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IDBI Bank Salaried Employee Personal loan

IDBI Bank Salaried Employee Personal loan

IDBI Bank personal loan for salaried employees is a custom financial offering designed to cater to the varied requirements of salaried individuals, covering needs from urgent expenses and educational fees to home improvements and personal ambitions. Featuring attractive interest rates, reduced paperwork, and a simplified approval procedure, IDBI Bank facilitates swift and effortless access to funds for salaried workers. This initiative reflects the bank's dedication to offering tailored financial solutions, underlining its recognition of salaried personnel's distinct financial security and demands.

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Table of Content

1. IDBI Bank Personal Loan for Salaried Employees Highlights

2. Compare IDBI Bank Salaried Staff Personal Loan With Other Bank

3. IDBI Bank Personal Loan for Salaried Staff Fees and Charges

4. IDBI Bank Personal Loan for Salaried Employees Documents Required

5. IDBI Bank Personal Loan for Salaried Employees Eligibility Criteria

Written By

Utsah Sharma

Utsah Sharma is a seasoned financial expert with a Master’s Degree in Commerce specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & Loan products. Drawing on her experience, she has established herself as a trusted voice, providing invaluable insights and guidance to seasoned investors and beginners. She is committed to breaking down the complexities of everything finance.

Reviewed By

Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

IDBI Bank Personal Loan for Salaried Employees – Highlights

Look at the highlights for IDBI Bank Personal Loan for salaried employees:

IDBI Bank Salaried Employee Personal Loan Interest Rate	10.90% (Average)
Processing Fees	1% of the loan amount plus applicable taxes
Loan Tenure	12-60 Months
Loan Amount	₹25,000-₹5,00,000
Guarantor Requirement	No Guarantor Required

Compare IDBI Bank Salaried Staff Personal Loan With Other Bank

This overview compares the IDBI Bank loan for salaried employees with offerings from other banks and financial institutions:-

Banks/NBFCs	Interest Rates(p.a.)
Axis Bank	10.49% onwards
IndusInd Bank	10.49% onwards
IDFC First Bank	10.75% onwards
IDBI Bank	10.90% onwards
HDFC Bank	10.50% onwards
ICICI Bank	10.80% onwards
Kotak Mahindra Bank	10.99% onwards
Tata Capital	10.99% onwards
Bajaj Finserv	11.00% onwards
Federal Bank	11.49% onwards
DMI Finance	12.00% – 40.00%
L&T Finance	12.00% onwards

IDBI Bank Personal Loan for Salaried Staff – Fees and Charges

Here’s a quick snapshot of IDBI Bank Personal Loan for salaried employees fees and charges.

Charge Type	Period from Disbursement	Charges
Foreclosure Charges	Within 12 months	2% of the outstanding loan amount
	Between 12 to 24 months	1% of the outstanding loan amount
	After 24 months	Nil
Part Payment Charges	Within 6 months	2% of the outstanding loan amount
Part Payment Charges	After 6 months	1) Nil 2) Maximum part payment allowed is 10% of the outstanding loan amount, subject to a minimum of ₹10,000 3) Part payment allowed up to 3 times in a year, with a minimum interval of 90 days between payments.

IDBI Bank Personal Loan for Salaried Employees – Documents Required

The following documents are required for IDBI Bank Personal Loan for salaried employees:-

Recent salary slips
Identification proof – Voter ID, Aadhar Card, Passport, Driver’s License
A salary certificate dated currently, along with the latest Form 16.
Recent bank statement
The latest Income Tax Return (ITR) or Form 16

IDBI Bank Personal Loan for Salaried Employees – Eligibility Criteria

Here are the eligibility criteria a person must fulfil to apply for IDBI Bank Personal Loan for salaried employees.

Applicants need to be permanent workers with at least one year of uninterrupted work at entities like Public Sector Units (PSUs), Government, Semi-Government, Quasi-Government organisations, Public or Private Limited Companies, Multinational Corporations, or Esteemed Institutions. Eligibility extends specifically to those who have their salary accounts with IDBI Bank.
An essential annual income of no less than Rs. 1,80,000 is required for application.