IDBI Bank Personal Loan Eligibility

IDBI Bank Salary Account with in-build overdraft facility Scheme Eligibility

IDBI Bank Pension Account with in-built overdraft facility Scheme

Factors affecting IDBI Bank Personal Loan Eligibility

1. The age of the applicant: The younger the applicant, the better are their chances of the personal loan application being approved by IDBI Bank. To apply for a personal loan, the applicant should be a minimum of 21 years old and a maximum of 60 years by the maturity of the scheme.
2. Relationship with IDBI Bank: Unless the applicant is employed by the State or Central Government, or in a reputed or listed private company, then he/she needs to have an IDBI corporate salary account to be eligible for a personal loan.
3. Repayment track record of the individual: The applicant should have a clean repayment track record to be eligible for an IDBI Personal Loan. If the applicant has no past loan dues and has a good credit score, the chances of him/her being eligible for a personal loan is higher.
4. Income of the applicant: To be eligible for an IDBI personal loan, the applicant should meet the minimum income requirement which varies based on whether the applicant is a salaried individual, self-employed individual or a non-professional or pensioner.

How to improve chances of IDBI Bank Personal Loan Eligibility

1. Apply when debt-free: If you apply for an IDBI Bank personal loan when you do not have any past loan dues and a good enough credit score, anything above 750, then you improve your chances of being eligible for an IDBI personal loan.
2. Choose the right loan amount: Choose a loan amount that you can afford to pay back. Ensure that the EMI is not more than 40%-50% of your net monthly income to start with. If your income is low, choose a lower loan amount as well to improve your chances of being eligible.
3. The tenure of the loan matters: If your income is low, choose a longer tenure as this will bring down the EMI amount.
4. Have a good relationship with IDBI Bank: If you hold a corporate IDBI Bank salary account will increase your chances of being eligible for a personal loan.

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