IDBI Bank Personal Loan

IDBI Bank Personal Loan Details

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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:

• The minimum and maximum loan amount for salaried and SEP borrowers is Rs. 25,000 and Rs. 5 lakhs, respectively.
• For pensioners, the minimum and maximum borrowing amounts are Rs. 25,000 and Rs. 3 lakhs, respectively.
• Tenure is between 12 months and 60 months.
• The interest rate is fixed, starting from 13.59% onward.
• Existing borrowers can choose a top-up loan. For this, they should have had the loan for at least 12 months. Also, they must repay the dues on time.
• The processing fee is 1% of the approved loan amount + taxes, subject to a minimum of Rs. 2,500.

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:

• Salaried individuals with corporate salary accounts at the bank.
• Pensioner customers with pension accounts with the bank.
• Self-employed professionals with liability/asset relationships with the bank.
• Confirmed or permanent employees of the Central/PSU/State Departments, listed companies, multinational companies, reputed private limited companies without or with an existing relationship with the bank.

IDBI Bank Personal Loan Interest Rates

Here are the details:

• The annual percentage rate (APR) is 13.59% onward.
• The floating-rate loans are linked to RLLR (Repo Linked Lending Rate).
• Currently, for new loans, the RLLR for structured retail asset (SRA) products is 6.90%.

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

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

• Salaried customers who have and maintain a salary account with the bank can avail of this product.
• The maximum loan amount is up to 5 times the net salary, based on the average of the last 6 months’ salary.
• The minimum and maximum ages of the applicant are 22 years and 65 years, respectively.
• The minimum residual service of the employee should be at least 1 year.
• The overdraft facility is up to 2 years, after which it is renewable every two years.
• A floating interest rate is applicable.
• The maximum loan amount is up to 5 times the monthly net pension.
• There are no foreclosure charges and processing fees.
• The individual should be a permanent employee with 1-year of continuous service at public ltd. Co., multinational co., private ltd. co., govt/quasi govt/semi-govt organization, or reputed institutions.

2. Pension Account with in-built Overdraft Facility

• This product is available to customers who keep and maintain a pension account with the bank.
• The age of the applicant must not go over 75 years at any point of this product when it is active.
• A third-party guarantee is necessary for a pensioner’s loan.
• The overdraft facility is up to 1 year, after which it is renewable every year.
• A floating interest rate is applicable.
• There are no foreclosure charges and processing fees.