IDBI Bank Limited (IDBI) is an Indian financial service company head quartered in Mumbai, India. It is currently 10th largest development bank in the world in terms of reach with 2413 ATM's, 1413 branches including one overseas branch at DIFC, Dubai and 996 centers including two overseas centres at Singapore & Beijing. Personal Loan from IDBI Bank is targeted to the Salaried Individuals and Self Employed Professionals. To know more, follow some simple steps given below to get attractive deals
At least 22 years old
Less than 60 years old
Salaried / Self – Employed
with regular income
Earn more than the minimum
Minimum income required
Rs.20,000 per month
Maximum allowed personal loan is Rs. 10 lakhs
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 60 Months
|Interest Rate (Fixed)||13.25% to 14.25%|
|Processing Fees||1% of the loan amount +applicable taxes|
|Loan Tenure||60 Months|
|Pre-closure Charges||2.00% + applicable taxes. After 6 months the charges are NIL.|
IDBI Bank, formerly the Industrial Development Bank of India, is a public sector financial services bank operating out of Mumbai, Maharashtra. It is among the 27 commercial banks owned by the government of India, and in terms of reach it is in the top 10 development banks around the world. IDBI operates more than 1600 branches and 1100 centres, apart from a scattering of international presence in countries like UAE, China, and Singapore.
IDBI personal loans are available for salaried individuals and self-employed professionals. The loans are meant to meet any expected or unexpected financial requirements such as marriages, house renovation, a child’s education, paying credit card dues, hospitalization expenses, holidays and various other things. Also, loan money from IDBI may come in handy when looking for funds for applying to other schemes of the bank such as Earnest Money and Margin Money – meant for buying properties.
IDBI bank, with its wide network of branches in the country, apart from a scattering of centres and branches overseas,is a good option for applying for personal loans .
The plans are available for two basic categories- Salaried and Self-employed professionals; these can be availed from any of IDBI branches.
IDBI is among the fastest growing public banks in India. It is a high-achieving bank that has also been featured in the coveted Fortune 2000 Top Companies in the World (#1197). It has also received awards such as ‘Best Public Sector Bank’ and ‘Overall Best Bank’ - Dun & Bradstreet banking awards. Apart from this, IDBI has also been at the forefront of business intelligence usage as well as providing best in class services in risk management.
IDBI personal loans are available as 3 variants:
Loans are available up to a maximum of ?10 lakhs, with flexible tenures ranging from 12 months to 60 months. Professionals over 22 years of age (at application) and under 60 years (at time of loan maturity) can apply for a IDBI Personal Loan. IDBI Bank offers competitive interest rates and has a speedy application processing system in place.
The whole process of loan application can be cumbersome if you don’t know what to look for and where to start. With BankBazaar, you will be in the right hands when applying for IDBI Bank personal loan.
The platform provided by BankBazaar is among the best and most comprehensive in the industry. The site provides a list of best banks in India that may be compared, checked out, or even applied to – right from the website.
There is a dedicated section on IDBI Bank personal loans, where visitors can find all the relevant information regarding loan products, interest rates, personal loan eligibility criteria , features, EMI schedules and lots of other useful data. Also, the site has been designed for all groups of users, and as such people with little knowledge of the internet can also view detailed lists of all products available to them.
Applying for a loan can be a very tiring process. You have to start with looking for the right product by checking the websites or brochures of all banks in your vicinity. But with BankBazaar, you can complete the pre-loan research in a matter of minutes. You start by selecting the options relevant to you once you have entered the basic details asked on the Home Page. The questions may include location, loan amount, residential type, age, present job, and similar easy-to-answer multiple choice queries.
On completing the loan searching process, you can select the best product for your needs and proceed toward applying by clicking on the Checkout or Enquire option.
Interest rates on IDBI Personal Loan starts from 13.25%. The various applicable interest rates are:
|Documentation fees||? 5,000|
|Processing fee||1% of overall loan amount plus taxes|
|Loan Tenure||12 months to 60 months|
|Age limit||21 years to 58 years|
|Processing time||7 days|
|Credit Administration fees||5% of loan amount or ? 7,500, whichever is lower|
|Overdue interest rates||36% per annum; in-built OD 2.5% p.a.; Pensioners OD 2.5%p.a.|
|Interest paid certificate||? 150|
|Duplicate statement||? 115|
|PDC replacement charges||? 575 on every Swap per instance|
|ECS/Cheque return charges||? 300|
|Property documents copy||? 225|
|CIBIL copy||? 50|
|Foreclosure charges||2% plus taxes within first 6 months of repayment. No charges thereafter.|
For personal loans for salaried and self-employed professionals
For salaried in-built OD a/c and in-built OD IDBI Pensioners a/c
There is a dedicated
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.
Customers can check their loan status by logging in to BankBazaar’s website and navigating to the concerned bank’s personal loan page.
Alternatively, customers may call or email IDBI’s customer care for details regarding the same.
The IDBI personal loan application form may be downloaded from the official website of IDBI Bank. This form can also be procured from the nearest IDBI Bank branch.
Alternatively, you can look for the best personal loan product from IDBI at BankBazaar.com, compare it against other banks then and apply for the same. This will take you to the appropriate page for downloading the application form.
IDBI Personal Loan statement can be checked online at the official IDBI Bank website. If you have trouble finding the details you can contact the bank to better understand the process.
Foreclosure/prepayment does not attract any prepayment charges when done after 6 months of regular loan repayment.
Foreclosure before 6 months of disbursal date will attract an additional charge of 2% of the remaining loan amount.
Customers can also opt for part pre-payment, though this action will result in being ineligible for further personal loans for the next 12 months.
Yes, loans will be disbursed within ?25,000-?5,00,000. The eligible amount will be calculated on the basis of Fixed Obligations to Income (FOIR), Net Adjusted Income (NAI), and other such factors. Ultimately, the bank is looking to provide the best repayment options that don’t strain your regular monthly expenses.
The loan application form should be submitted along with residence and identity proof, form 16, latest salary slip, and last 6 bank statements. Also, remember to carry passport-sized photographs to be attached on the loan application form.
EMI, or equated monthly instalment, includes interest and principal to be paid to the bank when repaying your loan amount. EMIs can be deducted directly from your IDBI savings bank account, or you can pay it before the monthly deadline via transfers. Also, standing instructions may be given to the bank to deduct the EMI on predetermined dates.
You can call the customer care at BankBazaar for all queries relating to IDBI personal loans. You can contact us at +91-44-43981800 between 10am to 7pm (Monday to Saturday). Alternatively, interested people can also chat with us on WhatsApp at +91-9884808231.
The support executives will be happy to help you out with your personal loan related queries, and will also guide you through the application process, if required. You can also get recommendations best suited for your personal requirements by talking to our customer support executives.
Working as a research scholar with Punjab University (PU) could make you eligible for a personal loan from the State Bank of Patiala (SPB). This proposal, currently in the pipeline, is awaiting to be tabled before the syndicate for approval as on November 22, and has rightfully gotten the PU scholar community excited. Selected research scholars who have earned the necessary nod from the University Grants Commission (UGC) are eligible for this loan- a stopgap arrangement that helps them meet their financial demands through the period between the commencement of the selected research and the official release of the corresponding grant by the commission. Aside from this, the other eligibility factors include an Indian citizenship, selection at PU for research and recommendation by the varsity for the UGC grant. The maximum loan amount of Rs.1.5 lakh will be disbursed in 12 instalments with a stipulation that Rs.12,500 be the maximum amount that can be disbursed in a month. SPB proposes to impose an interest rate of 13% per annum on the loan.
21st November 2014