IDBI Bank Personal Loan: Interest Rate, Eligibility, Processing & Customer Care

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IDBI BANK PERSONAL LOAN

ABOUT IDBI BANK PERSONAL LOAN :

The full form of IDBI Bank is Industrial Development Bank of India. IDBI personal loans are available for both salaried and self-employed professionals. It is one of the largest commercial banks and offers personalized banking and financial services to their customers. The IDBI personal loans meet financial requirements such as:

  • Wedding expenses

  • House renovation expenses

  • Education expenses 

  • Paying credit card dues

  • Hospital expenses

  • Holidays expenses

BENEFITS OF IDBI BANK PERSONAL LOAN :

1. Provide best services :

IDBI Bank personal loan provides best services to the customers to fulfill their financial needs and services.They meet their financial needs through wedding expenses, education expenses, holidays expenses, home renovation expenses etc.

2. Less documentation :

IDBI Bank provides less and minimal documentation for the customers. It is not required to submit so many documents for the procedures. The process of documentation is very simple and fast.The basic documents submitted by the customers are KYC, address proof and income proof with the loan application form.

3. Best interest rate :

IDBI Bank offers the best and affordable interest rate to the customers. The minimum interest rate starts from 12% and the maximum interest rate is upto 14%.

4. Flexible tenure :

The IDBI Bank personal loans are taken to meet their sudden needs of the customers. It provides a flexible loan tenure period of minimum 1 year and maximum 5 years and with this you can easily repay your loan.

 

FEES AND CHARGES OF IDBI BANK PERSONAL LOAN :

TYPE 

CHARGES

Processing Fee

1% of loan amount plus applicable taxes

Prepayment/Foreclosure Charges

Within 12 months from the date of disbursement: 2% of the outstanding loan amount + applicable taxes

Between 12 to 24 months from the date of disbursement: 1% of the outstanding loan amount + applicable taxes

After 24 months: Nil

Part Payment Charges

Within 6 months from disbursal: 2% of the outstanding loan amount + applicable taxes

After 6 months of disbursal: Nil

              

COMPARE OTHER PERSONAL LOAN INTEREST RATES :

BANKS

INTEREST RATES

AXIS Bank Personal Loan

12% to 24%

SBI Personal Loan

11.30% to 16.40%

SBI Xpress Bandhan

12.15% to 15.15%

SBI Xpress Credit Personal Loan

11.50% to 12%

HDFC Bank Personal loan

10.75% to 21.50%

Kotak Mahindra Bank Personal Loan

10.50% to 16.99%

Yes Bank Personal Loan

20.00% to 22.00%

Citi Bank Personal Loan

10.50% to 17.99%

ICICI Bank Personal Loan

10.99% to 16.25%

Standard Chartered Bank Personal Loan

11.00% to 19.20%

IDBI Bank Personal Loan

12.00% to 14.00%

RBL Bank Personal Loan

14.00% to 23.00%

HSBC Bank Personal Loan

10.75% to 17.84%

IndusInd Bank Personal Loan

11.00% to 16.75%

Bank of Baroda Personal Loan

7.65% to 12.65%

Bank of India Personal Loan

12.15% to 14.15%

Canara Bank Personal Loan

12.05% onwards

 

ELIGIBILITY CRITERIA FOR IDBI BANK PERSONAL LOAN :

TYPE

ELIGIBLE CRITERIA 

AGE

Salaried/ Self Employed and Professionals: 22-58 years 

Pensioners/ Family Pensioners: 21-70 years (on the maturity date of the loan)

INCOME

For salaried minimum income is Rs 20000 and for self employed the minimum income is Rs. 25000

NUMBER OF YEARS IN JOB /PROFESSION 

2 years 

 

DOCUMENTS REQUIRED FOR IDBI BANK PERSONAL LOAN :

TYPE

DOCUMENTS 

Id proof

Aadhar card, pan card, driving license, passport etc.

Address proof 

Aadhar card, voter id, rental agreement, registry and utility bills

Income proof

For salaried employees : Latest salary slip, current dated salary certificate, latest 3 month bank statement, latest form 16

For self employed : Latest bank statement, latest ITR or Form 16

 

HOW TO APPLY FOR IDBI BANK PERSONAL LOAN :

1. Offline Method : Visit to nearest branch of IDBI Bank

2. Online method :

  • Browse to IDBI bank official portal

  • In “Personal”  select “Products”

  • In loan section click on “ personal Loan”

  • Fill the application form 

  • Attached all required documents with application form

  • After submitting your application form you will get notification through bank about loan status

 

HOW TO CALCULATE EMI OF IDBI BANK PERSONAL LOAN :

The basic formula is apply to calculate the EMI of IDBI Bank personal loan :

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

Where;

P =  Loan amount.

r = Rate of interest per month

n = tenure in month


FREQUENTLY ASKED QUESTIONS :

1. What is the tenure period of IDBI Bank personal loan?

IDBI bank personal loan tenure period can range between 1 to 5 years 

2. Is collateral or security required to IDBI Bank Personal Loan?

No, collateral or security is needed for a personal loan from IDBI Bank.

3. What is the minimum and maximum loan amount?

The minimum loan amount is Rs.50,000 and maximum loan amount is  Rs. 10 lakh. 

4. What age criteria is required for IDBI Bank personal loan?

For salaried ,self and professionals the age should be 22 years to 58 years and for pensioners the age should be 70 years at the date of maturity of loan amount.

5. What interest rate should be charged by IDBI Bank personal loan?

The interest rate charged by IDBI Bank personal loan is 12% to 14%.

Last Updated on : 07/Sep/2020

Know More About

Idbi Bank Personal Loan

You're eligible for a Idbi Bank Personal Loan if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Personal Loans is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Idbi Bank Personal Loan Interest Rates

Updated on 25 Nov 2017

Idbi Bank Personal Loan Details
Interest Rate (Monthly reducing balance) 12% - 14%
Processing Fees 1 % of loan amount + applicable tax
Loan Tenure 1 year to 5 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Personal Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959