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Industrial development Bank of India popularly known as IDBI, is undoubtedly one of the most renowned banks in our country. It has over 1400 branches, around 2000 ATMs and it is one of the most trusted financial service companies in India. IDBI has a unique commercial flare and it always tries to generate schemes that will be of service to consumers. This bank provides various services such as car loan, home loan, educational loan and so on. However, one of the most striking features displayed by IDBI bank is that of a personal loan. Personal loans are extremely beneficial as there can be many reasons that put people in need of a large amount of money. Situations like weddings, travel expenses, emergency hospital expenses, educational requirements, or even needing a lump sum amount to invest in a certain business; at such times getting a personal loan from a trusted financial service company is the best option.
The foremost aspect to keep in mind is to have a good CIBIL score. This is imperative for receiving a loan from any bank. CIBIL score is basically your credit score that evaluates your previous loans and credit cards which will then determine your eligibility for the loan. You will be eligible for a personal loan based on various criteria’s of CIBIL score which directly depend on factors like delayed payment of past loans, rise in the number of unsecured loans, usage of credit limit and excess loan applications. For obtaining a personal loan, factors like residence, profession, salary and stability are also of keen importance. Your CIBIL score represents your credit score which is a record that is generated from previous credit card providers and lenders. While checking your eligibility for the loan, IDBI bank will take into consideration the entire CIBIL report which also consists of pervious loan records, previous credit cards and payment schedules on the same. A minimum of 750 credit score is required by IDBI bank for applicants of personal loans. If you have a good credit score that meets this requirement, then your loan is likely to get approved. However, if your credit score falls short to the prescribed requirement, then you will not be eligible for a personal loan.
With its advanced technology, consumer-oriented services and products, IDBI bank is a pioneering financial service company in India. It has many trusted costumers and strives to make it easier for them in ways that reduces the stress and promotes a more fulfilling life by assisting customers and turning their dreams to reality. Unfortunate happenings, family events, dream house, medical expenses, career leaps or even study purposes; a personal loan comes along with a wide range of usage possibilities and you have the complete freedom to decide. It solely depends on your choice, which is why getting a personal loan can be so liberating. IDBI bank products and service comply to all kinds of individuals. The bank offers personal loans to self-employed professionals, salaried individuals, pensioners, salaried account with inbuilt overdraft facility and pension account with inbuilt overdraft facility to pensioners of IDBI Bank ltd.
Their personal loan service is offered in three groups, they are as follows:
To apply for a personal loan, you must just fill up basic details and submit all your documents. As easy as the application process is, you need to really be vigilant when taking steps to get a loan.
There can be various reasons that your loan gets declined, a few are mentioned below to make you aware while you go through the process.
Employment unsteadiness- Employment stability is of utmost importance, since the bank needs to be assured that you can pay off your loan on a regular basis. When considering your eligibility, if the bank notices that you have been inconsistent with various jobs and do not have a considerable steady term of experience workwise, they will reject your loan as this will lead to an uncertainty for them receiving their money back.
Financial instability- Financial stability is considered significantly by the bank when deciding if you are eligible for a personal loan. This basically determines your repayment ability; thus, banks are very cautious and vigilant while lending a loan to an applicant. Your monthly and annual income also must be of a certain amount. Different banks have different minimum income requirements. For IDBI bank, minimum monthly income needs to be Rs. 20,000.
What if I have a low CIBIL score, will IDBI bank still give a loan?
No, a minimum of 750 credit score is required. If your credit score is lower than that, you will not be granted the loan.
Does skipping my ICICI bank personal loan payment affect my CIBIL score?
Yes. Your CIBIL score includes data that is submitted regularly from various banks and financial departments. Hence, it keeps track of all the credit cards you’ve used.
Had a loan settlement with IDBI bank, will it affect my credit score?
Yes, this will affect your credit score immensely. A loan settlement is a bad sign, and this reduces your score by 75-100 points. It will affect your future chances of getting a loan.
Can I get more than 3 IDBI bank personal loans if I have a good credit score?
Yes, you can you can get 3 IDBI bank personal loans if you have a good credit score.
What are Personal Loan Interest Rates of ICICI Bank?
Currently, being the 10th largest development bank in the world, IDBI bank always offers considerable services, at maximised benefit of the customer.
The following rate of interest is currently applicable- For salaried customers that are offered personal loans, the rate of interest at one-year MCLR is 12. 55% onwards, whereas for customers who are retired IDBI staff individuals that possess a pension account with overdraft facility, the rate of interest offered is 9. 80% onwards.
The marginal cost of fund-based lending rate (MCLR) is currently from 8. 00% to 8. 90% depending upon the tenor.
What is the required eligibility Criteria for Getting IDBI Bank Personal Loan?