Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 1 IDBI Bank Personal Loan Interest Rates

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    12.55% Floating
    1% + applicable tax One time fee
    50K - 10L
    1-5 Years
    Response Time Within 30 minutes
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    IDBI Bank Personal Loan Interest Rates is Rated as "Excellent!" by 33 Users

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    About IDBI Bank Personal Loan

    IDBI Bank Personal Loans are loans offered to salaried, self-employed and pension receiving individuals and are aimed at fulfilling any personal needs that are not covered under traditional loan schemes offered by the bank. Be it any specific purchase, a sudden event or an arbitrary vacation, personal loans can help out. In short, personal loans from IDBI can aid in expenses that haven’t actually been planned in advance and can be useful in many situations. Personal loans from IDBI Bank are readily available through minimal documentation and low waiting periods.

    IDBI Bank Personal Loan Interest Rates

    IDBI Bank Personal Loan interest rates have varied within 2% in the past five years and the recent changes in the repo rate from RBI have resulted in a lowering of the interest rate recently. As of May 2015, the rates for personal loans from IDBI Bank could be as low as 11% or as high as 14% and are applicable for all categories of loan seekers. The interest rate could be anything within the specified range for different customers and categories of customers and will be at the sole discretion of the bank.

    IDBI Personal Loan Interest Rates 2017

    Particulars Salaried Self-Employed
    Interest rate

    Salaried/Pensioners maintaining salary/pension accounts with IDBI - 12.99% p.a.

    Salaried customers not maintaining salary accounts with IDBI Bank - 13.49% p.a.

    Self Employed Professionals having liability relationship with IDBI Bank - 13.49% p.a.
    Loan Amount For people with salary account at IDBI - Minimum: Rs.50,000 Maximum: Rs.10 lakh.
    For Pensioners - Minimum: Rs.25,000 Maximum: Rs.5 lakh, with EMI not exceeding 50% of the last credited pension amount.
    For salaried individual without salary account at IDBI - Minimum: Rs.50,000 Maximum: Rs.5 lakh
    For employees of State and Central government promoted/sponsored institutions and the 3 armed forces - Minimum: Rs.50,000 Maximum: Rs.10 lakh.
    Minimum: Rs.50,000 Maximum: Rs.5 lakh
    Loan Tenure Minimum : 12 Months Maximum : 60 Months Minimum : 12 Months Maximum : 60 Months
    Lowest EMI - -
    Processing Fee 1% of the loan amount + applicable taxes. 1% of the loan amount + applicable taxes.
    Age For salaried: Minimum age: 22 years. Maximum age: 60 years. For Pensioners: Maximum age limit is 75 years Minimum age: 22 years Maximum age: 60 years
    Prepayment/Foreclosure  Charges After 6 months, no charge. Before 6 months, at 2% of the outstanding loan amount. ? After 6 months, no charge. ? Before 6 months, at 2% of the outstanding loan amount.

    Calculating Interest on IDBI Personal Loan

    A personal loan from IDBI Bank needs to be paid back in equated monthly installments (EMIs) and every EMI consists of a portion of the principal amount as well as the interest. As the personal loan moves towards maturity, the principal portion gradually increases and at the same time, the interest portion decreases.

    The method for calculating the EMI on a personal loan can be mentioned as follows -

    E = P*r*[(1+r)^n/((1+r)^n-1)]

    Here E - Monthly EMI, r - rate of interest per month, n - number of years.

    For a ballpark figure of Rs. 1,00,000 at an interest rate of 11% with a loan tenure of 1 year, the first EMIs for the first year would be Rs. 44,191 out of which the interest will account for Rs. 3,851.

    For example, a personal loan of Rs. 10,00,000 for a period of 5 years at an interest rate of 11% from IDBI Bank would have the following scenario for the EMI to be paid (starting from August 2015) -

    Year Total Payment (INR) Balance (INR) Principal Portion (INR) Interest Portion (INR)
    2015 1,08,712 9,35,958 64,042 44,670
    2016 2,60,909 7,69,792 1,66,166 94,743
    2017 2,60,909 5,84,398 1,85,394 75,515
    2018 2,60,909 3,77,550 2,06,848 54,061
    2019 2,60,909 1,46,766 2,30,784 30,125
    2020 1,52,197 0 1,46,766 5,431

    The total of all EMIs per year doesn’t vary much, while the ratios of the principal amount and interest amount keep increasing and decreasing as the loan proceeds towards maturity

    Factors affecting IDBI Personal Loan Interest Rates

    IDBI personal loan interest rates can change for any individual who has been approved for availing a personal loan. The approval process might be dependent on several factors such as -

    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

    All the above factors notwithstanding, any change in the advertised interest rates is at the sole discretion of the bank.

    How does the CIBIL Score affect Personal Interest Rates of IDBI Bank?

    A personal loan is a great help, but also a liability at the same time. A bit of planning always helps and it especially comes in handy when dealing with CIBIL scores. Along with a credit history report, scores from CIBIL play a pivotal role in furthering the case of getting a personal loan approved from IDBI Bank. CIBIL scores range from 300 to 900 and a score above 700 is considered a good one. Scores above 750 might allow the bank to consider offering a better rate of interest to the customer. Else the rates might be higher than expected. Doing a check on the CIBIL score and fixing the same to an appreciable level might help in getting preferential interest rates.

    Key Points regarding IDBI Bank Personal Loan Interest Rates

    Availing a personal loan from IDBI Bank is easy for salaried individuals who meet the base minimum eligibility criteria, however, the following points should be borne in mind -

    • The interest rates in IDBI Bank for personal loan are subject to the repo rate of RBI and may come down further, but not with an immediate effect
    • The personal loan interest rates in IDBI Bank are fixed, not floating and are among the lowest rates available in the market
    • Many personal loans from IDBI Bank don’t require a security or a collateral, addition of such factors may not have any impact on the interest rate
    • On approaching IDBI Bank for a personal loan, the bank will already have a look at your credit score. Based on the same, the loan amounts might be vary, and there might changes in the interest rates as well
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  • IDBI Bank Personal Loan Interest Rates Reviews

    • IDBI Personal Loan
      "Best bank"
      0.5 5.0/5 "Blown Away!"
      The executive was very knowledgeable at IDBI. When I applied for a personal loan, I only had to send him one email with all the necessary documents. From my statements to my ID and address proof and income proof as well. The process was smooth and I got the loan on time without any issues, unlike the experience I had at PNB housing finance.
      Was this review helpful? 0
      , faridabad
      Reviewed on Aug 05, 2017
    • IDBI Personal Loan
      "Good Process"
      0.5 5.0/5 "Blown Away!"
      About fifteen years ago I had taken the personal loan from IDBI bank. The interest rate for the personal loan is around 15.5%. Document part is very simple and the bank sanctioned the loan amount on time. I am very much happy with IDBI for the personal loan.
      Was this review helpful? 2
      , indore
      Reviewed on Jun 22, 2017
    • IDBI Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      IDBI is good in the rate of interest. I got the interest rate of 9.8% for the personal loan with the processing fee of 1% of the loan amount. Documentation process is very simple and it is surely a recommendable bank. Even they maintain good customer service.
      Was this review helpful? 2
      , bangalore
      Reviewed on May 27, 2017
    • IDBI Personal Loan
      "Fabulous"
      0.5 5.0/5 "Blown Away!"
      I got the personal loan with the IDBI and they have provided me around 13% as interest rate . Customer service is good and the processing charges were around 3500 Rupees , which does not inclusive of insurance . The loan amount got disbursed to my account within ten days of time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 26, 2017
    • IDBI Personal Loan
      "Smooth process"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from IDBI and it was a smooth process. I got a good offer on the rate and charges and the process was very clear and on time. I also got the loan I was needing and the after loan services was also smooth. The documentation was also nominal.
      Was this review helpful? 1
      , kolkata
      Reviewed on Dec 27, 2016
    • IDBI Personal Loan
      "Dont apply before a year"
      0.5 2.0/5 "Expected more"
      A general piece of advise to all, dont approach IDBI if you dont hold an account with them nor if the age of your account is less than one year. As it happened in my case when I had placed a request for this online I did not get any sort of response from them. When I phoned the bank I got to know that they were unable to process my loan as the age of my account is less than a year.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 17, 2016
    • IDBI Personal Loan
      "Easy process for loan"
      0.5 5.0/5 "Blown Away!"
      I am a existing customer at IDBI Bank. The services are good from them. I have taken a personal loan and it was a simple process. They provided a good rate of interest on the loan. It was of 11.75%. The processing charges was of 1%. It was completed with minimal documentation too.
      Was this review helpful? 1
      , jajpur
      Reviewed on Aug 17, 2016
    • IDBI Personal Loan
      "Instant approval on loan"
      0.5 4.0/5 "Great!"
      The service provided was really good with IDBI related to the personal loan application being submitted.The interest rate applied was high with IDBI which was around 18%.They are best in processing the documents related to the loan application.
      Was this review helpful? 1
      , jamshedpur
      Reviewed on May 06, 2016
    • IDBI Personal Loan
      "Low in rate for loan...."
      0.5 4.0/5 "Great!"
      First and foremost thing to approach the IDBI bank is their customer service. Next to that the interest rate for the personal loan where that is around 13.25% on reducing basis. Nothing shared about insurance so I have not taken insurance for the loan.
      Was this review helpful? 0
      , tiruchirapalli
      Reviewed on Feb 19, 2016
    • IDBI Personal Loan
      "Best offer for their account holders...."
      0.5 5.0/5 "Blown Away!"
      I am an employe of IDBI Bank so, they offered staff loan which is personal loan. I got my loan without any interest as well as processing. But the thing loan amount which was very less. They offered only 2000rs even though I would recommend them to others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 09, 2016
    • IDBI Personal Loan
      "Very responsive..."
      0.5 4.0/5 "Great!"
      I just approach IDBI Bank over through phone in terms of personal loan. They responded well. Their service also good when I visited the branch. After the verification they updated every thing about my loan. Rate of interest offered by them was 11 to 12% and I am comfortable with them.
      Was this review helpful? 0
      , rajapalayam
      Reviewed on Jan 22, 2016
    • IDBI Personal Loan
      "TAT was very short..."
      0.5 5.0/5 "Blown Away!"
      I have taken the personal loan amount of 2 lakhs and for that they provided interest rate of 12.25%. Actually I have an account with IDBI so the processing charge is zero percent. Customer service is too good. Total process took only a week time post my application.
      Was this review helpful? 1
      , mudhol
      Reviewed on Jan 15, 2016
    • IDBI Personal Loan
      "Excellent Services"
      0.5 5.0/5 "Blown Away!"
      My personal loan is from IDBI Bank. The services was very good from them. The response is good too. They offered a very good rate of interest. The processing charges was good too. I received the loan within seven days. Very good experience.
      Was this review helpful? 2
      , karnal
      Reviewed on Nov 23, 2015
    • IDBI Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I took the personal loan from IDBI with the rate of interest of 12% and they took only 15 days to disbursed the loan amount. We can do the pre closure of the loan soon after 3 months also without any charges.
      Was this review helpful? 0
      , kolkata
      Reviewed on Oct 01, 2015
    • IDBI Personal Loan
      "Quickly Done"
      0.5 5.0/5 "Blown Away!"
      I closed my Personal Loan with IDBI bank. They have quickly processed my loan amount which I have taken 3-4 lakhs from them. Since I am holding my saving account with them there was no much documents collected from me. The bank executive has visited me for signing my papers and I just given 2 photo copies of mine.
      Was this review helpful? 4
      , mumbai
      Reviewed on Aug 27, 2015
    • IDBI Personal Loan
      "Great Service!"
      0.5 5.0/5 "Blown Away!"
      I took a personal loan with IDBI Bank in Feb 2015. I took a loan amount of 2 lakhs with the tenure of 3 years. Since I am holding a salary account with them, they collected only minimal documents. I got the loan amount dispersed in 15 days.Apart from that the customer service and response was well offered from them.
      Was this review helpful? 2
      , ahmedabad
      Reviewed on Aug 19, 2015
    • IDBI Personal Loan
      "Personal Loan IDBI Bank"
      0.5 4.5/5 "Excellent!"
      IDBI Bank (Industrial Development Bank of India) is one of Indiaâ??s leading public sector banks. Primarily established for providing credit to Indian industry, it has now started focusing on retail consumers too. I feel the service was very prompt. Interest rate was competitive.
      Was this review helpful? 5
      , jodhpur
      Reviewed on Jul 08, 2015
    • IDBI Personal Loan
      "Good interest rate"
      0.5 4.0/5 "Great!"
      My opinion about IDBI Bank personal loan process is good. Processing fee was less. Interest rate offered by them was the least in the market which is 10%. I am holding this loan for 2 months now. Service offered by them was good. The loan was quickly processed and they offered the loan within 15 days. The response provided by them was good.
      Was this review helpful? 3
      , bangalore
      Reviewed on Jul 03, 2015
    • IDBI Personal Loan
      "Average service "
      0.5 2.0/5 "Expected more"
      I tried to get a personal loan with IDBI and due to some personal loan reason I was unable to get the same loan.The customer service provided was good and they responded immediately towards the loan application.I would say overall it was a average experience and I am unable to recollect the interest rate and charges offered.
      Was this review helpful? 2
      , mumbai
      Reviewed on Jul 01, 2015
    • IDBI Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      IDBI Bank personal loan process is really good. The interest rate offered by them was 13.66% which is really good. The best portion about this bank is they are very quick in disbursing the loan. They hardly took 3 days of time to provide this loan. Processing fee charged by them was very nominal which is 1%. What ever amount I have requested they agreed to provide the same amount.
      Was this review helpful? 1
      , sri ganganagar
      Reviewed on May 26, 2015
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