IDBI Bank Limited (IDBI) is an Indian financial service company head quartered in Mumbai, India. It is currently 10th largest development bank in the world in terms of reach with 2413 ATM's, 1413 branches including one overseas branch at DIFC, Dubai and 996 centers including two overseas centres at Singapore & Beijing. Personal Loan from IDBI Bank is targeted to the Salaried Individuals and Self Employed Professionals. To know more, follow some simple steps given below to get attractive deals
You’re probably eligible for an IDBI Bank Personal Loan if you are
At least 22 years old
Less than 60 years old
Salaried / Self – Employed
with regular income
Earn more than the minimum
Your IDBI Bank Personal Loan amount eligibility is based on these factors
Minimum income required
Rs.20,000 per month
Maximum allowed personal loan is Rs. 10 lakhs
EMIs of other loans lower
Increase your eligible IDBI Bank Personal Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 60 Months
Documentation needed to apply for an IDBI Bank Personal Loan
- 1. Signed application form with photograph
- 2. Copy of passport/voter ID card/driving license
- 3. Processing fee cheque
- 4. Last 3 months bank statement/6 months bank passbook
- 5. Documentation for salaried applicants:
- Latest salary slip
- Current dated salary certificate with the latest Form 16
- 6. Documentation for self-employed applicants:
- Latest Bank statement
- Latest ITR or Form 16
IDBI Bank Personal Loan Interest RatesUpdated on 30 Nov 2015
|Interest Rate (Fixed)|| BR + (3.00% to 4.00%) ie., 12.75% to 13.75% |
Base Rate - 9.75%
|Processing Fees||1% of the loan amount +applicable taxes|
|Loan Tenure||60 Months|
|Pre-closure Charges||2.00% + applicable taxes. After 6 months the charges are NIL.|
|Guarantor Requirement||No Guarantor Required|
IDBI Personal Loan
IDBI Bank, formerly the Industrial Development Bank of India, is a public sector financial services bank operating out of Mumbai, Maharashtra. It is among the 27 commercial banks owned by the government of India, and in terms of reach it is in the top 10 development banks around the world. IDBI operates more than 1600 branches and 1100 centres, apart from a scattering of international presence in countries like UAE, China, and Singapore.
About IDBI personal loan
IDBI personal loans are available for salaried individuals and self-employed professionals. The loans are meant to meet any expected or unexpected financial requirements such as marriages, house renovation, a child’s education, paying credit card dues, hospitalization expenses, holidays and various other things. Also, loan money from IDBI may come in handy when looking for funds for applying to other schemes of the bank such as Earnest Money and Margin Money – meant for buying properties.
Why choose IDBI personal loan?
IDBI bank, with its wide network of branches in the country, apart from a scattering of centres and branches overseas,is a good option for applying for personal loans .
The plans are available for two basic categories- Salaried and Self-employed professionals; these can be availed from any of IDBI branches.
IDBI is among the fastest growing public banks in India. It is a high-achieving bank that has also been featured in the coveted Fortune 2000 Top Companies in the World (#1197). It has also received awards such as ‘Best Public Sector Bank’ and ‘Overall Best Bank’ - Dun & Bradstreet banking awards. Apart from this, IDBI has also been at the forefront of business intelligence usage as well as providing best in class services in risk management.
Features of IDBI personal loan
IDBI personal loans are available as 3 variants:
- Salaried and self-employed professionals
- Salary a/c in IDBI with built-in Overdraft (OD) facility
- Salary a/c in IDBI with built-in OD facility to IDBI Bank Pensioners
Loans are available up to a maximum of ?10 lakhs, with flexible tenures ranging from 12 months to 60 months. Professionals over 22 years of age (at application) and under 60 years (at time of loan maturity) can apply for a IDBI Personal Loan. IDBI Bank offers competitive interest rates and has a speedy application processing system in place.
What are the interest rates on IDBI personal loan?
Interest rates on IDBI Personal Loan starts from 13.25%. The various applicable interest rates are:
- 13.75% (BR + 3.50%) Fixed interest rate applicable for salaried customers with salary a/c in IDBI Bank.
- 14.25% (BR + 4.00%) Fixed interest rate for salaried professionals not having salary a/c in IDBI Bank.
- 13.25% (BR + 3.00%) Fixed interest rate for salaried and self-employed professionals and salaried individuals, who have previously received Loan Against Property/ Home Loan from IDBI Bank.
|Documentation fees||? 5,000|
|Processing fee||1% of overall loan amount plus taxes|
|Loan Tenure||12 months to 60 months|
|Age limit||21 years to 58 years|
|Processing time||7 days|
|Credit Administration fees||5% of loan amount or ? 7,500, whichever is lower|
|Overdue interest rates||36% per annum; in-built OD 2.5% p.a.; Pensioners OD 2.5%p.a.|
|Interest paid certificate||? 150|
|Duplicate statement||? 115|
|PDC replacement charges||? 575 on every Swap per instance|
|ECS/Cheque return charges||? 300|
|Property documents copy||? 225|
|CIBIL copy||? 50|
|Foreclosure charges||2% plus taxes within first 6 months of repayment. No charges thereafter.|
What is the eligibility criteria for IDBI personal loan?
For personal loans for salaried and self-employed professionals
- Aged between 22 years and 58 years.
- (Salaried) At least ?20,000 Annual Average Balance ( bove criteria.
- (Self-employed) AAB of ?25,000, and at least ?2,40,000 in annual net income.
- Minimum loan amount is ?50,000 and maximum loan amount of ?10,00,000.
- The maximum available loan duration here is 60 months.
- After 12 months of uninterrupted loan repayment, customers will have the option of availing a Top-Up Loan.
For salaried in-built OD a/c and in-built OD IDBI Pensioners a/c
- Aged between 22 years and 58 years. Age up to 70 years for IDBI pensioners.
- Maximum loan amount is 5 times of net salary.
- Overdraft facility of 1 year for IDBI pensioners, 2 years for salaried account holders.
How do I calculate IDBI Personal Loan EMI?
There is a dedicated
On reaching the EMI calculator page, you will see two scales marked as “Loan Amount” and “Tenure”. Drag the scale to the relevant amount and loan tenure that you are looking to pay. Under the scales, there are two boxes marked “Interest Rate” and “Processing Fee”. Both are self-explanatory and the exact figures may be entered by you.
On entering the details and clicking “Calculate”, you will be taken to a new page with charts and graphs that show you the loan breakup, amortization, and repayment details in a visually attractive and easy-to-understand way.
IDBI personal loan FAQs
- Am I eligible for IDBI Personal Loan?
- How do I repay IDBI Personal loan?
- What is the maximum loan one can get from IDBI?
- What is the tenure for IDBI personal loan?
IDBI Personal Loan offers personal loans only for salaried individuals earning more than the minimum stipulated amount per month depending on the city of their residence. The minimum monthly income required for IDBI Personal Loan is Rs. 20,000 per month. If you fall into this group, you can definitely apply for a IDBI personal loan.
You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.
IDBI offers personal loans as high as Rs. 10 Lakhs for successful applicants depending on their financial record and repayment history.
IDBI offers personal loan with a tenure period ranging from 12 months to 60 months making it suitable for all loan seekers.
*This article is provided only for consumer information on an as is where is basis and BankBazaar does not claim or represent to be connected with IDBI. For further information about any of the products mentioned above please contact IDBI.