IDBI Bank Personal Loan

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IDBI Bank Personal Loan Details Updated
Loan Amount Rs. 25,000 to Rs. 5 lakhs
Tenure 12 months to 60 months
Interest Rate 13.59% onward

IDBI Bank Personal loan is available for personal expenses such as wedding, home renovation, education of children, travel, hospitalization, medical contingency, debt consolidation, and other unforeseen circumstances. You can borrow up to Rs. 5 lakhs, starting at 13.59%. The tenure is flexible up to 5 years. There is a facility to prepay and foreclose the loan. The loan schemes are offered to salaried individuals, pensioners, and self-employed people.

In this post, we will discuss IDBI Bank personal loan features, eligibility criteria, interest rates, types of loan schemes, and frequently asked questions.

Features of IDBI Bank Personal Loan

Here are the features:

Eligibility Criteria for Personal Loan IDBI Bank

The bank offers personal loans to salaried people, pensioners, and self-employed professionals (SEPs). Here are all who can apply:

IDBI Bank Personal Loan Interest Rates

Here are the details:

Here is how the IDBI Personal Loan Interest Rates are distributed across different customer categories:

Credit Score Employees of Public Sector Undertaking, State/Central Government/MNCs Not with Salary/Payroll Acc. at the Bank Salary/Pension/Payroll Account Holders with the Bank Other Salaried Individuals Self Employed Non-Professionals with Asset/Liability Relationship with the Bank SEPs with Asset/Liability Relationship with the Bank
801 and over 10.00% 9.50% 12.00% 12.50% 12.25%
776 to 800 10.25% 9.75% 12.25% 13.00% 12.75%
740 to 775 11.25% 10.75% 13.25% 14.00% 13.75%
700 to 739 12.25% 11.75% Not Applicable
-1 Not Applicable 10.75% Not Applicable

Types of IDBI Personal Loan Schemes

Apart from the standard personal loan scheme for salaried people, self-employed professionals, and pensioners, the bank offers two other products:

1. Salary Account with In-built Overdraft Facility

2. Pension Account with in-built Overdraft Facility

Frequently Asked Questions about Personal Loan IDBI

Here are the FAQs:

1. What is the Required Age to Apply for the Loan?

  • The minimum age during loan application for salaried and self-employed professionals should be 21 years. At the time of maturity of the loan, the borrower must be not over retirement age or 60 years, whichever is earlier.
  • For pensioners or family pensioners, the age at the time of loan’s end should be not over 75 years.

2. What Is the Net Salary/Income Norm for the Applicants?

  • For the salaried class, the minimum net salary should be Rs. 1,80,000 per annum.
  • For SEP borrowers, the minimum annual business income must be at least Rs. 3,60,000.

3. What Are the Documents to Apply for the Loan?

Here are documentation norms:

  • You will have to submit basic KYC documents such as identity proof, address proof, and age proof. These papers must be government-recognized ones.
  • You have to also give signature proof.
  • To submit proof of income you have to provide salary slips of the last 3 months.
  • You may also provide a bank statement of salary account for the last 6 months.
  • Or, you may also submit IT Returns for the last 2 years.

4. What Are the Details of IDBI Bank Personal Loan Part Payment?

  • There are no charges for part-payment if done after 6 months of disbursement.
  • If done within 6 months of disbursal, then you will have to pay 2% additional on the outstanding dues + applicable taxes.
  • You can choose to partly pay up to 10% of the outstanding loan amount. The minimum amount you can pay off, in this case, is Rs. 10,000.
  • Remember that part payment is also allowed up to 3 times a year.
  • Also, you have to give a gap of 90 days between part payments.

5. What Are the Details of IDBI Bank Personal Loan Foreclosure?

  • You can opt for foreclosure after 24 months from the disbursement date. In this case, you do not have to pay any charges.
  • If before 12 months from disbursal, a 2% additional charge will apply to the outstanding amount.
  • If after 12 months but not after 24 months from the disbursal time, you have to pay an additional 1% of the outstanding loan amount.

Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of IDBI Bank.