• IDBI Bank Personal Loan Interest Rates

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    IDBI Bank offers personal loans for salaried and self-employed individuals up to Rs. 5 lakh at attractive interest rates between 8.15% and 10.90% p.a. as floating interest rates and between 9.50% and 14.00% 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 Floating: 8.15% p.a. onwards
    Fixed: 9.50% p.a. onwards
    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.

    A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.

        

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