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
You’re probably eligible for an IDBI Bank Personal Loan if you are
At least 22 years old
Less than 60 years old
Salaried / Self – Employed
with regular income
Earn more than the minimum
Your IDBI Bank Personal Loan amount eligibility is based on these factors
Minimum income required
Rs.20,000 per month
Maximum allowed personal loan is Rs. 10 lakhs
EMIs of other loans lower
Increase your eligible IDBI Bank Personal Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 60 Months
Documentation needed to apply for an IDBI Bank Personal Loan
- 1. Signed application form with photograph
- 2. Copy of passport/voter ID card/driving license
- 3. Processing fee cheque
- 4. Last 3 months bank statement/6 months bank passbook
- 5. Documentation for salaried applicants:
- Latest salary slip
- Current dated salary certificate with the latest Form 16
- 6. Documentation for self-employed applicants:
- Latest Bank statement
- Latest ITR or Form 16
IDBI Bank Personal Loan Interest RatesUpdated on 29 Aug 2015
|Interest Rate (Fixed)||13.00% to 14.00%|
|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.|
|Guarantor Requirement||No Guarantor Required|
IDBI Personal Loan
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.
About IDBI personal loan
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.
Why choose IDBI personal loan?
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.
Features of IDBI personal loan
IDBI personal loans are available as 3 variants:
- Salaried and self-employed professionals
- 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
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.
Why choose BankBazaar for IDBI personal loan application?
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.
How to apply through BankBazaar for IDBI personal loans?
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.
What are the interest rates on IDBI personal loan?
Interest rates on IDBI Personal Loan starts from 13.25%. The various applicable interest rates are:
- 13.75% (BR + 3.50%) Fixed interest rate applicable for salaried customers with salary a/c in IDBI Bank.
- 14.25% (BR + 4.00%) Fixed interest rate for salaried professionals not having salary a/c in IDBI Bank.
- 13.25% (BR + 3.00%) Fixed interest rate for salaried and self-employed professionals and salaried individuals, who have previously received Loan Against Property/ Home Loan from IDBI Bank.
|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.|
What is the eligibility criteria for IDBI personal loan?
For personal loans for salaried and self-employed professionals
- Aged between 22 years and 58 years.
- (Salaried) At least ?20,000 Annual Average Balance ( bove criteria.
- (Self-employed) AAB of ?25,000, and at least ?2,40,000 in annual net income.
- Minimum loan amount is ?50,000 and maximum loan amount of ?10,00,000.
- 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.
For salaried in-built OD a/c and in-built OD IDBI Pensioners a/c
- Aged between 22 years and 58 years. Age up to 70 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.
How do I calculate IDBI Personal Loan EMI?
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.
Frequently asked questions (FAQ) on IDBI personal loan
How do I check my loan status?
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.
Where can I find the IDBI personal loan application form?
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.
Can I check my IDBI personal loan statement online?
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.
What are the pre-closure charges and the pre-closure 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.
Is there any limit to the total sanctioned amount?
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.
What documents will I have to submit when applying for personal loans from IDBI Bank?
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.
How do EMIs work?
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.
How do I contact customer care for more details on IDBI Personal Loans?
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.