How to use IDBI Bank Personal Loan Eligibility Calculator?
IDBI Bank Personal Loan EMI is a set amount of money that you pay to IDBI Bank each month based on the loan amount, term, and interest rate. It is due on the same day every month until the debt is entirely paid back. Using IDBI Personal Loan EMI Calculator, you can calculate your IDBI Bank personal loan EMI ahead of time to plan your loan payments and other costs.
Why People use IDBI Bank Personal Loan EMI Calculator?
Listed below are some reasons that people use IDBI Bank Personal Loan EMI Calculator:
- Calculate EMIs within your budget: This allows you to compare EMIs for various loan amounts and terms. Always check with the bank to determine the interest rate on an IDBI Bank personal loan, which might range from 12.00% to 13.50%.
- Compare IDBI Bank personal Loan EMI: This tool allows you to compare the predicted EMI on a personal loan from IDBI Bank with that of leading Indian banks using the same loan amount of up to 10 lakh and a maximum tenure of 60 months but at different interest rates.
- Calculate interest on an IDBI Bank personal loan: You can divide your total EMIs into interest and principal repayments over the life of your loan with IDBI and use a personal loan eligibility calculator.
- Amortization schedule in detail: This allows you to see how quickly your principal will be repaid month by month during the loan term. This is useful if you decide to pay off your IDBI loan or make a balance transfer.
IDBI Bank Personal Loan Eligibility Criteria
| Criteria | Salaried | Self-Employed | Non-professional & Pensioners |
| Age | Minimum age: 21 years Maximum age: 60 years at maturity of the personal loan | Minimum age: 21 years Maximum age: 60 years at maturity of the personal loan | The maximum age should be 75 years. |
| Income | Minimum net income of Rs.1.8 lakh p.a. | Minimum business income of Rs.3.6 lakh per annum | Minimum business income of Rs.5 lakh per annum |
| Work Experience | Applicant should be a salaried individual | Applicant should be a self-employed individual | Pensioner with an account asset or liability with IDBI Bank |
| CIBIL Score | 750 | 750 | NA |
| Residential Status | Resident of India | Resident of India | Resident of India |
| Interest Rate | 12% p.a. – 14% p.a. | 12% p.a. – 14% p.a. | 12% p.a. – 14% p.a. |
| Loan Amount | Minimum: Rs.50,000 Maximum: Rs.10 lakh | Minimum: Rs.50,000 Maximum: Rs.10 lakh | Minimum: Rs.25,000 Maximum: Rs.5 lakh |
| Loan Tenure | 12 months up to 60 months | 12 months up to 60 months | 12 months up to 60 months |
Factors affecting IDBI Bank Personal Loan Eligibility
- The applicant’s age: The younger the applicant, the more likely IDBI Bank would approve the personal loan application. To be eligible for a personal loan, you must be at least 21 years old and no more than 60 years old at the time the loan matures.
- Relationship with IDBI Bank: The applicant must be qualified for a personal loan, the applicant must have an IDBI corporate salary account unless he or she must be employed by the state or central government companies, or in a reputed or listed private company.
- Individual repayment history: To be qualified for an IDBI Personal Loan, the applicant must have a clean repayment history. The odds of an applicant being approved for a personal loan are higher if he or she has no prior loan dues and a solid credit score.
- The applicant’s income: To be eligible for an IDBI personal loan, the applicant must meet the minimum income criteria, which varies depending on whether the applicant is salaried, self-employed, non-professional, or a pensioner.
How you can improve IDBI Bank Personal Loan Eligibility?
- Apply when you’re debt-free: If you apply for an IDBI Bank personal loan when you have no outstanding loans and a strong credit score, anything above 750, you’ll have a better chance of being approved.
- Select the appropriate loan amount: Select a loan amount that you can afford to repay. To begin, make sure that your EMI does not exceed 40% to 50% of your net monthly income. If your income is modest, consider a smaller loan amount to increase your chances of approval.
- The loan’s term is important: if your income is low, a longer-term will lower your EMI.
- Maintain a positive working relationship with IDBI Bank: If you have a corporate IDBI Bank payroll account, you will have a better chance of getting a personal loan.
Conclusion
You can take out a Personal Loan from IDBI Bank to meet unforeseen financial needs or to get out of high-interest credit card debt. It could be a family wedding, a home makeover, essential schooling or hospitalization bills, or a trip overseas. You can check IDBI Personal Loan Eligibility Calculator, and apply for the loan in a simple way. On the other hand, you can also contact Afinoz.com for loan approval.
