IDBI BANK

IDBI BANK Personal Loan

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Apply IDBI BANK Personal Loan

IDBI Bank Personal Loan

Personal Loan is not something to be dreaded, it is easy to get approved and sanctioned to your account and can be paid off at your own pace and convenience. Rather than asking for money from your friends and family which is not a good habit, if you take a Personal Loan to help yourselves in times of need, it is better that you look up to a financial institution. However, that being said, emergencies and unseen obstacles are unavoidable and you will need to gear up and opt for a Personal Loan and this is the number one reason why people choose to take a Personal Loan. Other than this, a Personal Loan can be used for a variety of projects without having to specify the reason for how would you use the money. How do you choose to spend the loan amount is totally up to you. It can be for home improvement or renovation, for marriage, medical bills, vacation, or to meet the expenses for your wedding or anything under the sun.

IDBI Bank Personal Loan Interest Rate - Dec 2019

Interest rate

14.15 %

Loan tenure

5 Years

Loan turn around period

1-7 Days

Processing Charges

1 % of loan sanctioned + Taxes

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Dishonour Charges

750 per instance

Lowest EMI

2,335  Per Lakh

IDBI Bank offers very good and competitive interest rates depending on your credit score. The better your CIBIL score, the lesser the percentage of your interest rates with no hidden fees unless otherwise specified. IDBI Bank aims to provide convenient and innovative financial services to its customers in India.

About IDBI Bank Personal Loan

IDBI Bank has been ranked among the Forbes Global 2000 as one of the Largest Public Companies. Its full form stands for Industrial Development Bank of India and it was established in the year 1964 by an Act of Parliament to provide credit and facilitate other financial activities. IDBI Bank has 1,899 branches with one overseas branch in Dubai, 3,722 ATMs, and 1,412 centres after the acquisition of the United Western Bank in 2006.

IDBI Bank offers Loans to different segments or customers and is classified into four different types, they are:

  • Salaried Individuals: All salaried customers maintaining salary accounts with IDBI Bank, permanent employees of state or central government, public sector undertakings, multinational companies, listed companies, blue tie companies, reputed companies with or without a relationship with IDBI Bank are categorised into salaried individuals.
  • Self-Employed Professionals (SEP): Self-employed professionals having an asset or liability relationship with IDBI Bank.
  • Self-Employed Non-Professionals (SENP): Self-employed individuals having an asset or liability relationship with IDBI Bank.
  • Pensioners: Pensioners with IDBI Bank account, permanent employees of state or central government, public sector undertakings, multinational companies, listed companies, blue tie companies, reputed companies, and so on.

Why IDBI Bank Personal Loan?

IDBI Bank with its rich legacy has touched the lives of millions through a different range of products and services. Personal Loans with IDBI Bank is one of the most preferred products as it comes with easy equated monthly instalments (EMIs) and low-interest rates with no hidden fees. All the fees associated with Personal Loans are discussed in the following tables and explained further. IDBI Bank is a Universal Bank that caters to a different segment of the people through maximum customer convenience with easy access to branch and ATMs.

With its vision to become the most preferred and trusted bank, IDBI takes care that it leaves no stone unturned to make sure that every loan is disbursed with ease and with very less documentation. IDBI aims to accommodate and provide the increasing entrepreneurs through Micro Small and Medium Enterprises (MSME) and other small businesses.

The Personal Loan of IDBI is a properly curated product which aims to fulfil the needs of the people, to use it for a marriage, meet medical or hospital bills, or other personal expenses.

Features and Benefits of IDBI Bank Personal Loan

Some of the main features of IDBI Bank Personal Loan are:

  • Simple eligibility criteria: All permanent employees with state or central government, reputed private companies or multinational companies along with self-employed professionals or self-employed non-professionals with or without a bank account with IDBI are eligible for Personal Loan with IDBI Bank.
  • Zero part prepayment and foreclosure charges: After 6 months of loan disbursal.
  • Insurance: All borrowers are covered under free personal accident insurance cover.
  • Top up loan facility: Any loan holder with a clear repayment record and with a minimum 12 months account can opt for a top-up loan facility.
  • Easy access: With over 1,899 branches including one overseas branch in Dubai and 3722 ATMs and 1412 centres, banking with IDBI Bank becomes easier with less fuss and is easily located.
  • Minimum net income salary for eligibility: for salaried individuals, the minimum net income salary should be 1,80,000 p.a. For self-employed professionals, the minimum business net income should be 3,60,000 p.a. and for self-employed non-professionals, the minimum business net income salary should be 5,00,000 p.a.
  • Age: Minimum of 21 years at the time of loan application and maximum up to 60 years (for salaried individuals) and 75 years (for pensioners) at the time of loan maturity.
  • Flexible tenure: the tenure of the loan repayment can be anywhere between 12 months to 60 months.
  • Loan amount: The quantum of loan depends on a number of factors like your income, your relationship with the bank, CIBIL Score, and so on. For salaried individuals as well as for self-employed professionals and self-employed non-professionals, the minimum amount is 50,000 and the maximum amount is 10 Lakhs. For pensioners, the minimum loan amount is 25,000 and the maximum amount is 5 Lakhs.

IDBI Bank Personal Loan Interest Rates

Personal Loan interest rates with IDBI Bank depends on your credit history, your relationship with the bank, repayment capability, income, categorisation of the company, loan amount, CIBIL score and other factors. Below is the table with different rates for different types of customers or borrowers.

Fixed Interest Rates Based on CIBIL Score

Types of Customer

CIBIL Score

801 and Above

751 - 800

700 - 750

IDBI account holder

12%

12.25%

13.25%

All other salaried customer

12.25%

12.50%

13.50%

SEP/SENP

13%

13.50%

14%

Floating Interest Rates Based on Current MCLR (9.05%)

For a customer that falls under the category of Salary Account with In-built overdraft facility and Pension account with In-built overdraft facility for pensioners of IDBI Bank, the interest rates are:

Types of Customer Interest Rates

For Retired IDBI Staff (having pension account with overdraft facility)

10.20%

For Others (having salary/ pension account with overdraft facility

12.95%

*If your CIBIL score is below 700, your Personal Loan application will not be considered by the IDBI Bank.

IDBI Bank Personal Loan Processing Fee and Other Charges

Processing fees and other charges of IDBI Bank Personal Loan are mentioned in the table below:

Processing fees  

Salaried and SEP/ SENP

1% of the sanctioned loan amount plus applicable taxes

Salary or pension account with an inbuilt overdraft facility

NIL

Overdraft facility to IDBI pensioners

NIL

Prepayment or foreclosure

 

Within 6 months from the date of loan disbursement

2% of the outstanding amount plus applicable taxes

After 6 months from the date of loan disbursement

NIL

Penal Interest Charges

4% p.a for the overdue amount and overdue period


Other Charges (If Applicable)

Copy of documents or property documents

225

Documents retrieval charges

2,000

Foreclosure letter issuance

500

Change of repayment mode

575

Default in payment on the due date

300

Duplicate statement Charge

115

Re-issuance of PO or DD

115

Interest paid certificate or any duplicate certificate

150

Copy of credit information from CIBIL

50

Non-collection of Original Documents after 30 days from the date of loan closure

1,000

CERSAI Registration Charges

 

For loan up to 5 Lakhs

50 plus applicable taxes

For loan above 5 Lakhs

100 plus applicable taxes

Types of loan offered by IDBI Bank

The types of Personal Loans offered by IDBI Bank depend on the eligibility of the customer along with various other criteria prescribed by the bank. It mainly targets 4 types of customers:

Personal Loan for Salaried Individuals

All confirmed employees and pensioners working/worked with the state government, central government, public sector companies, multinational companies, reputed private companies with or without accounts with IDBI Bank can avail a Personal Loan under this criteria.

The minimum annual net income in order to avail this Personal Loan is 1,80,000 p.a. The applicant should be minimum 21 years of age at the time of applying for the loan and maximum 60 years at the time of loan maturity. However, for pensioners, the maximum age is 75 at the time of the maturity of the loan. The minimum quantum of loan you can avail is 50,000 and the maximum is 10 Lakhs, and for pensioners, the minimum is 25,000 and the maximum is 5 Lakhs. Top up facility along with insurance can be availed depending on the repayment history of the customer. Please note that a third-party guarantor is required for loans for pensioners.

Personal Loan for SEP and SENP

Self Employed Professional and Self Employed Non-professional in a relationship with IDBI Bank who is above the age of 21 years (during loan application) and not exceeding 60 years of age (at loan maturity) are eligible for this loan.

The minimum Annual Business Income for Self Employed Professionals is 3,60,000 and the Self Employed Non Professionals should have a Minimum Annual Business Income of 5 Lakhs. The Quantum amount of loan that can be availed under this category is minimum 50,000 and maximum 10 Lakhs with a repayment tenure from 12 months to 60 months. Top up facility is available for those with a good repayment history and should be an account holder with a minimum of 12 months. All customers are covered with free Personal Accident Insurance cover.

IDBI Personal Loan Eligibility

The eligibility criteria of the Personal Loan products depend on the type or the criteria you fall in. Here are some factors to determine the eligibility for a Personal Loan with IDBI Bank:

  • The Minimum age to apply for a loan is 21 years and not exceeding 60 years (at the time of loan maturity) and 75 years (for pensioners).
  • The applicant must have an account with IDBI Bank, or should be a permanent employee of the government or multinational companies without or without a relationship with IDBI Bank
  • If the applicant is SEP or SENP, they must have asset or liability with IDBI Bank.
  • The minimum Annual Net Income for the salaried class should be 1,80,000 p.a.
  • The minimum Annual Net Income for Self-employed professionals should be 3,60,000 p.a.
  • The minimum Annual Net Income for Self Employed non-professionals should be 5 Lakhs p.a.
  • If you have a clear repayment track, this can always be put on to your advantage. Usually, better rates and discounts are available for those who have a good relationship with the Bank. Your repayment history proves how you reliable to the bank. If you have a good credit score the bank will not hesitate in giving you the loan that you seek for. Preferably a credit score should be 700 and above.

Documents required for IDBI Personal Loan

The list of documents that are required to apply for IDBI Personal Loan are mentioned in the table below:

Salaried borrowers SEP or SENP Pensioners

Duly filled application form

Duly filled application form

Duly filled application form

Passport Size Photograph

Passport Size Photograph

Passport Size Photograph

Copy of Identity Proof:

Aadhaar Card/ Voter Card/ Ration Card/ PAN Card/ any govt issued Identity Card

Copy of Identity Proof:

Aadhaar Card/ Voter Card/ Ration Card/ PAN Card/ any govt issued Identity Card

Copy of Identity Proof:

Aadhaar Card/ Voter Card/ Ration Card/ PAN Card/ any govt issued Identity Card

Copy of Address Proof: Passport/ Ration Card/ Electricity or Gas or Water Bills/ Rent Agreement/ Aadhaar Card

Copy of Address Proof: Passport/ Ration Card/ Electricity or Gas or Water Bills/ Rent Agreement/ Aadhaar Card

Copy of Address Proof: Passport/ Ration Card/ Electricity or Gas or Water Bills/ Rent Agreement/ Aadhaar Card

Income Documents:

Form 16 or salary slips

Income Documents:

ITR or income certificate

Income Documents:

ITR or income certificate

Bank Statement for the last 6 months

Bank Statement for last 6 months

Bank Statement for last 6 months

-

-

Third party guarantor signature

-

Personal Assets and Liabilities statement

Personal Assets and Liabilities statement

Other Products of IDBI Bank

Preferred Banking

Savings Account

Flexi Current Account

Corporate Payroll Account

Fixed Deposits & Lockers

Home Loan

Auto Loan

Education Loan

Personal Loan

Loan Against Property & its variants

Loan Against Securities

Pradhanmantri Social Security Scheme

Capital Gain Account Scheme

Credit Cards

Debit Cards

Prepaid Cards

PayApt-Mobile Wallet

Sukanya Samriddhi Account

Investments

How to Calculate IDBI Bank Personal Loan EMI?

To calculate the EMI of your IDBI Bank Personal Loan, you will need to have 3 important factors in mind, the amount of loan or the quantum of loan, tenure, and interest rate. The EMI calculator at MyMoneyMantra would need the same details to calculate the EMI for you.

Since the Annual Percentage Rate depends upon on a number of factors, let us calculate using the 13.50% as the APR and 5 years as the tenure with the quantum of the loan as 1 Lakh.

The EMI payable each month will be 2,301 for a period of 60 months or 5 years at an interest rate of 13.50%. Total cost payable would be 2301*60= 1,38,060 in 5 years including the principal amount interest amount.

This does not include the processing fee and other charges.

To get a better Personal Loan deal, it is advisable that you do not miss any EMI of your present and future loans. You can give standing instructions - In this method, your account will be auto debited. This means that you have given your approval for deducting the EMIs from your Salary or Pension account with IDBI Bank at the end of your monthly cycle or due date. Or you can opt for Post-Dated Cheques. In this method, you will need to issue some cheques that you have already approved of with your signature so that the bank can deposit on your behalf before your due date so that your payments are not delayed.

This will help you improve the relationship between you and the bank as there would not be any doubts about you not paying the bill on time. Standing Instructions and Electronic Clearing Service is advisable as they are faster and more reliable. 

IDBI Bank Personal Loan Customer Care

You can contact the IDBI Bank Ltd customer care 24*7 at the following toll-free numbers:

1800-209-4324

1800-200-1947

1800-22-1070

Or call non toll-free number: (+91-22) 6693 7000

Contact number for customers abroad: (+91-22) 67719100 (Chargeable)

Or write to them at:

IDBI Bank Ltd.

IDBI Tower, WTC Complex,

Cuffe Parade, Colaba, Mumbai 400005.

IDBI Personal Loan News

IDBI Bank Ltd to Revamp its Banking Strategy

IDBI Bank Ltd has increased its retail banking strategy by increasing the lower Home Loan slabs to 35 Lakhs, and also linking auto loan and Personal Loan to credit score to increase the affordable housing segment and to offer lower interest rates by maintaining credit quality.

IDBI Bank Ltd to Appoint New Managing Director

Shri B Sriram is appointed as the new Managing Director as well as the Chief Executive Officer of IDBI Bank Ltd for 3 years on the 30th June 2018. He was previously the Managing Director of The State Bank of India. And IDBI Bank's MD and CEO Mahesh Kumar Jain has been appointed as RBI Deputy Governor for 3 years.

Frequently Asked Questions

Where can I use my IDBI Personal Loan amount?

The Personal Loan amount can be used for your diverse needs and you need not explain where and how you use the money. You can use the money to pay medical bills, vacation, home improvement, wedding, business, and for any other purpose.

Do I have to pay any additional charge for a Personal Loan?

The processing fee is chargeable at 1% of the total Loan plus taxes applicable.

What is the maximum amount of Personal Loan I can get?

The maximum amount of loan depends on the type of applicant. Typically if you are a salaried individual, you can get up to 10 Lakhs. For pensioners, the maximum loan amount extended is 5 Lakhs.

When can I prepay my loan amount?

You can repay your loan amount anytime you want, however, there is a charge of 2% if you wish to make part payment or foreclose your loan within 6 months of the loan disbursement date.

What if I default on the Personal Loan?

The Bank will try to recover the outstanding amount and proceed for settlement if the debtor could not pay back the amount, the account is considered defaulted. Any credit or loans have low or NIL chances of being approved furthermore.

How do I get the lowest interest rates with IDBI Bank?

Although IDBI Bank has preset interest rates for different criteria of customers with different credit score, the chances are high that you might get a lower interest rate if you have a high credit score (700 or above). You can also make the tenure of your loan longer, it might result in lower interest rates.

How can I repay Personal Loan?

You can give standing instructions so that your account will be auto debited. This means that you have given your approval for deducting the EMIs from your Salary or Pension account with IDBI Bank at the end of your monthly cycle or due date.

What are the documents needed for the approval of the Personal Loan with IDBI Bank?

You will need Identity Proof, Residence Proof, Salary Slips, Form 16, 6 months' Bank Statement, and a passport size photograph along with the loan application.

What is the repayment tenure with IDBI Bank for Personal Loans?

The minimum tenure for repayment of the Personal Loan is 12 months and the maximum is 60 months.

Why Apply for IDBI Bank Personal Loan with MyMoneyMantra?

Choosing to apply with IDBI Bank on MyMoneyMantra is a very good option as we have more than 2,500+ relationship managers ready to help in every way we can, from documentation till the time the loan is sanctioned. Applying for IDBI Bank Personal Loan gets easier with MyMoneyMantra by your side when it comes to IDBI Bank as we have compared and chosen the best product available for you. Our relationship managers will make sure that the tedious documentation process will be taken care of as we facilitate the approval till the time the loan gets disbursed. You can use the EMI calculator on MyMoneyMantra to calculate and check for yourself the lowest EMIs you can pay.

How to Apply for IDBI Bank Personal Loan on MyMoneyMantra?

In order to apply for Personal Loans through MyMoneyMantra, follow the following steps:

  • Visit MyMoneyMantra
  • Click on Personal Loan under Loans section
  • Enter all the required details
  • Once you have entered all the details, our relationship manager will get back to you over the phone to further discuss assisting you about the process.

You can also call our Loan Specialists on our Toll-free Number 1800-103-4004.

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