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IDBI Bank Limited is one of the country’s biggest commercial banks. It has been operational for more than 40 years as the very first apex development financial institution (DFI) from the 1st of July 1964 to the 30th of September 2004. It thereafter operated as a full service commercial bank from the 1st of October 2004. There are multiple IDBI Bank financial services offered to customers along with other IDBI Bank banking services. In its role of a DFI, it expanded its realm from project financing to cover multiple services contributing towards geographical industry distribution and backward area development. It converted into a banking company in 2004 and undertook the entire spectrum of banking activities along with the secular DFI role.
About IDBI Bank
The merger of the IDBI Bank with IDBI Limited (its parent company) took place on the 2nd of April 2005 and the merger of the United Western Bank Limited with IDBI Bank took place on 3rd October 2006.
Technological expertise is the very forte at the bank and this tech savvy, new generation institution now offers multiple services across corporate, SME, retail and agri products and services. The majority stake in the bank is held by the Government of India.
Touching the lives of 30 million Indians countrywide, it has swiftly diversified into offering a wide range of online banking services along with using a cutting edge information technology platform. There are a wide variety of IDBI Bank loans on offer along with thoughtfully structured financial products that are both innovative and personalized. Customized banking solutions are offered to customers throughout multiple delivery channels by the bank along with a structured process which saves time and hassles involved in regular banking procedures. The bank is headquartered in Mumbai and in addition to project financing and core banking domains, operates in associated financial sectors like investment banking, capital markets and mutual fund businesses. It is committed towards becoming the Bank of Choice and the most valued financial conglomerate in addition to generating wealth and value for all its stakeholders. There is a core banking IT platform along with a large network of ATMs and branches spread throughout the country. There is an overseas branch at Dubai along with several other representative offices across the globe which are in the offing for the future.
Vision & Mission
The vision for the bank is to be able to enhance value for customers and all stakeholders along with offering enhanced fulfillment for customers with best in class financial solutions and top notch service. It also aims at touching more lives with a forever expanding retail presence while maintaining its position in infrastructure and corporate financing. Core values include transparency, reliability, ethical transactions while there is a marked emphasis on usage of world class systems, technologies and processes for boosting efficiency and exceeding customer expectations. It is also driven by a tertiary mission of becoming a greener bank.
IDBI Bank loans
There are several IDBI Bank loan schemes available for customers. Here’s taking a look at a few of them:
1. IDBI Bank Home Loan- Home loan solutions at the bank are designed to offer greater convenience for customers with a customized approach. The biggest IDBI Bank loan advantages are its transparency, quick processing of loans, in-depth knowledge and expertise and innumerable customized features to meet all requirements. Maximum loan amounts of INR 20 lakhs merit funding up to 90% of the property while loans between INR 20-75 lakhs merit funding up to 80% of the cost of the property. Loans above INR 75 lakhs receive funding up to 70% of the total loan amount.
Maximum repayment period for salaried professionals is 30 years while it is 20 years for self employed professionals. Loans are provided for purchasing ready/under construction properties through direct allotment or resale. Composite loans are offered for plot purchase and construction of residential units thereon. Loans are also provided for renovation/improvement of existing homes. Home loans are also offered for extending existing homes. When it comes to loan eligibility, self employed professionals should have attained 25 years of age and maximum age at the time of loan termination should not be more than 70 years. For salaried individuals, 22 is the minimum age limit with 70 years as the maximum upper limit. These are 25 and 65 years for businessmen. IDBI Bank lending rates are flexible and tailored to meet customer convenience to the fullest.
Major advantages include in-principle approval even before the property is selected along with property search assistance and due diligence of the same. There are already approved projects for greater convenience and flexible repayment options including step up and down facility, tranche based IDBI Bank home loan EMI and more.
2. IDBI Bank Personal loan- Personal loans are offered for a variety of purposes including consumer purchases, renovation of home, marriages, urgent educational or hospitalization expenses and foreign travel. These even come in handy when it comes to arranging earnest money for applying for plots/homes along with margin money funding to get a home loan or loan against property. Both salaried and self employed professionals/businessmen can avail of personal loans with several income eligibility slabs on offer.
3. IDBI Bank Loan against Property- These loans involve mortgaging residential, industrial or commercial property to get a loan for meeting home buying/other requirements. These loans are given for home purchases along with extensions/improvements of existing property along with several other purposes such as expansion of business, educational needs, marriages, medical treatment, etc. Loans up to INR 10 crore are provided and maximum loan tenures are 15 years. 1% of the loan amount is charged as processing fee along with service tax if applicable.
Funding is provided up to 65% of the market value of the property in case it is residential and self occupied while up to 55% is provided of the market value of the property in case it is residential and leased out. 50% is the maximum provided on the market value of the property in case it is an industrial/commercial property. Existing customers can expect more funding in special cases. First charge on the mortgaged property through equitable mortgage against which the loan is advanced is the primary security required along with selectively required liquid collaterals by way of hypothecation/pledge and assignment as per individual cases.