IDBI Bank offers personal loans

IDBI Bank offers personal loans to salaried persons, self-employed, and pensioners starting at 11.00% p.a. for loan amounts of up to Rs.5 lakh and for loan tenures up to 5 years. They also offer part prepayment or foreclosure facilities to their personal loan borrowers. The applicants availing of personal loans from IDBI Bank are also offered top-up loans on their existing personal loans.

Table of Contents

IDBI Personal Loan Overview

Loan Amount	Rs.25,000 to Rs.5 Lakhs
Loan Tenure	1 year to 5 years
Interest Rate	11.00% p.a.-15.50% p.a.
Processing Fees	1 % of the loan amount subject to a minimum Rs.2500 + GST
Age Limit	21 years or above
Occupation	Salaried/Self-employed/Pensioners
Minimum Income	Rs.1,80,000 p.a. for Salaried Class or Pensioner

Reasons to Avail Personal Loan from IDBI Bank

IDBI provides personal low at a reasonable and attractive rate of interest.
Interest is charged by IDBI on a daily reducing balance.
Personalized services and quick documentations are available.
Borrower doesn’t need to pay insurance fees for Loan Insurance.

IDBI Bank Personal Loan Eligibility Criteria

1. Personal Loan for Salaried Individuals/Pensioners

Occupation: All Confirmed or permanent employees of State/Central/ PSU/ Departments, MNCs, Listed Companies, Reputed Pvt. Ltd Companies with and without existing relationships with IDBI.

All salaried individuals or pensioners must have a salary account with IDBI Bank.
Age limit: Minimum- 21 years, Maximum 60 years for salaried a 75 years for pensioners.
Minimum Salary: Rs.1,80,000 p.a. for salaried or pensioner

2. Personal Loan for Self-Employed Professionals

Occupation: Self-employed professionals having an Asset/Liability relationship with IDBI.

Age Limit: Minimum age is 25 years and the maximum age at termination of the loan should not be more than 65 years.
Minimum Income: Rs.3,60,000 per annum

3. Personal Loan for Self-Employed Non-Professionals

Occupation: Self-employed non-professionals having an Asset/Liability relationship with IDBI.

Minimum Income: Rs.5 Lakhs per annum for self-employed non-professionals.

4. Salary Account with in-built Overdraft Facility

Occupation: Permanent employee with a minimum of 1 year of continuous service with the PSUs/Govt./Semi-Govt./Quasi Govt, Public & private companies, MNCs, and reputed institutions.

The salaried applicants maintain salary accounts with IDBI Bank.
Minimum age is 22 years and the maximum age is 65 Years at loan maturity or retirement age whichever is earlier.
Minimum Income: Rs.1,80,000 per annum for salaried persons.

5. Pension Account with in-built Overdraft Facility to Pensioners of IDBI Bank

The applicants must have a pension account with IDBI Bank.

Maximum age limit should not exceed 75 years at the time of loan maturity.

Minimum Income is Rs.1,80,000 per annum.

IDBI Bank also considers the CIBIL score of its applicants, just like other lenders do while evaluating their personal loan eligibility requirements.

IDBI Bank: Personal Loan Documents

The following are the below mandatory documents needed to avail personal loan from the IDBI Bank-

Duly filled application form along with photographs (passport size).
Proof of Identity: Aadhar Card /PAN Card /Voter ID Card /Passport /Driving License, etc.
Residence Proof: Electricity Bill (not more than three months old) / Passport/ Ration Card, etc.
Income Proof: Salary account bank statements for the previous six months.
Salary slips for the past 3 months.
Employment certificate from the current organization.
Form 16 and recognized Income Tax Returns for the last two years.
Any other additional document required by IDBI bank.

IDBI Bank Personal Loan Interest Rate

Interest Rate (Fixed) : 11.00% to 15.50% per annum

Salary or Pension Account with Overdraft facility : 12.65% per annum

IDBI Bank Personal Loan Processing Fees

Personal loan for salaried individuals/pensioners/self-employed professionals or non-professionals

1 % of the loan amount subject to minimum Rs.2500 + taxes.

Salary account with in-built overdraft facility : NIL

Pension account with in-built overdraft facility to pensioners of IDBI Bank : NIL

IDBI Bank Personal Loan Part Payment Charges

1. Personal loan part payment charges for salaried individuals/pensioners/self-employed professionals or non-professionals.

Within 6 months from the disbursement- 2% of the outstanding loan amount

After 6 months of disbursement- NIL

Maximum part payment allowed is 10 % of the outstanding personal loan amount subject to a minimum of Rs.10,000.

Part payment allowed a maximum of 3 times in a year (minimum interval of 90 days).

2. Salary account with in-built overdraft facility- NIL.

3. Pension account with in-built overdraft facility to pensioners of IDBI Bank- NIL.

IDBI Bank Personal Loan Foreclosure Charges and Penalty

Personal loan part payment charges for salaried individuals/pensioners/self-employed professionals or non-professionals.

: Within 12 months from the loan disbursement date- 2% of the outstanding loan amount

Between 12 to 24 months from the disbursement date- 1% of the outstanding loan amount

: After 24 months or 2 years: Nil

Salary account with in-built overdraft facility

: NIL

Pension account with in-built overdraft facility to pensioners of IDBI Bank

: NIL

Late payment penalty

: 4% per annum on the overdue amount

IDBI Bank Personal Loan Other Charges

Property Documents (Copy) : Rs.225

Foreclosure Letter Issuance : Rs.500

Swapping of PDCs or ECS : Rs.575

Document Retrieval Charges : 2000

Duplicate Statement Charge : Rs.115

Re-issuance of PO or DD : Rs.115

Interest Paid Certificate : Rs.150

Copy of credit evidence from CIBIL : Rs.50

Non-collection of original documents after 30 days from the closure date of loan : Rs.1000

CERSAI Charges : Up to Rs.5 lakhs- Rs.100

Above Rs.5 lakhs- Rs.200

Default in payment through cheques, ECS, or any other payment mode : Rs.300

For Example- Rahul avails a personal loan for Rs.4 Lakhs, the interest rate is 14% and the repayment period is 3 years. Calculate EMIs, total interest payable, and the total payable amount.

Monthly EMIs of Rs.13,671, the total interest payable will be Rs.92,158 and the total amount repayable in 3 years will be Rs.4,92,158 (principal + interest).

Types of IDBI Bank Personal Loan

1. Personal Loan for Salaried Individuals/Pensioners

Purpose- This personal loan is provided to fulfill all financial needs for salaried individuals or pensioners with or without any relationship with the IDBI bank.

Loan tenure: 1 year-5 years

Minimum loan amount is Rs.25,000 and the maximum amount is Rs.3 Lakhs for pensioners and Rs.5 Lakhs for salaried.

2. Personal Loan for Self-Employed Professionals

Purpose- IDBI Bank provides personal loans for self-employed applicants to meet their personal necessities. This loan facility is only available to persons having asset and liability relationships with IDBI Bank.

Loan Amount- Rs.25,000 to Rs.5 Lakhs

Repayment Tenure- 1 year to 5 years

Interest Type- Fixed rate

3. Personal Loan for Self-Employed Non-Professionals

Purpose- IDBI Bank provides personal loans for self-employed non-professional applicants to meet their personal necessities. This loan facility is only available to persons having asset and liability relationships with IDBI.

Loan Amount- Rs.25,000 to Rs.5 Lakhs

Repayment Tenure- 1 year to 5 years

Interest Type- Fixed rate

4. Salary Account with in-built Overdraft Facility

Purpose- Personal loan overdraft facility is provided to individuals who have salary accounts with IDBI Bank.

Loan Amount- Up to Five times of net salary (based on the previous 6 month’s average salary)

Loan Tenure- The overdraft facility would be valid for two years (renewable every two years)

Interest Type- Floating interest

5. Pension Account with in-built Overdraft Facility to Pensioners of IDBI Bank

Purpose- A pension loan with an overdraft facility is available to pensioners having pension accounts with IDBI Bank

Loan Amount-Up to five times (of net income)

Interest Type- The floating rate of interest

Loan Tenure- Overdraft valid for 1 year and thereafter renewable every year

IDBI App (GO Mobile+) Google Playstore Ratings

The rating given by the users about the IDBI App is remarkable on playstore, more than 50 Lakhs users download their app, and decent reviews are given by the users, customers are delighted with user-friendly interface and personalized product, but facing difficulty with the app service. You can check the below table.

1.Playstore : Rating 4.5/5*

2.Number of Downloads : 50 Lakhs+

3.Number of Users Review : 1,61,905

4.Content Rating : 3+

5.App Size : 18 MB

6.OS Required : Android 6.0 and above

IDBI Bank Customer Care Details

Call on IDBI phone banking numbers Toll-Free – 1800-209-4324 & 1800-22-1070 (24×7 service).

Registered Office IDBI- IDBI Tower, WTC Complex, Cuffe Parade, Colaba, Mumbai, 400005.

IDBI non-toll free number: +91-22-67719100 (Non-Toll Free), and Outside India – +91-22-67719100 customers.

Official website	click here
Home page	click here

Conclusion: – IDBI offers a personal loan to salaried, self-employed, and pensioners at a starting interest rate of 11% p.a. up to Rs.5 lakhs. Their ratings or reviews and google playstore are great. Users are delighted with their interface and services. But unhappy with the technical issues faced by them.