IDBI Bank Personal Loan: Know The Interest Rate And Eligibility Criteria

Lot of times, personal loan is known as multipurpose loan or signature loan.  That means the customers can take this loan without any ‘collateral’ or guarantor and the loans are sanctioned based on promise that they will repay the loan, within the given tenure. This personal loan are taken not just for the personal purposes but for the other purposes too like repayment of loan, remodeling the house, starting a new startup business, investing on the virtual money, and much more.

IDBI Bank personal loan is one such platform where the customers can meet with their urgent financial needs with easy processing, no payment within 6 months of loan disbursal, top up and overdraft facilities are provided. IDBI Bank provides services almost all the parts of India with an approx. 2,060 branches. It also has some kind of special offers and discounts, for the salaried employees of large companies.

There is possibility of personal loan rejection by IDBI Bank and there must be various reasons for the same. If the multiple rejection of personal loans comes along your way then it needs to have a strict cross-checked as the lender’s find the applied customer to be risky. The reason is simple poor credit score. There can be other reasons too for the personal loan decline and to know more about read the article.

Some of the reasons for the IDBI Bank personal loan rejection are-

  1. Employment Criteria

IDBI Bank has certain criteria for providing the personal loan to all those who comes under private companies (excluding delisted companies), public sector, and government sector like central, state, and local bodies. Other than that doctor and chartered accountant, are among the few who are eligible or falls under the IDBI Bank personal loan eligibility criteria.

  1. Age Criteria

This is one among the important IDBI Bank personal loan eligibility criteria for the repayment of the loan, without any hurdles. So the bank has set up an age criteria for its customers like he/she needs to be atleast 22 years old and not more than 60 years old. If anyone fails to fall in these criteria then there is a possibility of their personal loan rejection.

  1. Credit score ratings

A good credit score ratings always gives a good impression of the candidate to their lenders, about their worthiness to repay the money or the loan. A bad scorer creates an impression that it’s a risky affair to lend them money. Many times IDBI Bank personal loan declined due to this very reason.

  1. Frequent job switching

IDBI Bank personal loan has strict norms for any private sector candidate that they needs to be stable in their job and are working for atleast 1year in their current company. Frequent job switching or unstable in job gives an impression of unreliability in repaying the loan. In such scenario the personal loan rejection occurs.

  1. Poor income of the candidate

Like any other bank, IDBI Bank personal loan eligibility criteria has also set up certain criteria for the minimum monthly income to be 20,000/- If any candidates fails to meet up this criteria then his/her personal loan gets rejected.  A good income gives an impression that he/she is reliable and can repay the loan within the given tenure.

Note– The income limit gets differ from place to place or city to city.

  1. Lot many applications submission in short period

If the candidate submits too many applications of personal loan in different finance institutes in short period of time then his/her application of personal loan declines.  Any bank gets an impression that he/she is a hunger of money and can turn out to be a risky borrower for them.

If you are interested to take either IDBI Bank business loan or personal loan but you have limited time to invest for visiting the bank and submitting the documents then you can visit rupeestation website. It’s a kind of middleman that connects you with the bank and helps you with the personal loan. All you need to do on your end is just to visit the site, fill up the form, submit your documents, and just wait for atleast 2 minutes for the approval.