IDBI Bank Personal Loan of 2 Lakh

A personal loan can be very helpful when you need money quickly for things like fixing your home, paying for a wedding, or handling an emergency. IDBI Bank offers a personal loan of up to ₹2 lakh, which means you can borrow up to two lakh rupees from them. This kind of loan is easy to apply for and doesn't require you to have something valuable, like a house or car, as a guarantee.

IDBI Bank is a well-known bank in India, and it makes getting a loan simple. You don’t need to be rich or have a perfect credit history to apply. This loan is designed to help regular people who need a little extra money quickly. The bank will check if you have a steady job and enough monthly income to repay the loan. You can apply online or go to a branch; the bank will guide you.

Eligibility for ₹2 Lakh IDBI Bank Personal Loan

If you’re considering applying for a ₹3 lakh personal loan from IDBI Bank, here’s what you need to know about the eligibility requirements:

• Age Limit: You should be between 21 and 60 when the loan is due to be paid off.
• Income Requirements:
  • If you’re employed, you must earn at least ₹1.8 lakh per year.
  • If you run your own business, your annual income should be no less than ₹3.6 lakh.
• Employment Criteria:
  • For those with jobs, you must be in a permanent position.
  • Entrepreneurs or self-employed individuals should have a steady business.
• Credit Score: A good credit history, ideally with a score of around 750, is beneficial.
• Residency: You must be living in India to apply.
• Banking Relationship: Holding a corporate salary or pension account with IDBI Bank can be advantageous for salaried individuals and retirees.

Documents Required

If you’re looking to secure a ₹2 Lakh Personal Loan from IDBI Bank, you’ll need to gather the following paperwork:

• Identity Proof: You can use any government-issued ID, such as an Aadhaar card, passport, driving license, voter ID, or PAN card.
• Proof of Address: Any document IDBI Bank accepts as valid proof of your current address.

For those who are employed:

• Recent Salary Slip: This shows your current earnings.
• Form No.16: This document verifies your income tax returns.

For the self-employed:

• Business Registration: Documents like a certificate of incorporation or registration show that your business is legally recognised.
• Financial Statements: Provide a profit and loss statement or your latest acknowledged income tax return.
• Bank Statements: Bring the statements from the last six months to demonstrate your financial transactions.

Interest Rates and Fees

IDBI Bank offers personal loans up to ₹2 lakh that come with competitive interest rates and fees designed to meet the diverse needs of its customers. For a personal loan of ₹2 lakh, the interest rates generally range based on the applicant’s credit profile, employment status, and other factors, typically around 11.00% and reaching 15.50%. The bank may also charge processing fees, which usually vary but can be up to 2% of the loan amount, depending on various conditions, such as the loan amount and the customer’s relationship with the bank. 

Repayment Options for IDBI Bank ₹2 Lakh Loan

You have various convenient payment options for repaying a ₹2 lakh loan from IDBI Bank. You can set up a Standing Instruction with your bank to automatically debit the EMI from your account on a specified date each month. Alternatively, you can use IDBI Bank’s Internet Banking service to transfer the EMI amount each month manually. The bank also supports Automated Payments through the Electronic Clearing Service (ECS), which ensures the EMI is automatically deducted from your account. For those who prefer mobile solutions, IDBI Bank’s Mobile Banking App is another option for managing EMIs. 

What is the EMI for ₹2 Lakh loan?

To determine the EMI for a ₹2 lakh loan, you can use the EMI calculators provided by Urban Money. These calculators require you to input the principal amount (in this case, ₹2 lakh), the loan tenure, and the interest rate. Once you enter these details, the calculator will compute the monthly payment you must make to repay the loan over the chosen period. This includes both the principal and the interest components. It’s an easy and efficient way to understand your financial commitments before securing a loan. You can visit the Urban Money website and access the financial tools for accurate and personalised EMI calculations.

Applying for the IDBI Bank ₹2 Lakh Loan

Here’s a structured way to apply for a ₹2 Lakh personal loan from IDBI Bank:

Types of Personal Loans Offered By IDBI Bank

IDBI Bank provides a range of personal loan options tailored to meet diverse financial needs, catering to both salaried and self-employed individuals. Here’s an overview of the various types of personal loans available:

1. Personal Loan to Salaried Individuals/Pensioners:
   • Eligibility: Available to salaried individuals who have a corporate salary account with IDBI Bank and confirmed/permanent employees of various sectors, as well as all pensioners who have an account with IDBI Bank.
   • Loan Amount: Up to ₹5,00,000 for salaried individuals and up to ₹3,00,000 for pensioners.
   • Features: Fixed interest rates with a tenure of 12 to 60 months. Processing fees are 1% of the loan amount.
2. Personal Loan to Self-Employed Professionals:
   • Eligibility: Self-employed professionals with an existing asset/liability relationship with IDBI Bank.
   • Loan Amount: From ₹25,000 up to ₹5,00,000.
   • Features: Offers fixed interest rates and allows part payment and foreclosure options under specified conditions.
3. Personal Loan to Self-Employed Non-Professionals:
   • Eligibility: Non-professional self-employed individuals with an asset/liability relationship with IDBI Bank.
   • Loan Amount: Ranges from ₹25,000 to ₹5,00,000.
   • Features: Similar to other personal loans, including fixed interest rates and structured part payment and foreclosure terms.
4. Salary Account with In-built Overdraft Facility:
   • Eligibility: Available to permanent employees of recognised entities who maintain a salary account with IDBI Bank.
   • Loan Amount: Up to five times the net salary, based on the average salary for the previous six months.
   • Features: It has a floating interest rate and no processing fees. The overdraft facility is valid for two years and renewable every two years.
5. Pension Account with In-built Overdraft Facility:
   • Eligibility: Extended to pensioners maintaining their pension account with IDBI Bank.
   • Loan Amount: Up to five times of net pension income.
   • Features: This overdraft facility has a floating rate of interest, no processing fee, and is valid for one year renewable annually.