,000. For SEP’s, the minimum loan amount is Rs 50,000. The maximum loan amount is Rs 5,00,000. For pensioners drawing their salary through IDBI Bank, the minimum loan amount is Rs 25,000 and the maximum loan amount is Rs 50,000 provided the EMI does not exceed 50% of the last credited pension.
• For customers who do not have salary account with IDBI, the minimum loan amount is RS 50,000 and the maximum loan amount is RS 5,00,000. For employees of state or central government sponsored institutes and defence personnel, the minimum loan amount is RS 50,000 while the maximum loan amount is Rs 10,00,000.
• The loan tenures range from a minimum of 12 months to a maximum of 60 months or 5 years. Borrowers need to have attained a minimum age of 22 years and the maximum age during termination of the loan must not exceed 60 years for salaried/SEP applicants and must not exceed 75 years in case of pensioners.
• The loan can be repaid through standing instruction only. The loan also allows for pre-payment after completion of 6 months of the loan tenure and at a charge of 2% of the outstanding loan amount. Part prepayment of the loan is possible but once the part prepayment has been made, no further loan will be sanctioned for a period of 12 months from the date of making the part prepayment.
• Borrowers who have had held a loan account for a minimum of 12 months with a clear track record of timely repayments can avail top up facility on existing loans.
• Borrowers will also be protected under a complimentary Personal Accident Insurance Cover.

Apart from the personal loan, IDBI provides personal loan products such as

Salary account with in-built overdraft facility: Any permanent employee who has completed a minimum of 1 year in service in government, semi-government, quasi government organizations or in private companies and multinational companies or any other reputed institute can apply for this account. The minimum age of the account holder must be 22 years and the maximum age must not exceed 58 years in order to avail the overdraft facility. The tenure of this facility is 2 years and is renewable after every 2 years. The maximum amount that can be availed through overdraft is 5 times the net salary of the applicant. Net salary is calculated by taking the average of the previous 6 months’ salary.

Overdraft facility for pensioners drawing pension through IDBI Bank: Customers who have maintained a pension account with IDBI are eligible for this service. The maximum age of the pensioner cannot exceed 75 years by the end of the loan duration. The maximum loan amount that can be availed through this facility is 5 times the monthly pension of the borrower. The tenure of this facility is 1 year and is renewable after the completion of every year.