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The Bank will also decide the requirement of additional security if required for the process of loan application. You can get a personal loan from IDBI Bank for a flexible tenure ranging from 12 months to 60 months. You can get a personal loan from IDBI Bank to meet unexpected and urgent financial crunch. There is no restriction on the end-use of funds extended. You can use it for household buys, education of your children, medical expenses, renovation of the house, exotic holidays.
If I recall correctly, HDFC Bank and HDFC are different entities and one cannot make NEFT trasnfers to HDFC Home loan accounts. Remember, the account mentioned in HDFC’s common account and you need to keep track of the transaction details and update them. I can confirm that I had used this method effectively in the past 2 years to finish off my home loan. SBI folks themselves had suggested this option.
Types of Personal Loan
I am out of Inida right now, I want to repay the loan amount from my icici account. I could add my HDFC Loan account to ICICI as NEFT Loan Account. Does that mean I can transfer money from ICICI to HDFC Loan Account.
First of all they told me to open a savings a/c in IDBI bank . I have car loan which taken 2 years back from SBI for a term of 3 years. As only 24 PDCs were given to the bank, I’ve received a communication from the bank asking me to fill up the ECS madate form & give 6 ‘blank’ signed cheques as security. One relevant thing to keep in mind while making prepayments is the reducing nature of your loan.
Points to Note While Pre-Closing Your IDBI Bank Personal Loan
We don't spam or sell your details to annoying people. Calculate how much you will save on interest if you terminate the loan now. See if the savings are greater than the foreclosure cost.
Maximum age 65 Years at loan maturity or retirement age whichever is earlier. Maximum age at termination of loan should not be above 60 years or date of retirement, whichever is earlier. You can reduce your interest cost by availing our product Home Loan Interest SaverPlease click here to know the details.
Positive Pay System (PPS)
IDBI Bank makes sure that the process of pre-closing your loan account is simple and quick. As long as you have the money to repay the entire balance in one shot, you can go for it. But make sure you’re not using up all your savings in doing so.
For few other friends there was no restrictions imposed. If you have bank account and loan account in same bank , it should be more easy process of just linking the accounts, ask your bank on this to guide you. Why only pre-payment, you can also pay your regular EMI’s using online options instead of post dated cheques.
\nIDBI bank charges the below mentioned rates as fixed interest rates on home loans. \nIt is a parameter banks resort to in order to calculate an applicant’s bank loan eligibility. All the FIOR of the applicant is taken into account while determining his or her loan eligibility. Any defaults on your loans’ payment schedule is likely to hurt your credit score, a key metric used by lenders to determine whether they want to disburse a loan to you.
Such a customer is eligible to avail a benefit of up to Rs.1.5 lakh per year. The customer can claim for income tax returns as per what is mentioned in Section 80 C of the Income Tax Act. \nThis is where the idea of a personal loan comes into the picture. Positive Pay System enables an additional security layer to the cheque-clearing process wherein the issuer of the cheque shares cheque details with the bank. When the beneficiary submits the cheque for clearing, the presented cheque details will be compared with the details provided to the bank through PPS.
They have confirmed that I can add the Loan A/C as third party only if I was paying thru ICICI bank and not any other bank. Also customer care, has indicated, that prepayment is possible thru physically visitint the branch. I remember I used to repay credit card bills by adding card numbers as saving account and transfer money online. This one I used 3 yrs back when visa credit card transfer option not there. I did it for ABNAMRO, ICICI, HSBC, HDFC credit cards hassle free.
Under this scheme you can link your Home Loan account with your Flexi Current Account. The interest liability on your Home Loan reduces to the extent of surplus funds available in the operative current account. You can withdraw or deposit funds from this current account as and when required. The interest on Home Loan is calculated on outstanding loan balance minus balance available in the Current Account. For Home Loan Takeover Facility applicant must have a minimum repayment track record of 6 months.
Kindly speak with the bank staff for further information on the same. IDBI Bank home loan statement is available to borrowers online and offline, allowing you to keep track of your debts as well as helping you to plan for the future. A personal loan may be used for several reasons.
To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners. Apply for instant home loan online at Interest Rate starting from as low as 8.25% p.a. Loan can be repaid in flexible tenure of up to 30 years. Check eligibility & get instant approval here.
IDBI Bank Home Loan for NRI or PIO
The bank ensures that no part payment charge is being imposed on a person who is planning to pay off his or her loan before the due date. Thus, now a non – resident Indian can apply and avail a home loan through online medium. Before you start, make sure that you have gathered considerable knowledge in this regard. Make sure you have all the documents with you prior to applying for a bank loan so that you do not have to waste your valuable time searching for them.
Armaan is the India Lead Editor for Forbes Advisor. He has more than a decade’s experience working with media and publishing companies to help them build expert-led content and establish editorial teams. At Forbes Advisor, he is determined to help readers declutter complex financial jargons and do his bit for India's financial literacy. You can club your spouse’s income with your income to be eligible for the loan amount requested for.
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