SME loans

Banks in India provide SME loans  to fulfil every business wish you have. Different lenders have different schemes and products to support your business cycle. Know about every detail about SME, Small and Medium Enterprise Loans online in India. Know SME loan eligibility, SME loan interest rates and maximum limit, from Loanyantra.com. SME loans for new businesses is encouraged tremendously by various lenders with attractive SME loan interest rates. Compare SME loan interest rates, choose a lowest interest rate, opt for a hassle-free documentation process for SME loan and get the disbursal of SME loan amount prompt for your need. All you need for SME loan documentation is to have your recent documents like, 2 years audited financial statements along with Income Tax Returns of the entity and the promoters, Sanction letter of all existing bank loans, Last 6 months bank statement of the entity, Declarations for investment in plant & machinery, Identity proof and address proof of the promoters Constitution documents and address proof of the entity. SME loans can be secured or unsecured. SME loans can be used for expanding, improving or modernising of the business. You have flexible tenures, and interest rates from SBI are a little lower when compared with other lenders SME loan interest rates. The SBI SME Open Term Loan can be utilized for any valid commercial purposes in line with the usual business activity of the customer. These would comprise term loans for Expansion and modernization, Up gradation of technology and energy conservation schemes or machinery, Acquisition of software, hardware, consumable tools, jigs, fixtures etc, ISO and other similar certifications, Finalizing business deals, Involving in fairs for market promotion. SBI SME loans offer Stress-free pre-approved line of credit, Max Loan Amount up to Rs. 250 lakhs for Manufacturing and Rs. 100 lakhs for Trade and Services, Legal binding for 12 months, Liberty to avail the capability at your own ease, within the legality of sanction, Multiple disbursements permissible, No fine on the unutilized amount even if totally unutilized.

Axis Bank SME Loan Interest Rate, axis bank business loan documents required, axis bank business loan calculator, small business banking axis bank, find every detail from loanyantra.com and avail loan at the fastest for your need. Axis Bank offers collateral-free EMI based loan to a business entity planning for the expansion and growth of the existing enterprise. Axis Bank SME Loan Interest Rate will be based on the assessment of business profile, financial assessment, past track record, loan amount as well as tenure. The loan is available for the highest value of ₹1,50,00,000 at affordable rates. The processing fees charged depends on multiple factors and ranges between 1.25% to 1.50% of the sanctioned loan amount. If the borrower fails to pay an instalment then he needs to pay an additional interest of 2% p.a. However, foreclosure details and charges are not specified. Axis bank business loan Documents Required are KYC documents like Voter ID, PAN card, passport, driving license, telephone bill, electricity bill, Form 60 For All Applicant/Co- applicant/Guarantor, Last 2 years Income Tax Return document, Bank statements for the last 6 months,
2-year financials including Profit & Loss (P&L) statement and balance sheet
Documents related to establishment of entity, identity and address proof documents. Know Axis Bank Business Loan Eligibility Criteria. The candidates with business registration under following categories are eligible to apply for the business loan-

  • Proprietorship Firm
  • Partnership
  • Limited Liability Partnership
  • Pvt Ltd. Companies
  • Unlisted Public Ltd. Companies
  • Trust & Societies (for educational institutes / Hospitals)

The applicant must be of age between 21 years to 65 years. The business vintage of minimum 3 years is essential along with annual turnover ranging from ₹30 lakhs to ₹10 crores.

Know about more details of each lender in the market and opt for the best option that fits you for business loan.

sme loans for new business, sme business loan, sme loans india, sme loans without collateral, loan for business without security. Know every detail from Loanyantra.com and choose the one that fits your requirement. Compare interest rates of each lender for SME loans for new business, know the eligibility criteria, calculate your EMI for sme business loans, and know the documentation process for sme loans India. Many lenders offer sme loans without collateral. Some of the banks among those who offer sme loans without collateral are SBI, Axis bank, Edelweiss, ICICI, HDFC, Fullerton. Loan for business without security can be availed upto 1 crore.

 

mclr vs baserate

What is going viral this April 1st?
Don’t think it to be a fool game. It’s real. SBI, the pioneer had taken initiation to announce the news of execution.
There is a press release on september 2015 by RBI w.r.t the banks interest rate calculation to improve transparency in the methodology followed by banks for determining interest rates on advances.
Till today (March 31st, 2016), the calculation is based on base rate system which includes the following factors
A) Cost of Deposits
B) Negative carry on CRR and SLR
C) Unallocatable overhead costs
D) Average Return on Networth.
The highest weightage is given to Cost of Deposits.
However, it was not mandatory that all the banks should have the same base rate. There were different methods that were followed.
The new concept is that banks HAVE to lend using rates linked to their funding costs. A bank raises money through deposits, bonds and wholesale borrowing. It has costs like salaries, rents, electricity costs etc. It also has to make a certain amount of profit at the very least. So the RBI has put all of this into a formula that banks can use to quantitatively determine how much their lending rate should be.
The new method MCLR(Marginal Cost of funds based Lending Rate) mentions a particular method to be followed. Following are the main components of MCLR.
A) Marginal cost of funds
B) Negative carry on account of CRR
C) Operating costs
D)Tenor premium.
Here, the highest weightage is given to the marginal costs.
Know the meaning of the above terms to understand why this method is powerful and transparent when compared to earlier methods, viz., base rate system and BPLR.
Negative carry on account of CRR is the cost that the banks have to incur while keeping reserves with the RBI. The RBI is not giving an interest for CRR held by the banks. The cost of such funds kept idle can be charged from loans given to the people.
Operating cost is the operating expenses incurred by the banks
Tenor premium denotes the higher interest that can be charged from long term loans.(means 1 year rate is higher than 6 month rate, etc)
Marginal Cost: The marginal cost is the novel eleme
nt of the MCLR. The marginal cost of funds will comprise of Marginal cost of borrowings and return on networth. According to the RBI, the Marginal Cost should be charged on the basis of following factors:
Interest rate given for various types of deposits- savings, current, term deposit, foreign currency deposit
Borrowings – Short term interest rate or the Repo rate etc., Long term rupee borrowing rate
Return on networth – in accordance with capital adequacy norms.
The marginal cost of borrowings shall have a weightage of 92% of Marginal Cost of Funds while return on networth will have the balance weightage of 8%.
MCLR Vs Base Rate.Base Rarte & MCLR components in calculating Lending rates
According to the RBI guideline, “Banks will review and publish their MCLR of different maturities every month on a pre-announced date.” Such a monthly revision will compel the banks to consider the change in repo rate change if any made by the RBI during the month.

Inspite of severe emphasis laid by the RBI governor, Raghuram Rajan, to the banks to pass on interest rate cuts, less than half had been passed on to consumers this year. This made the necessity to invent this method.
Now with MCLR, banks are obliged to readjust interest rate monthly. This means that such quick revision will encourage them to consider the repo rate changes.
The final lending rate will be MCLR + Spread. (Earlier, Base Rate + Spread.)
While these guidelines will benefit new customers, existing customers will also have an option to shift to the new regime with some conditions.
SBI’S Announcement.
At SBI, the MCLR for loans upto one year maturity will be lower than its current base rate of 9.30% while those on two year and above maturity will be marginally above its base rate.
According to the statement on the bank’s website, the MCLR for overnight loans will be 8.95%, for one-month at 9.05% and for three-month at 9.10%.
The MCLR on 6-month loans will be 9.15% and for one year loans the rate would be 9.2%, the bank said.
Further the bank’s MCLR for two year loans would be at 9.3%. Loans with three year maturity would carry an MCLR of 9.35%, the bank said.
For more information on MCLR, its benefits. Know in detail
http://loanyantra.com/blog/wp-admin/post.php?post=268&action=edit

Personal loan from ICICI Bank

Reading Time – 10 min.

What you can expect in this article

  1. ICICI Bank personal loan introduction
  2. How can you use an ICICI Bank Personal Loan
  3. Why should you choose ICICI Bank Personal Loan
  4. Eligibility for ICICI Bank Personal Loan
  5. Documents required for ICICI Bank Personal Loan (Salaried and self-employed).
  6. ICICI Bank Personal Loan interest rates and other fees
  7. Calculation of EMI ICICI Bank Personal Loan.
  8. Personal Loan for NRIs.
  9. ICICI Bank personal loan insurance.
  10. ICICI Bank personal loan balance transfer.
  11. FAQs on ICICI Bank – Answers from Loanyantra.

ICICI BANK PERSONAL LOAN Instant Approval

ICICI Bank Personal loan offers the double benefit of quick access to funds and zero need for collateral to be put up as security. Personal loans have emerged as a great way to finance purchases that otherwise would have been challenging with a regular pay check.

Life is, and so are the requirements. What if you suddenly need some money. You will either ask your friends or tackle help from your relatives. What if you don’t have time for all this, for all such unplanned expenses and emergencies you have a personal loan. Whether you are getting married or planning an exotic vacation or any other emergency, you can take a personal loan. Personal loan offers dual benefit, firstly you get instant money and secondly there is no need to keep anything for security which is a must when it comes to other forms of loan.

When it comes to banking and financial institutions offering personal loan, there are a number of options to choose from. But it is always advisable to choose the one which not only offers good interest rate but also offers hassle-free loan application and approval process. ICICI Bank is one such bank offering quick and easy personal loan.

The bank has a strong foothold in the banking sector and is one of the most renowned banks and also much preferred bank in India. ICICI Bank was recognised as one of the ‘Prestigious Brands of India’ in a list published by Herald Global, a portal that features national and international news as well as brand reviews.

Coming to its various offerings, ICICI Bank is known to offer superior customer services, quick loan services, and hassle-free loan approval.  Apart from a personal loan, the bank also provides a home loan, car loan, etc., at attractive interest rates thus making it one of the popular choices amongst the individuals seeking various loans.

How can you use a personal loan?

What are the various reasons you can opt for personal loan.  Go for this if you place yourself in any of the below mentioned situations.

ICICI Bank offers personal loan for the following purposes :

  1.    Holiday expenses
  2.    Marriage
  3.    Buying large appliances like television, laptop, etc.
  4.    If you are willing to renovate your home

Note: Moreover, ICICI Bank also offers fresher funding loan which helps the people avail personal loan on their first salary.

ICICI Bank Personal Loan interest rates, eligibility, documents needed for instant approval
ICICI Bank Personal Loan via Loanyantra.com

Why should you choose ICICI Bank personal loan as your funding partner?

If you are looking for a bank that is able to comprehend your situation and provide easy loan approval services, then ICICI Bank is the name to trust. Here are the advantages why you should go with ICICI Bank personal loan

  1. The first is, ICICI Bank is the most trusted bank in the private sector with low interest rates as SBI in Public sector.
  2. You are free to use the personal loan amount as per your need
  3.  Flexible tenure for up to 60 months
  4.  The personal loan is available at the fixed interest rate, and it is charged on a monthly reducing basis
  5. You can set up auto repayment by ECS, auto-debit, and PDC
  6. There is no need to put something as a guarantee

Eligibility Criteria for ICICI Bank Personal Loan – 

The collateral is not required for Personal Loan. Hence, the banks ensure the eligibility criteria is met before approving the loan. Also you get detailed information about the bank’s requirements from Loanyantra’s experts. Loanyantra’s experts guide you to keep you safe with correct and reliable lender like ICICI Bank.

Eligibility Criteria for Salaried Individuals

 

Eligibility for Personal Loan ICICI Bank Salaried Individuals
Age 23 years – 58 years
Years in Job The applicant must be employed with the current company for at least 2 years
Years in current residence The applicant must be staying in their current residence for at least 1 year

Eligibility Criteria For Self-employed Employees For ICICI Bank Personal Loan – 

Eligibility for Personal Loan ICICI Bank Self-employed Individuals
Age Minimum Age – 28 years for self-employed individuals. 25 years for doctors.

Maximum Age – 65 years

Turnover in Business Rs. 40 lakh for non-professionals; Rs. 15 lakh for professionals; as per audited financials
Profit after tax deduction Rs. 2 lakh
Years in current business 5 years in case you are self-employed and if you are doctor then you must be practicing for at least 3 years

If you put yourself in a satisfied bucket based on the above criteria, then just go ahead for your instant loan approval through Loanyantra.

Documents Required for Personal Loan from ICICI Bank

For successful application and approval of a personal loan from ICICI Bank, the documentation for loan approval has to be as per the norms of the bank. Here is the list of documents you need to submit for a personal loan application :

Documents for ICICI Bank personal loan that salaried individuals need to submit :

  1. ID Proof-  Passport, Voter ID, Aadhar Card, Pan Card, Driving License ( any of these would work)
  2. Proof of residence-  Utility bills like electricity bill, telephone bill ( it should not be more than three months old), Passport, Adhar Card
  3. Last three months’ bank statement
  4. Passport size photographs.

Documents for Personal Loan ICICI Bank that self-employed individuals need to submit :

  1. ID Proof-  Passport, Voter ID, Adhar Card, Pan Card, Driving License ( any of these would work)
  2. Proof of residence-  Utility bills like electricity bill, telephone bill ( it should not be more than three months old), Passport, Adhar Card
  3. Proof of Income (audited income proof (audited financials for the last two years).
  4. Bank statement of last six months
  5. Address proof of the office
  6. Office ownership proof

ICICI Bank Personal Loan Interest Rates and Other fees – 

Interest rate for a loan determines your loan EMI and loan tenure. The interest rate varies for different categories.  Here is the quick view of the ICICI Bank Personal Loan interest rate, loan amount limit, tenure and extra fees to be paid after the disbursal.

ICICI Bank Personal Loan Salaried Person Self-Employed
Interest Rate 10.99% to 22.00% 10.99% to 22.00%
Minimum Loan Amount Rs. 50,000 Rs. 50,000
Maximum Loan Amount Rs. 20 lakhs Rs. 20 lakhs
Minimum Loan Tenure 12 months 12 months
Maximum Loan Tenure 60 months 60 months
Processing Fees Up to 2.25% of loan amount per annum + Applicable GST Up to 2.25% of the loan amount + Applicable GST
Prepayment Charges 5% of principal outstanding loan amount + applicable GST 5% of principal outstanding loan amount + applicable GST

Calculation of EMI ICICI Bank Personal Loan:

Today, it has become very easy to calculate the EMI of the home loan. On Loanyantra’s website, you have an easy-to-use EMI calculator which can be accessed by any loan applicant. All you need to do is feed in the data and based on it the calculator does the calculation

You will only have to key in your ICICI Bank personal loan details in this calculator. First, you will need to go to the ‘Finance Tools’ section in the main menu of the website. Here, you will have to select ‘EMI Calculator’ and then begin your calculation!

All you need to do is to fill in the data and based on the following formula the EMI is calculated:  E = P*r*[(1+r)^n/((1+r)^n-1)].

E is the EMI

N= Number of years

R = Personal Loan Interest Rate charged by the bank

ICICI Bank Personal Loans for NRI

If you are an NRI and want to apply for the personal loan, then ICICI Bank is a good choice. It can immediately take care of your needs.

The best part about ICICI is that you can apply for the personal loan online and submit all the documents for processing. Here are the benefits of ICICI Bank You apply online to avail the loan through the ICICI bank website. Here are some of the key benefits of the NRI Personal Loan Plan:

  1. There is no need for collateral to get the loan
  2. Simple application procedure
  3. Online application submission
  4. Interest rate starting from 15.49%
  5. The applicant has to be Indian, and the co-applicant NRI should be a family member or a close relative
  6. Easy loan sanctioning

ICICI Bank Personal Loan Insurance

Seeing the unpredictability of life, ICICI Bank has the provision of ICICI personal loan insurance. The objective of this feature is to provide protection to your family from the burden of payment on the loan in case of the death of the borrower. The ICICI Pru Loan Protect Plan will help you face the unforeseen situation. Under this policy, ICICI Bank provides a lump sum amount which is at par with the loan amount. If you opt for this policy, then you can pay a premium based on the number of years as chosen by you.

The policy gives you two options:

  • You can choose lump sum amount
  • Limited pay option

ICICI Bank Personal Loan Balance Transfer

Well, the best part about ICICI Bank that it has the feature which makes your life easy. If you have already taken the personal loan from other BANK or NBFCs, ICICI Bank has the provision for you to transfer the balance loan amount from your current bank to ICICI at the lower interest rate, lower EMIs, and higher loan tenure.

In case of a balance transfer, ICICI Bank offers the interest rate of 10.99 %.

FAQs on Personal loan from ICICI Bank

1.How much time does it take for personal loan approval from ICICI Bank?

ICICI bank offers easy and simple personal loan application and approval process. ICICI Bank responds to the loan application within 2-3 days if you go via Loanynatra.

2.What is the interest rate on personal loan offered by ICICI Bank?

ICICI bank offers an interest rate of 10.99%. If you have taken a personal loan at a higher interest rate than this, then you must do the personal loan balance transfer to ICICI Bank and reap the benefits of lower interest rate, higher loan tenure, and lower EMIs. Loanyantra’s experts will help you in every step and calculate your emi and decide instantly.

3. What are the minimum and maximum personal loan tenure by ICICI Bank?

The minimum loan tenure offered by ICICI Bank is 12 months and the maximum can go up to 60 months

4. How is the personal loan amount credited?

ICICI Bank will directly credit the fund using the Fund Transfer to your account. Also after disbursement, get cash back offer as Loanyantra’s customer by availing personal loan via Loanyantra from ICICI Bank

5. How can I repay my personal loan amount to the bank?

You can choose from the following Repayment options to make payment to the ICICI Bank:

  • Electronic Clearing Service (ECS),
  • Post-Dated Cheque (PDC)
  • Standing Instruction (SI)

6. What is the maximum personal loan amount that ICICI Bank gives?

The maximum loan amount is Rs. 20 lakhs.

7. Is there a provision for prepayment of ICICI Bank’s personal loan amount, if yes, then after how long can I prepay my personal loan?

Yes, ICICI Bank gives you the benefit of prepaying your personal loan amount. You can do so after completion of 6 months from the date of disbursement of the personal loan.

8.Does ICICI Bank require a guarantor for approval of personal loan?

No, you don’t need a guarantor for getting the personal loan from ICICI Bank.

9. I am an NRI, can I get the personal loan from ICICI Bank?

Yes, ICICI Bank offers the personal loan to NRIs. NRIs can get the maximum personal loan of 10 lakhs and the EMI should be paid in INR. You need not be present for the loan approval if you have a POA (Power of Attorney) in your bank’s branch place. Let Loanyantra know your details, all the process is done free with door step service. Let you POA enjoy the free customer service and avoid going around the banks on behalf of you.

10.What interest rate the bank charges from NRIs for ICICI Bank Personal Loan ?

The NRIs can get the personal loan from ICICI Bank at the interest rate of 15.49%.

11. What is the maximum loan tenure for NRIs applying for the personal loan from ICICI Bank?

The maximum loan tenure is 36 month.

12.Is there a provision for personal loan balance transfer to ICICI Bank?

Yes, you can transfer the balance personal loan amount to ICICI Bank.

13.Is there personal loan insurance provision in ICICI bank?

Yes, ICICI bank ICICI Pru Loan Protect Plus plan which gives your coverage on the personal loan and the amount is at par with the personal loan amount.

14.Is Credit score important for Personal loan approval?

Yes, credit score should be atleast 650 for your instant loan approval. the credit score determines your credit history and repayment capability. So, the lower the credit score, the tougher the loan approval process.

A word from Loanyantra – When it comes to applying for the personal loan or any other type of loan, people get usually stuck with tedious application procedures and lack of awareness adds to the burden of the entire process of loan application. To make the entire process easy for you, Loanyantra has developed this platform where you will get access to all the information related to different types of loan and interest rates offered by the banks and other financial institutions. You also get to know about the various interest rates, calculation of EMIs and other benefits that you can get by applying for the loan from a particular bank. Loanyantra helps with the entire process of loan application and instant approval. Moreover, Loanyantra lets you know about the bank and NBFCs which offers a lower interest rate and easy application processing and approval. You also get a SPOC who let you know about the entire details about the loan process. All-in-all we bring the entire services related to loaning at your doorstep. A reliable connect with us help you explore the loan process in the entirely new manner with the first ever fintech startup in India, Loanyantra.

 

ICICI Home Loan Interest Rates

ICICI bank home loan interest rate is at 8.65% (lowest when compared to other home loan lenders in the market)

Reading Time – 10 min

What you can expect in the article – 

  1. Why you should go with ICICI Bank home loan
  2. Key features of ICICI Bank home loan
  3. A glimpse of ICICI Bank home loan
  4. Eligibility criteria for ICICI Bank home loan
  5. Documents for Housing Loan from ICICI Bank (Salaried and self-employed)
  6. ICICI Bank home loan interest rates calculation with real examples.
  7. ICICI Bank home loan EMI calculator
  8. Extra Charges for ICICI Bank Home Loan
  9. CIBIL Score for ICICI Bank and factors affecting your score
  10. Our Answers about ICICI Bank Home Loan FAQs
  11. ICICI Bank Home Loan types and features

ICICI Home Loan – Why you should go with ICICI Bank Home Loan

Buying a home is a dream of every individual, thanks to the surge of banks and financial institutions that have made buying home easy. Home Loans are a popular way of fulfilling one’s dream of buying home. Most of the people opt for this method of purchasing a home, and the prime reason behind this is that home loan can be paid off in easy EMIs, and at the same time, it also offers various tax benefits. When it comes to banks and financial institutions offering home loans, ICICI Bank is a popular choice.

The ICICI bank is known for understanding its customer’s need and providing service accordingly. The ICICI bank offers home loan at a lower interest rate and higher repayment period. ICICI Bank is the best performed bank over years and is the first next bank after SBI to implement the RBI rules and rates. Additionally, the paperwork for a home loan is simpler for ICICI bank as compared to other banks. Also, ICICI bank offers doorstep service and smartphone applications thus making it the most preferred choice by the people looking for the home loan.

Going through Loanyantra for ICICI Bank Home Loan is an added advantage as you get discount on interest rates for the first year.

ICICI Bank Home Loan interest rates, eligibility, document home collection, instant approval
ICICI Bank Home Loan – Examples and Tips from Loanyantra

Key Features of ICICI Bank Home Loan:

  • ICICI bank offers doorstep service
  • Simpler paperwork
  • The ICICI bank also has a list of approved projects across India covering 12 cities thus making it easy for the home loan customer to choose an authentic plan.
  • ICICI Bank also provides loan against property which makes it easy for the user to get funds easily. The loan against property is available at an interest rate lesser than the Home loan interest rate.
  • Loan against property is available for both residential and commercial property.

A Glimpse of ICICI Bank Home Loan / Housing Loan Details – 

ICICI Bank Home Loan Interest Rate 8.75% to 9.00%
Processing Fees Housing Loan ICICI Bank 0.25% of the loan amount or Rs.11,500
Minimum Home Loan Tenure ICICI Bank 3 Years
Maximum Home Loan Tenure ICICI Bank 30 Years
Minimum Home Loan Amount ICICI Bank 30 Lakhs
Maximum Home  Loan Amount ICICI Bank 5 Crores
Pre-closure charges of Home Loan 0
Guarantor Requirement Not Required
Partial Pre-Payment Charges 0
Women Borrowers Home Loan Interest Rate ICICI Bank 0.05% lesser than the normal interest rate
Credit Score Required for Home Loan in ICICI Bank Minimum 650

Eligibility Criteria for ICICI Bank Home loan – 

  1.    The age of the borrower should be between 21 and 60 years
  2.    The borrower must have the minimum income of Rs. 25,000 and above
  3.    The salaried individuals must have been employed for a minimum of 2 years with their current company.
  4.    The maximum EMI can be up to 65% of the income.
  5.    The maximum loan as a percent of property value is up to 80%.

Documents for Housing Loan from ICICI Bank – 

For processing of Home Loan in ICICI Bank, it is important that you must submit all the documents. Here is the list of documents that you need to submit to ICICI Bank for home loan approval. Loanyantra’s experts will assist you in giving you details about the documents to be kept ready before the executive collects the documents for home loan from your door step. You need not roam around banks for the details of the documents and for submission. You might not have all the documents mentioned below. You can call the your assisted Loanyantra’s Manager and Loanyantra’s executive takes care of setting everything right for you. Also, don’t forget to always sign at the back of the documents by mentioning the date and purpose of the document submission.

Documents for Salaried Individuals for Home Loan from ICICI Bank –

  1. Duly filled the personal loan application form.
  2. Identity Proof which may be any of the following –
  • Voter ID
  • Adhaar Card
  • Driving License
  • Ration Card
  • PAN Card
  • Defense ID card
  • Government employee ID card

3. Residence Proof which includes the following:

  •    Passport
  •    Ration Card
  •    Voter ID
  •    Aadhaar Card
  •    Driving License
  •    Registered lease / rent agreement
  •    Bills like telephone, electricity or water bill
  •    Form 16
  •    Latest three months salary slip ( for salaried individuals)
  •    Last six-month bank statement

Documents for Self-employed Individuals for Home Loan from ICICI Bank 

  1. Duly filled the personal loan application form.
  2. Identity Proof which may be any of the following –
  • Voter ID
  • Adhaar Card
  • Driving License
  • Ration Card
  • PAN Card
  • Defence ID card
  • Government employee ID card

3. Residence Proof which includes the following –

  •    Passport
  •    Ration Card
  •    Voter ID
  •    Aadhaar Card
  •    Driving License
  •    Registered lease / rent agreement
  •    Bills like telephone, electricity or water bill
  •    Form 16

4. Last three years IT returns with the computation of income ( This is important for self-employed professionals as well as self-employed non-professionals).

5. The business owners need to submit their business profile.

6. Education qualification certificate and proof of business existence

7. Last three years CA approved P/L account or audited balance sheets

 

ICICI Bank Home Loan Interest Rate Details – Method used and Calculation

The ICICI Bank Home Loan Interest rates are calculated by using the method MCLR (Marginal cost lending rate), the rates that auto reset. The loan interest rates vary according to the tenure of the loan. Here are the details of the ICICI Bank loan interest rate details.

The method used by ICICI Bank to calculate home loan interest rate is MCLR.

The banks add spread rate, above MCLR, to calculate the final interest rate to the customers.

Spread rate above MCLR for ICICI Bank Home loan varies from 0.30 – 0.90%.

TIP from LOANYANTRA on Interest Rate

The spread component depends on various factors like employment, tenure of the loan, type of loan. If salaried, the spread rate is low, if self-employed the spread rate is high. The more the loan amount, the more the spread rate, the less the loan amount, the lower the spread rate.  If the interest rate is fixed for the whole loan tenure, the spread is high, the reduction in fixed interest rate tenure reduces your spread rate.

Which means, the MCLR is constant according to RBI’s policy. So, your interest rate depends purely on the spread component fixed by each bank as per their need.

For example – 3 scenarios explained with numbers to make the calculation of interest rate clear.

Scenario 1 – If you are a salaried individual, looking for 30 lakhs home loan with fixed interest rate for full tenure from ICICI Bank, then your interest rate is 9.90% If self employed, then 9.95%.

Scenario 2 – If you are a salaried individual, looking for 50 lakhs home loan with floating interest rate from ICICI Bank, then your interest rate is  9.00% (MCLR +0.45% Spread) for 80 lakhs home loan, the interest rate is 9.05%(MCLR + 0.50% Spread). If self-employed, then the spread is 0.50% and 0.55% respectively.

Scenario 3 – If women salaried borrower, then there is always a 0.05%discount on the interest rate. Which means the spread is 0.05% lower than the existing. Taking the same numbers as above, the interest rate for women borrowers is 8.95% (MCLR + 0.40%) for 50 lakhs loan and 9.00%(MCLR + 0.45%) for 80 lakhs loan.

NOTE – The interest rate discount for women self-employed is again calculated as per the self-employed category rates.

ICICI Bank Home Loan EMI calculator-

EMI calculation is a must before you go for a home loan to know yourself whether you can accommodate it in your budget. Hence, EMI calculators have recently become very popular. They give you an easy access to the complex home loan EMI calculation mechanism. ICICI Bank EMI calculator is featured in the ICICI Bank’s website where you can calculate your EMI of ICICI Bank Home Loan. Also, Loanyantra’s easy EMI calculator lets you understand the emi for different interest rates range. Also you can calculate all your varied loans’ EMI at once. Get an estimate of the EMI that have to be paid over a period. Loanyantra also gives you the feature of using the EMI calculator to get to know about calculating EMI of home loan from ICICI Bank.

To calculate emi manually,  follow this formula –

P*r* (1+r)^n/([(1+r)^n]-1)

In the above formula,

P = Home loan amount.

r = Interest rate of your home loan

n = Tenure (the repayment period) in months. In ICICI Bank the tenure is upto 360 months (30 years)

Extra Fees while Availing Home Loan from ICICI Bank –

What are the various charges that one has to pay while applying for a home loan?

Everybody must know before applying for home loan from ICICI Bank what costs your pocket when you are in home loan or even before availing home loan.

Prepayment Charges in ICICI Bank for Home Loan –

  • For the floating rate of the interest on ICICI Home Loan and Home improvement loans, there are no prepayment charges.
  • ICICI Home Loan fixed rate of interest has prepayment charges of 2% plus applicable taxes on the outstanding principal on full repayment
  • Late Payment Charges- 2% for every late payment month and for home loan Overdraft account, the late payment charges are  1.5% of the outstanding amount subject to a minimum of Rs. 500/- & Maximum of Rs.5000/-

Hidden Charges of ICICI Bank Home Loan –

Apart from the regular charges that bank asks for there are certain hidden costs that you must know before applying for a home loan from ICICI Bank:

  1.    Document Retrieval Charges- Rs. 500
  2.    Cheque bounce charges –Rs. 500
  3.    Repayment Mode Swap Charges- Rs. 500
  4.    Duplicate NOC- Rs. 100
  5.    CIBIL Report Charges- Rs. 50 plus service taxes
  6.    Administrative Charges- Rs. 5000

CIBIL Score required for approval of ICICI Bank Home Loan- 

An important point that the bank considers before sanctioning the home loan is the CIBIL score. It indicates how good your financial health is and showcases your credibility towards repayment of the loan. It is one of the most factors in your eligibility criteria that bank considers before approving the home loan or any other loan. CIBIL Score varies from one bank to another, but you must have a good credit score for a hassle-free home loan approval process. The minimum CIBIL Score that one must have to fall under the eligibility criteria of ICICI Bank is 650. Though it becomes tough to get the home loan with score 650, but it makes you eligible for the home loan.

What are the various factors that can affect the CIBIL Score?

It is very important for you to know what factors can affect your CIBIL score so that you can avoid those mistakes:

  • Late payments – Delayed payments of the loan negatively impacts the CIBIL score and also reduces the probability of loan approval.
  • Usage of credit limit – The bills of your credit cards and the usage of the credit limit shows your credit behaviour. Quick withdrawal of amount close to your credit limit shows the potential financial stress and thus may affect your credit score.
  • Multiple loan applications – In case you have applied for a number of loans in different banks, it can impact our credit score. In such instances of the negative CIBIL score, your applications may get rejected.
  • Applying for loan multiple times – If you had applied for a loan and your application got rejected because of bad credit score, then you wait and apply again after 6 months. If again your application gets rejected because of various reasons, your credit score gets impacted.
  • Checking the Credit Score – Checking the credit score again and again also affects your credit score. So, once checked, don’t check again until you think you paid all your bills on time atleast 6 months.

Our Answers to your Questions on Home Loan ICICI Bank 

FAQ’ s about ICICI Bank Home Loan –

Can I transfer my home loan from other banks and NBFCs to ICICI?

Yes, ICICI Bank gives you the option of shifting the loan or balance transfer of your loan from other banks and NBFCs to ICICI Bank. All this comes at the best home loan rate with EMI of Rs. 794 per lac. Loanyantra helps you in assisting while you want to balance transfer your home loan.

What is the maximum home loan tenure provided by ICICI Bank?

The maximum home loan tenure for ICICI bank is 30 years. Earlier, it was 20 years. ICICI Bank remains as the pioneer to increase the loan tenure to 30 years to support many all sectors of income borrowers as the longer the tenure, the lower the EMI.

Is there any tax benefit from a home loan from ICICI Bank?

Yes, home loan guarantees tax benefits to the individuals under the Income Tax Act of 1961.

Are there any charges levied in case I foreclose my home loan?

No, as per RBI, there are no charges on foreclosure of your home loan. But if you repay the home loan before 6 months of the disbursal, you are charged for the pre-closure of the home loan

Can I club the income of my wife/husband while applying for a loan?

Yes, you can do so, it will increase  your eligibility for a home loan. Your Spouse should also be a co-applicant to increase the eligibility.

What is the home loan interest rate offered by ICICI bank?

ICICI Bank offers lower interest rate starting at 8.65%. Going through Loanyantra reduces your ICICI Bank home loan interest rate even lower. Loanyantra’s reports show that the maximum number of borrowers opt for ICICI Bank for its prompt action according to RBI rules.

Can I convert my home loan interest rate from fixed to floating? If yes, what are the different charges?

ICICI Bank allows you to change the interest rate from fixed to floating and vice-versa, however, there is a certain charge that you need to pay:

  • From Fixed to Floating= 0.5% of the outstanding loan amount plus tax
  • Floating Rate to Fixed =0 .5% of the outstanding principal plus tax

However, while applying for home loan , you can opt for 2 year, 5 year and full term fixed interest rate, which will be slightly higher than the prevailing floating interest rate. After the fixed tenure, the interest rate automatically changes to the then existing floating rate.

What is the CIBIL score for getting my home loan approved from ICICI Bank?

A good CIBIL score is a must for getting the home loan approved, for ICICI bank you must have the CIBIL score of 650. An excellent CIBIL score ensures that your investment is quickly approved.

ICICI Bank Home Loan Types and Features-

1. ICICI Bank Pre-Approved Loan: This is a special provision for selected existing customers of ICICI Bank. Such customers don’t have to undergo the trouble of heavy documentation for loan approval.

2. Home Loan Insurance: To make home loan repayment easier even under unseen situations and to keep their customer worry-free, ICICI Bank provides home loan insurance which makes repayment an easy job.

3. Personal Loan linked to Home Loan Schemes: If you have taken home loan from ICICI Bank then there is a provision for applying for personal loan related to your ICICI Bank’s home loan. The private loan tenure for this is the same as a home loan. The tenure period of the personal loan is the same as the ICICI Bank home loan period.

4. ICICI Home Loan Transfer and Top Up: This is an auditing feature offered to those customers who are transferring their home loans from other banks to ICICI Bank. The bank provides such customers with a top-up credit which can be up to 100 % of the assigned amount.

5. Saral Rural Housing Loan: This loan ranges from Rs 5 lakhs to Rs.15 lakhs and tenure of 3-20 years. The objective of this loan is to empower women and people of weaker section.

6. Lease Rental Discounting Loan: This type of loan is raised against future expected rentals of self-owned property. For the loan to be approved, the commercial property should be occupied by lessee. This kind of loan is very helpful in raising funds for the wedding, child’s education renovation work, etc.

8. Land Loan: This loan can only be availed for purchase of land for self-construction.  An important point to note is that the nation should fall within the municipal limits. But, the construction on the plot should be completed within two years of the first amount disbursement of the sanctioned loan.

9. ICICI NRI Home Loans: For an NRI to buy property in India can be a daunting task especially when it comes to banks approval, validation, and paperwork. ICICI Bank has the provision of NRI Home Loans. NRIs can buy home, land, flat or any residential property. NRIs have to do the repayment of the loan in Indian Rupees only.

10. Pradhan Mantri Awas Yojana – In order to support the initiative of Government of India, ICICI Bank provides the home loan at subsidized rates to the economically weaker section of the society. The interest rate offered by the bank is 6.5%, and the tenure is up to 15 years.

11. Balance Transfer: Another great provision that ICICI bank has is that it allows its members to transfer the loan from other banks and NBFCs to ICICI at the lower interest rate and longer tenure thus making ICICI bank a popular choice among the individuals who are looking for balance transfer.

12. ICICI Home Loan Overdraft –  The home loan of the customer is linked to the ICICI Bank’s salary account and then the EMI is calculated. The interest rate is a bit higher than the normal loan but it is an option looked out if the money is lying idle.

Our Role: Planning to buy home loan and want to go through a hassle-free process, contact Loanyantra- your tool for easy and seamless loan approval. We are a one-stop solution and advisory related to different types of home loan and other loans. Our website will give you a complete insight into the loan application, interest rates offered by different banks and paperwork related to the same. All this aims at making your home loan application process an easy one. For more information about ICICI Bank home loan, contact us today.

 

 

 

 

IDBI Bank Personal Loan – Get instant approval with low ROI via Loanyantra

Article Read Time – 10 min

What can you expect in the article –

  1. Introduction IDBI Bank Personal Loan
  2. Why you should go with IDBI Bank for PERSONAL LOAN
  3. Categories who can avail personal loan from IDBI Bank
  4. Eligibility Criteria for IDBI personal loan
  5. IDBI Bank Personal Loan Interest Rates
  6. Personal Loan Overdraft Facility for IDBI Account holders
  7. Other charges applicable for IDBI Personal loan
  8. Documents needed for IDBI Personal loan and Loanyantra’s door step service.
  9. Features and Advantages of Personal Loan from IDBI
  10. IDBI Bank Personal Loan EMI Calculator and Loanyantra’s guide and expert’s advice.
  11. Credit score and IDBI Personal Loan
  12. FAQs about Personal Loan from IDBI

IDBI Bank PERSONAL LOAN 

Industrial Development Bank of India or IDBI is one of the famous Indian Financial administrations organization. IDBI is spread across the nation, with 1400 branches and 2000 ATMs IDBI has become one of the leading public sector banks. It has caught the Indian markets with IDBI’s creative financial products.

IDBI Bank offers myriad financial products, and IDBI bank personal loan is one of them. People take personal loan for various purposes. In the current times, one may require additional assets for different purposes, be it house construction or wedding or a movement or a crisis restorative costs, Personal loans have become a great medium to fulfil the needs, although coming at a higher interest rate, personal loans are easy to avail and in case of emergency, they can be a great solution. Personal loans in India is a very common solution for immediate needs fulfilment as the banks or NBFCs ask for a reason and cooperate to fulfil your dream by disbursing the loan according to your eligibility.

Before heading to take the personal loan from IDBI bank, it is essential to have complete knowledge about IDBI, IDBI’s key features and what is the eligibility criteria that will make your loan application a seamless and hassle-free process for personal loan from IDBI.

Why you should go with IDBI Bank for PERSONAL LOAN – 

IDBI Bank because of its innovative banking products  and customer-centric operations, it is one of the Fortune 2000 Top Companies of the world. The best part about this bank is that IDBI has designed and developed its products in a manner that it suits all the segments of the society.

Categories who can avail personal loan from IDBI Bank – 

IDBI Bank offers a personal loan to the following people (after they have fulfilled the eligibility criteria specified by the bank):

  1.    Salaried people
  2.    Pensioners
  3.    Self-employed or business owners
IDBI Bank Personal Loan Interest Rates Today
IDBI Bank Personal Loan Interest Rates Today

Eligibility Criteria for IDBI personal loan:

As mentioned above the personal loan from IDBI Bank can be availed by salaried people, self-employed people, non-professionals, and pensioners. Here is a tabular representation of what are the eligibility criteria for all

 

Features Salaried /pensioner Self-employed/Non-professional
Eligibility
  1. All the salaried professionals having salary account with IDBI and pensioners having pension account with the Bank. All the professionals or pensioners who have been associated with premium firms, state or central government and have a valid account with IDBI or other banks.
Self-employed Professional/Non Professional having Asset/Liability relationship with IDBI Bank
Minimum Net Salary/ Income for IDBI Personal Loan Salaried professional – minimum annual income of Rs. 1,80,000

 

For Self-Employed Professional, the minimum annual income should be Rs. 3,60,000.

Age limit for IDBI Personal loan The minimum age limit is 21 years for salaried and self-employed people and the maximum age limit is 60 years. Whereas for the pensioners the maximum age limit is 75 years at the time of maturity of loan amount.
Tenure of IDBI  Personal loan The minimum tenure for personal loan is 12 month and maximum tenure is 60 months.
The minimum and maximum loan amount given by IDBI for Personal Loan   The salaried and self-employed professionals have the minimum and maximum personal loan falling in the range of  Rs. 50,000- Rs.10,00,000
The pensioners have the minimum and maximum personal loan limit in the range of  Rs. 20,000- Rs.5,00,000
Prepayment / foreclosure charges of IDBI Personal Loan
  1. According to RBI, if you apply for prepayment or foreclosure after 6 months of personal loan disbursal then there are no prepayment charges applicable on your loan closure..
  2. In case the borrower is willing for prepayment or foreclosure within six months of the disbursal, then one has to be pay prepayment charge  which is 2% of the outstanding loan amount.
  3. Part pre-payment: This feature can be availed based on the above conditions. However, one who does the part pre-payment, would not be sanctioned personal loan for the next 12 months from the date of making the part pre-payment.
Top up loan Eligibility The borrowers who have a good track record of repayment and at the same time they are the loan account holders with IDBI  for at least 12 months are eligible for top-up loan.

IDBI Bank Personal Loan Interest Rates

The IDBI Personal loan interest rate starts from 12.55%. And is different for each category of loan product-

  • Salaried Individuals- For these customers, the IDBI bank offers interest rate at one year MCLR (8.65%+3.90%) of 12.55% .
  • For those who are the retired staff of IDBI bank and have the pension account with overdraft facility get the interest rate of 9.80% onwards.

To be more clear about how the IDBI Personal loan interest rates are calculated here is the table about mclr and spread.

IDBI Bank Personal Loan interest rate for overdraft account holders mclr method Interest rate breakup – mclr+spread
Salary account or pension account with overdraft facility 1 yr MCLR + 3.90%
Pension Account with overdraft for retired IDBI employees 1 yr MCLR + 1.15%

Personal Loan Products from IDBI – Personal Loan Overdraft Facility for IDBI Account holders – 

IDBI Personal Loan overdraft facility Criteria Salaried / Permanent Employee Pensioners holding account with IDBI
Eligibility Permanent employee with 1 year of continuous service in any organisation either government state or central or private company. Customers maintaining their pension account with IDBI Bank Ltd.
Tenure Overdraft facility valid for 2 years and is renewable Overdraft facility is valid for 1 year and is renewable.
Maximum Loan Limit Five times of net salary as per last 6 months. Five times the monthly net pension
Age Limit Minimum Age 22 years

Maximum Age 58 Years

Not more than 75 years

Other charges applicable for IDBI Personal loan –

 

Processing Fee
Salaried and Self Employed Professionals 1% of the loan amount plus taxes
Pensioners with Overdraft Facility to IDBI Bank No fees but documentation charges are borne by the borrower
Salary Account with in-built overdraft facility No fees but documentation charges are borne by the borrower
Prepayment
Prepayment
In a period of 6 months of loan disbursement 2% of the outstanding loan amount plus taxes
After 6 months of disbursement No charges applicable
Part Payment
In a period of 6 months of loan disbursement 2% of the outstanding loan amount plus taxes
After 6 months of disbursement No charges applicable

Documents needed for IDBI Personal loan –

The personal loan just like any other loan, requires submission of certain documents so that the bank can analyse your credibility and based on it, the bank can sanction the personal loan. If you go via loanyantra, you are eligible for doorstep service of collection of documents and also know precautions while issuing the documents. Know some of our testimonials about our hassle-free services for home loan and personal loan . http://loanyantra.com/testimonials.aspx

Here is the list of documents required to avail personal loan from IDBI –

Documents For Salaried individuals for IDBI Personal Loan – 

  • Duly filled the personal loan application form
  • Identity Proof which may be any of the following –
    1.Voter ID
    2.Adhaar Card
    3.Driving License
    4.Ration Card
    5.PAN Card
    6.Defense ID card
    7.Government employee ID card
  • Residence Proof which includes the following –
    1.Passport
    2.Ration Card
    3.Voter ID
    4.Aadhaar Card
    5.Driving License
    6.Registered lease / rent agreement
    7.Utility bills like telephone, electricity or water bill
    8.Gas bill or Property tax bill
  • Form 16
  • Latest salary slip
  • Last six-month bank statement

Documents for Pensioner for IDBI Personal Loan

  • Duly filled the personal loan application form
  • Identity Proof which may be any of the following –
    1.Voter ID
    2.Adhaar Card
    3.Driving License
    4.Ration Card
    5.PAN Card
    6.Defense ID card
    7.Government employee ID card
  • Residence Proof which includes the following –
    1.Passport
    2.Ration Card
    3.Voter ID
    4.Aadhaar Card
    5.Driving License
    6.Registered lease / rent agreement
    7.Utility bills like telephone, electricity or water bill
    8.Gas bill or Property tax bill
  • Form 16
  • Latest salary slip
  • Last six-month bank statement
  • Income certificate for last two financial years.

NOTE – The pensioners would need a Deceleration-cum-undertaking from their pension office that they will not shift the pension account without NOC from the branch.

Documents for Self-employed Individuals for IDBI Personal Loan – 

  • Duly filled the personal loan application form
  • Identity Proof which may be any of the following –
    1.Voter ID
    2.Adhaar Card
    3.Driving License
    4.Ration Card
    5.PAN Card
    6.Defense ID card
    7.Government employee ID card
  • Residence Proof which includes the following –
    1.Passport
    2.Ration Card
    3.Voter ID
    4.Aadhaar Card
    5.Driving License
    6.Registered lease / rent agreement
    7.Utility bills like telephone, electricity or water bill
    8.Gas bill or Property tax bill
  • ITR
  • Last six-month bank statement

Features of Personal Loan from IDBI – 

  • IDBI offers personal loan for both salaried and self-employed individuals
  • It also offers personal loan for pensioners
  • The people falling in the age group of 22-60 can apply for the personal loan
  • IDBI offers personal loan between Rs. 50,000 to Rs. 10 lac
  • The IDBI personal loan tenure is from 1 to 5 years
  • The IDBI personal loan interest rate varies between 13.20% to 13.75%
  • IDBI charges the processing fee of 1% of the loan amount, and it is paid at the time of personal loan application

How much time does IDBI Bank take to process the personal loan application?

The bank usually takes the decision within 15 days from the date of submission of the loan application. Sometimes bank may offer instant loan offers which gets approval within 2-3 days of submission of application form.

How does Loanyantra help you for instant approval of personal loan from IDBI?

Loanyantra is a one-stop solution for various loan and allied services. You get all sort of help and consultation that will guide you with the right way to apply for the loan. We take care of all the paperwork and other nitty-gritty of loan approval so that your loan gets approved instantly. Our SPOC or Single Point of Contact will help you with the search of the bank that offers minimum interest rate, flexibility, and easy repayments options so that you can get the best deal in the market.

Get instant approval for personal loan from IDBI through Loanyantra and also assured low interest rate. You can also avail cashback offers if you disburse your loan via loanyantra. Benefits from going through loanyantra include doorstep document collection, visit the bank branch only once, get to know the alerts on your personal loan whenever the bank increases your interest rate, calculate your emi of personal loan and also calculate your part payments too and reduce the loan tenure.

The advantages of Personal Loan from IDBI Bank:

  • Loan facility for  salaried, self-employed and pensioners
  • Attractive interest rate.
  • Interest is charged on the daily reducing balance.
  • No insurance fees is charged from the borrower for loan insurance
  • Personalized services and easy documentation process.

IDBI Bank Personal Loan EMI Calculator – 

With the help of personal loan EMI calculator, you can easily calculate the EMI and based on it decide how much personal loan you can afford, here is the formula for the personal loan for IDBI bank:

P*r* (1+r)^n/([(1+r)^n]-1)

Here

P = Loan amount. It can vary between Rs. 50,000 – Rs. 10 lac

r = It is the interest rate which is 13.20%

n = It is the loan tenure which is in the month, in the case of IDBI bank it is 60 months

Instead of doing manually you can always use loanyantra calculator and check your emi and also check your eligibility. If tough to take a decision always give a missed call and talk to our experts.

IDBI Bank personal loan status check and how to use the website and how Loanyantra can assist in getting the loan via Loanyantra’s experts

What is the credit score required for IDBI bank personal loan? If bad score, how to rectify and reapply?

The credit score plays a key role in loan approval. It is a mark of the borrower’s credibility. Although different banks and financial institutions have different credit score benchmark, having a good credit score betters the probability of loan approval. For IDBI bank you need to have the credit score of 750.

Will a poor Credit score can affect your chances of loan approval, however, following these two steps will help you improve it over a period of time and make you eligible for the personal loan :

The interest rate changes according to the cibil score range. The lower the cibil score range, the higher the personal loan interest rate. The higher the cibil score range, the lower the personal loan interest rate.

Borrower category Personal loan interest rates and Cibil score range 700 – 750 750 – 800 above 800
Salaried Customers 13.50% 12.50% 12.25%
Pensioners 14.00% 13.50% 13.00%
Payroll Accounts 13.25% 12.25% 12.00%

Setup payment reminders- poor credit score are a result of irregular payments of debts or other loans. It is important that you must pay your bills and other EMIs on time. Setting up payment reminders will help you improve the credit score

Reduce the debts- well, its easier said than done, but lowering the debt or outstanding amount is always helpful in improving your credit score.

Never leave yourself in a doubt while going for a loan. Clear every minute doubt by knowing about each and every detail of before and after disbursal of personal loan.

FAQs about Personal Loan from IDBI

What is the EMI charged by IDBI bank?

IDBI bank charges the EMI of 13.20% which makes the lowest EMI per lac, i.e., Rs. 2,286.

Does IDBI bank have pre-payment charges?

If you apply for pre-payment after six months of loan disbursement, there will not pre-payment charges. However, if one wishes to pre-pay before six months of loan disbursement, then one has to pay 2% of the outstanding loan amount as pre-payment charge.

What is the processing fees charged by IDBI Bank on the personal loan?

IDBI Bank charges the processing fees of 1 %.

How does having a co-applicant affect the personal loan application?

IDBI Bank allows you to have a co-applicant while applying for the personal loan, and it increases your probability of personal loan eligibility.

What is the age limit for personal application in IDBI?

IDBI Bank gives the personal loan to people falling in the age group of 22- 60 years. The eligibility for personal loan further depends on the credit score and other eligibility parameters set by the bank.

What is the minimum monthly income for an individual to be eligible for the personal loan from IDBI bank?

IDBI Bank grants the loan to the salaried professional who has a minimum salary of Rs.20,000 per month.

What is the credit score required to be eligible for the personal loan from IDBI bank?

The bank considers the credit score of 750 to be good enough to grant the loan.

What is the maximum loan amount that an applicant can get?

One can get a maximum loan of up to Rs. 10 lac.

What is the minimum loan amount that can be availed from IDBI Bank?

Minimum personal loan of Rs. 50,000 can be availed for personal loan from IDBI Bank.

Is personal loan different from a top-up loan?

Top-up loan is always taken on top of any other loan say persoanl loan or home loan. Eligibility for top-up loan needs an existing personal loan.

Role of Loanyantra: – Loanyantra is a leading platform where you will find all the information regarding loans and banking services. But our feature is not merely restricted to just information, rather we also help the borrowers with complete information and procedure that needs to be followed for loan application and approval. Whether you are applying for loans or you are planning to shift your loan from one bank to another; personal to home loan, you will get all the services on our platform. We also help doing the complete paperwork so that your loan application and approval becomes a hassle-free process. Know about loan interest rates today.