IDBI Bank Personal Loan

4.5

IDBI Bank personal loan has become one of the most popular choices in the current market because of its minimal processing fee. With reasonable paperwork requirements, attractive interest rates, and flexible repayment alternatives, IDBI Bank offers personal loans to consumers. Customers can apply for an IDBI personal loan online through Urban Money. For the convenience of its clients, the bank also offers doorstep loan disbursal service.

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IDBI Bank Personal Loan

Interest Rate

11% - 15.5%

Loan Amount

₹25K - ₹5L

EMI Per Lakh

₹2,174 - ₹2,405

Processing Fees

1% of loan amount subject to maximum of Rs 2,500

Pre-Payment Charges

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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.

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 (24×7 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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