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IDBI Bank Personal Loan

Bank Name
Interest Rate Range
Processing Fee Range
Loan Amount
Tenure Range
IDBI BANK
12.75% - 13.75% Fixed
1% One time fee
50,000 - 10L
1-5 Years
Response Time Within 30 minutes
What you'll love
Documents
Perks
Think about
Fees & Charges
Eligibility Criteria

IDBI Bank Personal Loan is Rated as "Excellent!" by 24 Users

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Personal Loan BYTES FROM OUR KITCHEN

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

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IDBI Bank Personal Loan Minimum Age

At least 22 years old

IDBI Bank Personal Loan Maximum Age

Less than 60 years old

IDBI Bank Personal Loan Eligible Employment Type

Salaried / Self – Employed
with regular income

IDBI Bank Personal Loan Minimum Income

Earn more than the minimum
income required


Your IDBI Bank Personal Loan amount eligibility is based on these factors

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IDBI Bank Personal Loan Minimum Salary

Minimum income required
Rs.20,000 per month

IDBI Bank Personal Loan Maximum Loan Funded

Maximum allowed personal loan is Rs. 10 lakhs

IDBI Bank Personal Loan EMI

EMIs of other loans lower
your eligibility


Increase your eligible IDBI Bank Personal Loan amount by these steps

01
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IDBI Bank Personal Loan Payoff Outstanding Credit Card Bills

Pay off your credit card bills

“IDBI

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 12 Feb 2016

IDBI Bank Personal Loan Details
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

Industrial Development Bank of India (IDBI) Overview

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.

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 Rs. 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 Rs. 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 Rs.150
Duplicate statement Rs. 115
PDC replacement charges Rs.575 on every Swap per instance
ECS/Cheque return charges Rs.300
Property documents copy Rs. 225
CIBIL copy Rs. 50
Foreclosure charges 2% plus taxes within first 6 months of repayment. No charges thereafter.

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.

There is a dedicated EMI Calculation Tool in the BankBazaar website. The tool i.e. the Personal Loan EMI Calculator, can be accessed from the homepage in the ‘Financial Tools’ sub-category at the top of the page.

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.

  • Am I eligible 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.

  • How do I repay IDBI Personal loan?

    You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.

  • What is the maximum loan one can get from IDBI?

    IDBI offers personal loans as high as Rs. 10 Lakhs for successful applicants depending on their financial record and repayment history.

  • What is the tenure for IDBI personal loan?

    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.

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