Urban Money

IDBI Bank Personal Loan

IDBI Bank
4.5

Whether you are looking to renovate your home or need money for your childs higher education, IDBI Bank personal loans are great solutions thanks to their reasonable repayment tenures and attractive interest rates. With interest rates starting from 9.50% p.a. and processing fees as low as 1% of the loan amount, IDBI Bank personal loans come with flexible repayment tenures which range from 1 year to 5 years.

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Personal Loan Banks

Interest Rate

Processing Fee

Rating

Loan Amount/Tenure

IDBI Bank Personal loan Interest Rate

IDBI Bank

9.5% - 14%

Up to 1%

4.5

₹25K - ₹5L

Details

Features and Benefits of IDBI Bank Personal Loan

IDBI Bank personal loans have the following features and benefits. 

  • Pensioners, government workers, and salaried staff who maintain a salary account with IDBI Bank are all eligible for personal loans tailored to their needs.
  • On decreasing balances, interest is assessed at a predetermined rate. It is charged to the loan account once a month, at the end of the month.
  • The flexibility of IDBI Bank personal loans is a huge benefit. The borrowed money can be used to pay for a wedding, travel, education, and medical expenditures, as well as to buy jewellery and other items like electronics. Simply said, it's a quick solution for you to get out of the current financial bind you're in.
  • Personal loans have reasonable interest rates, making them accessible to all borrowers. This guarantees that your EMI will remain constant for the duration of your loan.
  • Only a small amount of documents are needed to have a personal loan approved. Processing is quicker as a result.

IDBI Bank Personal Loan Overview

IDBI Bank is one of the oldest banks in India. This bank was initially a division of the Reserve Bank of India (RBI) before being given to the Indian government. The bank offers various products and services to provide its customers with the best banking experience. A borrower may avail of IDBI Bank personal loan depending on their qualifications and needs. Because of the lower IDBI Bank personal loan interest rate and bigger loan amounts, the bank's personal loans are among those that are viewed favourably by the market. To qualify for the benefits of these personal loans, the applicant must satisfy all of the bank's eligibility requirements.

Eligibility Criteria IDBI Bank Personal Loan

The following IDBI Bank personal loan eligibility criteria must be met by the applicants:

Salaried Individuals/Pensioners And Self-Employed Professionals And Non-Professionals

  • Aged between 21 and 60 years. The maximum age for pensioners is 75 years.
  • The minimum income of a salaried applicant must be INR.1.8 lakh pa and a self-employed applicant must be INR.3.6 lakh pa
  • All salaried customers have a corporate salary account with IDBI bank. All Confirmed/permanent employees of State/Central/ PSU/ Departments, Multi-National Companies, Listed Companies, and Reputed Pvt Ltd Companies with or without an existing relationship with IDBI Bank. All pensioners must have an account with IDBI Bank.
  • Must have an account with the bank

Salaried In-Built Overdraft A/C And In-Built Overdraft IDBI Pensioners A/C

  • The applicant’s age must be between 22 years and 65 years and up to 75 years for IDBI pensioners.
  • Must have a pension account with IDBI Bank.
  • Permanent Employee, with a minimum of one year of continuous service of the below-mentioned Organizations /Companies: PSUs/Govt./Semi-Govt./Quasi Govt, Public Ltd Co, Private Ltd Co, Multinational Co, Reputed Institutions are eligible.

Factors Affecting IDBI Bank Personal Loan Eligibility

There are many factors that influence IDBI Bank personal loan eligibility. They are explained below:

Credit Score

It enables the lender to evaluate how responsibly you have been using credit in the past for things like loans and credit cards. For instance, the majority of lenders in India make reference to the applicant's CIBIL score, which varies from 300 to 900.

Age

Your age is used by the lender to calculate how many years you have left to work. Candidates between the ages of 23 and 58 who are employed are typically preferred by lenders. In general, self-employed professionals and non-professionals must be between the ages of 28 and 65.

Current Liabilities

Your current financial responsibilities, including any mortgages, student loans, and other debts, must be completely revealed to the lender. The lender would want to be sure that you are qualified to maintain both loan and existing debt repayment at the same time.

Work Experience

Candidates with longer employment histories are frequently perceived as having a more stable financial future than those who have just started their careers. Depending on the lender you choose, the sector of the economy you work in, and other variables.

Relationship With Lender

Choosing a loan from the bank where you have your savings account, current account, or fixed deposits may be what you are more inclined to do. Furthermore, the bank may provide new loans at lower interest rates if you have previously obtained and repaid loans from them. If you've been a customer for a while, you might be in a position to bargain for better interest rates and bigger loan amounts. In a timely manner, the bank may, in good faith, accept your terms and grant the loan.

IDBI Bank Personal Loan Interest Rates

A borrower must be aware of the IDBI Bank personal loan interest rate before approaching the bank to avail of this facility. The following table lists the various interest rates charged by the bank.

Particulars Interest Rate
Pension Account with overdraft facility (For retired IDBI Staff) 10.25%
Maximum Fixed Interest Rate 11.00%
Minimum Fixed Interest Rate 15.50%
Salary / Pension Account with overdraft facility (For others) 13.00%

Note: The interest rates provided in the table above are dated December 16, 2022.

Factors Affecting IDBI Bank Personal Loan Interest Rates

There are various factors that influence IDBI Bank personal loan interest rates. These factors must be considered to apply for IDBI Bank personal loan.

Income

It is common knowledge that borrowers who have more disposable income are better able to repay the loan. When borrowers have a high and steady level of disposable income, it is standard practice in the lending industry for them to acquire loans with reduced interest rates. The interest rate is greater for applicants from lower-income groups.

Debt-to-Income Ratio

The ratio of your total debt payments to your gross income is known as your debt-to-income level. The lender may opt to charge you a higher interest rate on your loan because the borrower has a greater debt burden, which is represented by a higher debt-to-income ratio.

Credit Score

A person's credit score reveals details about their earnings, debt levels, borrowing habits, and history of on-time payments. Lenders have more confidence in borrowers' ability to manage their money when they have a higher credit score, which may even enable them to provide lower interest rates on loans. A CIBIL score of 750 or more is good.

Employment

Since personal loans are unsecured, lenders must weigh a number of variables when determining a borrower's creditworthiness. Lenders usually have significantly more lenient lending standards for professionals working for well-established companies because they view these borrowers as being more financially solid and accountable for making regular payments.

Repayment History

A lender may impose high-interest rates or even deny your loan application if they discover defaults in your credit history. Lenders prefer clients with a clean 12-month credit history.

IDBI Bank Fees and Charges

There are certain fees and charges that a borrower is required to pay to fulfil various IDBI Bank personal loan requirements. The bank levies the following fees and charges.

Type of Fees Charges
Processing Fee 1 % of the loan amount subject to minimum INR.2500/- plus applicable taxes.
Foreclosure Charges
  • Within Twelve months from the disbursement date:2% of the outstanding loan amount
  • Between 12 months to 24 months from the disbursement date:1% of the outstanding loan amount
  • After 24 months: Nil
Part-Payment
  • 2% of the outstanding loan amount within 6 months from disbursement
  • After 6 months: NIL
  • Maximum part payment allowed: 10% of the outstanding loan amount (minimum INR 10,000)
  • Part payment allowed maximum 3 times a year with a minimum interval of 90 days

Note: The fees and charges mentioned above are dated December 16, 2022.

Documents required for IDBI Bank Personal Loan

The following is the list of the documents required for IDBI Bank personal loan:

  • Signed application form with photograph
  • Copy of passport/voter ID card/driving license
  • Fee processing cheque
  • Last 3 months bank statement/6 months bank passbook
  • Recent salary slip and current dated salary certificate with the latest Form 16 in the case of salaried applicants
  • Latest Bank statement and latest ITR or Form 16 in the case of self-employed applicants

How does the EMI calculation work for IDBI Bank personal loans?

To determine the monthly EMIs for the personal loan, use one of the many EMI calculators that are online. The calculator accurately calculates the user's results by accounting for the principal amount, interest rate, and tenure.

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Here,

  • ‘P’ stands for the Principal amount
  • ‘R’ stands for the rate of interest
  • ‘N’ stands for the tenure

How does IDBI Bank compare with other lenders?

A table has been drawn comparing the IDBI Bank personal loans with other banks based on their interest rate.

Banks/NBFCs Interest Rates (p.a.)
IDBI Bank 10.25% - 15.50%
HDFC Bank 11.00% onwards
State Bank of India 10.65%-15.15%
ICICI Bank 10.75% onwards
Axis Bank 10.49% onwards
Kotak Mahindra Bank 10.99% onwards
IndusInd Bank 10.49% onwards
IDFC First Bank 10.49% onwards
Bajaj Finserv 11.00% onwards
Tata Capital 10.99% onwards

IDBI Bank Personal Loan Customer Care Number

The customer care toll-free number for IDBI Bank personal loan are mentioned are - 1800-209-4324 and 1800-22-1070 (24x7 service).

FAQs

From refinancing to reducing your interest, we have the answers right here.

What is the interest rate of a personal Loan in IDBI Bank?

IDBI Bank personal loan interest rate ranges from 10.25% to 13.00%.

What are the benefits IDBI Bank Provides on Personal Loan?

One of the major benefits of the IDBI Bank personal loan is that the interest rate of the bank is competitive. For more features and benefits, read our guide above.

Does IDBI Bank have a fixed rate of interest on a Personal Loan?

IDBI Bank offers both floating and fixed rates of interest on a personal loan.

What are the documents required in IDBI Bank for a Personal Loan?

An applicant must submit basic documents required for KYC like proof of identity, residence, income, and photographs. For a clear view of the documents required for IDBI Bank personal loan, read our guide.

How to apply for a personal Loan in IDBI Bank online?

To apply for a personal Loan in IDBI Bank online, an applicant needs to visit the official website of the bank.

How to check personal Loan Status in IDBI Bank?

A borrower will be required to log in to their account with the IDBI Bank or visit the bank’s branch to check their personal loan status.

Does IDBI Bank Check for CIBIL Score for Personal Loans?

Yes, IDBI Bank checks for CIBIL score for a personal loan.

What is the maximum and minimum personal Loan amount I can get from IDBI Bank?

A customer can get a personal loan of up to INR 5 lakhs.

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