Frequently Asked Questions

• Q1. Who is eligible to apply for an IDS Personal Loan?

  Currently, IDS extends Personal Loans only to Salaried and Self Employed customers.

• Q2. How do I avail of a Personal Loan?

  You may walk into the IDS branch to apply for a Personal Loan or reach IDS Customer Support Executive who can help you apply for a Personal Loan. Alternatively, you may call our Phone Banking number and we will arrange for a IDS representative to visit you.

• Q3. What documents are required for applying for a Personal Loan?

  For applying for a Personal Loan, you will need to provide: KYC Documents Proof of Identity (any one) • Passport • Election/Voter’s ID • Permanent driving licence • Government employee ID card • Defence ID card • Permanent Account Number (PAN) card • Aadhaar card • Ration card • National Rural Employment Guarantee Act (NREGA) job card Proof of Address (any one) • Passport • Election/Voter’s ID • Permanent driving licence • Ration card • Society outgoing bill (only from registered societies) • Electricity/Water/Telephone bill • Gas bill (pipeline connection only) • Property tax bill • Domicile certificate with address issued by Municipal Corporation • Registered rent/lease agreement (registered with State Government or similar registration authority) Financial Documents • Latest salary slip (mandatory) • Bank statements of the primary account for the last 12 months (mandatory) • Acknowledged IT return (latest) for one year (optional) • Latest Form 16 (optional) • P&L account and balance sheet for the last 2 years certified/audited by a C.A. (mandatory) • Acknowledged IT returns for the last 2 years (mandatory) • Bank statements of the primary account for the last 12 months (mandatory)

• Q4. How much can the customer borrow?

  IDS currently offers Personal Loans ranging from Rs.10,000 to Rs.5,00,000.00. The loan amount and the tenure for individual cases are based on the sole discretion of the IDS FINANCIAL SERVICES PRIVATE LIMITED. Your Customer Relationship Manager or our representative can meet up with you and work out the eligible amount.

• Q5. What are the costs associated with availing of a Personal Loan?

  As a Personal Loan customer, you will need to pay processing fees along with servicing interest on the loan. The processing fee (and applicable service tax) on the Personal Loan will be deducted from the loan amount disbursed.

• Q6. Can I change my loan repayment instrument?

  Yes. You can change the repayment instrument issued to IDS Financial Services Private Limited for servicing the equated monthly instalment of your Personal Loan. Eg: Post-dated Cheques to ECS, ECS of X bank to ECS of Y bank. You can change the repayment instrument after paying the charges mentioned in the Tariff Sheet.

• Q7. How will I receive the disbursed amount?

  The disbursed amount will be issued as account payee cheque or credited to your bank account as mentioned in the Personal Loan application form as per IDS internal policy. In certain loan takeover cases, the Cheque will be issued to you in the name of the other financial institution (from where the loan has been taken over).

• Q8. Can I avail of a partial disbursement?

  The loan amount would be disbursed at one go. An option for partial disbursement is not available.

• Q9. What are the likely dates for repayment through Equated Monthly Instalment (EMI)?

  The EMI date can be 1st ,5th or 10th of the month depending on the date of disbursal.

• Q10. How is the EMI calculated?

  The Applicant would be charged interest on the Personal Loan amount in EMI (Equated Monthly Instalment) at the rate set out in the agreement. Interest will accrue on a monthly basis and will need to be paid on dates set out in the agreement.

• Q11. What happens if a customer misses the payment on the due date?

  The customer needs to pay the EMI on the due date. Non-payment of EMI would impact, but will not be limited to:
  
  Credit rating (reporting to Credit Information Companies (CICs)) - This will have an impact on other credit facilities availed of from IDS ,other Financial Institutions and banks
  
  The IDS may initiate recovery proceedings to recover the dues apart from the late payment charges

• Q12. Do I have an option to fore-close a loan?

  You can fore-close the Personal Loan any point of time after disbursement after sending us an intimation in writing and pay in accordance with the prepayment amount confirmation given by the IDS

• Q13. Once the loan is repaid and the outstanding has been cleared, will the IDS send me some confirmation?

  The IDS issues its customer a No Due Certificate on closure of the loan.

• Q14. Can I make a partial prepayment towards my Personal Loan?

  Yes. You can partially prepay loan disbursed amount. Any payment would attract prepayment charge of 4% of the amount prepaid or as per terms detailed in your Personal Loan agreement.

• Q15. Will my EMI amount change once I have made a partial prepayment?

  You have the option of either continuing with the same EMI and thus repay the loan earlier than the sanctioned tenure OR reduce your EMI. If you wish to change your monthly EMI, please visit the IDS office to complete the necessary documentation. You will need to issue us a revised EMI Cheque or ECS (Electronic Clearing System) mandate for the revised EMI amount.

• Q16. What is the minimum and maximum tenure for an HSBC Personal Loan?

  The minimum tenure for Personal Loan is 6 months and the maximum tenure is 60 months. We offer Personal Loans with flexible tenure of upto 60 months (i.e. tenure from a minimum of 6 months onwards with additional block of 6 months. You can choose a tenure ranging from 12, 18, 24, 30, 36, 42, 48, 54 or 60 months).

• Q17. I have CIBIL problem can I get personal?

  Yes, certain cases IDS will sanction personal loan who has credit rating problem.

• Q18. How much I can get as a personal loan

  Please use this calculator (hyper link) check your eligibility which is may vary at the time of availing the loan based on document and other criteria.