Compare & Choose from the Best Personal Loan OffersPlease Note: IDBI Bank is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.
IDBI Bank Personal Loan Highlights- May 2022 | |
| Interest rate | 9.50%-14.00% p.a. |
| Loan Amount | Rs 25,000-Rs 5 lakh |
| Tenure | 1-5 years |
| Processing Fees | 1% of loan amount subject to maximum of Rs 2,500 |
| Minimum Salary | Rs 1.8 lakh p.a. for salaried |
Table of Contents
IDBI Bank Personal Loan Interest Rates
Payroll/pension/salary accounts with IDBI Bank
| Credit Score | Interest Rates (p.a.) |
| 801 and above | 9.50% |
| 776-800 | 9.75% |
| 740-775 | 10.75% |
| 700-739 | 11.75% |
| -1 | 10.75% |
Employees of Central/State Government/PSU/MNCs not having payroll/salary account with IDBI Bank
| Credit Score | Interest Rates (p.a.) |
| 801 and above | 10.00% |
| 776-800 | 10.25% |
| 740-775 | 11.25% |
| 700-739 | NA |
| -1 | NA |
Other Salaried Employees
| Credit Score | Interest Rates (p.a.) |
| 801 and above | 12.00% |
| 776-800 | 12.25% |
| 740-775 | 13.25% |
| 700-739 | NA |
Self-Employed Professionals (asset/liability relationship with IDBI Bank)
| Credit Score | Interest Rates (p.a.) |
| 801 and above | 12.25% |
| 776-800 | 12.75% |
| 740-775 | 13.75% |
Self-Employed Non-Professionals (asset/liability relationship with IDBI Bank)
| Credit Score | Interest Rates (p.a.) |
| 801 and above | 12.50% |
| 776-800 | 13.00% |
| 740-775 | 14.00% |
Note: Interest rate concession of up to 50 bps, subject to minimum interest rate of 9.50% p.a., offered on the above-mentioned interest rates to existing Home Loan and Loan Against Property borrowers with clear repayment in last 2 years.
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Comparison of IDBI Bank Personal Loan vs Other Lenders
| Banks/NBFCs | Interest Rates (per annum) |
| IDBI Bank | 9.50% – 14% |
| HDFC Bank | 10.25% – 21% |
| SBI | 9.60% – 13.85% |
| ICICI Bank | 10.25% onwards |
| Axis Bank | 10.25% onwards |
| Kotak Mahindra Bank | 10.75% onwards |
| IndusInd Bank | 10.49% onwards |
| IDFC First Bank | 10.49% – 23% |
| Bajaj Finserv | 13.00% onwards |
| Tata Capital | 10.99% onwards |
IDBI Bank Personal Loan Processing Fees and Charges
Processing Fee
| Personal Loan | 1% of loan amount subject to minimum Rs 2,500 |
| Salary Account with in-built overdraft facility | NIL |
| Overdraft facility to IDBI Bank pensioners | NIL |
Part Payment/Foreclosure Charges
| Part Payment | |
| Personal Loan | ● 2% 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: 2% 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 | 4% p.a. on overdue amount and overdue period |
Other Charges
| Copy of Property Documents | Rs 225 |
| Document Retrieval Charges | Rs 2,000 |
| Foreclosure Letter Issuance | Rs 500 |
| Swapping of PDCs/ECS or repayment mode change to PDC or ECS | 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: For meeting the personal requirements of permanent employees of 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: For meeting the personal requirements of 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- 2% 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: 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: 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: 2% 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
Eligibility Criteria for IDBI Bank Personal Loan
Eligibility 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
Eligibility 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
Eligibility 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
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
IDBI Bank Personal Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Personal Loan at Attractive Interest Rates Apply Now
FAQs
Q. 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.
Q. 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.
Q. What are the different tenure options available on IDBI bank personal loans?
The loan tenure can range between 12 – 60 months.
Q. 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.
Q. 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.
Q. 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.
