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IDBI Bank Self Employed Personal loan

IDBI Bank Self Employed Personal loan

Recognising the unique financial needs of self-employed individuals, IDBI Bank's innovative Personal Loan program. It offers them adaptable, dependable, and streamlined access to capital. Fueled by competitive interest rates, this program empowers entrepreneurs to manage personal finances. Know more about the program in the below sections:

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Table of Content

1. IDBI Bank Personal Loan for Self-Employed Highlights

2. Compare Self Employed Loan from other banks

3. IDBI Bank Lakh Personal Loan for Self-Employed Fees

4. IDBI Bank Lakh Personal Loan for Self-Employed Documents Required

5. IDBI Bank Lakh Personal Loan for Self-Employed 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

Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

IDBI Bank Personal Loan for Self-Employed – Highlights

Feature	Description
Who Are Eligible?	Self-employed individuals, business owners with stable income, ages 21-60, good credit score.
Maximum Loan Amount	Up to a specified amount based on income, creditworthiness, and loan purpose.
Loan Tenure	12 to 60 months, offering flexibility in repayment duration.
Margin	A required margin percentage of the total loan amount is applicable in certain cases.
Upfront Fee	A one-time processing fee covers administrative costs, specified as a percentage or fixed amount.
Collateral/Security	Required for certain loan amounts/types, including property, fixed deposits, or other tangible assets.

Compare Self Employed Loan from other banks

Banks/NBFCs	Interest Rates(p.a.)
Axis Bank	10.49% onwards
IndusInd Bank	10.49% onwards
IDFC First Bank	10.75% 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

IDBI Bank Lakh Personal Loan for Self-Employed – Fees

Fee Type	Details
Processing Fee	1% of the loan amount, with a minimum of Rs. 2,500.
Foreclosure Charges	– Within 12 months of disbursement: 3% of the outstanding amount. – Between 12 to 24 months: 1% of the outstanding amount. – After 24 months: No charge.
Part Payment Charges	– Within 6 months of disbursement: 3% of the outstanding amount. – After 6 months: No charge. – Maximum part payment allowed is 10% of the outstanding amount, subject to a minimum of Rs. 10,000. – Up to 3 part payments allowed per year, with a minimum interval of 90 days.
Penal Interest Charges	4% per annum on the overdue amount for the delay period, applicable to all variants of the personal loan.

IDBI Bank Lakh Personal Loan for Self-Employed – Documents Required

For the IDBI Bank Lakh Personal Loan for self-employed individuals, the documentation process includes:

Proof of Identity: Aadhaar Card, PAN Card, Passport, or government-issued ID.
Proof of Residence: Utility bills, Aadhaar, or Passport to verify the current living address.
Income Evidence: Recent income tax returns (typically for the last 2-3 years) reflect a stable income.
Bank Statements: Past 6 months’ bank statements to assess financial behavior and income consistency.
Business Proof: Relevant documents proving business existence and operation for a minimum of 3 years.

IDBI Bank Lakh Personal Loan for Self-Employed – Eligibility Criteria

Applicants must demonstrate strong financial health.
A good credit score is essential.
A consistent and reliable income must come from the self-employed individual’s business or professional activities.
The business should have been operational for a minimum of 3 years.
Comprehensive documentation is required, including tax returns for the last two to three years and bank statements.
A pre-existing asset/liability relationship with IDBI Bank can be advantageous, though not necessarily a mandatory criterion for all loan products.