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Salaried individuals, self-employed professionals and non-professionals as well as pensioners can avail personal loans up to Rs. 5 lakh from IDBI Bank. These loans can be used to meet various personal financial needs including medical expenses, home renovation, vacation, etc. and come with a flexible repayment tenure ranging between 12 to 60 months. The documentation required for these loans is minimal and the following are details of IDBI Bank personal loan documents required as part of the application process:
IDBI Bank Personal Loan Documents Required
The following documents are required for any individual to avail a personal loan from IDBI Bank:
- Completely filled out personal loan application form
- Government issued identity proof
- Address proof acceptable by IDBI Bank
For Salaried Applicants
- Latest Salary Slip
- Form No.16
For Self-Employed Applicants
- Certificate of incorporation / registration
- Profit and Loss Statement / Acknowledged IT return
- Last 6 month’s bank statement
Important Aspects
Some tips that could help you increase your chances of approval of a personal loan from IDBI Bank:
- High Credit Score: A high credit score (usually 750 and above) can increase the chances of approval of your personal loan as it indicates higher credit-worthiness and better repayment capacity.
- Stable Job and Employment History: Having a steady job and a stable history of employment indicates personal and financial stability as well as sufficient cash flow to repay the loan and this increases the chance of approval of your personal loan application.
- Knowledge of the Eligibility Criteria: Knowing and meeting all of the lender’s personal loan eligibility criteria helps you secure a personal loan with greater ease
- Avoid Multiple Simultaneous Loan Enquiries/Applications: Making multiple loan enquiries/applications with several lenders at the same time shows you to be “credit-hungry”. It also increases the number of hard enquiries made on your credit report which adversely affects your credit score and thus, decreases your chances of approval of your personal loan.
- Low Credit Utilization Ratio: Credit Utilization Ratio is the ratio of the amount of credit availed to the available credit limit across all loan and credit card accounts. Try and maintain a low credit utilization ratio (30% or lower) as it indicates higher credit-worthiness and thus, helps secure additional credit more easily.
FAQs
Q1. What is IDBI Bank personal loan interest rate per annum?
IDBI Bank personal loan interest rate starts at 9.50% p.a. The interest rate applicable to individual however, varies with the applicant’s credit score, age, loan amount and tenure desired, etc,
Q2. What is the minimum and maximum loan amount that can be availed on a personal loan from IDBI Bank?
Customers can avail a personal loan ranging between Rs. 25,000 to Rs. 5 lakh from IDBI Bank, provided they meet the bank’s eligibility criteria.
Q3. How can I repay a personal loan from IDBI Bank?/
You can repay a personal loan from IDBI Bank in easy EMIs with a tenure ranging between 12 to 60 months.
Q4. How can I contact IDBI Bank’s customer care in case I wish to secure a loan from them?
You can contact the IDBI bank’s customer care representatives via any of the following means given below:
- Call: You can call on any of the bank’s customer care toll-free numbers: 1800-209-4324, 1800-200-1947 or 1800-22-1070
- Write to the Bank: You can also write a letter to the company. The address for the same is:
IDBI Bank at IDBI Tower, WTC Complex,
Cuffe Parade, Colaba, Mumbai – 400005
- Branch Visit: You can also visit the nearby branch office of the bank
Q5. Is any collateral or security required to avail a personal loan from IDBI Bank?
No collateral or security is required to avail a personal loan from IDBI Bank.
Q6. How can I utilize the loan amount secured on a personal loan from IDBI Bank?
The loan amount secured on a personal loan from IDBI Bank can be used to meet any personal financial need. No end use of funds is stipulated by IDBI Bank.