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IDBI Bank offers personal loans for salaried and self-employed individuals up to Rs. 10 lakh at attractive interest rates between 12% - 14% p.a. Special offer For Pensioners on Personal loan at 9.65% p.a. rate of interest. 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 | 12% - 14% p.a. |
Processing Fee | 1% |
Loan Tenure | From 12 months to 60 months |
Loan Amount | Up to Rs.10 lakh (Terms & conditions applicable) |
Employment Status | Confirmed employees and pensioners |
Lowest EMI per Lakh | Rs.2,132 per lakh for a tenure of 60 months |
Pre-Payment/Foreclosure Charges | Nil* |
Overdue EMI Interest | 36% p.a. |
*Please refer to the ‘Other Fees and Charges’ section below for more details on the foreclosure charges.
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.
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. What is the minimum income criterion for SENP borrowers?The minimum income criterion for a SENP borrower who wants to avail a personal loan through IDBI Bank is to have an annual net income of Rs.5 lakh.
5. 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.5 lakh if you take a personal loan through IDBI Bank.
6. 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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