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IDBI Bank Senior Citizens/Pensioners Personal loan

IDBI Bank Senior Citizens/Pensioners Personal loan

IDBI Bank offers a personal loan scheme tailored specifically for senior citizens. This initiative is designed to meet the unique financial requirements of older individuals, providing them with a flexible and accessible source of funds. The IDBI Bank Personal loan for senior citizens can be used for various purposes, including medical expenses, home renovation, or fulfilling any personal need. With competitive interest rates and a simplified application process, this loan is intended to offer financial support without adding undue stress to the aged citizens. IDBI Bank ensures that senior citizens have a reliable financial option to rely on, making this loan an excellent choice for immediate financial needs.

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Table of Content

1. IDBI Bank Personal Loan for Senior Citizens Highlights

2. Compare IDBI Bank Senior CitizensLoan With Other Banks

3. IDBI Bank Personal Loan for Senior Citizens Fees & Charges

4. IDBI Bank Personal Loan for Senior Citizens- Documents Required

5. IDBI Bank Instant Loan for Senior Citizens Eligibility Criteria

Written By

Thejus KS

A mechanical engineer turned history buff with a sprinkle of financial brilliance. Thejus’s expertise comes with a unique blend of engineering precision, timelines, and the power of numerals. He knows that numbers are the pulse of our globe. Attention to detail and extensive research are the key elements of his writing.

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 Senior Citizens – Highlights

Take a look at the highlights for IDBI Bank Instant Loan for Senior Citizens:-

IDBI Bank Personal Loan Interest for Senior Citizens	Fixed Rate
Processing Fees	1% of the loan amount plus applicable taxes
Loan Tenure	12-60 Months
Loan Amount	₹25,000-₹3,00,000
Guarantor Requirement	No Guarantor Required

Compare IDBI Bank Senior CitizensLoan With Other Banks

Here is a snapshot of the IDBI Bank Senior CitizensLoan comparison with other banks and financial lenders.

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
DMI Finance	12.00% – 40.00%
L&T Finance	12.00% onwards

IDBI Bank Personal Loan for Senior Citizens – Fees & Charges

Here’s a snapshot of the fees and charges associated with IDBI Bank Instant Loan for Senior Citizens:-

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
	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 Senior Citizens- Documents Required

The following documents are required for IDBI Bank Personal Loan for senior citizens.

A signed application form, accompanied by a photograph.
Identification documents, which could be a copy of your passport, voter ID card, or driving license.
A cheque for the processing fee.
Bank statements from the last 3 months or a bank passbook for the last 6 months.

IDBI Bank Instant Loan for Senior Citizens– Eligibility Criteria

The following are the eligibility criteria for senior citizens for IDBI Bank Personal Loan.

Age Criteria: The maximum age is 75 years at the time of loan maturity.
Minimum Pension: One should be getting ₹1,80,000 as a pension annually.
Loan Amount: The minimum loan amount is ₹25,000, and the maximum loan amount that one can avail is ₹3,00,000.