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IDBI Bank Government Employees Personal loan

IDBI Bank Government Employees Personal loan

IDBI Bank personal loan for government employees is designed specifically as a financial solution that aims to meet the diverse needs of government personnel, whether it's for emergency expenses, education, home renovation, or other personal goals. With competitive interest rates, minimal documentation, and a streamlined approval process, IDBI Bank ensures that government employees can access funds quickly and with ease. The bank's focus on this demographic underscores its commitment to providing customised banking solutions, highlighting the understanding of government employees' unique financial stability and needs.

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Table of Content

1. IDBI Bank Personal Loan for Government Employees Highlights

2. Compare IDBI Bank Government Employees Personal Loan from Other Banks

3. Fees and Charges for IDBI Bank State Employees Personal Loan

4. IDBI Bank Personal Loan for Government Employees Documents Required

5. IDBI Bank Personal Loan Eligibility for Government Employees

Written By

Utsah Sharma

Utsah Sharma is a seasoned financial expert with a Master’s Degree in Commerce specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & Loan products. Drawing on her experience, she has established herself as a trusted voice, providing invaluable insights and guidance to seasoned investors and beginners. She is committed to breaking down the complexities of everything finance.

Reviewed By

Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

IDBI Bank Personal Loan for Government Employees – Highlights

Take a look at the highlights for IDBI Bank Personal Loan for government employees:-

Interest Rate	12.9% (Average)
Processing Fees	1% of the loan amount plus applicable taxes
Loan Tenure	12-60 Months
Minimum Salary	₹1,80,000
Loan Amount	₹25,000-₹5,00,000
Guarantor Requirement	No Guarantor Required

Compare IDBI Bank Government Employees Personal Loan from Other Banks

Here is a snapshot of the comparison of IDBI Bank state employees’ loans with those of other banks and financial lenders. Take a look!

Banks/NBFCs	Interest Rates(p.a.)
Axis Bank	10.49% onwards
IndusInd Bank	10.49% onwards
IDBI Bank	12.9% onwards
IDFC First Bank	10.75% onwards
HDFC Bank	10.50% onwards
ICICI Bank	10.80% onwards
Kotak Mahindra Bank	10.99% onwards
Tata Capital	10.99% onwards
Bajaj Finserv	11.00% onwards
Federal Bank	11.49% onwards
DMI Finance	12.00% – 40.00%
L&T Finance	12.00% onwards

Fees and Charges for IDBI Bank State Employees Personal Loan

Here’s a snapshot of IDBI Bank Personal Loan for government employees’ fees and charges.

Charge Type	Period from Disbursement	Charges
Foreclosure Charges	Within 12 months	2% of the remaining balance on the loan
	Between 12 to 24 months	1% of the remaining loan amount
	After 24 months	Nil
Part Payment Charges	Within 6 months	2% of the outstanding loan amount
Part Payment Charges	After 6 months	1) Nil 2) Maximum part payment allowed is 10% of the outstanding loan amount, subject to a minimum of ₹10,000 3) Part payment allowed up to 3 times in a year, with a minimum interval of 90 days between payments.

IDBI Bank Personal Loan for Government Employees – Documents Required

The following documents are required for government employees to obtain an IDBI Bank Personal Loan.

Recent salary slips
Identity proof – Passport, Driver’s licence, Aadhar Card, Voter ID Card
A salary certificate dated currently, along with the latest Form 16
Latest Income Tax Return (ITR) or Form 16

IDBI Bank Personal Loan Eligibility for Government Employees

The following are the IDBI Bank personal loan eligibility criteria for state employees.

Employment Criteria: Must be a permanent employee with at least one year of uninterrupted service in Public Sector Units (PSUs), Government/Semi-Government/Quasi-Government bodies, Public Limited Companies, Private Limited Companies, Multinational Companies, Reputed Institutions, Eligible for salaried customers with a salary account at IDBI Bank.
Salary Requirements: Minimum annual income of Rs. 1,80,000.