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Who is eligible for Deutsche Bank Personal Loans?

Deutsche Bank Personal Loan Eligibility

The personal loan of Deutsche Bank can be availed by eligible applicants provided they meet the eligibility criteria set by the bank in this regard. This eligibility criterion includes various parameters like age of the applicant, relationship with the bank, Income of the applicant, etc.

The details of the eligibility for a personal loan of the bank are discussed below.

Eligible Applicant

The eligible applicants for Deutsche Bank are the salaried individuals that are employed with reputed organizations whether in the government or private sector.

Age of the Applicant

The bank requires the applicants to meet the age restrictions set by the bank to be eligible for the personal loan. These age restrictions are tabled hereunder.

Category

Age 

Minimum Age

25 years

Maximum Age

60 years

Relationship with the Bank

The bank requires the applicant to have an account with any of the branches of the bank to be eligible for the personal loans of the Bank. The applicants need to have a savings account with the bank to apply for their personal loans.

The income of the Applicant

The income parameter is another crucial criterion for the applicant to be eligible for the loan. Deutsche Bank requires the bank to have a minimum income of Rs. 25,000 to be eligible for the personal loan of the Bank.

Other requirements

The additional requirement for a personal loan of the bank is providing an active telephone number. The applicant needs to provide a valid and active mobile number. Additionally, the applicant can also provide active telephone numbers for the residence and the office of the applicant.

What are the highlights of the personal loan of Deutsche Bank?

The personal loans of the Deutsche Bank are tabled below.

Category

Details

Amount of Loan 

  • Minimum – Rs. 50,000
  • Maximum – Rs. 15,00,000

Tenure

  • Minimum – 12 months (1 year)
  • Maximum – 48 months (4 years)

Processing Fees

Up to 2% of the loan amount

Prepayment Charges

Fixed-Rate Loans

  • 5% of principal outstanding if the loan closed within 1 year from date of loan disbursed
  • 3% of principal outstanding if the loan closed after 1 year from date of loan disbursed

Floating Rate Loans

  • Nil prepayment charges

Part Payment Charges

Fixed-Rate Loans

Part-payment not allowed

Floating Rate Loans

Part-payment allowed

Penalty Interest

24% per annum overdue or unpaid amount

What are the documents needed for the personal loan of Deutsche Bank?

Deutsche Bank requires the applicants to provide certain documents that have to be submitted along with a duly filled application form to complete the application for further processing.

The details of such documents are mentioned below.

Identity Proof

Any of the following documents can be submitted as identity proof,

Address Proof

The applicant can submit any of the following documents as address proof

  • Passport
  • Driving License
  • Job Card issued by NREGA (duly signed by State Government Officer)
  • Voter ID
  •  Aadhaar Card/ UIDAI Letter

Age Proof

Along with identity proof, age proof is also required. The applicant can submit any of the following documents,

  • Birth Certificate
  • PAN Card
  • Aadhaar Card/ UIDAI Letter
  • Voter ID
  • Passport

Signature Proof

The applicant can submit any of the following documents as signature proof

  • Passport
  • Driving License
  • Pan card
  • Banker’s Certificate

Income Proof

Income proof is part of every loan application. The documents to be submitted for income proof of the salaried applicant are,

  • Latest 3 months Deutsche Bank Statement
  • Latest Salary Slip
  • Latest 3 months Salary Account Statement if account not held with Deutsche Bank.

What is a personal loan?

A personal loan is a general-purpose loan that can be sanctioned to any eligible person to meet their personal expenses of any nature like a wedding in the family, education of self or any family member, travel expenses, home repairs or renovation expenses, etc.

These loans can be processed quickly and do not require lengthy documentation to be approved. This helps the borrowers to meet any urgent financial needs and at affordable rates of interest.

What is a personal loan eligibility calculator?

Personal Loan eligibility calculator is a tool available on the website of the bank. This tool enables the applicant to get an estimate of the personal loan amount that can be sanctioned to them based on their eligibility. The applicant needs to submit the following inputs for the personal loan eligibility calculator.

  • Age of the applicant
  • Current Monthly Income of the applicant
  • Current monthly expenses
  • External liabilities (if any) 
  • Loan amount
  • Tenure of the loan

This tool also functions as the EMI calculator for most lenders. Applicants can get the estimated EMI to be paid for the loan proposed and thus plan for their expenses accordingly

Overview of Deutsche Bank

Deutsche Bank is a German bank having an international presence in about 70 countries. It has a huge customer base and many products and services that cater to retail banking, corporate banking, investment, insurance, NRI banking and more. The loan products of the bank include hassle-free personal loans that can be availed by eligible applicants. These loans are available at reasonable interest rates for a comfortable repayment period to ensure that it does not put any burden on the borrowers.

FAQs – Personal Loan Eligibility – Deutsche Bank

1. What is the maximum personal loan limit of Deutsche Bank?

A. The maximum personal loan amount of Deutsche Bank is Rs. 15,00,000 (Rs. 15 lakhs).

2. Can a self-employed person apply for a personal loan from Deutsche Bank?

A. No. Personal Loans of Deutsche Bank can be sanctioned only to salaried persons having their salary accounts with any branch of the bank. If the salaried person does not have his/her account with the bank, the personal loan can be sanctioned after providing necessary documents provided it is approved by the bank.

3. Can a person apply for a personal loan even if the credit score is low?

A. Yes. A person can apply for a personal loan even if the credit score is low however, the rate of interest on such loans will be higher and the loan will be sanctioned provided it is approved by the bank.

4. What are the age restrictions for the personal loan of Deutsche Bank?

A. The minimum age requirement for Deutsche Bank is 25 years and the maximum eligible age is 60 years.

5. Is part-payment allowed in personal loans?

A. Yes. Part payments are allowed only in case of floating personal loan. Fixed-rate personal loans are not applicable for part payments.

6. Can a person be eligible for the personal loan of the bank if they do not telephone number?

A. No. Deutsche Bank requires the applicants to provide a valid telephone number of their residence as well as their office.

7. How can a person repay the personal loan of Deutsche Bank?

A. A person can repay the personal loan of Deutsche Bank through standing instructions to debit the account held by the borrower with the bank.

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