FAQs on IDBI Bank Personal Loan for You
Q1 For what purpose I can avail Personal Loan?
To meet unexpected financial crunch / do away expensive Credit Card funds. At IDBI Bank you can avail Personal Loan for household buys, education of your children, hospitalization or any immediate payments. No end usage of funds stipulated. May even apply Personal Loan to meet Margin Money requirement of your Home Loan.
Q2 What is an EMI?
EMI means Equated Monthly Instalment which includes principal and interest. You repay your loan by way of EMIs by giving standing instructions to debit your SB account with us. EMI is recovered every month on a predetermined date.
Q3 What documents are generally sought for Personal Loan approval?
Along with loan application you need to submit identity and residence proof, latest salary slip, form no.16, last six month’s bank statement. Loan application needs to be complete in all respects, you have to affix a photograph on the application at the provided place in application for the Personal Loan.
Q4 How interest is charged?
Interest is charged at predetermined rate on reducing balances. It is debited to loan account at monthly rests i.e end of every month.
Q5 What is the rate of interest?
For current rate of interest please contact nearest IDBI Bank branch.
Q6 Who can apply for Personal Loan with IDBI Bank?
Salaried class individuals having Savings bank account with any of the branch of IDBI Bank can apply for personal loan. Salaried Individuals having saving bank account i.e. liability relation with bank for 3 years or preferred customers having one year banking relation with us.
Q7 Why to avail Personal Loan from IDBI Bank?
Main advantages of availing Personal Loan from IDBI Bank are as follows:
Q8 What is the amount of loan that is sanctioned?
- Attractive rate of interest.
- Interest is charged on daily reducing balance.
- Personalised Services and Quick documentations.
- No insurance fees to borrower for Loan Insurance.
Eligibility is calculated based on Net Adjusted Income(NAI) and Fixed obligations to Income (FOIR) etc. The idea is to afford you an EMI payment without putting a strain on your monthly family expenses.
- Minimum: Rs. 25,000/-
- Maximum: Rs. 5,00,000/-
Q9 How can I repay Personal Loan?
- Salary account holders: 12-36 Months.
- Saving Banking Account with No Salary Credits: 12- 24 Months.
It is always advisable to pay EMI by putting a Mandate / Standing Instructions (SI) to debit of your Salary / Saving bank account with IDBI Bank on a fixed given date predetermined by you.