IDBI Bank Personal Loan
When you stare at an urgent need of money, and there is no specific category of loan that can cater to your requirement then you can very well apply for a personal loan. The requirement could range from buying an expensive item, going on a vacation, repaying your existing loan, or even to renovate your house.
You can apply for a personal loan with any bank such as IDBI Bank.
Here we describe the key things to remember if you are applying for personal loan with IDBI Bank:
How to apply for IDBI Bank personal loan:
These are the three easy steps to apply for a personal loan:
A. You can call on phone banking numbers: 1800 209 4324, 1800 22 1070
B. You can visit the bank branch to apply for personal loan
C. You can expect to receive a call back to explain the process.
IDBI Bank Personal Loan Interest Rate Characteristics:
These are some of the key characteristics of IDBI Bank personal loan:
The bank offers an attractive rate of interest.
Interest is charged on daily reducing balance.
The bank also offers personalised services and quick documentations.
There are no insurance fees charged to the borrower for loan insurance.
Additionally, IDBI Bank offers a number of personal loans. These include the following:
For salaried individuals/ pensioners
Self-employed professionals
Self-employed non professionals
Salary account with in-built overdraft facility
Pension account with in-built overdraft facility to pensioners of IDBI Bank
IDBI Bank Personal Loan Interest Rates 2024
IDBI Bank charges an interest in the range of 11 to 15.50 percent.
What are the documents required to apply for a personal loan?
One has to fill the loan application form along with identity and residence proof, latest salary slips, form 16, last six months’ bank statement and passport size photo.
IDBI Bank Personal Loan Interest Rate Fees and Charges
| Processing Fee: | 1% of the loan amount + applicable taxes. |
| Foreclosure Charges: | From the date of disbursement up to 6 months: 2% + applicable taxes. |
| After 6 months: | NIL. |
Other Charges
| Copy of Property Documents | Rs.225 |
| Swapping of PDCs / ECS or change of | |
| repayment mode to PDC or ECS | Rs.575 |
| Cheque Return/ ECS Return Charges | Rs.300 |
| Duplicate Statement Charge | Rs.115 |
| Re issuance of PO/DD | Rs.115 |
| Duplicate Certificate / Interest Paid Certificate | Rs.150 |
| Copy of credit information obtained from CIBIL | ₹50 |
Penal Interest charges on Overdue amount for delayed period 36 per cent Per annum
IDBI Bank Personal Loan Eligibility
The personal loan can be applied by all salaried customers having corporate salary account with IDBI Bank, all confirmed/ permanent employees of state/central/PSU /department/ MNCs/ listed companies/ reputed private sector companies with or without existing relationship with IDBI Bank, and all pensioners having account with IDBI Bank.
Minimum salary is ₹1.8 lakh per annum for salaried class/pensioner. The minimum age is 21 and maximum age at termination of loan should not be above 60 years or date of retirement, whichever is earlier. The minimum loan tenure is 12 months while the maximum tenure is 60 months.
Link to Personal Loan Eligibility Landing Page:
https://www.idbibank.in/personal-loan.aspx#homeOverview
https://www.idbibank.in/personal-loan.aspx#homeOverview
IDBI BANK Personal Loan EMI Calculator
When you enter the details relating to personal loan such as loan amount, tenure of loan and interest rate, you can find out the EMI of loan that you will have to pay. This can help you manage your finances well in advance.
Link to IDBI Bank Personal Loan EMI Calculator Landing Page:
https://apps.idbibank.in/loan-calculator.asp?prd=PL&token=
Calculate EMI on Personal Loan
Loan Amount
₹
Rate of Interest
%
Loan Duration
Months
EMI Payment Schedule
Other banks’ Personal Loan Interest Rates
| Banks/NBFCs | Rates (p.a.) |
|---|---|
| IDFC First Bank | 10.99% onwards |
| IndusInd Bank | 10.49% onwards |
| Axis Bank | 10.40% onwards |
| HDFC Bank | 10.50% onwards |
| ICICI Bank | 10.80% onwards |
| Kotak Mahindra Bank | 10.99% onwards |
| Tata Capital | 10.99% onwards |
| Federal Bank | 12.00% onwards |
| DMI Finance | 12.00% - 40.00% |
| L&T Finance | 12.00% onwards |
| Kreditbee | 16.00% - 29.95% |
| MoneyTap | 13.00% onwards |
| Piramal Finance | 12.99% onwards |
| Aditya Birla | 10.99% onwards |
| Moneyview | 15.96% onwards |
| Cashe | 27.00% onwards |
IDBI Personal Loan FAQs
One can raise personal loans to meet unexpected financial requirements. At IDBI Bank you can avail personal loan to buy household goods, education of children, hospitalisation expenses or any immediate payments. There is no end usage of funds stipulated. One can even apply for a personal loan to meet the margin money requirement of your home loan.
The loan amount can range between ₹25,000 to ₹5 lakh. The eligibility is calculated based on net adjusted income and fixed obligations such as current EMIs (if any).
It is recommended to pay EMI by giving a standing instruction (SI) to debit the salary/ saving account with IDBI Bank on a given date.
Interest is charged at a predetermined rate on reducing balances. It is debited to a loan account at monthly rests i.e., at the end of every month.
Salaried individuals who have a savings bank account with any of the branches of IDBI Bank can apply for personal loans. Salaried individuals having a savings bank account i.e., liability relation with bank for three years or preferred customers having one year banking relation with IDBI Bank.
The documents that an applicant requires include identity and residence proof, latest salary slip, form 16, last six months’ bank statement. Also, the loan application must be complete in all respects, with a photograph affixed at the provided place.