IDBI Bank Self Employed Personal loan

Recognising the unique financial needs of self-employed individuals, IDBI Bank's innovative Personal Loan program. It offers them adaptable, dependable, and streamlined access to capital. Fueled by competitive interest rates, this program empowers entrepreneurs to manage personal finances. Know more about the program in the  below sections:

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Utsah Sharma
Utsah Sharma
Utsah Sharma is a seasoned financial expert with a Master’s Degree in Commerce specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & Loan products. Drawing on her experience, she has established herself as a trusted voice, providing invaluable insights and guidance to seasoned investors and beginners. She is committed to breaking down the complexities of everything finance.
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Piyush Bothra
Piyush Bothra
Chief Financial Officer, Square Yards
Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

IDBI Bank Personal Loan for Self-Employed – Highlights

Feature Description
Who Are Eligible? Self-employed individuals, business owners with stable income, ages 21-60, good credit score.
Maximum Loan Amount Up to a specified amount based on income, creditworthiness, and loan purpose.
Loan Tenure 12 to 60 months, offering flexibility in repayment duration.
Margin A required margin percentage of the total loan amount is applicable in certain cases.
Upfront Fee A one-time processing fee covers administrative costs, specified as a percentage or fixed amount.
Collateral/Security Required for certain loan amounts/types, including property, fixed deposits, or other tangible assets.

Compare Self Employed Loan from other banks

Banks/NBFCs Interest Rates(p.a.)
Axis Bank 10.49% onwards
IndusInd Bank 10.49% onwards
IDFC First Bank 10.75% onwards
HDFC Bank 10.50% onwards
ICICI Bank 10.80% onwards
Kotak Mahindra Bank 10.99% onwards
Tata Capital 10.99% onwards
Bajaj Finserv 11.00% onwards
Federal Bank 11.49% onwards

IDBI Bank Lakh Personal Loan for Self-Employed – Fees

Fee Type Details
Processing Fee 1% of the loan amount, with a minimum of Rs. 2,500.
Foreclosure Charges  – Within 12 months of disbursement: 3% of the outstanding amount. 

– Between 12 to 24 months: 1% of the outstanding amount. 

– After 24 months: No charge.

Part Payment Charges – Within 6 months of disbursement: 3% of the outstanding amount.

– After 6 months: No charge. 

– Maximum part payment allowed is 10% of the outstanding amount, subject to a minimum of Rs. 10,000. 

– Up to 3 part payments allowed per year, with a minimum interval of 90 days.

Penal Interest Charges 4% per annum on the overdue amount for the delay period, applicable to all variants of the personal loan.

IDBI Bank Lakh Personal Loan for Self-Employed – Documents Required

For the IDBI Bank Lakh Personal Loan for self-employed individuals, the documentation process includes:

  • Proof of Identity: Aadhaar Card, PAN Card, Passport, or government-issued ID.
  • Proof of Residence: Utility bills, Aadhaar, or Passport to verify the current living address.
  • Income Evidence: Recent income tax returns (typically for the last 2-3 years) reflect a stable income.
  • Bank Statements: Past 6 months’ bank statements to assess financial behavior and income consistency.
  • Business Proof: Relevant documents proving business existence and operation for a minimum of 3 years.

IDBI Bank Lakh Personal Loan for Self-Employed – Eligibility Criteria

  • Applicants must demonstrate strong financial health.
  • A good credit score is essential.
  • A consistent and reliable income must come from the self-employed individual’s business or professional activities.
  • The business should have been operational for a minimum of 3 years.
  • Comprehensive documentation is required, including tax returns for the last two to three years and bank statements.
  • A pre-existing asset/liability relationship with IDBI Bank can be advantageous, though not necessarily a mandatory criterion for all loan products.

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