IDBI Bank Personal Loan Interest Rates

Other Fees and Charges

1. Pre-payment or Foreclosure Charges-
   1. 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
   2. 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.

How to Apply for an IDBI Bank Personal Loan  

Getting a personal loan from IDBI Bank is a relatively simple and fast process. You will be able to complete a loan request in three simple steps:   

1. Step 1: Call: Just initiate your personal loan request by calling the bank’s service through phone banking. This can be done by calling the toll-free number 1800-209-4324 or the 24x7 helpline of 1800221070 for your assistance. The bank’s representative will help you further.   

1. Step 2: Go to the Branch: Go to your nearest IDBI Bank branch to fill out the loan application form and produce the required documents. The staff at the bank will show you how to complete this process.   

1. Step 3: Wait for a Callback: Once your application is submitted, the bank will contact you back. They will take you through the next stages of completing your loan application and if you have any questions and safe that loan up for you real fast! 

When Can You Use an IDBI Personal Loan? 

Personal loan from IDBI Bank is a versatile financial option that can be used for a variety of expected and unexpected expenses. Whether it is a family celebration or a must-happen expense, the IDBI personal loan provides you with financial flexibility when you need it the most.   

Here are some examples of expected and unexpected expenses where an IDBI Bank personal loan may come in very handy: 

1. Medical Emergency: Unexpected medical commodities can wreak havoc on your finances, especially when your health insurance coverage is insufficient. An IDBI personal loan provides immediate access to funds for surgeries, treatments, or post-hospitalization treatment, relieving you of any financial stress. 

1. Home Renovation: When you want to renovate or repair your home for purposes like functionality or aesthetics, or even for safety, you may be faced with a large financial burden. Using a personal loan means you have an opportunity to upgrade your living space without overtly detracting from savings or impacting long-term investments. 

1. Family Wedding: Weddings can be one of life's more joyous occasions, but also one of life's more expensive events. Between the venue, catering, jewelry, and luncheons, a personal loan can allow you to enjoy aspects of the wedding celebration that you deem necessary whilst managing some of the high-ticket elements. 

1. Managing Margin Money: When you buy a home or a vehicle, you usually have to arrange for margin money (down payment) from your own resources. In these cases, an IDBI personal loan can fill the gap, so that you can finalize your purchase without damaging your financial situation.   

1. Travel: Before you tap into your reserve and emergency funds, a personal loan can help you with all parts of trading (tickets, hotel accommodation, sightseeing and shopping) for a family vacation or solo trip.  

1. Additional Education Expenses: Whether it is tuition or exam fees, coaching classes, or international education spending, a personal loan can help students and parents manage expenses.  

1. Money for Property Acquisition: Property purchases also require payment of money suddenly, and you need to have it on hand as soon as possible. A personal loan can help you to make the payment in time so you do not lose a good opportunity to buy a property. 

Factors affecting IDBI Personal Loan Interest Rates

1. 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
2. Tenure of the personal loan - Based on the discretion of the bank, a longer tenure might have a lower or higher rate of interest
3. 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
4. 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
5. 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
6. 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
7. 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 6.0% p.a. The amortisation schedule for the personal loan taken by Mr. Raj can be shown as follows:

A good credit score can help you secure lower interest rates on loans and credit cards.

Get Free Credit Score