Description

IDBI Bank offers a personal loan under three categories – personal loans for salaried professionals, personal loans for self-employed professionals and personal loan for self-employed non-professionals and pensioners. The age criteria, minimum income requirements and loan amount vary from loan to loan. 

IDBI Bank personal loan eligibility criteria

Here are the eligibility criteria for IDBI Bank personal loan based on the category of the loan:

Criteria

Salaried Employees

Self-employed professionals

Self-employed Non-professionals & Pensioners

Residential status

Residents of India

Residents of India

Residents of India

Profession

  • All salaried customers having salary account with IDBI Bank.
  • All confirmed employees of state/ central/ PSU/ listed companies/ MNCs/ reputed companies with or without relationship with IDBI Bank

Self-employed professional having asset/ liability with the bank

  • All pensioners having pension account with IDBI Bank
  • All self-employed non-professionals

Age

  • Minimum: 21 years
  • Maximum: 60 years at the time of maturity
  • Minimum: 21 years
  • Maximum: 60 years at the time of maturity
  • Minimum: 21 years
  • Maximum: 75 years on loan maturity

Minimum net monthly income/ salary

Minimum annual net income of Rs. 1.8 lakh

Minimum annual net income  Rs. 3.6 lakh

Minimum annual income of Rs. 5 lakh for self-employed non-professionals

CIBIL Score

750 or above

750 or above

750 or above

Loan amount

Rs. 25,000 – Rs. 5 lakh

Rs. 25,000 – Rs. 5 lakh

Rs. 25,000 – Rs. 3 lakh

Loan tenure

12 to 60 months

12 to 60 months

12 to 60 months

Interest rate

12% to 15%

12% to 15%

12% to 15%

 

What are the top factors that affect your bank personal loan eligibility?

  • Age: Age is one of basic factors considered for the eligibility of an applicant. Younger applicants can more easily qualify for a personal loan than individuals aged above 50 or approaching retirements. IDBI Bank offers a personal loan to salaried and self-employed professionals aged between 21 to 60 years and non-professionals and pensioners aged between 21 to 75 years.    
  • Employment status: IDBI Bank personal loan is available for salaried employees, self-employed professionals, self-employed non-professionals and pensioners. 
  • Repayment capacity: IDBI Bank personal loan is an unsecured loan. Hence, repayment capacity of an applicant plays a crucial role in personal loan eligibility. The bank offers a personal loan to salaried employees and self-employed professionals whose minimum annual income is Rs. 1.8 lakh and 3.6 lakh, and self-employed non-professionals should earn a minimum of Rs. 5 lakh per annum. Your monthly income and obligation (debt-to-income) ratio should be less than 50% to get a personal loan from IDBI Bank. You can use IDBI Bank personal loan EMI calculator to know your monthly payment and decide the loan amount and tenure accordingly.   
  • Relationship with the IDBI Bank: Relationship with a lender is important to get a personal loan easily. Existing customers and ex-employees of the bank may find it easier to get the loan application approved. 
  • CIBIL score: Credit score is of much importance in a personal loan due to its collateral-free nature. Loan applicants with a good credit score are considered less risky borrowers. To get a personal loan from IDBI Bank, you need to have a good to excellent credit score i.e. equal to or above 750. 

Documents required for IDBI Bank personal loan

For salaried employees

  • Proof of identity
  • Address proof
  • Credit information – PAN card
  • A copy of a bank statement for the last six months
  • Salary slips for the last three months 
  • Employment certificate        

For self-employed employees

  • Proof of identity 
  • Address proof
  • Credit information - PAN number 
  • Highest profession degree for self-employed professionals
  • Latest 2 years ITR along with computation of income, B/S, P&L a/c 
  • Bank statement
  • Proof of business continuation 
  • Latest Form 16

How to apply for IDBI Bank personal loan through Afinoz?

You can apply for a personal loan online on Afinoz by taking the following steps:

  • Go to the official website of Afinoz.
  • Click on ‘Apply Now’ link on the personal loan bar. 
  • Fill in the personal loan application form.
  • You will see multiple loan offers from different lenders.
  • Click on the loan offer that is most suitable to you. 

 

FAQs

Q1How interest is charged on IDBI Bank personal loan?
IDBI Bank charges interest at a predetermined rate on reducing balances. It is debited to the loan account at the end of every month.
Q2What is the rate of interest?
IDBI Bank personal loan interest rates vary from borrower to borrower. While the bank is charging an interest between 12% to 15% per annum, the final rate will be decided after the loan approval.
Q3 Are there any additional benefits with an IDBI Bank personal loan?
The bank is offering a free personal accident insurance policy from the disbursal of the personal loan amount.
Q4Do I need to add a co-applicant or guarantor to qualify for a personal loan?
Only a pensioner will need a third-party guarantor.