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IDBI BANK

IDBI (Industrial Development Bank of India) Bank is one of the public sector bank in India with approx consolidated assets of USD 54 billion. IDBI Bank has a network of approx 1,995 Branches and 3,817 ATMs across India.  It is headquartered in Mumbai, Maharashtra, India.

IDBI Bank Personal Loan Features:

• The existing loan account holders with minimum 12 months and with clear repayment track record will be eligible for top up loan facility.
• The borrowers will be covered under Free Personal Accident insurance cover.
• Prepayment / foreclosure of Personal loan after six months of disbursals may be allowed without pre-payment Charge. 
• Prepayment / foreclosure if sought before 6 months from disbursal date, a charge @ 2% of the outstanding loan amount is to be levied.
• Part pre-payment: Part pre-payment is allowed on the basis of above conditions (3&4). However, in such cases, no further personal loan will be sanctioned to the borrower for 12 months from the date of making the part pre-payment.
• Tenure is Minimum: 12 Months and Maximum: 60 Months

Eligibility:

1. All IDBI BANK salaried customers maintaining salary account with IDBI Bank, including Pensioners/ Family Pensioners from State or Central Government Departments, PSU companies and State or Central Government promoted/ sponsored entities
2. Minimum Net Salary/ Income
   1. For Salaried class :-
      Minimum Annual Average Balance (AAB) of Rs. 20,000/-
      (not applicable to salaried customers maintaining salary account with IDBI Bank or customers maintaining pension account with IDBI Bank) and Minimum Annual Net Income (ANI) of Rs. 1,80,000/-.
   2. For SEP (Self Employed Professionals) class :-
      Minimum Annual Average Balance (AAB) of Rs.   25,000/- and Minimum Annual Business Income of Rs.  2,40,000/- for last 2 FY.
3. Age:
   1. Salaried/ Self Employed and Professionals : 
      Minimum age : 22 Years. 
      Maximum age at termination of loan should not be above 60 years or date of retirement, whichever is earlier. 
   2. Pensioners/ Family Pensioners: 
      Maximum age : 75 years (at the date of maturity of loan amount)

Documents Required:

• KYC Documents: Proof of Identity; Address proof; DOB proof.
• Proof of Residence: - Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one).
• Income proof (audited financials for the last two years).
• Latest 6 months Bank statement.
• Office address proof.
• Proof of residence or office ownership.
• Proof of continuity of business.

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