• IDBI Bank Personal Loan Interest Rates

    IDBI Bank offers personal loans for salaried and self-employed individuals up to Rs. 5 lakh at attractive interest rates between 8.30% - 11.05% p.a. as floating interest rates and between 9.50% p.a. - 14% p.a. as fixed interest rates. In the case of salaried individuals, the maximum age to avail a personal loan is 60 years or the age of retirement (whichever is earlier) and 75 years is the maximum age for pensioners. Customers can choose a tenure between 1-5 years and a processing fee of 1% + GST of loan amount is charged.

    Particulars Details
    Interest Rate 8.30% p.a. onward for floating and 9.50% p.a. -14% p.a. for fixed
    Processing Fee 1%
    Loan Tenure From 12 months to 60 months
    Loan Amount Up to Rs. 5 lakh (Terms & conditions applicable)
    Employment Status Confirmed employees and pensioners
    Lowest EMI per Lakh Rs.2,042 per lakh for a tenure of 60 months
    Pre-Payment/Foreclosure Charges 1% -2% of the outstanding loan amount chargeable

    *Please refer to the ‘Other Fees and Charges’ section below for more details on the foreclosure charges.

    Other Fees and Charges

    • Pre-payment or Foreclosure Charges
      • If the loan is closed before 12 months from the date of disbursal of the loan amount – 2% of the outstanding loan amount + applicable taxes
      • If the loan is closed after the completion of 12 months but before 24 months from the date of disbursal of the loan amount – 1% of the outstanding loan amount + applicable taxes.

      Factors affecting IDBI Personal Loan Interest Rates

      • Personal loan amount - Based on the amount of personal loan applied for, the interest rate might be changed beyond the advertised rate for specific customers or categories of customers. A higher loan amount could cause a lower or higher rate of interest
      • Tenure of the personal loan - Based on the discretion of the bank, a longer tenure might have a lower or higher rate of interest
      • Repayment capacity - IDBI Bank keeps a tab on the income and consequently the repayment capability of a customer. Depending on amount of cash inflows and transactions carried out by a customer, the bank might offer some leniency on personal loan interest rates
      • Income - Income plays an important part in making sure if one is eligible for applying for the personal loan. Additionally, the bank may change the interest rate for a personal loan based on the income of a customer
      • Assets - Presence of fixed and movable financial assets play a crucial loan in improving the financial picture of one’s life. Based on the same, IDBI Bank might provide a preferential rate of interest for personal loans
      • Relationship with the bank - An existing customer of IDBI Bank is bound to get preference when applying for a personal loan and the bank might consider providing a better rate of interest to the customer. Additionally, overdraft types of personal loans from IDBI bank have a limit of five times the monthly net salary or pension for the customer
      • CIBIL scores - Approval of a personal loan takes one’s credit history into account. So, the CIBIL score might also work in favour of getting a better interest rate from the bank

      Illustrations

      1) Mr. Raj is a resident of Gurugram who works in a multi-national company. He draws a monthly salary of Rs.50,000. He has taken a personal loan of Rs.5 lakh through IDBI Bank. He has availed the loan for a tenure of 5 years. The rate of interest applicable on his loan amount is 10.10% p.a. The amortisation schedule for the personal loan taken by Mr. Raj can be shown as follows:

      For a salary of Rs.50,000 per month

      Loan Amount Rs.5 lakh
      Processing Fee 1%
      Loan Tenure 5 years or 60 months
      Interest Rate 10.10% p.a.
      Month Principal Paid (A) (Rs.) Interest Paid (B) (Rs.) Total Payment (A+B) (Rs.) Outstanding Loan Balance (Rs.)
      1 6,440 4,208 10,648 4,93,560
      2 6,494 4,154 10,648 4,87,066
      3 6,549 4,099 10,648 4,80,518
      4 6,604 4,044 10,648 4,73,914
      5 6,659 3,989 10,648 4,67,254
      6 6,715 3,933 10,648 4,60,539
      7 6,772 3,876 10,648 4,53,767
      8 6,829 3,819 10,648 4,46,938
      9 ,886 3,762 10,648 4,40,052
      10 6,944 3,704 10,648 4,33,107
      11 7,003 3,645 10,648 4,26,104
      12 7,062 3,586 10,648 4,19,043
      13 7,121 3,527 10,648 4,11,922
      14 7,181 3,467 10,648 4,04,740
      15 7,242 3,407 10,649 3,97,499
      16 7,303 3,346 10,649 3,90,196
      17 7,364 3,284 10,648 3,82,832
      18 7,426 3,222 10,648 3,75,406
      19 7,488 3,160 10,648 3,67,918
      20 7,551 3,097 10,648 3,60,366
      21 7,615 3,033 10,648 3,52,751
      22 7,679 2,969 10,648 3,45,072
      23 7,744 2,904 10,648 3,37,328
      24 7,809 2,839 10,648 3,29,519
      25 7,875 2,773 10,648 3,21,645
      26 7,941 2,707 10,648 3,13,704
      27 8,008 2,640 10,648 3,05,696
      28 8,075 2,573 10,648 2,97,621
      29 8,143 2,505 10,648 2,89,478
      30 8,212 2,436 10,648 2,81,266
      31 8,281 2,367 10,648 2,72,985
      32 8,351 2,298 10,649 2,64,635
      33 8,421 2,227 10,648 2,56,214
      34 8,492 2,156 10,648 2,47,722
      35 8,563 2,085 10,648 2,39,159
      36 8,635 2,013 10,648 2,30,524
      37 8,708 1,940 10,648 2,21,816
      38 8,781 1,867 10,648 2,13,035
      39 8,855 1,793 10,648 2,04,179
      40 8,930 1,719 10,649 1,95,250
      41 9,005 1,643 10,648 1,86,245
      42 9,081 1,568 10,649 1,77,164
      43 9,157 1,491 10,648 1,68,007
      44 9,234 1,414 10,648 1,58,773
      45 9,312 1,336 10,648 1,49,462
      46 9,390 1,258 10,648 1,40,071
      47 9,469 1,179 10,648 1,30,602
      48 9,549 1,099 10,648 1,21,053
      49 9,629 1,019 10,648 1,11,424
      50 9,710 938 10,648 1,01,714
      51 9,792 856 10,648 91,922
      52 9,874 774 10,648 82,047
      53 9,958 691 10,649 72,090
      54 10,041 607 10,648 62,048
      55 10,126 522 10,648 51,922
      56 10,211 437 10,648 41,711
      57 10,297 351 10,648 31,414
      58 10,384 264 10,648 21,030
      59 10,471 177 10,648 10,559
      60 10,559 89 10,648 0

      Mr. Raj will be paying off an amount of Rs.10,648 on a monthly basis for the EMIs of the personal loan. The total amount payable by him is Rs.6,43,888. The total interest amount paid by him will be Rs.1,38,888.

      2. Mrs. Carolina Diniz is a PSU employee. She earns a monthly salary of Rs.25,000. She has availed a personal loan of Rs.1 lakh through IDBI Bank. The loan has been availed for a tenure of 5 years. The rate of interest charged on the loan is 10.10% p.a. The amortisation schedule for Mrs. Coldwater’s personal loan is given below:

      For a salary of Rs.25,000 per month

      Loan Amount Rs.1 lakh
      Processing Fee 1%
      Loan Tenure 5 years or 60 months
      Interest Rate 10.10% p.a.
      Month Principal Paid (A) (Rs.) Interest Paid (B) (Rs.) Total Payment (A+B) (Rs.) Outstanding Loan Balance (Rs.)
      1 1,288 842 2,130 98,712
      2 1,299 831 2,130 97,413
      3 1,310 820 2,130 96,104
      4 1,321 809 2,130 94,783
      5 1,332 798 2,130 93,451
      6 1,343 787 2,130 92,108
      7 1,354 775 2,129 90,753
      8 1,366 764 2,130 89,388
      9 1,377 752 2,129 8,010
      10 1,389 741 2,130 86,621
      11 1,401 729 2,130 85,221
      12 1,412 717 2,129 83,809
      13 1,424 705 2,129 82,384
      14 1,436 693 2,129 80,948
      15 1,448 681 2,129 79,500
      16 1,461 669 2,130 78,039
      17 1,473 657 2,130 76,566
      18 1,485 644 2,129 75,081
      19 1,498 632 2,130 73,584
      20 1,510 619 2,129 72,073
      21 1,523 607 2,130 70,550
      22 1,536 594 2,130 69,014
      23 1,549 581 2,130 67,466
      24 1,562 568 2,130 65,904
      25 1,575 555 2,130 64,329
      26 1,588 541 2,129 62,741
      27 1,602 528 2,130 61,139
      28 1,615 515 2,130 59,524
      29 1,629 501 2,130 57,896
      30 1,642 487 2,129 56,253
      31 1,656 473 2,129 54,597
      32 1,670 460 2,130 52,927
      33 1,684 445 2,129 51,243
      34 1,698 431 2,129 49,544
      35 1,713 417 2,130 47,832
      36 1,727 403 2,130 46,105
      37 1,742 388 2,130 44,363
      38 1,756 373 2,129 42,607
      39 1,771 359 2,130 40,836
      40 1,786 344 2,130 39,050
      41 1,801 329 2,130 37,249
      42 1,816 314 2,130 35,433
      43 1,831 298 2,129 33,601
      44 1,847 283 2,130 31,755
      45 1,862 267 2,129 29,892
      46 1,878 252 2,130 28,014
      47 1,894 236 2,130 26,120
      48 1,910 220 2,130 24,211
      49 1,926 204 2,130 22,285
      50 1,942 188 2,130 20,343
      51 1,958 171 2,129 18,384
      52 1,975 155 2,130 16,409
      53 1,992 138 2,130 14,418
      54 2,008 121 2,129 12,410
      55 2,025 104 2,129 10,384
      56 2,042 87 2,129 8,342
      57 2,059 70 2,129 6,283
      58 2,077 53 2,130 4,206
      59 2,094 35 2,129 2,112
      60 2,112 18 2,130 0

      Mrs. Carolina Diniz will be paying off an amount of Rs.2,129 or Rs.2,130 per month towards EMIs of the personal loan. The total amount that she would be paying off is Rs.1,28,778. This includes the interest amount which is Rs.27,778.

      Frequently Asked Questions (FAQs)

      1. I am a self-employed professional. Can I apply for a personal loan through IDBI Bank?

      Yes, you can apply for a personal loan through IDBI Bank. However, to be eligible for the loan you will be required to have an established asset or liability relationship with the bank.

      2. What is the minimum income criterion for salaried individuals?

      The minimum income criterion for a salaried individual who wants to avail a personal loan through IDBI Bank is to have an annual net income of Rs.1.8 lakh.

      3. What is the minimum income criterion for SEP borrowers?

      The minimum income criterion for a SEP borrower who wants to avail a personal loan through IDBI Bank is to have an annual business income of Rs.3.6 lakh.

      4. I am a pensioner. What is the maximum loan amount that I can avail through IDBI Bank?

      You can avail a maximum loan amount of Rs.3 lakh if you take a personal loan through IDBI Bank.

      5. Can I avail a top-up loan in addition to my existing IDBI Bank Personal Loan?

      Yes, you can avail a top-up loan over and above your existing IDBI Bank Personal Loan. However, it is subject to certain conditions. You must have been holding the loan account with the bank for at least 12 months and you must have a repayment record which is clear.

        

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