Description

IDBI Bank personal loan Details

Salaried professionals and self-employed individuals can get IDBI Bank personal loans to meet unexpected and urgent financial requirements, such as higher education, medical expenses, renovation of a house, abroad trip, wedding expenses and a lot more. IDBI Bank personal loans can be applied online with minimum documentation. You can avail a personal loanup to Rs. 10 lakh from any of IDBI branches and repay it within 12 months to 60 months.

IDBI Bank personal loan interest rate

Interest rate

12% to 14% per annum

Processing fee

1% of the loan amount

Loan amount

For salaried and self-employed individuals 

  • Minimum: Rs 50,000/-
  • Maximum: Rs 10 lakh

For pensioner:

  • Minimum: Rs 25,000/-
  • Maximum: Rs 5 lakh

Foreclosure/ prepayment charges

  • Foreclosure of a personal loan before 6 months of disbursal will attract a charge of 2% of the outstanding principal
  • Foreclosure/ prepayment of a personal loan after 6 months of disbursal may not incur any charges

Note: No further personal loan will be sanctioned to the borrower for 12 months from the date of part pre-payment 

Loan tenure

From 12 months to 60 months.

Features of IDBI Bank personal loan

Easy loan application process: Applying for a personal loan from IDBI Bank is simple and fast. Personal loans can be applied online from your home.

Flexible tenure: Customers can get a personal loan for a flexible tenure ranging from 12 months to 60 months. 

Flexible personal loan amount: Salaried and self-employed individuals can get a personal loan from Rs. 50,000 to Rs. 10 lakh. A personal loan from Rs. 25,000 to Rs. 5 lakh is available for pensioners. 

Free personal accident insurance cover: IDBI personal loan borrowers will be covered under a free personal accident insurance policy. 

IDBI Bank personal loan is available in three variants: 

  • Personal loan to salaried and self-employed individuals
  • Salary account with an in-built overdraft facility
  • Pension account with in-built overdraft facility to IDBI Bank pensioners

Top-up loan facility: Existing loan borrowers for a minimum 1 year, having clear repayment track record can enjoy top-up loan facility.

IDBI Bank personal loan eligibility criteria

Criteria

Salaried/Pensioner

Self-employed individuals

Age

  • Minimum age: 21 years
  • Maximum age at the of loan closure: Should not exceed 60 years or date of retirement, whichever is earlier 

For pensioners/family pensioners

  • Maximum: 75 years (at the date of maturity of loan amount)
  • Minimum age: 21 years
  • Maximum age at the of loan closure: Should not exceed 60 years or date of retirement, whichever is earlier 

Minimum salary/ income

  • Minimum net annual income: Rs. 1,80,000/- p.a.

For self-employed professionals

  • Minimum Annual Business Income of Rs.  3,60,000/- p.a.

For self-employed non-professionals

  • Minimum net annual income: Rs 5,00,000/- p.a.

Employment

  • Any salaried professional/ pensioner having salary/ pension account with IDBI Bank.
  • All central/ state government, PSU employees and individuals employed with multinational companies & listed Pvt Ltd companies having a relationship with IDBI Bank

Self-employed professional and non-professional having asset/ liability relationship with IDBI Bank

Insurance

IDBI personal loan borrowers will be covered under a free personal accident insurance policy.

 

IDBI Bank personal loan eligibility criteria for overdraft facility

Criteria

Salary account with in-built overdraft facility

Overdraft facility to IDBI Bank pensioners

Age

  • Minimum age: 22 years
  • Maximum age: Should not exceed 58 years

Should not exceed 75 years

Category 

Salaried applicants having salary accounts with IDBI Bank

NA

Employment

Any salaried professional employees with a minimum one year of continuous services in any of central/ state government, PSU organization, and individuals employed with multinational companies & listed Pvt Ltd companies for a minimum of one year 

Available for customers maintaining their pension account with IDBI Bank

Tenure

The overdraft facility remains valid for two years; renewable every two years

The overdraft facility remains valid for one year; renewable every year

Maximum limit

Five times of the previous six months average salary 

Five times of the monthly net pension

Note: Pensioners need to provide a third-party guarantee to avail a personal loan from IDBI Bank

Documents required for IDBI Bank personal loan

Documents required may vary from applicant to applicant, here is a basic list of documents you need to submit to apply for IDBI Bank personal loan:

For salaried employees

  • Proof of identity: A copy of Voter’s ID/ PAN card /Aadhaar card /Driving license 
  • Address proof: A copy of Leave & License Agreement/ Ration card /Utility bill (not more than 3 months old) / Passport
  • Credit information: PAN number to check your credit history
  • Income proof: A copy of a bank statement for the last six months
  • Salary slips: A copy of salary slips for the last three months with the latest Form 16
  • Bank statement: Bank statement showing salary being credited for the last 3 months
  • Employment certificate: A certificate showing one year of continuous employment        

For self-employed employees

  • Proof of identity: A copy of Voter’s ID/ PAN card /Aadhaar card /Driving license 
  • Address proof: A copy of Leave & License Agreement/ Ration card /Utility bill (not more than 3 months old) / Passport
  • Credit information: PAN number to check your credit history
  • Qualifications: Highest profession degree for self-employed professionals
  • Financial Statement : Latest 2 years ITR along with computation of income, B/S, P&L a/c with all schedules audited by a Chartered Accountant
  • Bank statement: Bank statement showing salary being credited for the last 3 months
  • Proof of business continuation 
  • Latest Form 16

How to calculate IDBI Bank personal loan EMI?

It is important to know how much EMI you would need to pay for a personal loan. You can use a personal loan EMI calculator on Afinoz.com to calculate monthly instalment you would be paying every month, making sure it fits into your monthly budget. A personal loan EMI calculator helps you calculate your monthly outgo and plan your finance with ease.

Here is how IDBI Bank personal loans compare

Banks

Interest Rate

Processing Fees

Amount 

Terms

IDBI Bank

12% to 14% p.a. 

1% of the loan amount

Up Rs. 10 lakh

12 to 60 months

ICICI Bank

11.25% to 22.00% p.a.

Up to 2.25% of loan amount + GST

Up to Rs. 20 lakh

12 to 60 months

HDFC Bank

From 11.25% p.a. to 21.50%

Up to 2.5% of the loan amount

Up to Rs. 15 lakh

12 to 60 months

Axis Bank

15.75% to 24% p.a.

Up to 2% of the loan amount + GST

Up to Rs. 15 lakh

12 to 60 months

IDFC Bank

Starting from 11.50% p.a. 

Up to 2% of the loan amount

Up to Rs. 40 lakh

12 to 60 months

Tata Capital

11.25% - 19%

Start at Rs. 1499/- + Applicable GST

Up to 25 lakhs

12 to 60 months

IDBI Bank Personal Loan Customer Care numbers

IDBI Bank Customer Care Helpline Numbers 

1800 209 4324

1800 200 1947

1800 22 1070

IDBI Bank Non-Toll-Free Numbers Customer Care Helpline Numbers 

+91-22 6693 7000

IDBI Bank Customer Care Number for NRI Customers

0091- 22-67719100

Toll-Free Number to Block Debit Card 1800-22-6999

Steps to Block Debit Card Through SMS

Method 1: 

SMS BLOCK <Customer ID> <card number> to 5676777

Method 2:

SMS BLOCK <customer ID> to 5676777

Benefits of IDBI BANK Customer Care Helpline

  • Balance enquiry
  • Hot listing and deactivating of credit/debit cards
  • ATM-related queries
  • Track loan status
  • Suggestions and feedbacks

IDBI Bank Customer Care Helpline Email Ids for Online Support

Enquiry Type

IDBI Bank Customer Care Email ID

For credit cards

idbicards@idi.co.in

For reward point related issue

membersupport@idbidelight.com

Customer care e-mail id

customercare@idbi.co.in

FAQs

Q1For what purpose I can avail Personal Loan?
You can get a personal loan from IDBI Bank to meet unexpected and urgent financial crunch. There is no restriction on the end-use of funds extended. You can use it for household buys, education of your children, medical expenses, renovation of the house, exotic holidays.
Q2How do I repay IDBI Personal loan?
You can repay IDBI personal loans in monthly instalments through the ECS facility or post-dated cheques.
Q3How much personal loan can I can get from IDBI?
IDBI Bank offers a personal loan ranging from Rs. 25,000 to Rs. 10 lakh. How much amount you can get depends on various factors, such as your credit score, repayment history and annual income.
Q4What documents do I need to submit for personal loan approval?
While documents may vary from applicant to applicant, common documents you need to present include loan application, identity and residence proof, last six months’ bank statement, latest salary slip and Form no.16.
Q5What is the tenure for IDBI personal loan?
You can get a personal loan from IDBI Bank for a flexible tenure ranging from 12 months to 60 months.
Q6What is an EMI?
Ans. EMI refers to Equated Monthly Instalment which includes principal and interest. When you get credit like personal loan, credit card or home loan etc. you repay it by way of EMIs on a predetermined date. EMI offers you the convenience of repaying the credit over a period of time rather than paying it upfront.
Q7What is the rate of interest on a personal loan at IDBI Bank?
Rate of interest applicable on IDBI personal loans starts from 12% to 14% p.a. It depends on your credit score and repayment history.
Q8Who can apply for Personal Loan with IDBI Bank?
Any salaried professional/ pensioner having salary/ pension account with IDBI Bank can apply for a personal loan. All central/ state government, PSU employees and individuals employed with multinational companies & listed Pvt Ltd companies with or without a relationship with IDBI Bank can also apply for a personal loan.
Q9Why choose IDBI Bank personal loans?
DBI Bank personal loans have a wide range of benefits: Attractive rate of interest. Interest is charged on daily reducing balance. Online application and quick disbursal. Free personal accident insurance cover. Flexible loan amount starting from as low as Rs. 25,000
Q10 For how long can I get a personal loan?
IDBI Bank personal loans are available for a flexible repayment tenure; you can get the loan for 12 to 60 months
Q11Can I foreclose personal loans?
Prepayment or foreclosure of IDBI personal loans is allowed after 6 months of loan disbursal without any prepayment charges. Prepayment or foreclosure before it will accrue a prepayment charge of 2% of the outstanding loan amount.
Q12 How can I repay a personal loan?
You can repay the loan in EMI by putting a Mandate / Standing Instructions (SI) to debit your Salary / Saving bank account with IDBI Bank on a fixed given date agreed by you.