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Personal Loan

Industrial Development Bank of India, commonly known as IDBI, is one of the renowned Indian financial services company and one of the biggest and leading commercial banks in India. The presence is spread across the country through more than 1400 branches and more than 2000 ATMs. The Bank has captured the Indian markets with its innovative products, and exceedingly proficient and committed personnel and advanced technological updates which have helped the bank to come out as a strong market leader. 


And as mentioned, amongst various products offered by the bank, one of the interesting products which are offered to the customers is Personal Loan.


There can be various reasons for taking personal loans . In today’s world one may need extra funds for various reasons, be it child’s education or wedding or a travel or a emergency medical expenses. And to meet the needs of all these unplanned incidents or planned events, one can take a personal loan so that the financial burden doesn’t hamper the finance and the peace of mind. Personal Loan can also be used to give advance for home loan. Thus it’s understood, personal loan can be utilized for a variety of reasons.
 

Features of IDBI Bank Personal Loan


IDBI Bank is considered to be one of the best emerging  public sector banks in India and is covered under Fortune 2000 Top Companies of the world. IDBI Bank, as mentioned above has advanced technology and its products have pioneering and unique features. The products are designed in such a way that it suits almost all the segments of individuals.


Personal Loans are given to
 

  • Salaried Individuals
  • Self Employed Professionals.
  • Pensioners.
  • Salary Account with In Built Overdraft Facility.
  • Pension Account within Built Overdraft Facility to Pensioners of IDBI Bank Ltd.

IDBI Bank Personal Loan for Salaried Class

IDBI personal loan product is offered in three different categories:
 

a. Salaried Individuals maintaining salary account:
 

  • Eligibility Criteria:  Customers maintaining salary accounts with IDBI Bank.
  • Minimum Net Salary/ Income  No specific average balance is required by those salaried customers who are maintaining salary account with IDBI bank. However Rs 180000/-of Minimum Annual Net Income (ANI) is needed.
  • Minimum Age: 22 Years
  • Maximum Age: The maximum age at the time of the closure of the loan should not exceed 60 years or the date of retirement, whichever is earlier.
  • Tenure: Minimum Tenure: 1 year

          Maximum Tenure: 5 years

  • Minimum & Maximum Loan Amount: The minimum loan amount is Rs 50,000 and the maximum loan amount is Rs 10, 00,000.

 

  • Repayment: The repayment has to be done through Standing Instruction from the salary account maintained with IDBI bank.

 

  • Pre Payment: The personal loan pre payment without any charges is allowed subject to completion of 6 months post disbursal of loan. If the pre payment is done before 6 months, then a pre payment charge @ 2% on outstanding principal amount is levied.

 

  • Part Payment: Part payment can be done in same line as pre payment clause. However in case of such payments no further loans will be offered to the same customer for a period of 12 months at least..

 

  • Top up facility: Any existing borrower with proven repayment track record of at least 12 months , can apply for top up loan facility .

 

  • Other Features : Other striking feature of IDBI personal loan includes Free Personal Accident insurance cover being offered  with the personal loan
     

b. Pensioners maintaining pension account:
 

  • Eligibility Criteria:  Pensioners/ Family Pensioners from the State Government or the Central Government who have been given promotion or are sponsored entity whose pension is being credited to his/her savings account with IDBI Bank. Ex- staffs of IDBI bank are also offered personal loan under this scheme
  • Minimum Net Salary/ Income-   No specific average balance is required for those salaried customers who are maintaining salary account with IDBI bank. However Rs 180000/-of Minimum Annual Net Income (ANI) is needed.
  • Maximum Age: The maximum age for pensioners and family pensioners’ is 75 years at the time of the closure of the loan.
  •  Tenure: Minimum Tenure: 1 year

           Maximum Tenure: 5 years

  • Minimum & Maximum Loan Amount: The minimum loan amount is Rs 25000/- and the maximum loan amount is Rs 500000/-. However, the EMI should not exceed 50% of the last credited pension amount in the account.
     
  • Repayment: The repayment has to be done as Standing Instruction from the pension account maintained with IDBI bank.
  • Top up facility: Any existing borrower with proven repayment track record of at least 12 months , can apply for top up loan facility .
  • Other Features: Other striking features on IDBI personal loan is the Free Personal Accident insurance cover being offered  with the personal loan

c. IDBI Bank Personal Loan for Salaried customers & self employed Professionals with or without existing liability relationship with IDBI Bank


Under this scheme, IDBI Bank has added a special feature in its personal loan area where there are two segments in which the salaried and self employed people can be fitted into with or without existing liability relationship with the Bank.
 

  • Employees who are permanent staff in various divisions or sub divisions and establishmenta promoted or sponsored by State as well as Central Government, the three Armed Services which may or may not have any kind of relationship with the bank . However if they are able to fulfill the minimum income criteria as stated above, they are eligible to apply for personal loans.
  • For all other cases, the salaried and self employed individuals having a liability relationship for more than one year and are able to fulfill the minimum income criteria as stated above are eligible to apply for personal loans.
     
  • Minimum Balance For salaried customers a Minimum Annual Average Balance (AAB) of Rs. 20,000/-  is needed and  it is Rs 25000/- for Self employed persons. Additionally, the minimum annual business income should be Rs 2,40,000/- for last 2 financial years.
  • Minimum Age: 22 Years
  • Maximum Age: The maximum age at the time of the closure of the loan should not exceed 60 years or the date of retirement, whichever is earlier.
  • Tenure: Minimum Tenure: 1 year

          Maximum Tenure: 5 years

  • Maximum Loan Amount:  The minimum loan amount is Rs 50000/-. The maximum loan amount is categorized as below:
     
  • Rs 10,00,000/- is the permissible limit for employees who are permanent in various organizations promoted or sponsored by State as well as Central Government, the three Armed Services  with or without any existing relationship with the bank or not.
  • Rs 500000/- is the permissible limit for the customers who are not having any salary account with the bank.
     
  • Repayment Mode


In all the above cases the repayment mode will be Standing Instructions.


Apart from the regular personal loan schemes, IDBI bank offers overdraft facility linked  to personal loans which are as follows:
 

  • Salary account with  in-built overdraft facility
  • Overdraft facility for individuals who are pensioners of IDBI Bank.
     
  • Salary account with  in-built overdraft facility
     
  • Eligibility Criteria:  Employees who are permanent and are in service for a continuous period of 1 year. They should be working in the following mentioned companies.
     
    • Private Ltd Co.
    • Public Ltd Co.
    • Government/ Quasi Government/ Semi Government.
    • Multinational Companies.
    • Any other company which has been approved by Chief General Manager of the Zone.
    • Reputed Institutions.
       
  • Age: The minimum age is 22 Years and the maximum age is 58 years.
  • Tenure: Minimum Tenure: 2 years which means the overdraft facility is valid for 2 years and is renewable after every 2 years.
  • Maximum Limit: The maximum limit would be 5 times of the net salary which is again based on the average salary of previous 6 months.

 

  • Overdraft facility for individuals who are pensioners of IDBI Bank.
     
  • Eligibility Criteria: Customers who are maintaining their pension accounts with IDBI Bank are eligible for the loan.
  •  Age: The loan is offered to any pensioner up to the maximum age limit of 75 years.
  • Tenure: Minimum Tenure: 1 year which means the overdraft facility is valid for 1 year and is renewable  after every 1 year.
  • Maximum Limit: The maximum limit would be 5 times of the net pension which is again based on the average of  monthly basis.
  • Guarantee – Any Third- party Guarantee is required for Personal Loans offered to Pensioners.

IDBI Bank Personal Loan Interest Rates

The following rate of interest will be applicable:
 

  • For customers who are salaried and earning pensions and therefore maintaining salary and pensions accounts respectively,  with IDBI bank,  its 12.99% (Fixed).
  • For customers who are salaried  but not maintaining salary accounts with the bank and self employed professionals who has a liability relationship with IDBI bank, its 13.49% (Fixed).
  •  Individuals who are salaried and self employed professionals who have taken home loan or loan against property from the bank full disbursed, its 12.49% (Fixed).

Schedule of Charges
 

Processing Fee

 

  • Salaried as well as Self Employed Professionals

1% of the loan amountalong with   Taxes

  • Overdraft Facility to IDBI Bank Pensioners

Nil, however the actual document charges are to be borne by the customer

  • Salary Account with in-built overdraft facility

Nil, however the actual document charges are to be borne by the customer

Prepayment/ Part Payment Charges

 

  • Prepayment

 

  • Within 6 months from disbursement

2% of the outstanding loan amount plus taxes

  • After 6 months of disbursement

Nil

 

 

  • Part Payment

 

  • Within 6 months from disbursement

2% of the outstanding loan amount plus taxes

  • After 6 months of disbursement

Nil

*No other loan will be given to the customer for a period of 12 months from the date the part payment/pre payment  in such cases.

 

Penal Interest Charges on Overdue amount

 

  • Personal Loan

3% per month for the overdue amount and period overdue

  • Overdraft facility to IDBI Bank customers

2.5% per month for the overdue amount and period overdue

  • Salary Account with in-built overdraft facility

2.5% per month for the overdue amount and period overdue

Swapping of PDCs / ECS

Rs 575/-

Duplicate copy of credit information which are being obtained from CIBIL 

Rs 50/-

Re issuance of Demand Draft or Pay Order

Rs 115/-

Duplicate Statement Charges

Rs 115/-

Default in EMI for reasons which are for the within the control of the borrower

Rs 300/-

Prepayment Charges for IDBI Bank Personal Loan

IDBI Bank allows the facility to foreclose the loan which means, one has the option to close the loan before the maturity date, however certain charges along wit terms and conditions apply. Prepayment after 6 months may be allowed by the bank without any charge, but before 6 months from the date of disbursal, a charge of 2% on the outstanding loan amount is charged.


The bank also allows part prepayment on personal loans based on the above two conditions but in such cases additional loan is not provided for 12 months from the date of making the part payment.


Top Up Loan/Addition Loan on Existing Loan
 

One might need further loan during the running of an existing personal loan. The bank allows such facility where the existing loan tenure has completed 1 year. Also the repayment track record will have to be absolutely clean without any bounce.


Insurance Cover on IDBI Bank Personal Loan
 

Under Personal Loan, the borrowers are enclosed under Free Personal Accident Insurance Cover.

Documentation

Below is the set of documents required by any applicant applying for the IDBI personal loan schemes .
 

For Salaried individuals maintaining salary Account /liability or Asset relationship with the bank
 

  • Duly Filled loan application form.
  • Recent colored photograph to be affixed on the loan application.
  • A copy of Proof of identity from any one of the below mentioned documents
  1. Voter’s ID,
  2. Driving license,
  3. Defense ID card,
  4. Ration card,
  5. PAN card,
  6. Government employee ID card,
  7. Aadhaar card
  • A copy of Proof of Residence from any one of the below mentioned documents
  1. Passport,
  2. Ration card,
  3. Voter’s ID,
  4. Registered lease / rent agreement,
  5. Driving license,
  6. Telephone / water / electricity bill,
  7. Property tax bill, or gas bill.
  • Form 16, latest salary slip,
  • Bank statement for the past six months.
  • Deceleration-cum-undertaking from the employer not to shift the salary without No Objection Certificate from the branch
  • Standing Instruction for the deduction of EMI from salary account

For Pensioner / Family Pensioners drawing pension with account held with IDBI bank
 

  • Duly Filled loan application form.
  • Recent colored photograph to be affixed on the loan application.
  • A copy of Proof of identity from any one of the below mentioned documents
  1. Voter’s ID,
  2. Driving license,
  3. Defense ID card,
  4. Ration card,
  5. PAN card,
  6. Government employee ID card,
  7. Aadhaar card
  • A copy of Proof of Residence from any one of the below mentioned documents
  1. Passport,
  2. Ration card,
  3. Voter’s ID,
  4. Registered lease / rent agreement,
  5. Driving license,
  6. Telephone / water / electricity bill,
  7. Property tax bill, or gas bill.
  • ITR/ Income certificate for last 2 financial years
  • Bank statement for the past six months.
  • Deceleration-cum-undertaking from the pension office not to shift the pension account without No Objection Certificate from the branch
  • Standing Instruction for the deduction of EMI from pension account
  • Personal Assets and Liabilities Statements in Bank’s standard format
  • Delivery letter to DPN
  • Co-obligation if required.

Self employed Individuals with/without any asset/liability relationship with the bank.
 

  • Duly Filled loan application form.
  • Recent colored photograph to be affixed on the loan application.
  • A copy of Proof of identity from any one of the below mentioned documents
  1. Voter’s ID,
  2. Driving license,
  3. Defense ID card,
  4. Ration card,
  5. PAN card,
  6. Government employee ID card,
  7. Aadhaar card
  • A copy of Proof of Residence from any one of the below mentioned documents
  1. Passport,
  2. Ration card,
  3. Voter’s ID,
  4. Registered lease / rent agreement,
  5. Driving license,
  6. Telephone / water / electricity bill,
  7. Property tax bill, or gas bill.
  • ITR/ Income certificate for last 2 financial years
  • Bank statement for the past six months.
  • Personal Assets and Liabilities Statements in Bank’s standard format
  • Delivery letter to DPN
  • Co-obligation if required.
  • Latest Income Tax Assessment Order, Property statement.

IDBI personal loan – Online application

IDBI offers its applicants various online solutions prior to  applying for the personal loan. This includes
 

  • Check the eligibility online
  • Online application form
  • Update the application form
  • Track the application status
  • Calculate the EMI

However what personal loan offers is a tentative one and the final sanction of the loan depends on the eligibility and verifications of the documents provided. The final loan amount and loan tenure may vary as per the discretion of IDBI bank.
 

Apart from online application, any interested applicant may call the IDBI Phone Banking service or visit any of the nearest Retail Asset Centre or IDBI Branch to apply for the personal loan.