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Deutsche Bank personal loan Eligibility

Deutsche Bank offers online personal loan up to Rs. 15 Lakhs for all your personal financial needs. To meet the Deutsche Bank personal loan eligibility criteria, you must be aged between 25 to 60 years and earning a monthly take home income of at least Rs. 25,000.

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Deutsche Bank personal loan Eligibility

The first thing to consider while applying for a Personal loan is whether you satisfy the eligibility criteria of the bank. The eligibility criteria mentioned by the lender depends on the age, income, nationality etc. These criteria are used to filter the applicants who the bank finds eligible to pay off the loan. Deutsche bank asks for the below eligibility criteria from Personal loan applicants.

  • Existing customers: Deutsche bank provides Personal loan only to existing customers.
  • Employment: Deutsche bank requires the applicants to have a certain monthly income. Self-employed businessmen might not be able to avail this loan.
  • Income: The applicant should have a minimum income of INR 25,000 to be eligible for the Personal loan.
  • Experience: The applicant should have a minimum of 2 years of work experience to be eligible for Personal loan with Deutsche bank.
  • Age: The Personal loan is available for applicants only between the age 25-60.
  • Credit score: The applicant should have a minimum credit score of 750.
  • Other requirement: The applicant should have a telephone at both the place of residence and office.

Features of Deutsche Bank Personal Loan

Before applying for the Personal loan, you will have to understand the features offered by the bank for the Personal loan. The features offered can differ between different banks, products and even type of applicants. It is important to consider how different features can impact your eligibility and the credibility for your application. Below are some features of the Personal loan by Deutsche bank. 

PurposeThe Personal loan by Deutsche bank can be used for any purpose as required by the applicant. You can utilise the loan for medical purposes, wedding expenses, business purpose, higher education expense etc.   
Maximum amountDeutsche Bank offers Personal loans for amount ranging from INR 50,000 to INR 15,00,000. The amount that you can avail depends on your income, requirement, eligibility etc.
Processing feesThe processing few differs as per the Personal loan application. The processing fee for Personal loan is up to 2% of the loan amount.
Interest rateThe rate of Interest applicable on a Personal loan depends on a lot of factors such as loan amount, income, eligibility, tenure etc. The bank offers both floating rate and fixed rate Personal loans. The rate of Interest starts from 24%.
Loan tenureThe max tenure that can be availed for Deutsche Bank Personal loan is 48 months.
SecurityThe bank does not require any form of collateral for scaling a Personal loan.
Pre-paymentPre-payment of Personal loan is permitted. On case of floating rate Personal loan, there are no prepayment charges and part-payment is allowed. In case of Fixed-rate Personal loan, part-payment is not allowed. If full prepayments is done within a year of disbursement, 5% of the remaining amount is charged as foreclosure fee. In case pre-payment is done after 1 year of disbursement, 3% of remaining amount is charged.
Cheque/NACH bounce chargesINR 500 per bounce

Additional Reading: How to login epfo member portal?

Documents required for Deutsche Bank Personal Loan

Deutsche Bank will no approve your Personal loan simply based on your application form. The bank will need to scrutinise your application carefully to validate your details. To do this, the bank requires documents concerning your identity, income etc. The bank will use your documents to verify whether the claims you have made in your application are true or not and will. The documents asked also depend on your eligibility and type of application. Below are the documents mandatory for any kind of Personal loan application.

KYC documents:

Identity Proof - Anyone(  Pan Card,  Aadhaar, Passport, Valid Driving License, Voter ID Card )

Proof of Address - Anyone (Aadhaar, Voter ID Card, Valid Driving License, Valid Passport, Utility Bill (Electricity / Telephone / Mobile - not more than 60 days old)

Income proof:

  • Last 6 months bank statement
  • Salary slips

Other documents:

  • Processing fee cheque
  • 2 passport sized photographs

Additional Reading: How to login epf passbook?

Factors affecting Deutsche Bank Personal loan eligibility

As Personal loans are unsecured, the bank places a major focus on your eligibility criteria in order to approve your loan. The bank will scrutinise every aspect of your application to ensure that the loan can be repaid on time. There are a lot of factors that can impact the Personal loan eligibility depending on the type of application. Below are some factors that can impact your Personal loan application.

Age and tenure:

Your age coupled with your tenure is a very important factor of your Personal loan application. If an applicant around the age of 57 wants to apply for a long tenure loan, the bank naturally will consider the number of years that the applicant will still be earning to pay off the loan. The eligibility of such an applicant will be lower as compared to an applicant around the age of 35 who wants to go for the same tenure. Likewise, an applicant as young as 25 years of age won't be earning a large amount to be considered for a low tenure loan. This way, your age and tenure can massively impact your Personal loan application.

Loan amount:

The eligibility of your Personal loan depends on your ability to repay the loan amount through EMI's. Your EMI depends heavily on your loan amount. A higher loan amount means a higher EMI and can naturally, mean a higher responsibility of payment. That is why a higher loan amount can mean a lower eligibility for the Personal loan. Make sure that you are only choosing the loan amount as per your requirement.

Credit score:

A credit score is a very important measure of your credibility. Personal loans being unsecured, the bank absolutely needs you to provide a credit score to prove your credibility for the Personal loan. A credit score is calculated using all your previous finances. Your prior credits, payments, income, investments etc will all impact your credit score. A high credit score means better credibility. A high credit score means that you have been handling your finances well and you have repaid all your prior credits on time. A high credit score will thus increase the eligibility of your Personal loan application. The bank requires a cibil score of 750 or more to be eligible for the Personal loan.

Disposable income:

It is not just your income that has to satisfy the EMI, but your disposable income. The bank requires that you pay your EMI without fail. For this purpose, the EMI needs to be enough that it does not burden your income. Also, the bank understands that you will have certain liabilities attached to your income. For this reason, the bank will carefully analyse your finances to determine your liabilities and dependencies. They will figure out the monthly average income you are left with after satisfying the liabilities. This will be your disposable income and will determine how much EMI you can pay for your Personal loan. A higher disposable income will have higher eligibility.

Missed payment:

The bank will go through all your credit history when you apply for a Personal loan. If the bank finds any missed payment instance in your credit history, your application will be negatively impacted. This is because a missed payment can be indicative of poor credibility. Moreover, a missed payment also lowers your credit score. Some banks have it specifically mentioned in their eligibility that a cheque bounce history will not be eligible for a Personal loan.

Existing loan:

The bank will be wary of providing you with the Personal loan if they find that you already have existing unpaid loans. An existing loan means you are already burdened with one EMI. Availing another loan would mean additional burden on your income. You will have to prove to the bank that you will be able to handle multiple EMI's through your income.

 

Tips to increase Deutsche Bank Personal loan Eligibility

Personal loans might be quicker to avail, but the bank still needs to carefully analyse your application to ensure that you are a creditworthy individual. As mentioned above, there are a lot of factors that might impact your Personal loan eligibility. Below are some tips that will help increase your Personal loan eligibility.

Get a financial assessment:

The eligibility of your Personal loan depends on your capability of paying the Personal loan EMI. For this reason, it is important to figure out your disposable income, from which you will be paying your Personal loan EMI. Getting a professional assessment of your finances will help you to determine exactly how much your liabilities are and how much of a burden is there on your finances. It will help you to determine how much of your income can be utilised for your EMI.

Take care of existing loans:

The bank will hesitate to provide you with a Personal loan if they find that you have existing unpaid loans as it would mean burdening your income with multiple EMI's. It would be better to consider paying off your existing loans entirely before you apply for this one. If that's not possible, try to increase the tenure of the existing loan so that your EMI is reduced.

Plan beforehand:

Your credit history and credit score is very important for your Personal loan application. For this, it is important to maintain a good credit history and increase your credit score. To do this, you have to start planning for the Personal loan beforehand, if you have the slightest inkling that you may have to apply for one in the near future. If unexpected, it's still prudent to do proper planning and check out various options and products to ensure that you are going for the most ideal product. You can do this by applying for the Personal loan with MyMoneyMantra. MyMoneyMantra helps you to decide between the number of products and vendors for Personal loan.

Go for a higher tenure:

The eligibility for your Personal loan application is heavily dependent on your EMI amount. The EMI amount is calculated using your loan amount, interest and tenure. A high tenure naturally means a lower EMI amount. A lower EMI increases your eligibility as a lower EMI means less burden on your finances and requires lesser disposable income. A high tenure also means more time to pay off the loan, which further helps the bank to trust your application.

Apply with a co-applicant:

Applying for a Personal loan with a co-applicant can be very helpful for your Personal loan application. When you apply with a co-applicant, both of your income are added to act as the total income for your Personal loan eligibility. A higher-income will naturally increase the eligibility for your Personal loan. Also, the responsibility for repayment lies with the both of you. Hence, the bank places more trust in your repayment. If the co-applicant has a higher credit score, the eligibility for your Personal loan application increases as well.

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Deutsche Bank personal loan Eligibility FAQs

What are the documents required for Deutsche Bank Personal loan?

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The bank requires documentary proof so they can validate the details mentioned in your Personal loan application. Below are the documents that the bank will generally for in case of a Personal loan application.

KYC documents:

Identity Proof - Anyone(  Pan Card,  Aadhaar, Passport, Valid Driving License, Voter ID Card )

Proof of Address - Anyone (Aadhaar, Voter ID Card, Valid Driving License, Valid Passport, Utility Bill (Electricity / Telephone / Mobile - not more than 60 days old)

Income proof:

  • Last 6 months bank statement
  • Salary slips

Other documents:

  • Processing fee cheque
  • 2 passport sized photographs

How is the rate of Interest to be applicable on my Personal loan calculated?

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The rate of Interest on your Personal loan depends on a lot of factors such as income, type of loan, age, tenure, eligibility etc. The higher your income, the higher the possibility of availing a low rate of interest. Also, a high tenure can also mean a higher rate of interest. Your credit score can also impact your Personal loan application. A high credit score can also mean a lower rate of Interest as a credit score is considered a very important factor in your Personal loan application.

Who can apply for a Personal loan with Deutsche Bank?

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Deutsche Bank is a leading global financial service provider. In order to apply for a Personal loan with Deutsche bank, you must be an existing customer with the bank. You must be within 25-60 years of age and need to be a salaried employee in a private or government institution. You also should have a minimum of 2 years of experience in the current job and should have a minimum income of INR 25,000. You also need to own a telephone in your personal as well as office premises.

What are the benefits of applying for a Personal loan with Deutsche Bank?

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Deutsche Bank provides Personal loan for existing customers. The bank offers quick application and processing for Personal loans. As customers are already existing, the bank does not require additional details in order to provide you with the Personal loan. The bank also offers competitive rates of Interest(floating or fixed rate) along with high tenures so that repayment of the Personal loan is easier. The bank also provides a high amount of loan, as high as INR 15,00,000 so that the borrowers can easily repay the loan as per their convenience.

What is the difference between a co-applicant and a guarantor for Personal loan?

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A co-applicant is an individual who has applied for the loan along with the primary applicant. As such, the co-applicant is also a co-borrower and is also responsible for the repayment of the loan irrespective of whether the primary applicant has paid the amount or not. A guarantor, however is an individual who assures the bank that the applicant /borrower will repay the loan amount on time and will abide by the terms of the loan. A guarantor may or may not need to provide a collateral for the Personal loan. The guarantor will be held responsible for the loan repayment only in case the primary applicant is unable to pay back the loan amount and defaults.

What is the difference between floating rate personal loan and fixed-rate personal loan?

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In the case of a fixed rate personal loan, the rate of interest remains fixed throughout the tenure of the Personal loan. However, in the case of floating rate personal loans, the rate of interest can change as per the change in market lending rates. In case the rate of Interest changes, the company will try to increase your tenure to keep your EMI the same. However, in cases where it is not possible to increase the tenure, your EMI amount will change. Most companies now offer only the option of floating rate personal loans.

Is it beneficial to choose the lowest possible EMI for my Personal loan?

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The lowest possible EMI means the highest tenure possible. The higher your tenure, the higher your rate of interest as well. That is why the lowest possible EMI can mean that you end up paying a lot more total amount and more Interest. Using a Personal Loan EMI calculator can help you determine the ideal EMI and also display the total amount of interest to be repaid for the entire tenure. This ensures that you are aware of all the aspects of the repayment before you finalize your application.

What is meant by prepayment of the Personal loan?

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Pre-payment means paying off the Personal loan amount before the end of its tenure. Pre-payment can be either full pre-payment or part prepayment. Part-prepayment is not allowed for Deutsche Bank fixed rate Personal loan. Full pre-payment can be done at 5% of the remaining loan amount in case of prepayment within 1 year and 3% in case prepayment is done after 1 year. For floating rate Personal loans, pre-payment is allowed at nil charges. Part-prepayment is also allowed.

Why should I apply for a Personal loan with MyMoneyMantra?

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MyMoneyMantra is a third party vendor that provides you with complete guidance on Personal loan applications. We simplifies the application process by breaking it down into easily understandable steps. MyMoneyMantra provides you with a comparison between different products of different banks and institutions and lists the ones most ideal for your requirements. We also resolves any queries you might have related to the Personal loan application process right up to the disbursement.