IDBI Bank Personal Loan – Get instant approval with low ROI via Loanyantra

IDBI Bank Personal Loan Interest Rates Today

Article Read Time – 10 min

What can you expect in the article –

  1. Introduction IDBI Bank Personal Loan
  2. Why you should go with IDBI Bank for PERSONAL LOAN
  3. Categories who can avail personal loan from IDBI Bank
  4. Eligibility Criteria for IDBI personal loan
  5. IDBI Bank Personal Loan Interest Rates
  6. Personal Loan Overdraft Facility for IDBI Account holders
  7. Other charges applicable for IDBI Personal loan
  8. Documents needed for IDBI Personal loan and Loanyantra’s door step service.
  9. Features and Advantages of Personal Loan from IDBI
  10. IDBI Bank Personal Loan EMI Calculator and Loanyantra’s guide and expert’s advice.
  11. Credit score and IDBI Personal Loan
  12. FAQs about Personal Loan from IDBI

IDBI Bank PERSONAL LOAN 

Industrial Development Bank of India or IDBI is one of the famous Indian Financial administrations organization. IDBI is spread across the nation, with 1400 branches and 2000 ATMs IDBI has become one of the leading public sector banks. It has caught the Indian markets with IDBI’s creative financial products.

IDBI Bank offers myriad financial products, and IDBI bank personal loan is one of them. People take personal loan for various purposes. In the current times, one may require additional assets for different purposes, be it house construction or wedding or a movement or a crisis restorative costs, Personal loans have become a great medium to fulfil the needs, although coming at a higher interest rate, personal loans are easy to avail and in case of emergency, they can be a great solution. Personal loans in India is a very common solution for immediate needs fulfilment as the banks or NBFCs ask for a reason and cooperate to fulfil your dream by disbursing the loan according to your eligibility.

Before heading to take the personal loan from IDBI bank, it is essential to have complete knowledge about IDBI, IDBI’s key features and what is the eligibility criteria that will make your loan application a seamless and hassle-free process for personal loan from IDBI.

Why you should go with IDBI Bank for PERSONAL LOAN – 

IDBI Bank because of its innovative banking products  and customer-centric operations, it is one of the Fortune 2000 Top Companies of the world. The best part about this bank is that IDBI has designed and developed its products in a manner that it suits all the segments of the society.

Categories who can avail personal loan from IDBI Bank – 

IDBI Bank offers a personal loan to the following people (after they have fulfilled the eligibility criteria specified by the bank):

  1.    Salaried people
  2.    Pensioners
  3.    Self-employed or business owners
IDBI Bank Personal Loan Interest Rates Today
IDBI Bank Personal Loan Interest Rates Today

Eligibility Criteria for IDBI personal loan:

As mentioned above the personal loan from IDBI Bank can be availed by salaried people, self-employed people, non-professionals, and pensioners. Here is a tabular representation of what are the eligibility criteria for all

 

Features Salaried /pensioner Self-employed/Non-professional
Eligibility
  1. All the salaried professionals having salary account with IDBI and pensioners having pension account with the Bank. All the professionals or pensioners who have been associated with premium firms, state or central government and have a valid account with IDBI or other banks.
Self-employed Professional/Non Professional having Asset/Liability relationship with IDBI Bank
Minimum Net Salary/ Income for IDBI Personal Loan Salaried professional – minimum annual income of Rs. 1,80,000

 

For Self-Employed Professional, the minimum annual income should be Rs. 3,60,000.

Age limit for IDBI Personal loan The minimum age limit is 21 years for salaried and self-employed people and the maximum age limit is 60 years. Whereas for the pensioners the maximum age limit is 75 years at the time of maturity of loan amount.
Tenure of IDBI  Personal loan The minimum tenure for personal loan is 12 month and maximum tenure is 60 months.
The minimum and maximum loan amount given by IDBI for Personal Loan   The salaried and self-employed professionals have the minimum and maximum personal loan falling in the range of  Rs. 50,000- Rs.10,00,000
The pensioners have the minimum and maximum personal loan limit in the range of  Rs. 20,000- Rs.5,00,000
Prepayment / foreclosure charges of IDBI Personal Loan
  1. According to RBI, if you apply for prepayment or foreclosure after 6 months of personal loan disbursal then there are no prepayment charges applicable on your loan closure..
  2. In case the borrower is willing for prepayment or foreclosure within six months of the disbursal, then one has to be pay prepayment charge  which is 2% of the outstanding loan amount.
  3. Part pre-payment: This feature can be availed based on the above conditions. However, one who does the part pre-payment, would not be sanctioned personal loan for the next 12 months from the date of making the part pre-payment.
Top up loan Eligibility The borrowers who have a good track record of repayment and at the same time they are the loan account holders with IDBI  for at least 12 months are eligible for top-up loan.

IDBI Bank Personal Loan Interest Rates

The IDBI Personal loan interest rate starts from 12.55%. And is different for each category of loan product-

  • Salaried Individuals- For these customers, the IDBI bank offers interest rate at one year MCLR (8.65%+3.90%) of 12.55% .
  • For those who are the retired staff of IDBI bank and have the pension account with overdraft facility get the interest rate of 9.80% onwards.

To be more clear about how the IDBI Personal loan interest rates are calculated here is the table about mclr and spread.

IDBI Bank Personal Loan interest rate for overdraft account holders mclr method Interest rate breakup – mclr+spread
Salary account or pension account with overdraft facility 1 yr MCLR + 3.90%
Pension Account with overdraft for retired IDBI employees 1 yr MCLR + 1.15%

Personal Loan Products from IDBI – Personal Loan Overdraft Facility for IDBI Account holders – 

IDBI Personal Loan overdraft facility Criteria Salaried / Permanent Employee Pensioners holding account with IDBI
Eligibility Permanent employee with 1 year of continuous service in any organisation either government state or central or private company. Customers maintaining their pension account with IDBI Bank Ltd.
Tenure Overdraft facility valid for 2 years and is renewable Overdraft facility is valid for 1 year and is renewable.
Maximum Loan Limit Five times of net salary as per last 6 months. Five times the monthly net pension
Age Limit Minimum Age 22 years

Maximum Age 58 Years

Not more than 75 years

Other charges applicable for IDBI Personal loan –

 

Processing Fee
Salaried and Self Employed Professionals 1% of the loan amount plus taxes
Pensioners with Overdraft Facility to IDBI Bank No fees but documentation charges are borne by the borrower
Salary Account with in-built overdraft facility No fees but documentation charges are borne by the borrower
Prepayment
Prepayment
In a period of 6 months of loan disbursement 2% of the outstanding loan amount plus taxes
After 6 months of disbursement No charges applicable
Part Payment
In a period of 6 months of loan disbursement 2% of the outstanding loan amount plus taxes
After 6 months of disbursement No charges applicable

Documents needed for IDBI Personal loan –

The personal loan just like any other loan, requires submission of certain documents so that the bank can analyse your credibility and based on it, the bank can sanction the personal loan. If you go via loanyantra, you are eligible for doorstep service of collection of documents and also know precautions while issuing the documents. Know some of our testimonials about our hassle-free services for home loan and personal loan . http://loanyantra.com/testimonials.aspx

Here is the list of documents required to avail personal loan from IDBI –

Documents For Salaried individuals for IDBI Personal Loan – 

  • Duly filled the personal loan application form
  • Identity Proof which may be any of the following –
    1.Voter ID
    2.Adhaar Card
    3.Driving License
    4.Ration Card
    5.PAN Card
    6.Defense ID card
    7.Government employee ID card
  • Residence Proof which includes the following –
    1.Passport
    2.Ration Card
    3.Voter ID
    4.Aadhaar Card
    5.Driving License
    6.Registered lease / rent agreement
    7.Utility bills like telephone, electricity or water bill
    8.Gas bill or Property tax bill
  • Form 16
  • Latest salary slip
  • Last six-month bank statement

Documents for Pensioner for IDBI Personal Loan

  • Duly filled the personal loan application form
  • Identity Proof which may be any of the following –
    1.Voter ID
    2.Adhaar Card
    3.Driving License
    4.Ration Card
    5.PAN Card
    6.Defense ID card
    7.Government employee ID card
  • Residence Proof which includes the following –
    1.Passport
    2.Ration Card
    3.Voter ID
    4.Aadhaar Card
    5.Driving License
    6.Registered lease / rent agreement
    7.Utility bills like telephone, electricity or water bill
    8.Gas bill or Property tax bill
  • Form 16
  • Latest salary slip
  • Last six-month bank statement
  • Income certificate for last two financial years.

NOTE – The pensioners would need a Deceleration-cum-undertaking from their pension office that they will not shift the pension account without NOC from the branch.

Documents for Self-employed Individuals for IDBI Personal Loan – 

  • Duly filled the personal loan application form
  • Identity Proof which may be any of the following –
    1.Voter ID
    2.Adhaar Card
    3.Driving License
    4.Ration Card
    5.PAN Card
    6.Defense ID card
    7.Government employee ID card
  • Residence Proof which includes the following –
    1.Passport
    2.Ration Card
    3.Voter ID
    4.Aadhaar Card
    5.Driving License
    6.Registered lease / rent agreement
    7.Utility bills like telephone, electricity or water bill
    8.Gas bill or Property tax bill
  • ITR
  • Last six-month bank statement

Features of Personal Loan from IDBI – 

  • IDBI offers personal loan for both salaried and self-employed individuals
  • It also offers personal loan for pensioners
  • The people falling in the age group of 22-60 can apply for the personal loan
  • IDBI offers personal loan between Rs. 50,000 to Rs. 10 lac
  • The IDBI personal loan tenure is from 1 to 5 years
  • The IDBI personal loan interest rate varies between 13.20% to 13.75%
  • IDBI charges the processing fee of 1% of the loan amount, and it is paid at the time of personal loan application

How much time does IDBI Bank take to process the personal loan application?

The bank usually takes the decision within 15 days from the date of submission of the loan application. Sometimes bank may offer instant loan offers which gets approval within 2-3 days of submission of application form.

How does Loanyantra help you for instant approval of personal loan from IDBI?

Loanyantra is a one-stop solution for various loan and allied services. You get all sort of help and consultation that will guide you with the right way to apply for the loan. We take care of all the paperwork and other nitty-gritty of loan approval so that your loan gets approved instantly. Our SPOC or Single Point of Contact will help you with the search of the bank that offers minimum interest rate, flexibility, and easy repayments options so that you can get the best deal in the market.

Get instant approval for personal loan from IDBI through Loanyantra and also assured low interest rate. You can also avail cashback offers if you disburse your loan via loanyantra. Benefits from going through loanyantra include doorstep document collection, visit the bank branch only once, get to know the alerts on your personal loan whenever the bank increases your interest rate, calculate your emi of personal loan and also calculate your part payments too and reduce the loan tenure.

The advantages of Personal Loan from IDBI Bank:

  • Loan facility for  salaried, self-employed and pensioners
  • Attractive interest rate.
  • Interest is charged on the daily reducing balance.
  • No insurance fees is charged from the borrower for loan insurance
  • Personalized services and easy documentation process.

IDBI Bank Personal Loan EMI Calculator – 

With the help of personal loan EMI calculator, you can easily calculate the EMI and based on it decide how much personal loan you can afford, here is the formula for the personal loan for IDBI bank:

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

Here

P = Loan amount. It can vary between Rs. 50,000 – Rs. 10 lac

r = It is the interest rate which is 13.20%

n = It is the loan tenure which is in the month, in the case of IDBI bank it is 60 months

Instead of doing manually you can always use loanyantra calculator and check your emi and also check your eligibility. If tough to take a decision always give a missed call and talk to our experts.

IDBI Bank personal loan status check and how to use the website and how Loanyantra can assist in getting the loan via Loanyantra’s experts

What is the credit score required for IDBI bank personal loan? If bad score, how to rectify and reapply?

The credit score plays a key role in loan approval. It is a mark of the borrower’s credibility. Although different banks and financial institutions have different credit score benchmark, having a good credit score betters the probability of loan approval. For IDBI bank you need to have the credit score of 750.

Will a poor Credit score can affect your chances of loan approval, however, following these two steps will help you improve it over a period of time and make you eligible for the personal loan :

The interest rate changes according to the cibil score range. The lower the cibil score range, the higher the personal loan interest rate. The higher the cibil score range, the lower the personal loan interest rate.

Borrower category Personal loan interest rates and Cibil score range 700 – 750 750 – 800 above 800
Salaried Customers 13.50% 12.50% 12.25%
Pensioners 14.00% 13.50% 13.00%
Payroll Accounts 13.25% 12.25% 12.00%

Setup payment reminders- poor credit score are a result of irregular payments of debts or other loans. It is important that you must pay your bills and other EMIs on time. Setting up payment reminders will help you improve the credit score

Reduce the debts- well, its easier said than done, but lowering the debt or outstanding amount is always helpful in improving your credit score.

Never leave yourself in a doubt while going for a loan. Clear every minute doubt by knowing about each and every detail of before and after disbursal of personal loan.

FAQs about Personal Loan from IDBI

What is the EMI charged by IDBI bank?

IDBI bank charges the EMI of 13.20% which makes the lowest EMI per lac, i.e., Rs. 2,286.

Does IDBI bank have pre-payment charges?

If you apply for pre-payment after six months of loan disbursement, there will not pre-payment charges. However, if one wishes to pre-pay before six months of loan disbursement, then one has to pay 2% of the outstanding loan amount as pre-payment charge.

What is the processing fees charged by IDBI Bank on the personal loan?

IDBI Bank charges the processing fees of 1 %.

How does having a co-applicant affect the personal loan application?

IDBI Bank allows you to have a co-applicant while applying for the personal loan, and it increases your probability of personal loan eligibility.

What is the age limit for personal application in IDBI?

IDBI Bank gives the personal loan to people falling in the age group of 22- 60 years. The eligibility for personal loan further depends on the credit score and other eligibility parameters set by the bank.

What is the minimum monthly income for an individual to be eligible for the personal loan from IDBI bank?

IDBI Bank grants the loan to the salaried professional who has a minimum salary of Rs.20,000 per month.

What is the credit score required to be eligible for the personal loan from IDBI bank?

The bank considers the credit score of 750 to be good enough to grant the loan.

What is the maximum loan amount that an applicant can get?

One can get a maximum loan of up to Rs. 10 lac.

What is the minimum loan amount that can be availed from IDBI Bank?

Minimum personal loan of Rs. 50,000 can be availed for personal loan from IDBI Bank.

Is personal loan different from a top-up loan?

Top-up loan is always taken on top of any other loan say persoanl loan or home loan. Eligibility for top-up loan needs an existing personal loan.

Role of Loanyantra: – Loanyantra is a leading platform where you will find all the information regarding loans and banking services. But our feature is not merely restricted to just information, rather we also help the borrowers with complete information and procedure that needs to be followed for loan application and approval. Whether you are applying for loans or you are planning to shift your loan from one bank to another; personal to home loan, you will get all the services on our platform. We also help doing the complete paperwork so that your loan application and approval becomes a hassle-free process. Know about loan interest rates today.

 

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