IDBI Bank Personal Loan Interest Rate 2022

IDBI Bank personal loans can be obtained for multiple personal expenses like your child’s higher education, home renovation, credit card bill payment, wedding, vacation,etc. The bank offers to all types of applicants including salaried individuals, self-employed professionals and non-professionals, and pensioners. IDBI Bank personal loans interest rates start from as low as 8.90% and the loan repayment tenure ranges from 1 year to 5 years. 

IDBI Bank offers a personal loan under different categories. Interest rates vary based on the type of applicants. IDBI Bank personal loan interest rate for salaried employees, pensioners and SEP/ SENP starts from 9.65%, 12% and 13% respectively. 

1. IDBI Bank personal loan interest rates for salaried employees, pensioners, self-employed professionals (SEP) and self-employed non-professionals (SENP) based on credit score:

Credit score	Salary/ pension accounts	All salaried applicants	SEP/ SENP
801 and above	9.65% p.a.	12.25% p.a.	13.00% p.a.
776 to 800	12.25% p.a.	12.50% p.a.	13.50% p.a.
740 to 775	13.25% p.a.	13.50% p.a.	14.00%
700 to 739 applicable only for corporate relationships like IDBI Bank staff, LIC and its subsidiaries staff, payroll/ salary relationship/ pension accounts	13.50%	NA	NA
Below 700	NA	NA	NA
-1	13.25%	NA	NA

2. Pension account with overdraft facility for pensioners of IDBI Bank

The interest rate for this personal loan and its variants are linked to Repo Linked Lending Rate (RLLR), starting from 8.55% per annum,for retired IDBI staff only.

3. Salary/ pension account with overdraft facility for others 

The interest rate for this personal loan and its variants are linked to Repo Linked Lending Rate (RLLR) or floating rate that starts from 11.30% per annum for non-IDBI staff.

• Credit score of the applicant: You can clearly see in the above table that with an increase in the credit score, the interest rate is declining. Individuals with a good credit score are considered responsible and less risky applicants. Credit score of an applicant shows how responsible he/she is for handling credit. If you have a good track record of credit payment in the past, you would have a good credit score. 
• The repayment capacity of the applicant: While determining your eligibility for a personal loan and interest rates applicable to it, lenders look at your monthly income/ salary/ pension and monthly obligation/ liabilities. Your debt-to-income ratio should be equal to or less than 40% to get a personal loan at lower interest rates.
• Relationship with IDBI Bank: Relationship with IDBI Bank will help you get a personal loan at lower interest rates. If Individuals hold a salary account or current account with the bank for multiple years, chances are that the bank may agree to offer you lower interest rates based on your previous credit behavior. For example, retired employees of IDBI Bank can get a personal loan at an interest rate starting from as low as 8.55% per annum. 
• Loan tenure: Interest rates on personal loans offered for long terms are usually higher than that on short terms. Borrowers can easily repay the loan in terms and the lender has less risk. You can use IDBI Bank loan Calculator to find out the most suitable loan term. 

Interest rate plays an important role in calculation of EMI. Here is what your EMI will be for different interest rates applicable on IDBI Bank personal loan.

Loan amount	Interest rate	Tenure (months)	EMI
Rs. 5 lakh	13.25%	48	Rs. 13,475
Rs. 3 lakh	14%	36	Rs. 10,253
Rs. 2 lakh	14.50%	24	Rs. 9,649
Rs. 1 lakh	14.50%	12	Rs. 9,002

Bank	Interest rate	Processing fees	Loan amount
IDBI Bank	9.65% p.a. onwards	Up to 1% of the loan amount	Up to Rs. 5 lakh
ICICI Bank	11.25% - 22% p.a.	Up to 2.5% of the loan amount	Up to Rs. 20 lakh
HDFC Bank	10.75% p.a. onwards	Up to 2.50% of the loan amount	Up to Rs. 15 lakh
SBI	9.65% p.a. onwards	Up to 1.5% of the loan amount	Up to Rs. 20 lakh
Axis Bank	12 – 24% p.a.	Up to 2% of the loan amount	Up to Rs. 15 lakh
Bajaj Finserv	13% p.a. onwards	Up to 3% of the loan amount	Up to Rs. 25 lakh

• Flexible tenure from 12 to 60 months
• Loan amount up to Rs. 5 lakh
• Easy application and instant approval 
• Loan applicants will be covered under personal accident insurance
• You can check IDBI Bank personal loan status, EMIs, etc. using financial tools on the bank’s website.