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.

*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.