IDBI Bank Personal Loan Interest Rates

IDBI Bank offers personal loans at 9.50% p.a. for loan amounts ranging from Rs 25,000 to Rs 5 lakh for a period of 5 years. It also allows personal loan debtors to make partial payments. IDBI Bank Personal Loan candidates are also granted top-up loans in addition to their existing personal loans.

Details of the IDBI Bank Personal Loan

 

IDBI Personal Loan Interest Rate

9.50%-14.00% p.a.

Term

5 years

Maximum Amount

Rs 5 lakh

Processing Charges

1%

Minimum Income

Rs 1.8 lakh p.a. for salaried

Characteristics of the IDBI Bank Personal Loan Scheme

The following are the features-

  • For salaried and SEP borrowers, the minimum and maximum loan amounts are Rs. 25,000 and Rs. 5 lakhs, respectively.
  • Existing borrowers may apply for a top-up loan. They should have had the loan for at least 12 months to qualify for this. They must also pay their debts promptly.
  • The minimum and maximum borrowing amounts for retirees are Rs. 25,000 and Rs. 3 lakhs, respectively.
  • The tenure ranges from a period of 12 - 60 months.
  • Starting at 13.59%, the interest rate is fixed.
  • The processing cost is 1% of the accepted loan amount plus taxes, with an Rs. 2,500 minimum.

Types of IDBI Personal Loan Schemes

Following are the types of IDBI Personal Loan Schemes-

1) Salaried Applicants IDBI Bank Personal Loan

  • Personal loan for salaried personnel of state/central government/PSUs/Departments/MNCs/Listed Companies/Private Limited Companies with or without a partnership with IDBI bank.
  • Loan Amount: 25,000 to 5 lakh rupees
  • 1 to 5 years tenure
  • Processing Fee: 1% of loan amount with a minimum of Rs 2,500 + taxes

2) Self-Employed Personal Loan from IDBI Bank

  • Own loans for self-employed candidates to satisfy their personal needs. This loan is exclusively offered to self-employed professionals who have assets and liabilities with IDBI Bank.
  • Loan The amount is between Rs 25,000 and Rs 5 lakh.
  • Part-payment: 10% of the outstanding loan amount, with a minimum of Rs 10,000.
  • Foreclosure fees: 2% of the outstanding loan amount if the foreclosure occurs within 12 months of the disbursement date.
  • 1 to 5 years tenure
  • Processing Fee: 1% of loan amount with a minimum of Rs 2,500 + taxes
  • If sought after 12 months but before 24 months, the fee is 1% of the outstanding loan amount.

3) IDBI Top Up Personal Loan

Existing IDBI Bank personal loan clients with a 12-month clear repayment history are eligible.

4) Pensioners Personal Loan

  • Pension loan with overdraft capability for retirees with an IDBI Bank pension account.
  • Part-payment: 10% of the outstanding loan amount, with a minimum of Rs 10,000.
  • Foreclosure fees: 2% of the outstanding loan amount if sought within 12 months of the disbursement date.
  • Loan 25,000 to 3 lakh rupees
  • 1 to 5 years tenure
  • Processing fee: 1% of loan amount plus taxes (minimum Rs 2,500).
  • 1% of the outstanding loan amount after 12 months and before 24 months
  • Top-up Loan: Available to loan account holders with at least 12 months of payback history.

IDBI Bank Personal Loan Interest Rate 2022

Here is the table to show the IDBI Bank personal loan rate of interest-

Minimum Personal Loan Interest in IDBI Bank

9.50% p.a.

Maximum Personal Loan Interest Rate

14.00% p.a.

Other Charges of the Personal Loan

Processing Fee

1%

Who is Eligible for the IDBI Bank Personal Loan Scheme?

Personal loans are available from the bank to salaried individuals, retirees, and self-employed professionals (SEPs). All of the following people are eligible to apply-

  • Salaried people who have corporate salary accounts at the bank.
  • Customers who have pension accounts with the bank.
  • Self-employed professionals with bank liability/asset linkages
  • Confirmed or permanent personnel of Central/PSU/State Departments, listed firms, international corporations, and reputable private limited enterprises who do not or do not have existing contact with the bank.

Required Documents

  • Completed application form and passport-size pictures
  • A photocopy of your Aadhaar/PAN/Voter ID/Passport/Driving License, etc.
  • Proof of Residence: A copy of your most recent Electricity Bill (no older than three months) / Passport / Ration Card
  • Proof of Income: Which is a copy of your last six months' salary, account, and bank statements.
  • Salary slips for the previous three months
  • Form 16 Employment Certificate from your employer / accepted Income Tax Returns for the previous two years.
  • IDBI bank may request further documentation.

Other Bank Personal Loan Interest Rates

 

Banks/NBFCs

Interest Rates (p.a.)

SBI

10.30%-15.10%

ICICI Bank

10.75% onwards

Kotak Mahindra Bank

10.99% onwards

IndusInd Bank

10.49% onwards

IDFC First Bank

10.75% onwards

Bajaj Finserv

13.00% onwards

Axis Bank

10.25% onwards

Tata Capital

10.99% onwards

HDFC Bank

11.00% onwards

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