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IDBI Bank Personal Loan

(Updated on 08.02.2019) IDBI Bank Personal Loan – IDBI Offer You Flexible Repayment Schedule and Lower Interest Rates. Calculate Personal Loan EMI, Eligibility Calculator & Documents.

IDBI Bank Personal Loan Interest Rate

Interest Rate 12.99%
Processing fee range 1% of loan amount
Loan Amount Min. Rs. 50,000/- to Max. Rs. 10,00,000/
Tenure 12 months to 60 months

IDBI Bank Personal Loan – QUICK, EASY & INSTANT APPROVAL ONLINE

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Disclaimer: We do not provide Personal Loans but help you to connect with banks to get best deals.
All loans are on sole discretion on the respective banks

IDBI Bank Personal Loan

IDBI Bank is an Indian government-owned financial service company, formally known as Industrial Development Bank of India. It is one of 27 commercial banks owned by the Government of India. IDBI Bank has years of experience in India’s financial markets due to which it easily copes up with the challenges.

IDBI Bank has the most pleasing ‘ IDBI Personal Loan’ skillfully designed for needy borrowers to offer personal loans at attractive & competitive interest rates. IDBI Bank personal loan can be availed by both salaried and self-employed individuals for Personal Expenses such as Medical Expenses, Expenses on Travel / Tour, Income Tax liability, Expenses for Family Functions etc. IDBI Personal Loan Eligibility Calculator is the best tool to know your eligibility and is the most feasible way to get your personal loan approved within a few hours.

IDBI Bank Home Loan with its extensive features and competitive interest rates helps every individual to build/buy/renovate/expand flat/house.

IDBI Personal Loan Products

IDBI bank offers a variety of product to the individuals. IDBI bank personal loan products are as follows:

1) Salary Account with inbuilt Overdraft Facility

  • Permanent employee, with a minimum one year of continuous service of Govt./ Semi-Govt./ Public Ltd Co./ Private Ltd Co./ Multinational Co. Etc. are eligible for this personal loan facility.

  • Minimum age of the applicant should be 22 years.

  • The overdraft facility is valid for 2 years only; Renewable every 2 years.

  • Maximum amount that can be availed under this facility is 5 times of net salary of the individual.

2) Overdraft Facility for Pensioners of IDBI Bank Ltd

  • This facility is extended to customers maintaining their pension account with IDBI Bank Ltd.

  • Minimum age of the applicant should be 22 years and should not exceed 75 years.

  • This overdraft facility would be valid for 1 year; Renewable every year.

  • Maximum loan amount is to be computed at five times the monthly net pension.

IDBI Bank Personal Loan EMI Calculator

IDBI BANK Personal Loan EMI Calculator

Fill Loan Amount, Interest rate & Tenure in Fields & get Instant Calculation for Personal loan emi within seconds.
Loan Amount
Interest Rate (Reducing) % Per Annum
Loan Tenure (in Months)
 
Monthly EMI
Total Amount with Interest
Flat Interest Rate PA
Flat Interest Rate PM
Total Interest Amount
Yearly Interest Amount

IDBI Bank Personal Loan Features and Benefits

  • IDBI bank personal loan can be availed to meet unexpected financial emergencies be it the marriage in family, renovation of house, meeting urgent educational or hospitalisation expenses , travel abroad and consolidation of credit card debt.

  • Personal loan is issued to all salaried, Non-salaried, self employed professionals.

  • Tenure for repayment of the loan is up to 60 months.

  • Quick and easy processing of loan application.

  • Documentation process is very simple.

  • Prepayment charges are nil, if the customer pays the loan after six months of loan sanctioned. Otherwise 2% of the loan amount will be charged as pre-payment penalty.

  • Minimum Loan Amount for salaried customer is Rs.50,000 and for pensioners is Rs.25,000.

  • Maximum amount of loan which can be availed by salaried class is Rs.10,00,000 and for pensioners is Rs.5,00,000.

  • Easy repayment option in the form of Standing Instruction.

  • The applicant will be covered under Free Personal Accident insurance cover.

  • The existing loan account holders with a clear repayment track record of minimum 12 months will be eligible for Top up loan facility.

IDBI Bank Personal Loan Eligibility

  • Min. Age of 22 years & Max. Age of 75 years

  • Minimum Annual Average Balance (AAB) of Rs. 20,000/-

  • Minimum Annual Net Income (ANI) of Rs. 1,80,000/-.

  • All IDBI salaried customers maintaining salary account with IDBI Bank, including Pensioners/ Family Pensioners from State or Central Government Departments, PSU companies and State or Central Government promoted/ sponsored entities or undertaking whose pension is credited to SB account with IDBI Bank (retired staff of IDBI Bank is also included.

  • Salaried customers & Self employed Professionals(with or without existing liability relationship with IDBI Bank)

  • Salaried individuals & Self employed Professionals having Asset relationship

IDBI Bank Personal Loan Documents Required

For salaried person

For self-employed

Application form with photograph

Application form with photograph

KYC documents

KYC documents

Last 6 months bank statements

Last 6 months bank statements

Last 3 months salary slip

Residence Proof

Form 16 (ITR)

Form 16 (ITR)

Residence Proof

Proof of business existence

 

Profit/loss statements of business

 

Last 3 years income tax returns

IDBI BANK Personal Loan Prepayments

  • Prepayment / foreclosure of Personal loan after six months of disbursal may be allowed without pre payment Charge.

  • Prepayment / foreclosure if sought before 6 months from disbursal date, a charge @ 2% of the outstanding loan amount is to be levied.

FAQs:

1) What is an overdraft account?

  • With an overdraft account, bank first asks for a security and then assign a credit limit on the basis of the market value of that property. So, when we use this credit limit, the amount goes from zero to negative zone and at time of repaying it goes from negative to zero. Interest is to be paid by us to bank on an overdraft account.

2) What are the prepayment charges for IDBI Bank Personal loan?

  • Prepayment charges are nil, if the customer pays the loan after six months of loan sanctioned. Otherwise 2% of the loan amount will be charged as pre-payment penalty.

3) Are there tax benefits of taking a Personal loan from IDBI bank?

  • Residents of India are eligible for certain tax benefits on the principal amount, under Indian income tax act 1961.

4) How can IDBI Bank personal loan be repaid?

  • IDBI Bank personal loan can be repaid through EMI by putting a Mandate or standing Instructions.

5) What is the maximum loan tenure of IDBI Bank Personal loan?

  • The maximum loan tenure of IDBI Bank personal loan is 5 years.