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.
General Eligibility
Age Criteria
Income Criteria
Amount Eligibility
Personal Loans without Collateral | ||||
Loan Product | Ideal for | Maximum Loan | Interest rate | Maximum tenure |
Personal loan for salaried, self-employed, and pensioners | Meeting domestic requirements | Rs 10 Lakhs | 9.65% to 14% | 12 to 60 months |
Salary account with built-in OD facility | Meet all personal needs of salaried class | 5 times of average net monthly salary | 12.40% | Two years validity |
Pension account with OD facility | Meet the domestic needs of pensioners | 5 times the monthly net pension | 12.40% | One-year validity |
Personal Loans with Collateral | ||||
Mortgage Loan | Business and personal needs | Rs 10 Crores | 10.05% to 10.40% | 15 years |
Loan against Property Overdraft | Business and domestic requirements | Rs 10 Crores | 10.05% to 10.40% | Two years |
Loan against Property Interest Saver | Saving interest on your LAP | Rs 10 Crores | 10.05% to 10.40% | 15 years |
Loan against Rent Receivables | Business and domestic needs | Rs 10 Crores | 10.30% to 10.65% | Ten years |
Reverse Mortgage Loan | Meeting local needs of senior citizens | Rs 2 Crores | 10.85% | 20 years |
Loans against securities | All local needs of customers | No limit | Depends on the security | With the maturity period |
Permanent and confirmed employees with a minimum service of one year in the following organisations
If the applicant is not an existing home loan or LAP customer
If the borrower is an existing home loan or LAP customer
Loan repayment should be over within the residual lease period subject to a maximum of 120 months.
Personal loans for salaried, self-employed, and pensioners | ||||
Repayment Tenure |
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Rate of interest (Fixed) | Credit Score | Salary/Pension | SEP | SENP |
801 and above | 12% | 12.25% | 13% | |
776 to 800 | 12.25% | 12.50% | 13.50% | |
740 to 775 | 13.25% | 13.50% | 14% | |
700 to 739 (only for corporate relationship accounts) | 13.50% | NA | NA | |
Below 700 | NA | NA | NA | |
CIBIL Score of -1 | 13.25% | NA | NA | |
Prepayment penalty |
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Part prepayment |
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Top-Up Loan | Existing personal loan borrowers with a regular repayment record are eligible for the top-up loan facility | |||
Insurance | All borrowers get free personal accident insurance |
Salary Accounts with in-built overdraft facility | |
Repayment tenure | The overdraft facility is available for a maximum 2 years period with a renewability clause every 2 years |
Rate of Interest | Floating Rate 12.40% |
Overdraft Facility for Pensioners of IDBI Bank | |
Repayment Tenure |
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Rate of Interest | Floating Rate
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Loan against Property Term Loan and Interest Saver Account | |
Repayment Tenure | Maximum of 15 years |
Rate of Interest (Floating) |
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Security | Equitable 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) |
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Security | Equitable mortgage of the property |
Loan against Rent receivables | |
Repayment tenure | 120 months or the residual lease tenure whichever is less |
Rate of Interest | 10.30% to 10.65% |
Security |
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Reverse Mortgage Loan | |
Loan Tenure | 20 years |
Rate of Interest | 10.85% |
Mode of disbursement |
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Equitable mortgage of the house |
Now get IDFC First Bank personal loan of Rs. 20000 to Rs. 1 Crore at lowest interest rate starting from just 10.49% per annum and the processing fee is 3.5% of the sanctioned limit + GST.
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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.
No, the overdraft facility is only available to salaried persons and pensioners.
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.
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.
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.
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.
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.
IDBI Bank charges interest on the daily reducing balances 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.
IDBI Bank provides all personal loan borrowers with a free personal accident insurance cover.