IDBI Bank Loans – How to Apply Personal and Business Loans?

IDBI Bank is one of the leadest banks in India. It is popular for providing both corporate and private banking services. Apart from banking services, they are also useful at giving loans to their valuable customers. You only need to have a good connection with the bank, and you can ask for the loan approval.

They are one of the best banks in India. It helps the people who are struggling over the business and need some funds to increase their value in the market. They are not only good at providing Business loans but personal loans as well.

idbi-bank-loans

IDBI Bank Personal Loans:

We told you above that not only for the businesses but for the personal needs as well. The personal need can be anything like marriages, education anything. The interest rate is starting from 15% and the tenure of personal loan last up to 36 months. You can take from 1000 to 5 lac of personal load from the IDBI bank. However, It depends upon the relationship you are holding with the bank and the credit score of yours.

Eligibility:

  • You must be above than 21 age.
  • You must have valid documents.
  • You must fill ITR.
  • You must have salary slip for the last six months or business if you are self-employed.
  • You must have a good credit score, and you should not miss any EMI.

How To Apply:

  • You can apply by visiting your branch manager or online by using your Internet Banking.
  • If applying offline, then visit the branch
  • Ask for the details they require and till when they can proceed with your loan.

Charges:

  • There are no hidden charges.
  • 1%+GST processing charge is there.
  • 300+GST will be charged in case of any missed payment.

IDBI Bank Business Loans:

A business loan is made to increase the availability and enhancement of any business. IDBI bank is all set to provide business loans at the lower Interest rate of 13.5% annually. The tenure of the loan can last up to 60 months, and you can take up to 25 lac of credit. However, the credit limit will depend upon your credit score and scope of your business.

Eligibility:

  • You must be above than 21 age.
  • You must have valid documents.
  • You must fill ITR.
  • You must have salary slip for the last six months or business if you are self-employed.
  • You must have a good credit score, and you should not miss any EMI.

How To Apply:

  • You can apply by visiting your branch manager or online by using your IDBI Internet Banking.
  • If applying offline, then visit the branch
  • Ask for the details they require and till when they can proceed with your loan.

Charges:

  • There are no hidden charges.
  • 1%+GST processing charge is there.
  • 300+GST will be charged in case of any missed payment.

How to Calculate EMI?

You can calculate EMI using our EMI Calculator or by using a simple formula. For example, if you have taken a personal loan of Rs 2 lac at the interest rate of 15% for 24 months. Then if we calculate the EMI of 2 Lac and then EMI is 10833.3333.

I use a simple formula to calculate EMI, which is. First, I checked the 15% of 2 Lac and then added the same value in two lack fir two years and then divided by 24.

Conclusion:

We do know that IDBI bank is one of the best banks for providing corporate and personal banking services. Apart from this, they are also useful in offering business and personal loans to their Potential customers. In this article, we have mentioned how one can apply for the loan from IDBI bank and what are the interest rate and other details which were asked by the bank.


K Venu

K Venu Studied bachelor's degree in finance and business from Telangana University, Nizamabad. A Writer based In India, He has a degree in Charted Accounts and has very knowledgeable in credit repair and Banking Sectors. So, I decided to start a blog and share my knowledge to the visitors.