IDBI Bank Personal Loan

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Get IDBI Personal Loan at lowest interest rates

  • Loan Amount: Upto Rs. 10 lakh
  • Processing Fees: Upto 1%

Apply for Personal Loan Starting From 10.50%*

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City: Gurgaon

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :29/03/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

CIBIL TERMS AND
CONDITIONS

To,
TransUnion CIBIL Limited
[Formerly known as Credit Information Bureau (India) Limited]
One Indiabulls building ,Unit No 1901 – 1905,
19th Floor, Tower 2A-2B, Jupiter Mill compound,
Senapati Bapat Marg, Lower Parel, Mumbai 400 013

Sub: Grant of Consent

Dear Sirs,

In connection with submission of the application for my credit information offered by CIBIL (“Consumer Credit Information”) through Paisabazaar (referred to as the “Company”) and delivery of the Consumer Credit Information to the Company, I hereby acknowledge and agree to the following:

A. The Company is my lawfully appointed agent and he / it has agreed to be my agent for the purposes, including, without limitation, to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, and the Company has granted its consent for being appointed for the aforesaid purpose.

B. I grant my unconditional consent to the Company to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, as the case may be, and the Company has granted its consent for being appointed for the aforesaid purpose. I hereby represent and acknowledge that: the Terms of Understanding in relation to the use of the Consumer Credit Information has been agreed between me and the Company.

C. I hereby expressly grant unconditional consent to, and direct, TUCL to deliver and / or transfer my Consumer Credit Information to the Company on my behalf.

D. I shall not hold TUCL responsible or liable for any loss, claim, liability, or damage of any kind resulting from, arising out of, or in any way related to: (a) delivery of my Consumer Credit Information to the Company ; (b) any use, modification or disclosure by the Company of the contents, in whole or in part, of my Consumer Credit Information , whether authorized or not; (c) any breach of confidentiality or privacy in relation to delivery of my Consumer Credit Information to the Company ; (d) for any use made by the Company which is contrary to the Agreement entered into between the Company and TUCL

E. I acknowledge and accept that: (a) TUCL has not made any promises or representations to me in order to induce me to provide my Consumer Credit Information or seek any consent or authorization in this regard; and (b) the implementation of the Agreement between TUCL and the Company is solely the responsibility of the Company.

F. I agree that I may be required to record my consent / provide instructions electronically and in all such cases I understand that by clicking on the "I Accept" button below, I am providing "written instructions" to Paisabazaar authorizing Paisabazaar to obtain my Consumer Credit Information from my personal credit profile from TransUnion CIBIL LIMITED, [formerly known as Credit Information Bureau (India) Limited]]. I further authorize Paisabazaar to obtain such information solely to confirm my identity and display my Consumer Credit Information to me. Further in all such cases “By checking this box and clicking on the ‘Authorize button, I agree to the terms and conditions, acknowledge receipt of TUCL privacy policy and agree to its terms, and confirm my authorization for Paisabazaar to obtain my Consumer Credit Information.

G. I understand that in order to deliver the product to me, I hereby authorize Paisabazaar, to obtain my Consumer Credit Information from TUCL.

H. By submitting this registration form, I understand that I am providing an express adhoc one-time written instructions for Paisabazaar to request and receive information about me from third parties, including but not limited to a copy of my consumer credit report and score from consumer reporting agencies, at any time for so long as I have an active Paisabazaar account. I further authorize Paisabazaar to retain a copy of my information for use in accordance with the terms of use of this service, Paisabazaar’s Terms of Use and Privacy Policy.

I. I UNDERSTAND THAT THE PRODUCT IS PROVIDED ON AN “AS-IS”, “AS AVAILABLE” BASIS AND TUCL EXPRESSLY DISCLAIMS ALL WARRANTIES, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.

J. I shall not sue or otherwise make or present any demand or claim, and I irrevocably, unconditionally and entirely release, waive and forever discharge TUCL , its officers, directors, employees, agents, licensees, affiliates, successors and assigns, jointly and individually (hereinafter “Releasee”), from any and all manner of liabilities, claims, demands, losses, claims, suits, costs and expenses (including court costs and reasonable attorney fees) (“Losses”), whatsoever, in law or equity, whether known or unknown, which I ever had, now have, or in the future may have against the Releasee with respect to the submission of my Consumer Credit Information and / or my decision to provide TUCL L with the authority to deliver my Consumer Credit Information to the Company . I agree to defend, indemnify, and hold harmless the Releasee from and against any and all Losses resulting from claims made against TUCL L by third parties arising from and in connection with this letter.

K. I agree that the terms of this confirmation letter shall be governed by the laws of India and shall be subject to the exclusive jurisdiction of the courts located in Mumbai in regard to any dispute arising hereof. TUCL is entitled to assign its rights hereunder to any third person without taking my prior written consent.

Yours faithfully,
Name :

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :29/03/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

EQUIFAX TERMS AND
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I Mr./Ms. -------------------- ---------------------residing at ------------------------ ---------------------------------------- do hereby authorise Paisabazaar Team ,to do all acts on my behalf as may be necessary including to execute/sign application(s), make payment of applicable fees* and generally to all other acts as may be necessary to receive, on my behalf and at my request, my Credit Information Report (CIR) from Equifax Credit Information Services Private Limited("Equifax") at the following address/email id:

I hereby confirm that all the powers hereby conferred may be exercised by officer(s) or manager(s) / agent(s) / employees of the Paisabazaar who is duly authorized by the Paisabazaar.

I hereby confirm, agree, undertake and accept that I shall at all times be solely responsible for all the above actions and omissions of the Paisabazaar shall be binding on me as though such actions had been carried out by me directly. I further confirm that my CIR shall be used only for the purpose as mentioned in the attached standard terms and conditions and I shall be solely liable for, and indemnify and hold harmless Equifax for and against, any and all third party claims or damages or proceedings of any kind, arising from or in connection with (a) any misrepresentations, incorrect information or omission of any critical information in my application, or (b) furnishing my CIR based on this authorization letter, and shall not at any time hold Equifax or its affiliates and their respective officers, directors, employees or representatives liable in this respect.

I hereby also confirm that I have only appointed Paisabazaar to be my authorized agent/representative for collection of my CIR.

I undertake to keep Equifax intimated and informed at all times, of any renewals or termination of the authorization to Paisabazaar or any amendments, modifications or changes in the terms governing the obligations or my relationship with Paisabazaar.

I shall at all times co-operate with Equifax and execute and deliver to Equifax such instruments and documents and take such other actions as may be required by Equifax from time to time in connection with this authority letter.

By signing on this authorization letter, I hereby acknowledge and accept the Standard Terms and Conditions mentioned above.

Date : 29/03/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :29/03/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

EXPERIAN TERMS AND
CONDITIONS

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM EXPERIAN.

YOU HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY EXPERIAN TO YOU AND PAISABAZAAR AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU HEREBY ALSO AGREE AND ACKNOWLEDGE THAT FOR PAISABAZAAR TO SERVICE YOU AS A CUSTOMER, THE CREDIT INFORMATION SHALL BE SHARED BY EXPERIAN WITH YOU AND PAISABAZAAR ON A MONTHLY BASIS. YOU FURTHER ALSO AGREE AND CONSENT TO RECEIVE SUCH CREDIT INFORMATION DIRECTLY FROM EXPERIAN AND ALSO THROUGH YOUR PAISABAZAAR ACCOUNT AS PER YOUR INDEPENDENT REGISTRATION WITH PAISABAZAAR.

Please read the Terms and Conditions of this document carefully before accepting. By clicking on the "I ACCEPT" button below, you are expressly agreeing to access the Experian Credit Information Report and Credit Score (as defined in the Important Information Section below) (together referred as "Credit Information") and share a copy of the Credit Information with Paisabazaar in the "as is" format. Please click on the link below to read and understand the Important Information section below.

** This document is an electronic record in terms of the Information Technology Act, 2000 and Rules made there under, and the amended provisions pertaining to electronic records.

Information Collection, Use, Confidentiality, No-Disclosure and Data Purging

PAISABAZAAR/ We/ Us can only access your Credit Information as your authorized representative and we shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from us on the Website. We shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

We shall protect and keep confidential the Credit information both online and offline and use best in class security measures in line with applicable laws. The Credit Information shared by You, or received on your behalf shall be destroyed, purged, erased promptly upon the earlier of: (i) your written request to terminate this relationship with Paisabazaar (ii) the completion of provision of the Services by us to you.

Governing Law and Jurisdiction The relationship between you and the Parties shall be governed by laws of India and all claims or disputes arising there from shall be subject to the exclusive jurisdiction of the courts of [Mumbai].

Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
"Credit Information Report" means the credit information / scores / aggregates / variables or reports which shall be generated by Experian;
"Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by Experian.
"CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
PLEASE READ THE ABOVE MENTIONED IMPORTANT INFORMATION AND CLICK ON "ACCEPT" FOLLOWED BY THE LINK BELOW TO COMPLETE THE AUTHORISATION PROCESS FOR SHARING OF YOUR CREDIT INFORMATION BY EXPERIAN WITH YOU AND PAISABAZAAR, IN ITS CAPACITY AS YOUR AUTHORISED REPRESENTATIVE.
BY CLICKING "ACCEPT" YOU AGREE AND ACCEPT THE DISCLAIMERS AND TERMS AND CONDITIONS SET OUT HEREIN. THE TERMS AND CONDITIONS MENTIONED HEREIN MAY CHANGE IN ORDER TO COMPLY WITH GOVERNING LAWS OF THE COUNTRY AND THE CONSUMER SHALL BE BOUND TO ANY CHANGES TO THIS AGREEMENT

Name :
Date : 29/03/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :29/03/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

CRIF HIGH MARK TERMS
AND CONDITIONS

This End User Agreement (the "Agreement") is made between you (the "User" or "You") and Paisabazaar Marketing and Consulting Pvt Ltd ("PaisaBazaar"), a private limited company having its registered office at Plot No 119, Sector-44, Gurgaon-122001, Haryana ("PAISABAZAAR", "Us" or "We", which term shall include its successors and permitted assigns). The User and PAISABAZAAR shall be collectively referred to as the "Parties" and individually as a "Party".

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM CRIF HIGH MARK. BY EXECUTING THIS AGREEMENT / CONSENT FORM, YOU ARE EXPRESSLY AGREEING TO ACCESS THE CRIF HIGH MARK CREDIT INFORMATION REPORT AND CREDIT SCORE, AGGREGATE SCORES, INFERENCES, REFERENCES AND DETAILS (AS DEFINED BELOW)(TOGETHER REFERRED AS "CREDIT INFORMATION"). YOU HEREBY ALSO IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY CRIF HIGH MARK TO YOU AND PAISABAZAAR BY USING CRIF HIGH MARK TOOLS, ALGORITHMS AND DEVICES AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU ALSO ACKNOWLEDGE THAT YOU SHALL NOT RAISE ANY CLAIM OR HOLD LIABLE CRIF HIGH MARK CREDIT INFORMATION SERVICES PRIVATE LIMITED IN RELATION TO YOUR CREDIT INFORMATION REPORT AND CREDIT SCORE PROVIDED OR TO BE PROVIDED BY CRIF HIGH MARK TO PAISABAZAAR.

Terms and Conditions: Information Collection, Use, Confidentiality, No-Disclosure and Data Purging PAISABAZAAR shall access your Credit Information as your authorized representative and PAISABAZAAR shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from PAISABAZAAR. PAISABAZAAR shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

The Parties agree to protect and keep confidential the Credit Information both online and offline. The Credit Information shared by you, or received on by us on your behalf shall be destroyed, purged, erased promptly upon request from the consumer or the consumer withdrawing the consent to retain such credit information / reports by deleting/deactivating the consumers account with Paisabazaar.

Governing Law and Jurisdiction Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
" Business Day" means a day (other than a public holiday) on which banks are open for general business in Gurgaon and Mumbai.
" Credit Information Report" means the credit information / scores/ aggregates / variables / inferences or reports which shall be generated by CRIF High Mark;
" Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by CRIF High Mark.
" CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
IN CASE THERE IS ANY DISCREPANCY OR INABILITY IN COMPLETION OF ONLINE AUTHENTICATION, PLEASE SUBMIT YOUR SELF ATTESTED KYC DOCUMENTATION IN SCANNED COPIES FOR SHARING OF YOUR CREDIT INFORMATION BY CRIF HIGH MARK WITH YOU AND PAISABAZAAR (YOUR AUTHORISED REPRESENTATIVE).
ONLINE SUBMISSION - DOES NOT REQUIRE SIGNATURE AND EXECUTION"

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Date :29/03/2020

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Updated: 04-03-2020 11:52:27 AM

If you are a salaried individual, self- employed professional, non- professional or a pensioner, you can avail IDBI Bank Personal Loan to deal with any kind of financial situation. Be it a medical emergency, home renovation, higher education, vacation or any other expense of a personal , a personal loan from IDBI Bank can be availed for upto Rs. 10 lakh. You can apply for the loan and can repay it within 12 to 60 months.

 

Features of IDBI Personal Loan

  • Flexible tenure: The tenure for IDBI Bank personal loan ranges from 12 months to 60 months and can be selected by an individual as per his/her repayment ability
  • Loan amount: A personal loan amount of maximum Rs. 10 lakh can be availed from IDBI Bank
  • Easy application: IDBI Bank personal loan can be applied online from the comfort of your home or office with minimal documentation requirements
  • Free personal accident insurance cover: The individuals availing IDBI Bank personal loan would be covered under free personal accident insurance cover

IDBI Bank Personal Loan Interest Rates

IDBI Bank Personal Loan interest rates start at 12% p.a. Specific interest rates applicable to an applicant are dependent upon various factors including but not limited to credit score, loan amount, customer segment and location.

Type of IDBI Personal Loan Interest Rate (p.a.)
Fixed Rate Personal Loan12% onwards
Pension Account Overdraft (former IDBI Staff)9.65% onwards
Salary/Pension Account Overdraft12.40% onwards

Types of IDBI Bank Personal Loan

The 3 types of personal loan products available with IDBI bank are given below:

1. Personal loan to Salaried Individuals, Self Employed Professionals (SEPs), Non Professionals (SENP) & Pensioners: All salaried individuals, pensioners, self-employed professionals and non-professionals can avail a personal loan from IDBI bank to meet their personal financial needs including educational/medical expenses, household expenses, vacation, etc. For salaried and SEP/SENP the personal loan amount can range between Rs. 50,000 to Rs. 10 lakh. Whereas, for pensioners the loan amount can range between Rs. 25,000 to Rs. 5 lakh. Some features of the personal loan product are given below:

  • The loan tenure can range between 12 months to 60 months
  • Comes with the option of adding a top up loan after 12 months of having an IDBI personal loan account and clear repayment track record
  • Comes with free Personal Accident insurance cover
  • Interest rates for this loan vary based on the credit vision score of the applicant as follows:
Credit vision scorePayroll/Pension/Salary AccountsAll other salaried customersSelf Employed Professionals and non-Professionals
801 or above12%12.25%13%
776 to 80012.25%12.50%13.50%
740 to 75513.25%13.50%14%
700 to 739 applicable only for corporate relationships: LIC and its subsidiaries staff, Payroll/Salary relationship, pension accounts, IDBI bank Staff)13.50%N.A.
Below 700N.A.
-113.25%N.A.

2. Pension Account with in-built Overdraft facility to Pensioners of IDBI Bank Ltd.: Customers having a pension account with IDBI bank can avail this facility. The maximum overdraft limit can go up to five times the monthly net pension. The product comes with the following features:

  • The overdraft facility comes with a validity of 1 year and can be renewed every year
  • The maximum age up to which a pensioner can avail this facility is 75 years
  • Interest rate applicable in case of different types of accounts is as follows:
Type of Pension AccountInterest Rate (p.a.)
Pension Account with overdraft facility (for retired IDBI Staff)9.65%
Pension Account with overdraft facility(for others)12.40%

3. Salary Account with in-built Overdraft facility: To avail the facility a person must be a permanent employee with at least one year of continuous service for any of the following:

  • /Semi-Govt./Quasi Government organisation
  • Public or Pvt. Ltd Co.
  • Reputed Institutions
  • Multinational Co.
  • Any corporate approved by CGM of the zone

The loan product comes with the following features:

  • The overdraft facility comes with a validity of 2 years and can be renewed every two years
  • The overdraft limit can go up to five times the net salary (based on previous 6 months’ average salary)
  • Interest rate for this loan starts at 12.40% onwards

Eligibility

To avail IDBl Bank personal loan, the following details must be taken into consideration:

Particulars of ApplicantEligibility Criteria
AgeSalaried/ Self Employed and Professionals:

21-60 years or date of retirement (whichever is earlier)

Pensioners/ Family Pensioners:

21-75 years (on the maturity date of the loan)

Minimum Net Monthly Income/SalaryFor Salaried Class:

Minimum Annual Net Income of Rs. 1.80 lakh per annum

For Self Employed Non Professional (SENP) Borrower:

Minimum Annual Business Income of Rs 5 lakh p.a

For SEP (Self Employed Professional) Borrower:

Minimum Annual Business income of Rs.  3.6 lakh p.a.

Relationship With the BankIn Case of Pensioners/Salaried:

●        Pensioners/Salaried individuals having Pension account/corporate salary account with IDBI Bank

●        Permanent/Confirmed employees of Central Govt./State Govt./PSU Departments, Listed companies/Multinational Companies, Reputed Pvt. Ltd. companies with or without existing relationship with IDBI bank

Self Employed Professional/ Non-Professional:

Must have Asset/Liability relationship with IDBI bank

The following are the eligibility criteria for overdraft facility on Salary / Pension Account:

CriteriaSalary Account with

in- built overdraft facility

Overdraft facility for Pensioners of IDBI Bank Ltd
EligibilityPermanent Employee, with a minimum one year of continuous service of the below mentioned Organizations /Companies:

 

· Govt./Semi-Govt./Quasi Govt.

· Public Ltd Co.

· Private Ltd Co.

· Multinational Co.

· Reputed Institutions

· Any Corporate approved by CGM of the Zone

This facility is extended to customers maintaining their pension account with IDBI Bank Ltd.
AgeMinimum Age:  22 years

Maximum Age: 58 years

Should not exceed 75 years.
CategoriesSalaried customers maintaining salary accounts with IDBI BankNA
TenorThe overdraft facility would be valid for 2 years; renewable every two years.The overdraft facility would be valid for 1 year; renewable every year.
Maximum LimitFive times of net salary (based on previous six months average salary)To be computed at five times the monthly net pension.

Documents required for IDBI Bank Personal Loan

 The following documents are required to avail IDBI bank Personal Loan:

  • 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 last 3 months
  • Employment Certificate: A certificate issued by employer certifying one year of continuous employment with the current employer
  • Form 16 / acknowledged Income Tax Returns for the last two years
  • Filled application form
  • Passport size photographs

How to Apply for IDBI Bank Personal Loan with Paisabazaar?

How to Apply for IDBI Bank Personal Loan with Paisabazaar?

Customers can apply for IDBI Bank Personal Loan with Paisabazaar by following the steps given below:

Step 1– Visit Paisabazaar.com and fill out the online loan application form to know best personal loan offers from 30+ lenders.

Step 2 – You will receive a list of top personal loan offers from Paisabazaar partners arranged according to chances of approval.

Step 3 – Select you prospective lender such as IDBI Bank from the list or contact Paisabazaar for assistance.

Step 4 – Once done, complete and submit your personal loan application online.

Personal Loan Verification Process

Once your personal loan application has been successfully submitted online, on the Paisabazaar website, the process of loan disbursal involves the following steps:

Step1. Paisabazaar will forward your personal loan application to the chosen lender. This is followed by a call from the lender’s representative typically within 48 hours of online submission of your application.

Step2. The prospective lender schedules a pickup of your KYC, income and other relevant applicant documents or provides an option to upload them online. These documents will be used to verify your application.

Step3. Once the lender’s verification is successfully completed and the loan is approved, you will receive another call to verify the loan offer and ask for your consent to the terms and conditions of loan disbursal.

Step4. Upon successful verification and loan approval, the loan is typically disbursed within 48 hours of approval by the lender.

Note: Based on IDBI bank’s internal requirements as well as other criteria, the above stated turnaround time for personal loan verification/disbursal may vary.

Check IDBI Bank Personal Loan Application Status

You can check the status of your personal loan application by following the steps given below:

1. Visit the official website of IDBI Bank. Click on ‘Loan Application Tracking’ under ‘Hassle Free Loans’.

2. Enter details like URN No, PAN No, Type of Facility and Mobile No and click on Submit to know the status of your loan application.

2. Enter details like URN No, PAN No, Type of Facility and Mobile No and click on Submit to know the status of your loan application

Fees and other Charges

The following are some of the key charges apart from interest charges applicable to an IDBI Bank personal loan:

Processing Fee1% of loan amount + applicable taxes
Prepayment/Foreclosure Charges●     Within 12 months from the date of disbursement: 2% of the outstanding loan amount + applicable taxes

●     Between 12 to 24 months from the date of disbursement: 1% of the outstanding loan amount + applicable taxes

●     After 24 months: Nil

Part Payment Charges●     Within 6 months from disbursal: 2% of the outstanding loan amount + applicable taxes

●     After 6 months of disbursal: NIL

Penal Interest charges on overdue amount for delayed period4% p.a. on the overdue amount calculated on the overdue period

How to Login on IDBI Bank Portal

The login process involves the steps given below:

  1. Visit the official website of IDBI Bank and click on ‘Login’.

Visit the official website of IDBI Bank and click on ‘Login’

2. On the page that opens next, click on ‘Continue to Login’.

2. On the page that opens next, click on ‘Continue to Login’.

3. Enter your customer ID and password and select the page that you wish to start with.

3. Enter your customer ID and password and select the page that you wish to start with.

4. Click on Login.

IDBI Bank Personal Loan Statement

You can avail your IDBI Bank personal loan statement online by following the steps mentioned here:

Step1. Click the “Easy Access Retail Loan Statement” link on the IDBI Bank home page.

Click the “Easy Access Retail Loan Statement” link on the IDBI Bank home page.

Step2. On the subsequent page you have enter key details such as Customer ID, Loan Account Number, Date of Birth and PAN to access your IDBI personal loan statement:

Step2. On the subsequent page you have enter key details such as Customer ID, Loan Account Number, Date of Birth and PAN to access your IDBI personal loan statement:

Alternative ways to check your personal loan statement include the following:

  • Visit your nearby IDBI Bank branch office and get a physical copy of your personal loan statement
  • You can also obtain the loan statement by calling up the company’s customer care IVR number and request for a loan account statement

IDBI Bank Personal Loan EMI Calculation

The interest rate for IDBI Bank Personal Loan starts as low as 12% p.a.

The table below depicts EMI payable for various loan amounts a tenures and interest rates:

Loan Amount (Rs.) and Interest Rate

Monthly EMI Payout (Rs.)

1-year loan tenure2-year loan tenure3-year loan tenure4-year loan tenure5-year loan tenure
2 lakh @ 12% p.a.Rs. 17,770Rs. 9,415Rs. 6,643Rs. 5,267Rs. 4,449
5 lakh @ 13% p.a.Rs. 44,659Rs. 23,771Rs. 16,847Rs. 13,414Rs. 11,377
10 lakh @ 14 % p.a.Rs. 89,787Rs. 48,013Rs. 34,178Rs. 27,326Rs. 23,268

IDBI Bank Personal Loan Top Up

Existing personal loan account holders of IDBI Bank who have paid a minimum of 12 EMIs and have clear repayment track record can apply for a top-up loan to avail extra funds. The key eligibility criteria in this regard include:

  • Already a personal loan borrower with IDBI Bank
  • A minimum of 12 EMIs have already been paid by the borrower
  • The borrower has maintained a clean payment record with no defaults

Additional criteria for a IDBI personal loan top-up are subject to discretion of the bank depending on individual applicant profile.

Comparison of IDBI Bank Personal Loan vs Other Lenders

The comparison of the key features of a personal loan from IDBI Bank with other top lenders in India is given below:

ParticularsIDBI BankHDFC BankCiti BankAxis BankICICI BankBajaj Finserv
Interest RateStarting from 12%10.75% to 21.30%Starting from 10.50%11.49% to 17.49%11.25% to 22.00%Starting from 12.99%
Tenure12 to 60 months12 to 60 months12 to 60 months12 to 60 months12 to 60 months12 to 60 months
Loan amountUp to Rs. 10 lakhUp to Rs. 40 lakhUp to Rs. 30 lakhRs. 50,000 to Rs. 15 lakhUp to Rs. 20 lakhUp to Rs. 25 lakh
Processing FeesUp to 1% of the loan amountUp to 2.50% of the loan amountUp to 3% of the loan amount2% of loan amount plus GSTUp to  2.25% of loan amount plus GSTUp to 4.13% of the loan amount

IDBI Bank Customer Care

You can contact the company’s customer care through any of the following means:

  • By Phone: You can call on 1800-209-4324/ 1800-200-1947/ 1800-22-1070 (toll- free numbers)
  • Write to the Company: You can write a letter to IDBI Bank at IDBI Tower, WTC Complex, Cuffe Parade, Colaba, Mumbai – 400005
  • Branch Visit: You can visit the nearby branch of IDBI Bank to get your queries resolved

Benefits of Applying for Personal Loan at Paisabazaar

Some advantages of applying for a personal loan at Paisabazaar.com are given below:

  • Applicants can access the Paisabazaar website anytime and anywhere at their own convenience
  • The completely online platform eliminates the need to physically visit the branch office or website of multiple prospective lenders
  • By offering you the option to compare various personal loan features like interest rate, processing fees, foreclosure charges of various personal loan providers, etc. on a single platform, Paisabazaar.com enables you to make the correct decision with respect to your personal loan
  • You can check the status of your personal loan that is applied through Paisabazaar’s website using the application number provided

Important Aspects

  • Before actually applying for a personal loan, different interest rates and charges should be compared online to avail the best deal
  • Borrow according to your need and repayment ability. Don’t borrow simply because you are eligible to borrow a higher amount
  • Check your credit score before applying for a loan. It is one of the first things that lenders look for before lending money to a person. Low credit score might lead to the rejection of your loan application or an increase in the interest rate charged by the bank
  • Evaluate the total cost of the loan. Interest is not the only cost that you need to pay. Other charges like prepayment fee, late payment fee, processing fee, etc. might also be considered while finalizing upon a particular personal loan
  • Do not apply for a personal loan with multiple lenders simultaneously. It may lead to an increase in the number of hard inquiries on your credit report and may adversely affect your chances of loan approval

FAQs

Q1. Is it possible to avail top- up facility from IDBI Bank if I am not an existing customer of the bank?

No, to avail the top-up facility it is necessary to be a customer of the bank.

Q2. Does a personal loan secured from IDBI Bank offer any additional benefits?

Yes, personal loans from IDBI bank come with the added advantage of top up loan facility and free personal accident insurance cover.

Q3. What are the different purposes for which a personal loan secured from IDBI Bank can be utilized?

A personal loan secured from IDBI Bank can be used to meet all sorts of financial needs/emergencies. No end usage of funds is stipulated by the bank.

Q4. What are the different tenure options available on IDBI bank personal loans?

The loan tenure can range between 12 – 60 months.

Q5. How can I contact IDBI Bank in case I want to secure a personal loan?

Customers can get in touch with the bank via any of the following means:

  • You can call on the company’s toll-free number 1800-209-4324/ 1800-200-1947/ 1800-22-1070
  • Visit the nearby branch office
  • Write a letter to the company at IDBI Bank at IDBI Tower, WTC Complex, Cuffe Parade, Colaba, Mumbai – 400005

 Q6. Is collateral or security required to secure a loan from IDBI Bank?

No collateral or security is needed to secure a personal loan from IDBI Bank.

Q7. What are the different ways in which I can pay EMIs on my IDBI personal loan?

You can pay your personal loan EMIs through standing instruction or by using ECS facility.

Q8. What is the minimum and maximum loan amount?

For self-employed professionals and non-professionals as well as the salaried, the loan amount can range between Rs. 50,000 to Rs. 10 lakh. However, for pensioners the minimum loan amount is Rs. 25,000, whereas, the maximum is Rs. 5 lakh.

Q9. I am a self-employed professional. Do I need to be an account holder with IDBI Bank to secure a personal loan?

No. However, you need to have an asset/liability relationship with the bank.

Q10. Is prepayment/foreclosure allowed on IDBI Bank personal loans?

Yes, prepayment/foreclosure is allowed on IDBI Bank personal loans. There is no prepayment charge in case foreclosure/prepayment is done after 6 months of loan disbursal. However, a charge of 2% on the loan amount prepaid is levied in case prepayment/foreclosure is sought before 6 months from the disbursal date.

IDBI Bank Personal Loan
(4.2/5 ) 591 Reviews
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Jun 26 , 2019
4/5
Five stars

I am giving five stars to both Paisabaazar and IDBI because of their professionalism, fluency and transparency

Jun 26 , 2019
4/5
Attractive vouchers

Very please by the services. IDBI provides attractive vouchers on their deals.

Jun 26 , 2019
4/5
twenty four hours customer service

For any help one can easily reach the IDBI customer service round the clock

Jun 26 , 2019
4/5
Something for everyone

Very please by the services. Paisabaazar has something for almost every one

Jun 26 , 2019
4/5
Well taken care of

I was well taken care of by the IDBI bank staff when I visited the branch to submit personal loan application. Really appreciate.

Jun 26 , 2019
4/5
No changes in interest

IDBI bank has fixed interest rate which means at no time I have to be worried about change in interest rates.

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