IDBI Bank Personal Loan Eligibility

IDBI Bank offers personal loans to salaried persons and pensioners maintaining corporate salary or pension account with IDBI Bank branches. Applicants must be aged 21 - 60 years and earning at least Rs 1.80 Lakhs to meet the IDBI Bank eligibility criteria.


IDBI Bank Personal Loan Eligibility

General Eligibility

  • Salaried persons and pensioners maintaining corporate salary or pension account with IDBI Bank branches
  • Self-employed professionals and non-professionals having accounts with IDBI Bank
  • Confirmed and permanent employees of State and Central Government, PSUs, multinational companies, listed company entities, reputed private limited companies with or without an existing relationship with IDBI Bank

Age Criteria

  • Salaried, self-employed persons The minimum age at entry-level should be 21 years, and the maximum at the termination of the loan should be equal to the age of retirement or 60 years, whichever is earlier
  • Pensioners and family pensioners The maximum age at the maturity of the loan should not exceed 75 years

Income Criteria

  • Salaried Class Minimum net annual income Rs 1.80 Lakhs
  • Self-employed professional Minimum annual business income Rs 3.60 Lakhs
  • Self-employed non-professional Minimum annual business income Rs 5 Lakhs

Amount Eligibility

  • Salaried and self-employed individuals
    • Minimum Rs 50,000
    • Maximum Rs 10 Lakhs
  • Pensioners
    • Minimum Rs 25,000
    • Maximum Rs 5 Lakhs

IDBI Bank Personal Loan - Features & Benefits

  • Range of loan products with and without collateral
  • Loans up to Rs 10 Lakhs without any collateral for meeting the personal needs of its customers
  • Loans against property and securities are available for individual requirements if the demands are more than Rs 10 Lakhs
  • Easy application process online
  • Calculate eligibility and prospective online by using the calculators provided on the official site of the bank
  • Relaxed eligibility norms make it easy for salaried and self-employed persons to avail personal loans.
  • Flexible products as the borrower can choose between a term loan or an overdraft facility
  • Pensioners can also get a built-in overdraft facility on their personal loans
  • Attractive rates of interest
  • Affordable processing fees
  • Transparency regarding prepayment and other charges
  • Top-up facilities available for borrowers with good repayment record
  • Free personal accident insurance cover available

IDBI Bank Personal Loan at a Glance

Personal Loans without Collateral

Loan ProductIdeal forMaximum LoanInterest rateMaximum tenure
Personal loan for salaried, self-employed, and pensionersMeeting domestic requirementsRs 10 Lakhs9.65% to 14%12 to 60 months
Salary account with built-in OD facilityMeet all personal needs of salaried class5 times of average net monthly salary12.40%Two years validity
Pension account with OD facilityMeet the domestic needs of pensioners5 times the monthly net pension12.40%One-year validity

Personal Loans with Collateral

Mortgage LoanBusiness and personal needsRs 10 Crores10.05% to 10.40%15 years
Loan against Property OverdraftBusiness and domestic requirementsRs 10 Crores10.05% to 10.40%Two years
Loan against Property Interest SaverSaving interest on your LAPRs 10 Crores10.05% to 10.40%15 years
Loan against Rent ReceivablesBusiness and domestic needsRs 10 Crores10.30% to 10.65%Ten years
Reverse Mortgage LoanMeeting local needs of senior citizensRs 2 Crores10.85%20 years
Loans against securitiesAll local needs of customersNo limitDepends on the securityWith the maturity period

IDBI Bank Personal Loan Eligibility For Salary accounts with in-built overdraft facility

General Eligibility

Permanent and confirmed employees with a minimum service of one year in the following organisations

  • State and Central Government departments
  • Quasi-Government bodies
  • Public limited companies
  • Private limited companies
  • Multinational companies
  • Reputed institutions
  • Any other corporate entity approved by the Chief General Manager of the Zone

Age Criteria

  • Minimum age 22 years
  • Maximum age 58 years

Account Criteria

  • Maintain salary accounts with IDBI Bank

Amount criteria

  • Maximum of five times the net monthly salary (Previous six months average)

Personal Loan Overdraft Facility for Pensioners of IDBI Bank Ltd

General Eligibility

  • All customers having pension accounts with IDBI Bank branches

Age Criteria

  • Borrowers age should not be more than 75 years

Amount Criteria

  • Five times the net monthly pension.

Loan Against Mortgage Term Loan, Overdraft, and Interest Saver account

General Eligibility

  • All individuals and non-individuals owning unencumbered property in their names with sufficient income generation to repay the loan

Amount Eligibility

  • The maximum amount of the loan is 10 Crores
  • Loans above 10 Crores are also possible depending on the merits of the proposal

Maximum funding Loan to Value ratio (Term Loans and Overdraft accounts)

If the applicant is not an existing home loan or LAP customer

  • Residential 70%
  • Non-residential 60%

If the borrower is an existing home loan or LAP customer

  • Residential 75%
  • Non-residential 65%

Maximum funding for Interest saver account

  • Residential and self-occupied Up to 65% of the market value of the property
  • Residential and leased out property Up to 55% of the market value
  • Commercial or industrial property Up to 50% of the market value

Loan Against Rent Receivables

General Eligibility

  • Persons having property situated in the metro, semi-urban, urban, and rural areas who have let it out to PSUs, Government departments, reputed corporate entities, banks, financial institutions, warehouses, multinational companies, and so on
  • There should be a registered lease deed or a leave and licence agreement

Maximum Funding

  • 85% of the value of the property

The maximum amount of loan

  • 10 Crores (higher amounts are possible on a case-to-case basis)

Loan assessment

Loan repayment should be over within the residual lease period subject to a maximum of 120 months.

LTV on the future rent receivables

  • Lease period up to 3 years 85%
  • Lease period >3 and <= 5 years 75%
  • Lease period >5 and <=7 years 65%
  • Lease period >7 and up to 10 years 55%

Reverse Mortgage Loan

General Eligibility

  • Indian citizen over 60 years of age
  • Married couples are eligible provided one of the borrowers is more than 60 years and the other a minimum of 55 years of age
  • Should own and reside in self-acquired or inherited property
  • Property should be free from all encumbrances

Amount eligibility

  • The maximum amount of Rs 2 Crores

Loan Against Securities

Eligibility Criteria

  • Individuals holding Government securities like NSC, KVP, LIC policies, and equity shares in their names

Amount eligibility Margin requirement

  • Equity shares 50% of the market value of the dematerialised shares
  • Mutual Fund Units 50% of the NAV
  • RBI Bonds 5% of the face value of the bond
  • LIC policies 15% of the surrender value of the LIC policy
  • NSC 20% of the accrued value
  • KVP 20% of the accumulated value

IDBI Bank Personal Loan - Other details

Personal loans for salaried, self-employed, and pensioners

Repayment Tenure
  • Minimum - 12 months
  • Maximum - 60 months
Rate of interest (Fixed)Credit ScoreSalary/PensionSEPSENP
801 and above12%12.25%13%
776 to 80012.25%12.50%13.50%
740 to 77513.25%13.50%14%
700 to 739 (only for corporate relationship accounts)13.50%NANA
Below 700NANANA
CIBIL Score of -113.25%NANA
Prepayment penalty
  • Before 6 months 2% of the outstanding loan amount
  • After 6 months No charges
Part prepayment
  • Allowed under the same conditions described above
  • No further loan to the borrower for a minimum period of 12 months from the date of making the part prepayment
Top-Up LoanExisting personal loan borrowers with a regular repayment record are eligible for the top-up loan facility
InsuranceAll borrowers get free personal accident insurance

Salary Accounts with in-built overdraft facility

Repayment tenureThe overdraft facility is available for a maximum 2 years period with a renewability clause every 2 years
Rate of InterestFloating Rate 12.40%

Overdraft Facility for Pensioners of IDBI Bank

Repayment Tenure
  • Facility available for a maximum of one year
  • Renewable every year
Rate of Interest

Floating Rate

  • Retired IDBI Bank staff 9.65%
  • Other pensioners 12.40%

Loan against Property Term Loan and Interest Saver Account

Repayment TenureMaximum of 15 years
Rate of Interest (Floating)
  • Residential property 10.05% to 10.40%
  • Commercial property 10.30% to 10.65%
SecurityEquitable mortgage of the property

Loan against Property Overdraft

Repayment Tenure

Maximum of 24 months

The account is subject to review every 12 months

Rate of Interest (Floating)
  • Residential property 10.05% to 10.40%
  • Commercial property 10.30% to 10.65%
SecurityEquitable mortgage of the property

Loan against Rent receivables

Repayment tenure120 months or the residual lease tenure whichever is less
Rate of Interest10.30% to 10.65%
  • Equitable mortgage of property
  • Assignment of rent receivables

Reverse Mortgage Loan

Loan Tenure20 years
Rate of Interest10.85%
Mode of disbursement
  • Periodic payments, monthly, quarterly, half-yearly, or annual
  • The monthly payment should not exceed 50,000
  • Lump-sum payment allowed but restricted to 50% of the loan amount subject to a maximum of 15 Lakhs
 Equitable mortgage of the house

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IDBI Bank Personal Loan Eligibility Criteria FAQs

Can I apply for the personal loan if I do not have an account with IDBI Bank?


Yes, persons not having an account with IDBI Bank can also apply for personal loans from the bank. While applying for the personal loan online, there is an option available for individuals not having any banking relationship with IDBI Bank to apply for the personal loan.

Is the overdraft facility available for self-employed individuals?


No, the overdraft facility is only available to salaried persons and pensioners.

What is the minimum CIBIL score to be eligible for a personal loan account with IDBI Bank Ltd?


Borrowers maintaining salary or pension accounts with IDBI Bank can apply for IDBI Bank personal loans with a CIBIL score of 700. Self-employed individuals and salaried persons not maintaining accounts with IDBI Bank should have a minimum CIBIL score of 740. IDBI Bank does not grant personal loans to borrowers with CIBIL scores less than 700.

Does IDBI Bank offer fixed-rate or floating rate of interest on personal loans?


The personal loans without collateral come with fixed rates of interest. The overdraft against salary and pension accounts have floating rates. Similarly, the loans against property have floating rates.

Why is the rate of interest on a loan against property less than a personal loan without collateral?


The personal loans do not have any collateral and are hence risky. Therefore, these loans have a higher rate of interest when compared to loans against property.

How does a loan against property qualify as a personal loan?


Any loan applied for meeting personal requirements qualifies as a personal loan. It does not matter whether the loan is with or without collateral. Loan against property is for satisfying individual and business needs. Hence, it is a personal loan.

How does the bank recover the money in the case of a Reverse Mortgage Loan?


The Reverse Mortgage loan extends up to the death of the final surviving borrower. Usually, the maximum tenure is for 20 years. If circumstances demand it, the loan can extend to more than 20 years depending on the value of the property. The bank recovers the amount by demanding the same from the legal heirs to the borrowers. If the legal heirs are unable to pay, the bank proceeds to sell the property and recover the advance.

How does IDBI Bank calculate interest on the personal loan?


IDBI Bank charges interest on the daily reducing balances on the personal loan.

Is there any prepayment penalty on the personal loan?


There is no prepayment or foreclosure penalty if the borrower makes the payment after six months. However, there is a penalty of 2% of the outstanding loan amount if the foreclosure or prepayment is made within six months.

What are the additional benefits that accrue to the personal loan borrower?


IDBI Bank provides all personal loan borrowers with a free personal accident insurance cover.