IDBI Bank is a government-owned financial services bank headquartered in Mumbai. Established in 1964, IDBI Bank was previously known as the Industrial Development Bank of India. At present, it is the tenth largest development bank in the world in terms of reach with over 1,800 branches including one international branch in Dubai, over 1,380 centres, and more than 3350 ATMs. IDBI Bank offers various kinds of financial services and products to cater to different needs of its customers. One of the most popular loans offered by the IDBI bank is the IDBI Bank personal loan.
A personal loan is a multipurpose loan that helps people meet their needs at the time of a financial crisis. The main characteristic of a personal loan offered by a bank is that it is not secured by collateral or guarantor. “Collateral” here means something of value that the lender can repossess if the borrower does not repay the loan as per the agreed terms. In most of the cases, personal loans are backed only by the borrower’s promise to repay and for this reason, a personal loan is also known as a “signature loan” or “unsecured loan”.
IDBI Bank personal loan is offered to its customers to meet the unexpected financial exigencies or occasions such as a wedding, repair/renovation of a house, payment of urgent medical expenses, or domestic or overseas travel. IDBI Bank personal loan has something for every customer’s need. At times, a personal loan comes in handy to arrange Earnest Money to apply for a residential plot (or house) or to manage Margin Money funding to avail home loan (or loan against property).
The three different variants of the IDBI Bank personal loan are:
- Personal loan to salaried or self-employed individuals, and pensioners
- Pension account with in-built overdraft facility to IDBI Bank pensioners
- Salary account with in-built overdraft facility to salaried individuals