IDBI Bank( Industrial Development Bank of India) is India's top bank for exploring and using financial products. For a quick cash, IDFC Bank personal loan could be a good choice.
It is available for both salary individuals and self-employed professionals. There is no usage restriction with an affordable interest rate. We will discuss the details to help you make a decision.
IDBI Bank Personal Loan
Whether you need to medical bill or handle the unforeseen financial strain, IDBI Bank personal loan could help you out. Here are the loan details.
The loan amount is offered from Rs 25,000 to Rs 10 lakhs.
The interest rate starts at 8.55% per annum.
The loan repayment term is up to 5 years or 60 months.
The processing fees is up to 1% of loan sanctioned, Mn. Rs. 2500
Foreclosure Charge is NIl
Penal charge is 4% P.A of the overdue loan amount
Why choose IDBI Bank personal loan?
Flexible loan tenure - The tenure for IDBI Bank personal loan ranges from 12 months to 60 months making it flexible.
Loan amount - A personal loan amount of Rs Rs 10 lakh available.
Easy application- IDBI Bank personal loan is applied online from your home or workplace's comfort with minimal documents.
Free personal accident insurance cover - The applicants are availing IDBI Bank personal loan would have free personal accident insurance cover.
Types of IDBI Bank Personal Loans
Fixed-Rate Personal Loan
Pension Account Overdraft (for former IDBI Staff)
Salary/Pension Account Overdraft
IDBI Bank Personal Loan Eligibility Criteria
The age – It should be between 21 years and 60 years.
For pensioners, the maximum age limit is 75 years.
The minimum income should be at least Rs 15,000 per month.
The applicant should be a salaried individual or self-employed professional.
The loan amount limit will be 5 times the last six-month average salary.
Required Documents for IDBI Bank Personal Loan
The documentation requirement for IDBI Bank personal loan is different for a salaried individual and self-employed professional.
For Salaried Employees
Identity proof - PAN card, Aadhaar card, Voter's I.D., Driving license 
Address proof - A utility bill (not more than 3 months old), Passport, rent Agreement, Ration card
Income proof- Bank statement for the previous 6 months
Salary slips- salary slips for the previous 3 months
latest Form 16
Bank statement- Bank statement showing income being credited for the previous 3 months
Occupation certificate -A credential showing one year of continuous employment        
For Self-employed Employees
Proof of Identity- Aadhaar Card , Driving license, Voter's I.D. card, PAN card
Proof of address - Rent Agreement, Ration card, electricity bill, Passport
Qualification proof - Highest professional degree for self-employed professionals
Financial Statement: Up-to-date 2 years ITR and computation of income, B/S, P&L a/c with all schedules audited by a C.A.
Bank statement: Bank statement showing income being credited for the previous 3 months.
Proof of business continuation 
Latest Form 16
How to apply for IDBI Bank personal loan?
You can visit Afinoz.com to apply for the personal loan. This platform also has feature of tracking real time personal loan status. After you have applied, you will get an application number, enter it to see the IDBI Bank personal loan status. The process is not complicated. It will take few seconds to do it.
Conclusion
IDBI Bank personal loan is an excellent choice due to its fast service and simple procedure. However, you should read the legal paper carefully before you sign them. And lastly, do try to negotiate for a lower interest rate.