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IDBI Bank Personal Loan Details

Rate of interestStarting at 9.50% p.a.
Minimum loan amountRs. 25,000
Maximum loan amountRs. 5 Lakhs
Repayment tenure12 to 60 months
Processing fee1% of loan amount + taxes
Minimum monthly incomeRs. 15,000
Lowest EMI per lakhRs. 2,100
Prepayment chargesUp to 2% of amount prepaid
Age required21 to 60 years

Features of IDBI Bank Personal Loan

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

  • Flexible tenure: The tenure of the loan repayment can be anywhere between 12 months to 60 months.
  • Loan amount: For salaried individuals as well as for self-employed professionals and self-employed non-professionals, the minimum amount is Rs. 25,000 and the maximum amount is Rs. 5 Lakhs. For pensioners, the minimum loan amount is Rs. 25,000 and the maximum amount is Rs. 3 Lakhs.
  • Affordable interest rates: Interest rates for IDBI personal loan starts from 9.50% p.a. and can go up to 14% p.a.
  • Low processing fee: The processing fee for IDBI personal loan is just 1% of the sanctioned loan amount, subject to a minimum of Rs. 2,500 plus applicable taxes.
  • Multiple options: IDBI offers personal loans to salaried individuals, self-employed professionals (SEPs), and pensioners.

Why Apply for IDBI Bank Personal Loan?

IDBI Bank personal loans are considered among the best in the industry because:

  • 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.
  • Foreclosure charges: No foreclosure charges are levied on closing loan after 24 months of loan disbursal.  
  • Zero part prepayment charges: Part prepayment made after 6 months of loan disbursal will attract no prepayment charges.
  • 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.
  • Interest concession: Discount of 50 bps available on Personal Loan interest rates for Home Loan and Loan Against Property borrowers with clear repayment record in last 2 years, subject to minimum interest rate of 9.50% p.a.

Types of IDBI Bank Personal Loan

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 three types of customers:

Personal Loan for Salaried Individuals

  • Purpose: Personal loan to salaried employees to meet unexpected financial emergencies or come out of high priced Credit Cards debts.
  • Loan amount: IDBI offers minimum Rs. 25,000 and maximum Rs. 5 Lakhs as personal loan amount to salaried individuals.
  • Tenure: The loan can be repaid within 12 to 60 months.
  • Interest Rate: IDBI Bank personal loan interest rates for salaried applicants vary between 9.50% to 13.25% p.a.

Personal Loan for Self Employed Professional (SEP)

  • Purpose: Personal loan to self-employed professionals to meet unexpected financial emergencies or come out of high priced Credit Cards debts.
  • Loan amount: IDBI offers minimum Rs. 25,000 and maximum Rs. 5 Lakhs as personal loan amount to self-employed professionals.
  • Tenure: The loan can be repaid within 12 to 60 months.
  • Interest Rate: IDBI Bank personal loan interest rates for self-employed borrowers vary between 12.25% to 14% p.a.

Personal Loan for Pensioners

  • Purpose: Personal loan to pensioners for marriage in the family, renovation of house, meeting urgent educational or hospitalisation expenses, travelling abroad, and so on.
  • Loan amount: IDBI offers minimum Rs. 25,000 and maximum Rs. 3 Lakhs as personal loan amount to pensioners.
  • Tenure: The loan can be repaid within 12 to 60 months.
  • Interest Rate: IDBI Bank personal loan interest rates for pensioners vary between 8.30% to 11.75% p.a.

IDBI Bank Personal Loan Interest Rates

IDBI personal loan interest rates vary for different schemes. Following are the applicable rates:

Payroll/ Salary/ Pension accounts with IDBI Bank9.50% - 11.75%
Employees of Central/ State Government/ Public Sector Undertaking/ MNCs not having payroll/salary account with IDBI Bank10% - 12.25%
All other Salaried employees12% - 13.25%
Self Employed Professionals having Asset/ Liability relationship with IDBI Bank12.25% - 13.75%
Self Employed Non Professionals having Asset/ Liability relationship with IDBI Bank12.50% - 14%
Pension Account with overdraft facility (for retired IDBI Staff)8.30%
Salary/ Pension Account with overdraft facility (for others)11.05%

IDBI Bank Personal Loan EMI Calculation

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 available at MyMoneyMantra would need the same details to calculate the EMI for you.

Since the Annual Percentage Rate depends on a number of factors, let us calculate using the 9.50% as the interest rate and 5 years as the tenure with the quantum of the loan as Rs. 1 Lakh.

The EMI payable each month will be Rs. 2,100 for a period of 5 years at an interest rate of 9.50%. Total cost payable would be 1,26,011 in 5 years, including the principal amount of Rs. 1 Lakh and interest amount of Rs. 26,011.

This does not include the processing fee and other charges.

IDBI Bank Personal Loan EMI Payment

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.

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.

Comparison of IDBI Bank Personal Loan VS Other Providers

Name of LenderRate of Interest (per annum)Processing FeeMaximum Loan Limit
IDBI Bank9.50% - 14%1%Rs. 5 Lakhs
Punjab & Sind Bank9.50% - 11.50%0.50% to 1% + GSTRs. 3 Lakhs
SBI9.60% - 15.65% p.a.Up to 1. 50% + GSTRs. 20 Lakhs
Bank of Baroda10% - 15.60%2%Rs. 10 Lakhs
Canara Bank11.25% - 13.90%0.50%  + GSTRs. 3 Lakhs
RBL Bank14% p.a. onwardsUp to 3.5%Rs. 20 Lakhs

IDBI Bank Personal Loan Documents Required

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

Salaried borrowersSelf-employed ProfessionalsPensioners
Duly filled application formDuly filled application formDuly filled application form
Passport Size PhotographPassport Size PhotographPassport 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 CardCopy of Address Proof: Passport/ Ration Card/ Electricity or Gas or Water Bills/ Rent Agreement/ Aadhaar CardCopy of Address Proof: Passport/ Ration Card/ Electricity or Gas or Water Bills/ Rent Agreement/ Aadhaar Card

Income Documents:

Form 16 or salary slips and bank statement for the last 6 months

Income Documents:

ITR or income certificate, bank statement for last 6 months, and Personal Assets & Liabilities statement

Income Documents:

ITR or income certificate, bank statement for last 6 months, third party guarantor signature, and Personal Assets & Liabilities statement

IDBI Bank Personal Loan Eligibility Criteria

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:

Eligibility Criteria for Salaried

  • All salaried customers having a corporate salary account with IDBI Bank.
  • All confirmed/permanent employees working with State/ Central/ PSU departments, Multinational Companies, Listed Companies, Reputed Private Ltd Companies with or without any existing relationship with IDBI Bank.
  • The minimum Annual Net Income for the salaried class should be Rs. 1,80,000 p.a.
  • The minimum age to apply for a loan is 21 years and not exceeding 60 years or retirement date (whichever is earlier) at the time of loan maturity.

Eligibility Criteria for Salary Account with In- built Overdraft Facility

  • Permanent salaried employees maintaining salary account with IDBI Bank.
  • Minimum 1-year of continuous service in Govt./Semi-Govt./Quasi Govt./Public Ltd Co./Private Ltd Co./Multinational Co./Reputed Institutions.
  • The minimum age to apply for a loan is 22 years and maximum 65 years or retirement date (whichever is earlier) at the time of loan maturity.

Eligibility Criteria for Self-employed Professionals

  • Self-employed professionals having Asset or Liability relationship with IDBI Bank.
  • The minimum Annual Net Income for self-employed professionals should be Rs. 3,60,000 p.a.
  • The minimum age to apply for a loan is 21 years and not exceeding 60 years or retirement date (whichever is earlier) at the time of loan maturity. 

Eligibility Criteria for Personal Loan for Pensioners/ Overdraft facility for Pensioners of IDBI Bank Ltd

  • All pensioners and family pensioners having corporate pension account with IDBI Bank.
  • The maximum age at the time of loan maturity should not be above 75 years.

IDBI Bank Personal Loan Processing Fees & Other Charges

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

Type of ChargeQuantum
Processing fee
  • Salaried and SEP/SENP/Pensioners: 1% of the loan amount (minimum Rs. 2,500) + applicable taxes
  • Others: Nil
Part prepayment charges0% to 2% of the amount to be prepaid
Foreclosure charges0% to 2% of the outstanding balance
Penal Interest charges4% p.a. on the overdue amount & overdue period

How to Apply for IDBI Bank Personal Loan on MyMoneyMantra?

In order to apply for IDBI Personal Loan 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 about the process.

IDBI Bank Loan Against Securities

IDBI Bank offers personal loan against securities or Loan Against Shares for the liquidity of your long-term investments. Under this scheme, you are not required to lock your long term investment. The facility is renewable, depending on the performance of your account. You will pay interest only on the amount utilised. The loan can be availed against:

  • Equity Shares: Dematerialize Shares up to 50% of the market value.
  • Life Insurance Policies: Margin of 15% of surrender value is required.
  • National Saving Certificate (NSC): Margin of 20% of accrued value is required.
  • Kisan Vikas Patra (KVP): Margin of 20% of accrued value is required.

IDBI Bank Personal Loan Customer Care

You can contact the IDBI Bank Ltd customer care 24*7 on their Phone Banking numbers or at the following toll-free numbers:

1800-209-4324

1800-22-1070

Or call non toll-free number/ contact number for customers abroad: (+91-22) 67719100

Or write to them at:

IDBI Bank Ltd.

IDBI Tower, WTC Complex,

Cuffe Parade, Colaba, Mumbai 400005.

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IDBI Bank Personal Loan FAQs

Where can I use my IDBI Personal Loan amount?

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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?

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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?

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The maximum amount of loan depends on the type of applicant. Typically if you are a salaried individual, you can get up to Rs. 5 Lakhs. For pensioners, the maximum loan amount extended is Rs. 3 Lakhs.

When can I make part prepayment for my loan?

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Yes, part prepayment is allowed without charges after 6 months post disbursement. Maximum part prepayment amount is 10% of the outstanding balance, subject to a minimum of Rs. 10,000. Part prepayment is allowed for maximum 3 times a year with an interval of 90 days. If you opt for part prepayment within 6 months from disbursement, you will have to pay 2% of the outstanding loan amount + applicable taxes as charges. Nil charges will be levied for pat prepayment made after 6 months of disbursement.

Can I foreclose my IDBI personal loan account?

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Yes, foreclosure is allowed at nil charges after 24 months of disbursal date. If foreclosure is done before 12 months from the disbursement date, a charge of 2% of the outstanding loan amount will be levied. Id the foreclosure is sought after 12 months and before 24 months from disbursement date, a charge of 1% of the outstanding loan amount will be levied.

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

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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?

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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?

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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?

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