IDBI Bank Personal Loan of 1 Lakh

A popular choice among IDBI customers is the ₹1 Lakh personal loan, designed to meet various personal financial needs without collateral. This loan can be a viable option for covering unexpected expenses, funding small home renovations, or even consolidating high-interest debts.

IDBI Bank ₹1 Lakh personal loan ensures that potential borrowers can access these funds with minimal hassle, requiring only basic documentation and eligibility criteria. Competitive interest rates make this loan an attractive choice for individuals seeking financial assistance without the burden of excessive borrowing costs.

For those new to banking or personal loans, IDBI’s ₹1 Lakh loan offers a straightforward and accessible financial solution to address immediate monetary requirements.

Eligibility for ₹1 Lakh IDBI Bank Personal Loan

To be eligible for a ₹1 Lakh Personal Loan from IDBI Bank, here are the general criteria you need to meet:

• Age: Applicants should be between 21 and 60 years old at the maturity of the personal loan.
• Income: A minimum net income of ₹1.8 lakh per annum is required for salaried customers. A minimum business income of ₹3.6 lakh per annum is necessary for self-employed borrowers. For salaried individuals and pensioners, having an existing corporate salary account or pension account with IDBI Bank is also a requirement.
• Work Experience: Salaried individuals should be confirmed employees. Self-employed individuals should have a stable business.
• CIBIL Score: A good credit score, typically around 750, can improve your eligibility.
• Residential Status: You must be a resident of India.

Documents Required

To apply for a ₹1 Lakh Personal Loan from IDBI Bank, you will need to provide the following documents:

• Government issued identity proof (such as Aadhaar, Passport, Driving License, Voter ID, PAN)
• 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

Interest Rates and Fees

IDBI Bank offers competitive interest rates for its ₹1 Lakh personal loans, which are designed to accommodate various borrower needs without overwhelming financial strain. The RLLR stands at 9.10% as of 12 February 2024.

Personal Loan Fees:

• Processing Fees: IDBI Bank charges a processing fee for personal loans, typically a percentage of the loan amount. This fee covers the administrative costs associated with processing the loan application.
• Prepayment and Foreclosure Charges: Should you choose to pay off your loan early, IDBI may levy a prepayment charge. These fees are standard across the industry and are meant to compensate for the interest the bank would lose due to early repayment.
• Additional Costs: Be aware of additional fees such as late payment charges, loan cancellation fees, and other administrative fees that may apply depending on the specific terms of your loan.

Repayment Options for IDBI Bank ₹1 Lakh Loan

For repaying a ₹1 Lakh loan from IDBI Bank, you have several options to consider. Here are the methods you can use:

• Standing Instruction Registration at your bank, which will automatically debit the EMI from your account on a fixed date.
• Internet Banking, which allows you to manually transfer the EMI amount each month.
• Automated Payment through ECS (Electronic Clearing Service), where the EMI is automatically deducted from your account.
• Mobile Banking App, if provided by the bank, can also be used to pay the EMIs.

What is the EMI for ₹1 Lakh loan?

You can easily calculate the EMI for a ₹1 Lakh loan by using the EMI calculator provided by Urban Money. It’s a reliable tool that helps you get an instant, accurate estimation of your monthly EMI. Just enter your loan amount, interest rate, and tenure into the calculator, and it will do the rest for you. This way, you can streamline your financial planning and make informed decisions with ease.

Applying for the IDBI Bank ₹1 Lakh Loan

Securing a ₹1 Lakh personal loan from Urban Money is straightforward and can be completed in just a few simple steps. Here’s how you can apply:

• Visit the website: Go to Urban Money’s website and navigate to the personal loan section.
• Provide personal details: Click on the “Apply Now” button and provide personal contact details.
• Wait for a Callback: Expect a callback from the loan experts. 

Types of Personal Loans Offered By IDBI Bank

IDBI Bank offers a diverse range of personal loans to suit various customer needs, covering both salaried and self-employed individuals. Below is a detailed look at the different personal loan types provided by IDBI Bank:

For Salaried Individuals and Pensioners:

• Eligibility: Targeted at salaried customers holding corporate salary accounts with IDBI or confirmed/permanent employees from various approved sectors, along with pensioners who have their pensions disbursed through IDBI Bank.
• Loan Limits: Maximum of ₹5,00,000 for salaried individuals and ₹3,00,000 for pensioners.
• Key Features: The loans carry fixed interest rates and have a repayment period ranging from 12 to 60 months, with a processing fee of 1% of the loan amount.

For Self-Employed Professionals:

• Eligibility: Aimed at self-employed professionals with existing banking relationships with IDBI Bank.
• Loan Limits: Loans range from ₹25,000 to ₹5,00,000.
• Key Features: Fixed interest rate structure with options for part payment and foreclosure available under specific conditions.

For Self-Employed Non-Professionals:

• Eligibility: Non-professional self-employed individuals who have a business relationship with IDBI Bank.
• Loan Limits: Amounts from ₹25,000 to ₹5,00,000 are available.
• Key Features: This category offers similar benefits as the professional loan, including fixed interest rates and structured repayment terms.

Overdraft Facility with Salary Account:

• Eligibility: Available to permanent employees from recognised organisations maintaining a salary account with IDBI Bank.
• Loan Limits: Borrow up to five times the net monthly salary, based on the average salary of the past six months.
• Key Features: Features a floating interest rate, no processing fees, and a renewable two-year overdraft term.

Overdraft Facility with Pension Account:

• Eligibility: Designed for pensioners who receive their pension via IDBI Bank.
• Loan Limits: Up to five times the net pension income.
• Key Features: This overdraft comes with a floating interest rate, no processing fees, and is renewable each year.