IDBI personal loans are available as 3 variants:
• Salaried, self-employed professionals and pensioners
• Salary a/c in IDBI with built-in Overdraft (OD) facility
• Salary a/c in IDBI with built-in OD facility to IDBI Bank Pensioners
| Interest Rate | Floating: 8.15% p.a. to 10.90% p.a. Fixed: 9.50% p.a. to 14% p.a. |
| Processing Fees | 1% of the loan amount plus applicable taxes |
| Loan Tenure | 60 Months |
| Pre-closure Charges | 2.00% + applicable taxes. After 6 months the charges are NIL. |
| Guarantor Requirement | No Guarantor Required |
The interest rate on personal loans and its variants offered by IDBI Bank are as mentioned below. These rates are applicable from 1 May 2021.
The applicable interest rates are given below:
| Pension Account with overdraft facility (For retired IDBI Staff) | 8.15% p.a. |
| Salary / Pension Account with overdraft facility (For others) | 10.90% p.a. |
| Credit score | Salaried or pension accounts with IDBI Bank | Employees of Central/State Government/ Public Sector Undertaking/ MNCs who do not have a salary account with IDBI Bank | All other Salaried employees | Self Employed professionals (SEP) having asset relationship with IDBI Bank | Self Employed Non-professionals having asset relationship with IDBI Bank |
| 801 &above | 9.50% | 10.00% | 12.00% | 12.25% | 12.50% |
| 776 to 800 | 9.75% | 10.25% | 12.25% | 12.75% | 13.00% |
| 740 to 775 | 10.75% | 11.25% | 13.25% | 13.75% | 14.00% |
| 700 to 739* | 11.75% | NA | NA | ||
| -1 | 10.75% | NA | |||
• Aged between 21 years and 60 years. Maximum age for pensioners is 75 years.
• Salaried:Rs.1.8 lakh p.a.
• Self-employed:Rs.3.6 lakh p.a.
• Minimum loan amount is Rs.25,000 and maximum loan amount is Rs.5 lakh.
• The maximum available loan duration here is 60 months.
• After 12 months of uninterrupted loan repayment, customers will have the option of availing a Top-Up Loan.
• Aged between 22 years and 65 years. Age up to 75 years for IDBI pensioners.
• Maximum loan amount is 5 times of net salary.
• Overdraft facility of 1 year for IDBI pensioners, 2 years for salaried account holders.
Have a share or any other security in your name? You can utilise these securities purchased in your name to apply for a loan. IDBI Bank offers loans against securities that can be availed at attractive interest rates. Under this scheme, one can apply for an optional overdraft facility if required. The bank provides loans to those who have purchased mutual funds, life insurance policies, dematerialised equity shares, Kisan Vikas Patra, RBI bonds, national savings certificates, etc. The loan limit will depend on the market value of the securities.
There is a dedicated EMI calculation tool in our website. The personal loan calculator can be accessed from the homepage in the ‘Financial Tools’ sub-category at the top of the page.
On reaching the EMI calculator page, you will see two scales marked as “Loan Amount” and “Tenure”. Drag the scale to the relevant amount and loan tenure that you are looking to pay. Under the scales, there are two boxes marked “Interest Rate” and “Processing Fee”. Both are self-explanatory and the exact figures may be entered by you.
On entering the details and clicking “Calculate”, you will be taken to a new page with charts and graphs that show you the loan breakup, amortization, and repayment details in a visually attractive and easy-to-understand way.
• Am I eligible for IDBI Personal Loan?
IDBI Personal Loan offers personal loans only for salaried individuals earning more than the minimum stipulated amount per month depending on the city of their residence. The minimum monthly income required for IDBI Personal Loan is Rs. 20,000 per month. If you fall into this group, you can definitely apply for a IDBI personal loan.
• How to check IDBI Personal loan status?
You can check the idbi personal loan status by going into the website of IDBI Bank. There you need to key in the URN number, PAN, type of facility, and mobile number. Once done, the status of the loan application is displayed.
• How do I repay IDBI Personal loan?
You can repay the loan in Equated Monthly Installments (EMI’s) using the ECS facility or through post-dated cheques.
• What is the maximum loan one can get from IDBI?
IDBI offers personal loans as high as Rs. 5 lakh for successful applicants depending on their financial record and repayment history.
• What is the tenure for IDBI personal loan?
IDBI offers personal loan with a tenure period ranging from 12 months to 60 months making it suitable for all loan seekers.
• What are the reasons for which I can avail a personal loan from IDBI Bank?
Personal loans from IDBI Bank can be availed for any personal reason. Most customers who avail the loan do so to meet unforeseen financial crunches or to make payments to an increasing credit card debt. Personal loans from IDBI Bank can be taken out to meet expenses related to household purchases, immediate expenses, childrens education, hospitalisation, etc. Personal loans from the bank can also be availed to fund payments of your home loan.
• What are the documents I will have to furnish when applying for a personal loan from IDBI Bank?
Customers will have to fill in the loan application form and submit it to the bank for approval along with proof of identity, proof of residence, form 16, latest salary slip, and bank statement for the past six months. A passport sized photograph must also be affixed to the loan application form prior to submission. For proof of identity, customers may submit any one of passport, Voters ID, driving license, Defence ID card, ration card, PAN card, Government employee ID card, or Aadhaar card. For proof of address, customers may submit any one of passport, ration card, Voters ID, registered lease / rent agreement, driving license, telephone / water / electricity bill, property tax bill, or gas bill.
• How is the calculation of interest done on a personal loan?
A predetermined rate of interest will be applied to the personal loan and interest will be charged on reducing balance method. The amount of interest will be debited to your loan account on a monthly basis. Interest rates are subject to change from time to time at the discretion of the bank.
• Can anybody apply for an IDBI Bank personal loan?
Salaried individuals who have a savings account with IDBI for at least three years or preferred customers who have been banking with IDBI for a minimum of one year can avail loans from the bank. Those who do not have a bank account with IDBI can also avail a personal loan offered at fixed interest rates. However, the applicant must maintain a healthy credit score to avail a loan from the bank at a lower rate. There are other eligibility criteria that must be met for the bank to approve your application for a personal loan, such as your income, your job security, your credit score, etc. The bank will take into consideration these factors and others before confirming whether or not you have the ability to repay the loan and only then will it approve your application.
• What are the benefits of availing a personal loan from IDBI Bank?
There are many advantages to approaching IDBI Bank for a Personal loan. First and foremost, the rate of interest offered by the bank is attractive in comparison with its competitors. Interest is charged on reducing balance method, and the documentation process if fairly simple and quick. The bank also offers personalised services to customers and the borrower will not be levied with any insurance fees for loan insurance.
• How can I make repayments towards the personal loan?
Your personal loan from IDBI Bank can be repaid in EMIs by putting standing instructions / a mandate to debit your saving / salary account with the bank on a predetermined date each month.
*This article is provided only for consumer information on an as is where is basis and Bankzila does not claim or represent to be connected with IDBI. For further information about any of the products mentioned above please contact IDBI.
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