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IDBI Bank Personal Loan

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HDFC Bank
10 Second Disbursal*100% Digital Process*Quick Disbursal
Max. Loan Amt.Upto ₹25L
Rate of Interest9.99% - 12.5%
Tenure upto1-5 Years
Processing Fee₹ 6,500
Axis Bank
Low Processing fee
Max. Loan Amt.Upto ₹25L
Rate of Interest9.99% - 17.15%
Tenure uptoUpto 6 Years
Processing FeeUpto 2%
Kotak Mahindra Bank
Lowest Income requirement100% Digital Process*
Max. Loan Amt.Upto ₹25L
Rate of Interest9.98% - 17.2%
Tenure upto1-5 Years
Processing Fee1.1% - 1.5%

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How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

About IDBI Bank Personal Loan

  • Interest rate: 11.00%-15.50% p.a.
  • Loan Amount: Rs 25,000-Rs 5 lakh
  • Tenure: 1-5 years
  • Processing Fees: 1% of the loan amount subject to a minimum of Rs 2,500
  • Minimum Salary: Rs 1.8 lakh p.a. for salaried

IDBI Bank Personal Loan Interest Rates

Maximum Interest Rate (fixed rate) 11.00% p.a.
Minimum Interest Rate (fixed rate) 15.50% p.a.

IDBI Bank Personal Loan Processing Fees and Charges

Processing Fee

Personal Loan 1% of the loan amount subject to a minimum Rs 2,500
Salary Account with in-built overdraft facility NIL
Overdraft facility to IDBI Bank pensioners NIL

Know more about the processing fee for personal loans charged by other lenders

Part Payment/Foreclosure Charges

Part Payment
Personal Loan 3% 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: 3% 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 2% p.a. on overdue amount and overdue period

Also know about the personal loan prepayment charges levied by top lenders

Other Charges

Copy of Property Documents Rs 225
Document Retrieval Charges- Foreclosure, BT / other closure Rs 2,500
Foreclosure Letter Issuance Rs 500 per instance
Swapping of ECS/ACH or change of repayment mode to ECS/ACH 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: Personal loan for salaried employees working with 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: Personal loan for self-employed applicants to meet their personal requirements. This loan facility is only available to 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- 3% 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: Personal Loan 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: Pension loan with 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: 3% 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

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Eligibility Criteria for IDBI Bank Personal Loan

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

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

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 Bank may also consider the credit score of its applicants, just like other lenders do while evaluating their personal loan eligibility.

Documents Required for Loan Application

  • Duly filled application form along with Passport size photographs
  • Photo Identity Proof: A copy of your Aadhaar/PAN/Voter ID/Passport/Driving License etc.
  • Residence Address Proof: A copy of your Electricity Bill (not more than 3 months old) / Passport/ Ration Card
  • Income Proof: A copy of salary account bank statements for the past six months
  • Salary slips for the last 3 months
  • Employment Certificate from your employes
  • Form 16 / acknowledged Income Tax Returns for the last two years
  • Any other document required by IDBI bank

How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Explore Our Idbi Bank Lenders

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FAQs

IDBI Bank offers personal loans at fixed rates only. Hence, the applicants cannot choose between the two

IDBI Bank has not mentioned any specific cut-off credit score for its personal loan applicants. However, applicants having credit score of 750 and above usually have higher chances of availing personal loans at lower interest rates

The personal loan applicants can repay their EMIs by putting a mandate/Standing Instruction to debit of the salary/savings bank account with IDBI on a fixed date predetermined by the applicant

No, self-employed professional not having a savings/loan account with IDBI Bank cannot avail personal loan from IDBI Bank because IDBI offers personal loans to self-employed professionals having asset/liability relationship with the bank

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