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  • IDBI Bank Personal Loan Preclosure

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  • IDBI Bank offers you the option of closing your personal loan account before the end of the original tenure. On choosing this option, the bank will inform you regarding your outstanding loan balance. If you want to foreclose your personal loan, simply call up the bank on their customer care number and ask them if you are eligible to do so.

    The bank will take you through the process step-by-step. However, we’ve listed a few things that could help make this process a seamless and smooth one. Read on to find out how you can close your IDBI loan ahead of time and save money.

    IDBI Bank Personal Loan Pre-Closure or Prepayment Fees and Charges

    • If you terminate the loan within 12 months from the date of disbursement, you will have to pay a fee of 2% of the loan amount outstanding. Taxes will be extra.
    • If you terminate the loan between 12 to 24 months from the date of loan disbursement, you will have to pay a foreclosure fee of 1% of the amount outstanding. Taxes will be extra.
    • There are no pre-closure charges if you foreclose the loan after 24 months from the date of disbursement.
    No. Of Months From Loan Disbursement Pre-Closure Charges
    Less than 12 months 2% of the outstanding balance
    Between 12 to 24 months 1% of the outstanding balance
    After 24 months No charge

    Points to Note While Pre-Closing Your IDBI Bank Personal Loan

    • You have to tell the bank your loan account number to initiate the closure process. So, keep this number in hand when you visit the bank.
    • The bank may ask you to pay the remaining amount through a cheque, so remember to take your chequebook along.
    • Also, carry valid ID proofs as they are also required.
    • Once the process is done, collect your acknowledgement receipt and make sure it is kept safe.

    How to Pre-Close or Foreclose Your IDBI Bank Personal Loan

    • Find a branch that’s close to you, visit the branch, and find out how much you have to pay to close your account.
    • Pay the outstanding balance using the means required by the bank.
    • Complete all the other necessary formalities to terminate your account.
    • Once you get the acknowledgement of the account closure, find out how many days it will take for it be closed.
    • Follow up with the bank to make sure the account is successfully closed within the stipulated time.

    Steps to Locate the Nearest IDBI Bank Loan Centre for Pre-Closure

    To close your account, you have to physically go down to one of the bank’s branches. Locating a branch office close to you is a simple process. The steps to find the nearest one are given below:

    • Go to the bank’s official website.
    • On the top right-hand-side of the page, you will find a tab labelled “Customer Care”. Click on it.
    • On the page that opens up, look for the “Branch & ATM” section. Click on this.
    • This will open up a new page. From the drop-down options on this page, select your state and district.
    • Then, click on the “Select Branch” tab.
    • You will get a list of all the branches in the area you’ve selected.
    • From this list, you can select the one that is closest to you.

    IDBI Bank makes sure that the process of pre-closing your loan account is simple and quick. As long as you have the money to repay the entire balance in one shot, you can go for it. but make sure you’re not using up all your savings in doing so. Also, if you wait for at least 2 years, you can close it without paying any prepayment fee.

    What Does Pre-Closure or Prepayment of Personal Loan Mean?

    Prepayment, foreclosure, or pre-closure is a facility that many banks provide to customers who want to terminate their personal loans ahead of schedule. When you apply for a loan, you have to choose your loan tenure as well.

    At some point during the tenure, if you find yourself with extra cash, you can make use of this facility to terminate your loan before the end of the original tenure. This way, you will be able to save money since you won’t have to pay interest for the remaining loan duration.

    Loan foreclosure is a great option, but in some cases, the bank will charge you a fee for using this facility. For example, if the fee is 5% on the outstanding balance of Rs.5 lakh, you will have to pay Rs.25,000 to pre-terminate the loan.

    Calculate how much you will save on interest if you terminate the loan now. See if the savings are greater than the foreclosure cost. Terminate your loan early only if the benefits outweigh the costs.

    About IDBI Bank

    IDBI Bank Ltd. Is a full-service universal bank that caters to the financial needs of lakhs of Indians in both the personal banking and corporate banking sectors. The bank has been offering its services for more than 50 years and is one of the popular banks in India. With an aim to offer the best and most relevant services to its customers, the bank offers a vast network of branches, ATMs, and digital services.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Personal Loan Reviews

    • IDBI Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      IDBI has offered me a personal loan. The process to get the loan is good and they processed the loan on time and as required. The rate of interest and processing charges is nominal. The after loan services are also hassle free. In all good and satisfactory.
      Was this review helpful? 1
      , pune
      Reviewed on Aug 07, 2019
    • IDBI
      IDBI Personal Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      The interest rate is little higher for the personal loan when compared to other banks. I have taken this loan in IDBI BANK before 1.5 years. I am very much satisfied with the loan process. The loan duration is 1.5 years and they did charge some processing fee which was pretty reasonable. They requested for few hard copy for processing the loan.
      Was this review helpful? 2
      , bangalore
      Reviewed on May 13, 2019
    • IDBI Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I took one personal loan from IDBI bank , and their customer service is good and response is also good , my loan amount is 2L and EMI amount is 6818k and tenure is 3yearsand rate of interest is nominal , last one years back I have taken this personal loan,
      Was this review helpful? 6
      , bangalore
      Reviewed on Apr 16, 2019
    • IDBI Personal Loan
      "Suitable personal loan in emergency time"
      0.5 4.5/5 "Excellent!"
      I am a salary account holder in IDBI bank . Based on my profile , IDBI offered me a personal loan up to my expectation . Within 5 days of time . I got more than 3 lakhs with the ROI is less than 16.5 % and for a tenure of 48 months . In IDBI , i got a good customer service.
      Was this review helpful? 5
      , bangalore
      Reviewed on Mar 09, 2019
    • IDBI Personal Loan
      "Nice experience"
      0.5 4.0/5 "Great!"
      IDBI is good in the personal loan process. I was contacted on time and collected the documents. They offered a good deal on the rate of interest and processing charges when compared to the other banks. The after loan services is also good and satisfactory.
      Was this review helpful? 6
      , chennai
      Reviewed on Jan 31, 2019
    • IDBI Personal Loan
      "Average loan service"
      0.5 4.0/5 "Great!"
      I taken my personal loan with IDBI 10 months back. Loan amount got sanctioned the delay of 10 amount. I have applied the amount of Rs. 3 lakhs for that they have offered me a interest rate of 13% which is higher and I'm not satisfied with it. I selected the tenure period for 2 years. I have been paying the EMI of 13 K every month. I make the payment through ECS.
      Was this review helpful? 10
      , bangalore
      Reviewed on Dec 05, 2018
    • IDBI Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The IDBI bank has mingled with the AIR CORPORATION EMPLOYEES BANK,which has approved me a personal loan and they have disbursed the loan amount on time. The required loan amount has been disbursed and I am satisfied with it. The rate of interest and the charges are average with the AIR CORPORATION EMPLOYEES BANK.
      Was this review helpful? 16
      , mumbai
      Reviewed on Jan 29, 2018
    • IDBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The customer service is better with IDBI bank,when compared with HDFC and ICICI banks . The rate of interest is nominal with IDBI when compared with other banks. The part payment is available with IDBI bank. I am satisfied with the IDBI service
      Was this review helpful? 15
      , new delhi
      Reviewed on Oct 09, 2017
    • IDBI Personal Loan
      "SATISFACTORY"
      0.5 3.0/5 "Satisfactory"
      IDBI is okay in the rate of interest. I got the interest rate of 14% for the personal loan with the processing fee of 800 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? 12
      , ahmedabad
      Reviewed on Sep 20, 2017
    • 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? 5
      , 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? 6
      , 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? 9
      , 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? 9
      , 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? 4
      , 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? 5
      , 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? 2
      , 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? 4
      , 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? 4
      , 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? 6
      , 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? 2
      , rajapalayam
      Reviewed on Jan 22, 2016
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