IDBI Bank Personal loan Interest Rates

IDBI Bank offers their products at competitive interest rates that depend on the type of loan, the type of borrower, and the credit score. Below are the interest rates details for IDBI Bank Personal Loans:

Personal Loan Overdraft - Floating Rate of Interest

Personal Loan - Fixed Rate of Interest

IDBI offers Personal Loan products for both salaried and self-employed people.

Please find some basic features of IDBI Personal Loan listed below:

IDBI Bank offers different kinds of Personal Loan products that can suit different kinds of requirements. They offer customised plans for term loans and overdraft facilities with convenient payment options. Below are the types of Personal Loans:

Personal Term Loans

Term loans are fixed amount loans that are availed by the borrower in a one-time disbursement. It is possible to avail it in multiple disbursals too.

• They are available for salaried employees, self-employed professionals or non-professionals, and pensioners.
• The repayment for the term loan is done through regular EMIs
• The tenure for this kind of loan is up to 60 months
• The maximum amount of loan that can be availed is 10,00,000
• The maximum age limit for the loan is 60 years or till retirement

Salary account with Overdraft Facility

This type of loan contains the provision of an overdraft facility with the approved amount. The borrower is free to withdraw from the account as and when required.

• This type of loan is available for only salaried employees who are working in the government sector, private companies, multinational firms, or any corporate institutions of good repute.
• The maximum amount of loan that can be provided into the overdraft account depends on the applicant's salary. Up to 5 times of the applicant's net salary can be availed as loan.
• The overdraft account can be active for up to 2 years. The account can be renewed after that.
• Age criterion for this type of loan is 22 to 58 years

Pensioners Overdraft Facility

This contains the provision of an overdraft account in which a certain approved amount of money will be placed. The borrower can withdraw as much money as they require.

• This type of overdraft loan account is available for individuals who have a pension account with IDBI Bank itself.
• The maximum amount of loan that can be availed is up to 5 times the monthly net pension of the individual.
• The overdraft account will remain active for 1 year, after which it can be renewed
• The age of the borrower should not exceed 75 years till the end of tenure

The Personal Loan can be availed by anyone who is able to showcase a good credit score and a minimum regular monthly income which is sufficient to pay the EMIs.

Please find other eligibility criteria mentioned below:

The bank will levy certain charges while applying for a Personal Loan. The charges depend upon your application type and loan amount. There are also some charges associated with failure to pay the EMI and special request charges. Below are the charges for IDBI Personal Loan:

The bank asks for the following documentation along with your application form to go through with the process:

1. Duly filled application form with the relevant field
2. Identity proof (any of the below)
   • Aadhar Card, PAN Card, Voter ID Card, International passport
3. Residential Proof (any of the below)
   • Aadhar Card, Passport, Telephone Bill, Electricity Bill
4. Proof of Income (for salaried employees )
   • 3 months of salary statement
   • 6 months of bank statement
   • Last 2 years Form-16 or IT-returns
5. Proof of income(for self-employed individuals)
   • Business existence proof
   • 6 months of bank statement
   • 3 years of profit/loss statement
   • 3 years of Income Tax returns
6. Other documents
   • Processing fee cheque
   • 2 passport sized photographs

The EMI (Equated Monthly Instalment) is a very important part of the loan application process. The EMI is used by the bank to determine your eligibility as it has to fall within your disposable income limits. You also have to pay the EMI on a long-term basis, so it is imperative that you are aware of the EMI beforehand. The EMI depends on the principal amount, rate of interest and tenure.

Below is how the EMI amount is calculated:

E = P*r* (1+r)^n/([(1+r)^n]-1)

Where E = EMI amount

p = Total amount of loan availed

r = Rate of Interest

n = Tenure in months

From the above equation, it is clear that the EMI calculation can be a complicated and time consulting process. That is why EMI calculators were devised.

EMI calculators are tools designed to calculate your EMI amount based on the factors you provide. The EMI Calculator tool can be used online to determine what EMI you can expect with the amount and tenure combination you choose. The EMI amount decreases with the increase in tenure. However, an increase in tenure can also increase the rate of Interest.

MyMoneyMantra provides an EMI Calculator tool that is easy to access through their website. You only need to visit the Personal Loan section and click on the EMI calculator tab that you see. It will open up the calculator tool, which will ask you to enter the principal amount, rate of interest and tenure. Entering the required details will give you the calculated EMI amount, along with the total interest and the total amount to be repaid.

IDBI Bank has been providing its services for a long time across major cities in India. Their goal is to become the bank of choice for the Indian community and as part of this goal, they strive to provide their customers with the best service possible for their products. IDBI has set up an efficient customer care and grievance redressal system to take care of any queries or concerns that the customers may have.

IDBI offers 24 x 7 customer care executives who can help you through the Personal Loan process. Moreover, the executives can also offer to come to your house and help you apply for the loan. Below are the customer care numbers that you can contact if you have any issues/queries while applying for the home loan.

Toll-free numbers:

1800-209-4324

1800-22-1070

Chargeable customer care numbers:

022- 67719100

0091-22-67719100