Description

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 personal loan interest rates 2021

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

  1. 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.

  1. 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.

What are the factors that affect IDBI Bank personal loan interest rates?

  • 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 in IDBI Bank personal loan EMI calculation

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

Interest rate comparison: IDBI Bank vs. other banks

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

Features of IDBI Bank

  • 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.   

FAQs

Q1I am a salaried person working with a reputed company. At what interest can I get IDBI Bank personal loan?
If you have your salary account with IDBI Bank, you can get a personal loan at 12% p.a. interest rate and other salaried applicants get the loan at 12.25% interest rate.
Q2 How much personal loan can I get from IDBI Bank?
The loan amount varies from applicant to applicant. Here are minimum and maximum loan amount based on candidates: For salaried & SEP Minimum: Rs. 25,000/- Maximum: Rs. 5,00,000/- Pensioner: Minimum: Rs. 25,000/- Maximum: Rs. 3,00,000/-
Q3 How is the interest rate calculated on IDBI Bank personal loan?
At IDBI Bank interest is charged on the reducing balance after payment of every EMI of a personal loan.
Q4 Is there any concession on interest rates for the existing customers of IDBI Bank?
Yes, existing customers of IDBI Bank can get a personal loan at lower interest rates than other customers. However, only eligible customers will be eligible for lower interest rates.
Q5What are the ways to repay an IDBI Bank personal loan?
There are multiple ways of IDBI Bank personal loan repayment: either you can issue Standing Instructions to your bank to automatically debit your account with amount on the predefined due date, or you can issue a post-dated cheque (PDC), alternatively pay via Electronic Clearing Service (ECS).