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Easy Guide For IDBI Bank Loans

Whether it is purchasing a house, a car, or starting a business, IDBI Bank provides a wide variety of loan schemes. The customized home loan schemes serve the needs of a different group of customers. The IDBI personal loan is a perfect way to consolidate multiple debts or to clear a long standing IDBI Debit Cards debt. Loan application process is simple and can be done online from the comfort of the house. The applicant can also use the phone banking service to apply for the loans.

IDBI Loans

IDBI provides personal loan for various needs such as to celebrate an occasion at home, meet unexpected medical, educational, or travel expenses to their IDBI Account holders . A personal loan is also granted against a property to make arrangements for money. The different types of personal loans are provided for salaried employees, self-employed professionals, and pensioners. Employees with a salaried account with overdraft feature or senior citizens with IDBI pension account with overdraft feature are also eligible for obtaining a personal loan. To be eligible for a personal loan, the minimum average salary for a salaried employee should Rs.20000 per month and the minimum annual net income should Rs. 1,80,000. In the case of self-employed professionals, the income should be an annual average of Rs.2,40,000 for the past two years. The age limit is 22 years to 75 years.

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The tenure for personal loans ranges from 12 months to 60 months. The loan amount ranges from Rs.50,000 to Rs.10,00,000 depending on the annual income of the borrower. The maximum amount is generally five times the net salary of the borrower. Repayment of personal loan can be simplified by providing standing instructions for direct deduction from the savings account. You can check your loan status with IDBI Net Banking. The foreclosure of the personal loan can be done only after six months of receiving the final loan amount. Borrowers who wish to pre-close the loan before six months should pay 2% of the outstanding loan amount as a penalty. After a period of 12 months of receiving the personal loan, the borrower is eligible for a top-up loan if all the payments are done in time. Customers taking the personal loan obtain a free accidental insurance policy.

IDBI known for quick processing of loan requests provides home loans that are customized as per the customer needs. The advantages of the IDBI Home Loans are assistance in search of property for purchase, loan approval even before acquisition of the property, convenient loan repayment choices, loan availability from any branch across India for a house being purchased anywhere in India, quick loan processing, and facility for online management of loan repayments and statements. The different types of home loans provided by IDBI Bank are home improvement loan, top-up loan, home loan, home loan interest saver, and home refinance facility. A loan amount of up to Rs.20 lakhs can be obtained in the case of properties with 90% of the market value equal to the loan amount. A loan amount of above Rs.20 lakh to Rs.75 lakhs can be obtained in the case of properties with 80% of the market value equal to the loan amount. A loan amount of above 75 lakhs can be obtained in the case of properties with 75% of the market value equal to the loan amount. The loan tenure for any of the loans is 30 years for salaried employees and up to 20 years for self-employed professional and non-professional personnel irrespective of the loan amount. Home loan is provided for the purchase of houses under construction, purchase of land for construction of a house, and for the purchase of property that is ready to occupy. Home loans can also be availed for home improvement or renovation, an extension of an existing property, and refinance facility for the purchase of a house within first 12 months of completion of the sale.

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To apply for a loan, it is essential for the borrower to submit the completely filled in loan application along with a photograph, six months of bank statements, salary slips for the past three months, identity proof, and the cheque processing fee. To apply for the personal loan click apply now button on the home page. Select apply online option.

Loan Application for IDBISelect the personal loan option. Fill the application with the personal information and submit it.

IDBI Bank personal loan application

After submitting the application, the customer is provided with the URN number that is to be used for tracking the application.

IDBI Loan application trackingIDBI Bank provides Auto loans without much documentation and processing time. Book the car of your choice and IDBI Bank will take care of the financing. The car loan is provided on a variety of cars and vehicles such as suvs and high-end motorbikes. The tenure for the auto loans is about 7 years. Loan processing is simple and is taken care by the dealers and manufacturers that work together with IDBI Bank to give the customers the best deal and own their dream vehicle. To avail the auto loan, the applicant has to be in the age group of 18 years to 70 years. The minimum annual income should be Rs.1,80,000. The customer has to provide the proof for salary, bank statement with details of salary being credited every month. In the case of self-employed professionals, the income proof for the past 2 years has to be provided along with the bank statements. Other documents required are the address proof, identity proof, and income proof. The foreclosure of auto loan is possible only after 6 months of disbursing the loan amount. If the applicant plans to foreclose the loan before 6 months 1% of the outstanding loan amount has to be paid as a penalty. You can also check the other bank loans SCB Bank LoansSBI Loans and YES Bank loans at low interest rates.

IDBI Loan Interest Rates

The interest rate for home loans is in the range of 8.35% to 8.40% which is the range of that provided by Bank of Baroda and HDFC banks. The interest rate for personal loans starts from 12.25% which is higher compared to Bank of Baroda, IndusInd Bank, and Citi Bank. The interest rate for car loans starts from 9.95% which is on par with Oriental Bank, Dena Bank, and HDFC. The loan eligibility calculator can be used by the customers to know if they are eligible for the loan.

To know the loan eligibility, click on the home loan, auto loan or personal loan eligibility calculator at the bottom of the home page.

IDBI loan eligibilityProvide the required details in the application form and click on the get loan eligibility button at the bottom of the window.

IDBI Bank Loans Customer Care

IDBI customer care executives answer the queries of the customers anytime. For any queries related to the loans call the toll-free numbers – 1-800-200-1947 or 1-800-22-1070 from a landline or the mobile phone. Customers can also call at 022-66937000 or 0091-22-66937000 to get their queries resolved. However, the customer has to pay the call charges.

Customers can also submit their queries related to the loans by writing an email to [email protected]. They can also submit their complaints in written form to the customer care center, IDBI Bank Ltd. 19th floor, IDBI Tower, WTC Complex, Cuffee Parade, Colaba – 400 005. The complaint is expected to be resolved within 8 working days. Customers are also suggested to check the FAQ section of the website for queries on loan applications and checking the loan eligibility. You can also check the other banks customer care Axis Bank Customer CareCanara Bank Customer Care and YES Bank Customer Care for better banking.

FAQ’s Related to IDBI Bank Loans

  1. What is the eligibility for obtaining the home loan?

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The loan eligibility of a person is determined basing on the age, occupation, monthly income, regular expenses, income of the spouse, assurance of continuation of the occupation, and income stability.

2. What are the minimum and maximum amounts of home loan that can be obtained?

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The home loan amount can range from Rs.5 lakhs to Rs.10 crore.

3. Is it possible to apply for a home loan even before selecting the property for purchase?

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Yes, an application for a home loan can be submitted even before selecting the house. The IDBI Bank helps in finding the right property and they even guide in purchasing the properties that are pre-approved by the bank.

4. What is the security to be provided for a home loan?

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The property being financed is the security for the home loan. The buyer should submit the title deed to the bank. Depending on the requirement, the bank will ask for an additional security to complete the loan application.

5. What are documents to be provided along with personal loan application?

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The documents to be provided along with personal loan are identity proof, address proof, form no:16, latest salary statement, and bank statements of past six months.

6. What are the minimum and maximum amounts of personal loan that can be obtained?

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The minimum amount of personal loan that can be obtained is 25,000 and the maximum amount is restricted to 5,00,000. The loan amount is calculated depending on the affordability of the applicant basing on the salary and the household expenses.

7. What is the tenure for a personal loan?

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The tenure for a personal loan for salary holders is 12 to 36 months and 12 to 24 months for those without a regular salary.

8. What are the available options for repayment of the personal loan?

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The personal loan repayment can be done only by providing standing instructions to debit the monthly EMI from the salary account in the case of salaried employees or from the IDBI savings bank account. The deduction from the account is done on a specific date of every month as instructed by the customer.

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