IDBI Bank Personal Loan Interest Rate
IDBI Bank one of India’s prominent financial institutions, offers a diverse range of financial products and services to cater to the varying needs of its customers. Among its offerings is the IDBI personal loan, a versatile financial tool that can provide the funds needed for various purposes. In this article, we will delve into the details of the IDBI Personal Loan interest rate, helping you understand its features and what factors influence them.
Personal Loan – Explained
A personal loan is a type of financial arrangement in which a lending institution, such as a bank or NBFC, provides a specific amount of money to an individual borrower. This money is typically unsecured, meaning it is not backed by any collateral and can be used for a wide range of personal expenses. Personal loans are granted based on the borrower’s creditworthiness and ability to repay. These loans are typically offered for a short repayment tenure of 6 months to 5 years and hence interest rates charged are comparatively higher.
Interest Rate, Fees & other charges – IDBI Bank Personal Loan
The interest rate, processing fees, and other charges for all types of personal loans offered by IDBI Bank are given below:
|Interest Rate||11% to 15.50% per annum|
|Processing Fee||1% of loan amount+ tax|
|Preclosure Charges||2% of loan amount+tax|
Factors responsible for IDBI Bank Personal Loan Interest Rate
The interest rates on personal loans offered by IDBI Bank are influenced by various factors. Understanding these factors can help borrowers anticipate the interest rates they might receive and make informed decisions. Here are some key factors responsible for IDBI Bank personal loan interest rate-
- Credit Score
- Financial History
- Income Level
- Relationship with the Bank
How is the interest rate assessed on IDBI Bank Personal Loan?
As per the policy and norms of IDBI Bank, the interest rates on personal loan starts from 11% and goes up to 15.50%. Its maximum personal loan amount is 5 Lakhs. Existing customers have an advantage in the loan approval process as it is easier to verify their accounts to check their financial history.
How to apply for Personal Loan in IDBI Bank?
You can apply for a personal loan in IDBI Bank by visiting the nearest IDBI Bank branch. You can also apply for a personal loan online on the bank’s website. However, one needs to make sure that the eligibility criteria are fulfilled and that you have the required credit score. After this, fill out the form, submit the documents asked, and wait for disbursal.
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Features & Benefits – IDBI Bank Personal Loan
IDBI Bank offers personal loans with a range of features designed to meet your diverse financial needs. The key benefits of acquiring a personal loan from IDBI Bank are listed below:
- Unrestricted usage flexibility
- Versatile loans for various needs
- Steady fixed interest rates
- Customisable tenure options
- No collateral required
- Convenient instalment payments
- Effortless online application
- Quick and simple documentation
- Tailored solution for every category
- Enhanced benefits for existing borrowers
Documentation Required – IDBI Bank Personal Loan
Documentation needed to apply for IDBI Bank Personal Loan are:
- Duly filled application form
- Passport sized photographs
- Identity proof
- Residence proof
- Last 6 month’s bank statement
- Latest salary slip (for salaried individuals only)
- Salary certificated with Form-16 (for salaried individuals only)
- Latest ITR or Form-16 (for self-employed individuals only)
Frequently Asked Questions- IDBI Bank Personal Loan Interest Rate
Q.1 What is the minimum personal loan amount that one can borrow from IDBI Bank?
IDBI Bank provides personal loans starting from INR 25,000.
Q.2 What is the repayment tenure of the personal loan offered by IDBI Bank?
The repayment tenure of the IDBI Bank Personal loans ranges from 12 months to 60 months.
Q.3 Is it mandatory to be an existing customer to avail of a personal loan from IDBI Bank?
No, it is not at all mandatory to be an existing customer to get a personal loan from IDBI Bank.
Q.4 What is IDBI Bank’s customer care number?
IDBI Bank’s customer care number is 1800-209-4324 (toll-free).