Here is Every Vital Aspect of IDBI Bank Personal Loan Eligibility

Undoubtedly, IDBI Bank is one of the leading private sector banks in India offering Personal Loans in India. Yet, they are more popular because they’ve quite nominal and easy-to-meet eligibility requirements. Moreover, they’re popular as they’ve smart financial tools called IDBI Bank Personal Loan Eligibility Calculator 2021 which helps borrowers to decide smartly prior to applying for a personal loan. 

This is what we’ve covered today in this certain post. To perceive more about the same, take a look at the post further! 

 IDBI Bank Personal Loan Eligibility Criteria - 2021 

Following are the core or fundamental eligibility requirements of IDBI Bank Personal Loan 2021. Take a look at them:  

Parameters	Salaried	Self-Employed	Non-Professional Pensioners
Age	21-60 years	21-60 years	Up to 75 years
Income	Rs. 1.8 LPA (Min.)	Rs. 3.6 LPA (Min.)	Rs. 5 LPA (Min.)
Credit Score	750	750	N.A.
Residential Status	Indian	Indian	Indian
Rate of Interest	12%-14% p.a.	12%-14% p.a.	12%-14% p.a.
Loan Amount	Rs. 50,000-Rs. 10 lakhs	Rs. 50,000-Rs. 10 lakhs	Rs. 50,000-Rs. 10 lakhs
Repayment Term	1-5 years	1-5 years	1-5 years

 

Factors affecting IDBI Bank Personal Loan Eligibility 

Following are the factors that are taken into consideration at the IDBI Bank’s end to decide a borrower’s eligibility. Have a look: 

• Age 

The younger you are, the more likely IDBI Bank would sanction your Personal Loan application. In order to be eligible for an IDBI Bank Personal Loan, you must fulfill the age criteria which ranges between 21 years and 60 years. 

•  Relationship with IDBI Bank 

The lender seeks a borrower to have a virtuous relationship with them. Thus, either you should have an IDBI corporate salary account or you must be working with a state or central government company, or a reputed/listed private company. 

•  Attractive repayment history 

You must have a clean repayment history as the chances of being approved for your Personal Loan application uplift. Moreover, you must not have any prior loan dues and should have a solid credit score. 

•  Income 

You must meet the minimum income criteria, which differs counting on whether you are salaried, self-employed, non-professional, or a pensioner. 

 Improvement Factors for IDBI Bank Personal Loan Eligibility 

 If you found that you are not meeting the fundamental eligibility requirements of the IDBI Bank Personal Loan, you can work upon your eligibility factors towards its enhancement. 

Take a look at the elements that will boost your chances of fulfilling the IDBI Bank Personal Loan eligibility 2021 requirements: 

•  Apply when you become debt-free 

 If you apply for IDBI Bank Personal Loan after you do not possess any due loans and you have a steady CIBIL score above 750, you can have a far better chance of being approved. 

•  Select the acceptable loan amount 

 Go for a loan amount that you think you can simply afford to pay back. To begin, confirm that your EMI does not surpass 40% to 50% of your net monthly income. If your income stands to be modest, choose a smaller loan amount to boost up your chances of approval. 

• The repayment term is essential 

 If your income is not that gratifying means it is low, a longer-term will reduce your EMI. 

• Maintain a positive association with the bank 

If you've got a company IDBI Bank payroll account, you can have a far better chance of getting a Personal Loan. 

 

IDBI Bank Personal Loan Smart Financial Tools 

Following are the smart tools that you can consider using prior to applying for an IDBI Bank Personal Loan 2021: 

• IDBI Bank Eligibility Calculator 2021 

It is always a wise decision to use the IDBI Bank Personal Loan Eligibility Calculator 2021 prior to applying for the IDBI Bank Personal Loan 2021 as it saves your abundant time and also you can avoid rejection of your Personal Loan application. 

• IDBI Bank EMI Calculator 2021 

Moreover, IDBI Bank Personal Loan EMI is a set amount of cash that is due on a certain day of every month until the debt is entirely repaid. 

Using IDBI Bank Personal Loan EMI Calculator 2021, you can compute your IDBI Bank Personal Loan EMI prior to time so as to strategize your loan payments and other costs. 

 The Out-Turn 

 To conclude, you can IDBI Bank stands out to be a leading financial institution when it comes to applying for a Personal Loan in India. Moreover, the bank provides smart tools for borrowers to help them be stress-free prior to applying for the IDBI Bank Personal Loan and decide accordingly with the right decision. 

 

If you are seeking appealing Personal Loan offers at best interest rates and terms, you can also turn around Afinoz instant loan app as it has an association with over 33 moneylenders of India.