IDBI Bank Personal Loan
Apply Now| IDBI Bank Personal Loan Details Updated | |
|---|---|
| Loan Amount | Rs. 25,000 to Rs. 5 lakhs |
| Tenure | 12 months to 60 months |
| Interest Rate | 13.59% onward |
IDBI Bank Personal loan is available for personal expenses such as wedding, home renovation, education of children, travel, hospitalization, medical contingency, debt consolidation, and other unforeseen circumstances. You can borrow up to Rs. 5 lakhs, starting at 13.59%. The tenure is flexible up to 5 years. There is a facility to prepay and foreclose the loan. The loan schemes are offered to salaried individuals, pensioners, and self-employed people.
In this post, we will discuss IDBI Bank personal loan features, eligibility criteria, interest rates, types of loan schemes, and frequently asked questions.
Features of IDBI Bank Personal Loan
Here are the features:
- The minimum and maximum loan amount for salaried and SEP borrowers is Rs. 25,000 and Rs. 5 lakhs, respectively.
- For pensioners, the minimum and maximum borrowing amounts are Rs. 25,000 and Rs. 3 lakhs, respectively.
- Tenure is between 12 months and 60 months.
- The interest rate is fixed, starting from 13.59% onward.
- Existing borrowers can choose a top-up loan. For this, they should have had the loan for at least 12 months. Also, they must repay the dues on time.
- The processing fee is 1% of the approved loan amount + taxes, subject to a minimum of Rs. 2,500.
Eligibility Criteria for Personal Loan IDBI Bank
The bank offers personal loans to salaried people, pensioners, and self-employed professionals (SEPs). Here are all who can apply:
- Salaried individuals with corporate salary accounts at the bank.
- Pensioner customers with pension accounts with the bank.
- Self-employed professionals with liability/asset relationships with the bank.
- Confirmed or permanent employees of the Central/PSU/State Departments, listed companies, multinational companies, reputed private limited companies without or with an existing relationship with the bank.
IDBI Bank Personal Loan Interest Rates
Here are the details:
- The annual percentage rate (APR) is 13.59% onward.
- The floating-rate loans are linked to RLLR (Repo Linked Lending Rate).
- Currently, for new loans, the RLLR for structured retail asset (SRA) products is 6.90%.
Here is how the IDBI Personal Loan Interest Rates are distributed across different customer categories:
| Credit Score | Employees of Public Sector Undertaking, State/Central Government/MNCs Not with Salary/Payroll Acc. at the Bank | Salary/Pension/Payroll Account Holders with the Bank | Other Salaried Individuals | Self Employed Non-Professionals with Asset/Liability Relationship with the Bank | SEPs with Asset/Liability Relationship with the Bank |
|---|---|---|---|---|---|
| 801 and over | 10.00% | 9.50% | 12.00% | 12.50% | 12.25% |
| 776 to 800 | 10.25% | 9.75% | 12.25% | 13.00% | 12.75% |
| 740 to 775 | 11.25% | 10.75% | 13.25% | 14.00% | 13.75% |
| 700 to 739 | 12.25% | 11.75% | Not Applicable | ||
| -1 | Not Applicable | 10.75% | Not Applicable | ||
Types of IDBI Personal Loan Schemes
Apart from the standard personal loan scheme for salaried people, self-employed professionals, and pensioners, the bank offers two other products:
1. Salary Account with In-built Overdraft Facility
- Salaried customers who have and maintain a salary account with the bank can avail of this product.
- The maximum loan amount is up to 5 times the net salary, based on the average of the last 6 months’ salary.
- The minimum and maximum ages of the applicant are 22 years and 65 years, respectively.
- The minimum residual service of the employee should be at least 1 year.
- The overdraft facility is up to 2 years, after which it is renewable every two years.
- A floating interest rate is applicable.
- The maximum loan amount is up to 5 times the monthly net pension.
- There are no foreclosure charges and processing fees.
- The individual should be a permanent employee with 1-year of continuous service at public ltd. Co., multinational co., private ltd. co., govt/quasi govt/semi-govt organization, or reputed institutions.
2. Pension Account with in-built Overdraft Facility
- This product is available to customers who keep and maintain a pension account with the bank.
- The age of the applicant must not go over 75 years at any point of this product when it is active.
- A third-party guarantee is necessary for a pensioner’s loan.
- The overdraft facility is up to 1 year, after which it is renewable every year.
- A floating interest rate is applicable.
- There are no foreclosure charges and processing fees.
Frequently Asked Questions about Personal Loan IDBI
Here are the FAQs:
1. What is the Required Age to Apply for the Loan?
- The minimum age during loan application for salaried and self-employed professionals should be 21 years. At the time of maturity of the loan, the borrower must be not over retirement age or 60 years, whichever is earlier.
- For pensioners or family pensioners, the age at the time of loan’s end should be not over 75 years.
2. What Is the Net Salary/Income Norm for the Applicants?
- For the salaried class, the minimum net salary should be Rs. 1,80,000 per annum.
- For SEP borrowers, the minimum annual business income must be at least Rs. 3,60,000.
3. What Are the Documents to Apply for the Loan?
Here are documentation norms:
- You will have to submit basic KYC documents such as identity proof, address proof, and age proof. These papers must be government-recognized ones.
- You have to also give signature proof.
- To submit proof of income you have to provide salary slips of the last 3 months.
- You may also provide a bank statement of salary account for the last 6 months.
- Or, you may also submit IT Returns for the last 2 years.
4. What Are the Details of IDBI Bank Personal Loan Part Payment?
- There are no charges for part-payment if done after 6 months of disbursement.
- If done within 6 months of disbursal, then you will have to pay 2% additional on the outstanding dues + applicable taxes.
- You can choose to partly pay up to 10% of the outstanding loan amount. The minimum amount you can pay off, in this case, is Rs. 10,000.
- Remember that part payment is also allowed up to 3 times a year.
- Also, you have to give a gap of 90 days between part payments.
5. What Are the Details of IDBI Bank Personal Loan Foreclosure?
- You can opt for foreclosure after 24 months from the disbursement date. In this case, you do not have to pay any charges.
- If before 12 months from disbursal, a 2% additional charge will apply to the outstanding amount.
- If after 12 months but not after 24 months from the disbursal time, you have to pay an additional 1% of the outstanding loan amount.
Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of IDBI Bank.