As far as Personal loans are concerned, IDBI bank is another bank in India which provides personal loans to the Indian nationals. IDBI personal loans cater to the personal needs of the applicants. The loan provided by the bank can be used for various purposes like marriage, purchase of electronic goods such as computers, laptops etc., education and others. There is an insurance coverage which is provided along with the IDBI Personal loans. This insurance cover takes care of the EMIs when the borrower faces some hard times.
- The principal amount of the loan (the outstanding amount) is paid to the bank by the insurance company in case the person who borrowed the money faces an accident and dies or becomes disabled.
- If the person looses job, the EMIs for the loan will be paid by the insurance company for 3 months.
The IDBI personal loan has the following highlights:
For Salaried Employees:
- Type of loan given: Term Loan.
- Sanctioned loan amount: A minimum of INR 50,000 and a maximum of INR 15,00,000
- Tenure of the loan: the loan is provided for a period of 12 years.
- The minimum rate of interest charged by the bank is 16.4% and the maximum cap is 20.4%
- The time taken to process the loan is 7 days.
For Self-employed people:
- Type of loan given: Term Loan.
- Sanctioned loan amount: A minimum of INR 50,000 and a maximum of INR 15,00,000
- Tenure of the loan: the loan is provided for a period of 12 years.
- The minimum rate of interest charged by the bank is 16.4% and the maximum cap is 22.4%
- The time taken to process the loan is 7 days.