Whether you work for the government or a private company or are self-employed, you can apply for an online personal loan from IDBI Bank. Notably, there are no charges if you close the loan after 24 months, and no fees for partial payments made six months post-disbursal.
The loan structure also allows a top-up for those with a good repayment history. These fast personal loans also cater to pensioners and salaried employees, ranging from INR 25,000 to INR 3 Lakhs. IDBI Bank promises to make personal loans ideal for various financial needs.
So, you can use the loan amount to handle emergencies and to consolidate debt. The accessibility of such personal loans makes IDBI Bank a reliable financial partner for people seeking the best personal loan solution to pay their medical bills and manage big-fat weddings.
Prime Features & Benefits of IDBI Bank Personal Loan
IDBI offers an instant personal loan facility that allows you to meet your emerging financial needs easily and quickly. But that is not it; other features of this loan make it quite beneficial for you. The features that you should be aware of are listed as follows:
1] Low Interest Rate
Get a loan with a small extra amount added (interest) so that you pay less over time. This IDBI Bank personal loan comes with a low-interest rate. It means you won’t have to pay extra money for a fund. It’s important to check to ensure your online personal loan is affordable.
2] No Hidden Costs and Administrative Charges
Choose digital personal loans that don’t surprise you with extra costs or charges. You must know what you’re paying for – no unexpected fees. You must clear terms and plan your budget without worrying about additional costs.
3] Less Paperwork
A loan with less paperwork saves time and increases your credit score. Each time you apply for a loan, it leaves an inquiry on your credit report. Too many inquiries in a short period may impact your credit score negatively. So, an online personal loan with minimal paperwork will preserve your credit health.
4] Long Tenure
A longer loan tenure not only lowers your monthly payments but can also provide unexpected benefits. Having a longer tenure will not tighten your monthly budget. It will also allow you to allocate funds to other financial goals, such as using it for medical emergencies.
5] Minimum Income Requirement
Lenders use it as a measure to make sure that you have a stable income. Additionally, maintaining an income above the minimum requirement could open doors to better loan terms, including lower interest rates.
6] Pensioners Get Attractive Offers
While it’s known that pensioners receive attractive loan offers, what many might not realize is the positive impact on credit scores. Also, some lenders offer special financial products for pensioners. It will make the pensioners use loans for medical expenses and leisure activities.
7] Wider Acceptability
When it comes to personal loans, one of the biggest challenges that people face is that it applies only to salaried individuals. But IDBI Bank assures that you move a step ahead in line. It basically means that not only salaried employees but also self-employed individuals are eligible to apply for the loan.
With such amazing features, applying for the IDBI Bank personal loan is really blissful.
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Online Application Process for IDBI Bank Personal Loan
You can get this personal loan from the IDBI Bank website. Just follow these steps, and you’ll be able to get your funds in your account in a few minutes.
Step 1: Visit the IDBI Bank Loans Website
Begin by going to the IDBI Bank Loans website using your web browser. You can use browsers like Opera, Chrome, or Firefox. Once there, navigate to the homepage and locate the section for personal loans. Enter the mobile number and the OTP to start the verification process.
Step 2: Pick Loan Type and Confirm Your Eligibility
Now, you will be asked to enter the additional details. This will include your basic information like name, age, and the rest, and your KYC details, like PAN and Aadhar details. Once the details are verified, you will be moved ahead in the application process. Also, ensure you mention your right profession for an accurate interest rate.
Step 3: Enter the loan amount and get your KYC Done
After confirming your eligibility, move ahead with your application. Here you will be able to see the maximum loan amount that you can apply for. Select the amount and repayment period to move ahead with the process. The last step involves a KYC to get the amount credited successfully to your account within a day.
Now, wait a few days, and you will be able to get your loan credited to your account in no time.
Eligibility for IDBI Bank Personal Loan
To be eligible, you must clear some simple criteria like minimum age, income, credit score, etc. While applying, you must share your info, as the bank will cross-verify it with your PAN card. But there’s more – here are all the essential things you need to do to get this digital personal loan.
Age Requirement: The minimum age limit is 21, while the maximum is 60 years.
Income Criteria: A monthly income of a minimum of INR 1,80,000 per year must be there.
Employment Status: The loan can be applied for by both salaried, self-employed, and retired individuals.
Credit Score: You must have a credit score of 700 or above.
Mandatory Identification: PAN and Aadhaar card are two required documents you must have.
Financial documents: Submit salary slip and bank statement for the last 3 months.
IDBI Bank Personal Loan Fees & Charges
This section will detail the fees linked to IDBI Bank personal loans. Here are the five mandatory fees levied by this bank.
1] Processing Fees
Processing fees are charges you pay to the bank for handling your loan application. It covers the administrative costs involved in processing and approving your loan. The 1% processing fee is a standard practice in the industry. It might seem small, but on a large loan, it can add up.
2] Pre-closure Charges
Pre-closure charges are fees you pay if you want to repay your loan before the agreed-upon time. IDBI Bank has set up at 2%, plus applicable taxes. However, after 6 months, these charges become nil. A 2% fee might seem high, so you must settle your loan early to align with your financial plans.
3] Swapping of PDCs
Swapping of PDCs/ECS or change of repayment mode incurs a fee of INR 575. This charge applies when you shift your loan repayment method from post-dated cheques (PDCs) to Electronic Clearing Services (ECS) or vice versa.
4] Overdraft Facility
The overdraft Facility for IDBI Bank Pensioners comes with a 2.5% annual charge. An overdraft is like a backup fund where you can withdraw more money than your account balance. But you must assess if having access to extra funds whenever needed justifies the 2.5% annual fee.
Important Insurance to Take with a Loan
When taking digital personal loans, it’s a good idea to consider insurance. So, let’s go over why Life, Critical Illness, EMI Protection, and Disability Insurance are essential.
EMI Protection Insurance
EMI Protection Insurance has hidden benefits that are sometimes overlooked. This insurance might have a feature that cancels part of your remaining EMIs if you have a critical illness. It could also cover extra expenses for certain events, such as legal fees or documentation charges.
Life Insurance
In the unfortunate event of your passing, life insurance will help your family with a reliable amount. They can use a portion to clear your online personal loan. The rest will help your family face life without financial stress.
Critical Illness Insurance
This insurance can offer financial assistance during your recovery from a severe illness. It handles various expenses post-treatment. Moreover, it might include a feature that allows partial payouts when diagnosed with severe illnesses.
Disability Insurance
Disability Insurance provides a benefit for adjusting living spaces to accommodate disabilities. Additionally, the plan may include coverage for caregiver services and physiotherapy. It will also help your family members cut the cost of other medical expenses needed for disability, like walking aids, medicines, therapies, doctor visits, and more.
Save Money By Transferring Your Balance
With IDBI Bank, you can shift your existing personal loan to this bank at a lower rate of interest and processing fees. This helps decrease your monthly payments and the total interest over the loan duration. It will simplify things for you and support your family in paying off old debts. Also, by reducing your financial burden, it will help you will be able to save more as well.
