IDBI Bank Personal Loan

The following are some important IDBI Bank Personal Loan details:

Some of the main features of the 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 loans start from 11% 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.

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

• Simple eligibility criteria: All permanent employees with the 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 a Personal Loan with IDBI Bank.
• Foreclosure charges: No foreclosure charges are levied on the 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-month account can opt for a top-up loan facility.

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 card debts.
• Loan amount: IDBI offers a minimum of Rs. 25,000 and a maximum of 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 11% 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 card debts.
• Loan amount: IDBI offers a minimum of Rs. 25,000 and a maximum of 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 start from 11% 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 a minimum of Rs. 25,000 and a maximum of 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 personal loan interest rates vary for different schemes. The following are the applicable rates:

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 11% as the interest rate and 5 years as the tenure with the quantum of the loan as Rs. 1 Lakh.

• 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 with your signature so that the bank can deposit on your behalf before your due date, so that your payments are not delayed.

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

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 a 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 the maximum is 65 years or retirement date (whichever is earlier) at the time of loan maturity.

Eligibility Criteria for Self-employed Professionals

• Self-employed professionals having an 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 a corporate pension account with IDBI Bank.
• The maximum age at the time of loan maturity should not be above 75 years.

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

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.

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
• +91-22) 67719100: Call a non-toll-free number/ contact number for customers abroad

Or write to them at:

IDBI Bank Ltd.
IDBI Tower, WTC Complex,
Cuffe Parade, Colaba, Mumbai 400005.