How to Apply for IDBI Personal Loan Online - Documents Required for IDBI Personal Loan

IDBI Personal Loan

Whatever be the financial need, IDBI offers a smooth resolution of business problems with personal loans. These loans can be used to cover the massive medical bills, substantial wedding expenses, international vacation expenses, or debt consolidation. IDBI personal loans do not require any security or collateral and are hassle-free with an easy application process. mymoneykarma gives you all the information you need on IDBI personal loans.

Benefits of IDBI Personal Loans

IDBI personal loans are loaded with customer-centric benefits and features. Here are a few highlights of IDBI personal loans.

• Significant loan amounts ranging from a minimum of Rs 25,000 to a maximum of Rs 10 lakhs. The loan amount depends on the applicant's credit score, credit history, repayment capability, and yearly income.
• Long loan tenures ranging from a minimum of 12 months and a maximum period of 5 years.
• Attractive interest rates ranging between 12.45% - 13.50%.
• Various feasible repayment channels such as NEFT, post-dated cheques, and online banking.
• Complimentary personal accident insurance coverage.
• Simplified loan application and approval process with minimal documentation.
• Dedicated 24/7 customer service desk for query resolution.

Types of IDBI Personal Loans

IDBI offers only one type of personal loan. This loan is suitable for a large pool of customers.
Eligibility Criteria for IDBI Personal Loan   

Applicants must meet the following criteria to get a personal loan from IDBI.

• Minimum income of Rs 1.8 lakhs per annum for salaried customers.
• Minimum income of Rs 3.6 lakhs per annum for self-employed customers.
• Minimum income of Rs 5 lakhs per annum for business people.
• Sound repayment capability and a good credit score.
• Minimum age of 21 years
• Maximum age of 60 years
• Loans provided only to the following.
     Salaried individuals with an IDBI salary account.
     Resident senior citizens with an IDBI pension account.
     Self-employed professionals without any existing relationship with the        Bank
     Salaried resident individuals or self-employed people having an asset relationship with IDBI

Documents Required for IDBI Personal Loan

Applicants need to submit the following documents while applying for IDBI personal loan.

• A filled loan application form with necessary details such as income, occupational details, and personal information.
• Two copies of recent passport sized photographs
• Copies of the applicant's PAN card and Aadhaar card.
• Copies of income proof such as salary slips of the previous three months, bank statements of the last three months, and a copy of Form 16.
• Copies of residence proof such as telephone bills, electricity bills, or rental agreement attested by the applicant.
  

How to Apply for IDBI Personal Loan Online:

Applicants can directly apply for IDBI personal loans online by visiting the website of IDBI and downloading the loan application form. They can submit the form after filling it and uploading the necessary documentation on to the portal.

How to Apply for IDBI Personal Loan Offline:

Applicants can also directly walk into IDBI personal loan centers along with the vital documents. They can fill up the application form received at the bank and submit it with the documentation. The loan is approved within 7-10 working days.