IDBI Personal Loan
IDBI Bank offers personal loan at 9.50% p.a. onwards for loan amounts from Rs 25,000-Rs 5 lakh for tenures of upto 5 years. IDBI Bank also offers part prepayment and top-up loan facility to its personal loan borrowers. Read on to know more about IDBI Bank Personal Loan.
| IDBI Bank Personal Loan Highlights- 2024 | |
| Interest rate | 9.50%-14.00% p.a. |
| Loan Amount | Rs 25,000-Rs 5 lakh |
| Tenure | 1-5 years |
| Processing Fees | 1% of loan amount subject to maximum of Rs 2,500 |
| Minimum Salary | Rs 1.8 lakh p.a. for salaried |
Whether you are looking to renovate your home or need money for your child’s 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
IDBI personal loan Features:
IDBI personal loans are available as 3 variants:
- Salaried, self-employed professionals and pensioners
- 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
IDBI Bank Personal Loan Interest Rates
Payroll/pension/salary accounts with IDBI Bank
| Credit Score | Interest Rates (p.a.) |
| 801 and above | 9.50% |
| 776-800 | 9.75% |
| 740-775 | 10.75% |
| 700-739 | 11.75% |
| -1 | 10.75% |
Employees of Central/State Government/PSU/MNCs not having payroll/salary account with IDBI Bank
| Credit Score | Interest Rates (p.a.) |
| 801 and above | 10.00% |
| 776-800 | 10.25% |
| 740-775 | 11.25% |
| 700-739 | NA |
| -1 | NA |
Other Salaried Employees
| Credit Score | Interest Rates (p.a.) |
| 801 and above | 12.00% |
| 776-800 | 12.25% |
| 740-775 | 13.25% |
| 700-739 | NA |
Self-Employed Professionals (asset/liability relationship with IDBI Bank)
| Credit Score | Interest Rates (p.a.) |
| 801 and above | 12.25% |
| 776-800 | 12.75% |
| 740-775 | 13.75% |
Self-Employed Non-Professionals (asset/liability relationship with IDBI Bank)
| Credit Score | Interest Rates (p.a.) |
| 801 and above | 12.50% |
| 776-800 | 13.00% |
| 740-775 | 14.00% |
Note: Interest rate concession of up to 50 bps, subject to minimum interest rate of 9.50% p.a., offered on the above-mentioned interest rates to existing Home Loan and Loan Against Property borrowers with clear repayment in last 2 years.
IDBI Bank Personal Loan Documents required:
- 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 Personal Loan Details
| Interest Rate | Floating: 8.15% p.a. to 10.90% p.a. Fixed: 9.50% p.a. to 14% p.a. |
| Processing Fees | 1% of the loan amount plus 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 |
IDBI Bank Personal Loan Processing Fees and Charges
| Personal Loan | 1% of loan amount subject to minimum Rs 2,500 |
| Salary Account with in-built overdraft facility | NIL |
| Overdraft facility to IDBI Bank pensioners | NIL |
Part Payment/Foreclosure Charges
| Part Payment | |
| Personal Loan | ● 2% of outstanding loan amount, within 6 months from disbursement |
| ● After 6 months: NIL | |
| ● Maximum part payment allowed: 10% of outstanding loan amount (minimum Rs 10,000) | |
| ● Part payment allowed maximum 3 times a year with minimum interval of 90 days | |
| Foreclosure | |
| Personal Loan | ● Within 12 months from date of loan disbursement: 2% of outstanding loan amount |
| ● Between 12-24 months: 1% of outstanding loan amount | |
| ● After 24 months: NIL | |
| Salary account with in-built overdraft facility | NIL |
| Overdraft facility to IDBI Bank Pensioners | NIL |
| Penal Interest | 4% p.a. on overdue amount and overdue period |
Other Charges
| Copy of Property Documents | Rs 225 |
| Document Retrieval Charges | Rs 2,000 |
| Foreclosure Letter Issuance | Rs 500 |
| Swapping of PDCs/ECS or repayment mode change to PDC or ECS | Rs 575 |
| Duplicate Statement Charge | Rs 115 |
| Re-issuance of PO/DD | Rs 115 |
| Duplicate Certificate/Interest Paid Certificate | Rs 150 |
| Copy of credit information from CIBIL | Rs 50 |
| Non-collection of original documents after 30 days from loan closure date | Rs 1,000 |
| CERSAI Charges | Up to Rs 5 lakh- Rs 100 |
| Above Rs 5 lakh- Rs 200 | |
| Default in payment through cheques, ECS, or any other allowed payment mode | Rs 300 |
Types of IDBI Bank Personal Loan
Personal Loan For Salaried Applicants
- Purpose: For meeting the personal requirements of permanent employees of State/Central government/PSUs/Departments/MNCs/Listed Companies/Private Limited Companies with or without any relationship with the IDBI bank
- Loan Amount: Rs 25,000-Rs 5 lakh
- Tenure: 1-5 years
- Processing Fee: 1% of loan amount subject to minimum Rs 2,500 + taxes
Personal Loan For Self-Employed Professionals
- Purpose: For meeting the personal requirements of self-employed professionals having asset and liability relationship with IDBI Bank
- Loan Amount: Rs 25,000-Rs 5 lakh
- Tenure: 1-5 years
- Processing Fee: 1% of loan amount subject to minimum Rs 2,500 + taxes
- Part Prepayment: 10% of outstanding loan amount subject to minimum Rs 10,000
- Foreclosure Charges: Before 12 months of disbursement date- 2% of outstanding loan amount
1% of outstanding loan amount, if sought after 12 months and before 24 months
Salary Account with in-built Overdraft Facility
- Purpose: Overdraft facility to individuals having salary accounts with IDBI Bank
- Loan Amount: Five times of net salary
- Tenure: Overdraft facility is available for 2 years (can be renewed every 2 years for salary account with IDBI)
- Processing Fee: NIL
- Part Payment/Foreclosure Charges: NIL
Top-up Personal Loan
- Offered to existing personal loan borrowers of IDBI Bank with clear repayment history of at least 12 months.
Pension Account with in-built Overdraft Facility
- Purpose: Overdraft facility to pensioners having pension account with IDBI Bank
- Loan Amount: Rs 25,000-Rs 3 lakh
- Tenure: 1-5 years
- Processing Fee: 1% of loan amount subject to minimum Rs 2,500 plus taxes
- Part Prepayment: 10% of outstanding loan amount subject to minimum Rs 10,000
- Foreclosure Charges: 2% of outstanding loan amount, if sought before 12 months of disbursement date
After 12 months and before 24 months- 1% of outstanding loan amount - Top-up Loan: For loan account holders with at least 12 months and clear repayment history
Eligibility Criteria for IDBI Bank Personal Loan
Eligibility For Salaried Applicants
- Profession: Permanent employees of State/Central/PSUs/Departments/MNCs/Listed Companies/Private Limited Companies with or without existing relationship with the bank
- The applicants should be salaried and have corporate salary account with IDBI Bank
- Age: 21- 60 years years
- Minimum Salary: Rs 1.8 lakh p.a. for salaried
Eligibility For Self-Employed Professionals
- Profession: Self-Employed professionals with liability and asset relationship with IDBI Bank
- Age: 21-60 years
- Minimum Salary: Rs 3.6 lakh p.a. for self-employed
Eligibility For Salary Account with in-built Overdraft Facility
- Profession: Permanent employees of government/semi-government/quasi-government/public limited companies/MNCs/private limited companies/reputed institutions
- The applicants should be salaried and maintaining salary account with IDBI Bank
- Age: 22-60 years
- Minimum Salary: Rs 1.8 lakh p.a. for salaried
For Pension Account with in-built Overdraft Facility to Pensioners of IDBI Bank
- The applicants should have a pension account with IDBI Bank
- Age: Not more than 75 years
- Minimum Salary: Rs 3.6 lakh p.a. for self-employed
IDBI Loan against Securities
Have a share or any other security in your name? You can utilise these securities purchased in your name to apply for a loan. IDBI Bank offers loans against securities that can be availed at attractive interest rates. Under this scheme, one can apply for an optional overdraft facility if required. The bank provides loans to those who have purchased mutual funds, life insurance policies, dematerialised equity shares, Kisan Vikas Patra, RBI bonds, national savings certificates, etc. The loan limit will depend on the market value of the securities.
IDBI Loan against Property
Looking for an economical loan option? If you are a property owner, why don’t you try applying for an IDBI Loan against Property? Whether you are a salaried employee or a self-employed individual, you will be eligible to apply for this loan if you want to meet personal expenses. The maximum tenure for this loan scheme is 15 years. You can choose from regular, overdraft, and interest saver options. The interest rate for this product ranges from 8.10% p.a. to 9.35% p.a. The maximum loan amount offered by this product is Rs.10 crore.
IDBI Reverse Mortgage Loan
Are you looking for ways to get some extra income? If you are a senior citizen, you can apply for a reverse mortgage loan from IDBI Bank to make some additional money. You can utilise this loan scheme to renovate your living space, to pay the insurance premium for your home, or for family emergencies. In order to apply for this loan, your age will need to be above 60 years. You will need to repay this loan within 20 years. The loan amount will be Rs.2 crore. The rate of interest for this loan is 10.85% p.a.
IDBI Personal Loan Customer Care Number
You can get in touch with the bank’s IDBI personal loan customer care representatives by calling on their customer care helpline number. If you are calling from India, you can use the toll-free number or the non-toll-free number of the bank. You can send a message to the bank at 9220800800 with the following text: ‘IDBICARE’. You may also fill an online grievance redressal form for getting your troubles resolved. You may also send an email to the bank with your complaint details.
IDBI personal loan FAQs
What are the interest rates on IDBI personal loan?
The interest rate on personal loans and its variants offered by IDBI Bank are as mentioned below. These rates are applicable from 1 May 2021.
The applicable interest rates are given below:
Personal Loan Floating Interest Rates
| Pension Account with overdraft facility (For retired IDBI Staff) | 8.15% p.a. |
| Salary / Pension Account with overdraft facility (For others) | 10.90% p.a. |
Personal Loan Fixed Interest Rates
| Credit score | Salaried or pension accounts with IDBI Bank | Employees of Central/State Government/ Public Sector Undertaking/ MNCs who do not have a salary account with IDBI Bank | All other Salaried employees | Self Employed professionals (SEP) having asset relationship with IDBI Bank | Self Employed Non-professionals having asset relationship with IDBI Bank |
| 801 &above | 9.50% | 10.00% | 12.00% | 12.25% | 12.50% |
| 776 to 800 | 9.75% | 10.25% | 12.25% | 12.75% | 13.00% |
| 740 to 775 | 10.75% | 11.25% | 13.25% | 13.75% | 14.00% |
| 700 to 739* | 11.75% | NA | NA | ||
| -1 | 10.75% | NA |
What is the eligibility criteria for IDBI personal loan?
For personal loans for salaried and self-employed professionals
- Aged between 21 years and 60 years. Maximum age for pensioners is 75 years.
- Salaried:Rs.1.8 lakh p.a.
- Self-employed:Rs.3.6 lakh p.a.
- Minimum loan amount is Rs.25,000 and maximum loan amount is Rs.5 lakh.
- 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 65 years. Age up to 75 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.
Know more about IDBI Personal Loan Eligibility for taking Personal loan
How do I calculate IDBI Personal Loan EMI?
There is a dedicated EMI calculation tool in our website. The personal loan 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 to check IDBI Personal loan status?
You can check the idbi personal loan status by going into the website of IDBI Bank. There you need to key in the URN number, PAN, type of facility, and mobile number. Once done, the status of the loan application is displayed.
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. 5 lakh 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.
What are the reasons for which I can avail a personal loan from IDBI Bank?Personal loans from IDBI Bank can be availed for any personal reason. Most customers who avail the loan do so to meet unforeseen financial crunches or to make payments to an increasing credit card debt. Personal loans from IDBI Bank can be taken out to meet expenses related to household purchases, immediate expenses, childrens education, hospitalisation, etc. Personal loans from the bank can also be availed to fund payments of your home loan.
What are the documents I will have to furnish when applying for a personal loan from IDBI Bank?
Customers will have to fill in the loan application form and submit it to the bank for approval along with proof of identity, proof of residence, form 16, latest salary slip, and bank statement for the past six months. A passport sized photograph must also be affixed to the loan application form prior to submission. For proof of identity, customers may submit any one of passport, Voters ID, driving license, Defence ID card, ration card, PAN card, Government employee ID card, or Aadhaar card. For proof of address, customers may submit any one of passport, ration card, Voters ID, registered lease / rent agreement, driving license, telephone / water / electricity bill, property tax bill, or gas bill.
How is the calculation of interest done on a personal loan?
A predetermined rate of interest will be applied to the personal loan and interest will be charged on reducing balance method. The amount of interest will be debited to your loan account on a monthly basis. Interest rates are subject to change from time to time at the discretion of the bank.
Can anybody apply for an IDBI Bank personal loan?
Salaried individuals who have a savings account with IDBI for at least three years or preferred customers who have been banking with IDBI for a minimum of one year can avail loans from the bank. Those who do not have a bank account with IDBI can also avail a personal loan offered at fixed interest rates. However, the applicant must maintain a healthy credit score to avail a loan from the bank at a lower rate. There are other eligibility criteria that must be met for the bank to approve your application for a personal loan, such as your income, your job security, your credit score, etc. The bank will take into consideration these factors and others before confirming whether or not you have the ability to repay the loan and only then will it approve your application.
What are the benefits of availing a personal loan from IDBI Bank?
There are many advantages to approaching IDBI Bank for a Personal loan. First and foremost, the rate of interest offered by the bank is attractive in comparison with its competitors. Interest is charged on reducing balance method, and the documentation process if fairly simple and quick. The bank also offers personalised services to customers and the borrower will not be levied with any insurance fees for loan insurance.
How can I make repayments towards the personal loan?
Your personal loan from IDBI Bank can be repaid in EMIs by putting standing instructions / a mandate to debit your saving / salary account with the bank on a predetermined date each month.