IDBI Bank Personal Loan Highlights | |
| Interest rate | Starting at 12.00% p.a. |
| Loan Amount | Up to Rs. 5 lakh |
| Loan Tenure | Up to 60 months |
| Processing Fees | Up to 1% of loan sanctioned |
| Eligible Applicant Categories |
|
| Types of Loans | Fixed Rate Personal Loan, Pension Account Overdraft (for former IDBI Staff) and Salary/Pension Account Overdraft |
| Foreclosure Charge | Nil |
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 up to Rs. 5 lakh. You can apply for the loan online and repay it within 12 to 60 months.
Table of Contents
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. 5 lakh can be availed from IDBI Bank to meet a variety of financial needs
- Easy application: IDBI Bank personal loan can be applied online from the comfort of your home or office with minimal documentation
- 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 Loan | 12% onwards |
| Pension Account Overdraft (former IDBI Staff) | 8.30% onwards |
| Salary/Pension Account Overdraft | 11.05% 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. 5 lakh. Whereas, for pensioners the loan amount can range between Rs. 25,000 to Rs. 3 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 score | Payroll/Pension/Salary Accounts | All other salaried customers | Self Employed Professionals and non-Professionals |
| 801 or above | 12% | 12.25% | 13% |
| 776 to 800 | 12.25% | 12.50% | 13.50% |
| 740 to 755 | 13.25% | 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 700 | N.A. | ||
| -1 | 13.25% | 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 Account | Interest Rate (p.a.) |
| Pension Account with overdraft facility (for retired IDBI Staff) | 8.30% |
| Pension Account with overdraft facility(for others) | 11.05% |
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.
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 11.05% onwards
Eligibility
To avail IDBl Bank personal loan, the following details must be taken into consideration:
| Particulars of Applicant | Eligibility Criteria |
| Age | Salaried/ 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/Salary | For 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 Bank | In 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:
| Criteria | Salary Account with in- built overdraft facility | Overdraft facility for Pensioners of IDBI Bank Ltd |
| Eligibility | Permanent 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 | This facility is extended to customers maintaining their pension account with IDBI Bank Ltd. |
| Age | Minimum Age: 22 years Maximum Age: 65 years (On loan maturity or retirement age whichever is earlier) | Should not exceed 75 years. |
| Categories | Salaried customers maintaining salary accounts with IDBI Bank | NA |
| Tenor | The 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 Limit | Five 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?
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 multiple 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 verification 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.
Fees and other Charges
The following are some of the key charges apart from interest charges applicable to an IDBI Bank personal loan:
| Processing Fee | 1% 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 period | 4% 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:
- Visit the official website of IDBI Bank and click on ‘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.
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.
Step2. On the subsequent page you have to 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 tenure | 2-year loan tenure | 3-year loan tenure | 4-year loan tenure | 5-year loan tenure | |
| 2 lakh @ 12% p.a. | Rs. 17,770 | Rs. 9,415 | Rs. 6,643 | Rs. 5,267 | Rs. 4,449 |
| 5 lakh @ 13% p.a. | Rs. 44,659 | Rs. 23,771 | Rs. 16,847 | Rs. 13,414 | Rs. 11,377 |
| 10 lakh @ 14 % p.a. | Rs. 89,787 | Rs. 48,013 | Rs. 34,178 | Rs. 27,326 | Rs. 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:
| Particulars | IDBI Bank | HDFC Bank | Citi Bank | Axis Bank | ICICI Bank | Bajaj Finserv |
| Interest Rate | Starting from 12% p.a. | Starting from 10.75% p.a. | Starting from 9.99% p.a. | Starting from 12% p.a. | 11.25% to 22.00% | Starting from 12.99% |
| Tenure | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months |
| Loan amount | Up to Rs. 10 lakh | Up to Rs. 40 lakh | Up to Rs. 30 lakh | Rs. 50,000 to Rs. 15 lakh | Up to Rs. 20 lakh | Up to Rs. 25 lakh |
| Processing Fees | Up to 1% of the loan amount | Up to 2.50% of the loan amount | Up to 3% of the loan amount | 2% of loan amount plus GST | Up to 2.25% of loan amount plus GST | Up 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/ 1800-22-1070 (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/ 1800-22-1070
- 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. 25,000 to Rs. 5 lakh. However, for pensioners the minimum loan amount is Rs. 25,000, whereas, the maximum is Rs. 3 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% of the outstanding loan amount + applicable taxes is levied in case prepayment/foreclosure is sought within 12 months from the disbursal date. In case foreclosure is sought between 12 to 24 months from the date of loan disbursement a foreclosure charge of 1% of the outstanding loan amount along with the applicable taxes is levied.
