Occupation: Self-employed professionals having an Asset/Liability relationship with IDBI
Age Limit: Minimum age is 25 years and the maximum age at termination of the loan should not be more than 65 years
Minimum Income: Rs 3 60 000 per annum
3 Personal Loan for Self-Employed Non-Professionals
Occupation: Self-employed non-professionals having an Asset/Liability relationship with IDBI
Minimum Income: Rs 5 Lakhs per annum for self-employed non-professionals
4 Salary Account with in-built Overdraft Facility
Occupation: Permanent employee with a minimum of 1 year of continuous service with the PSUs/Govt /Semi-Govt /Quasi Govt, Public & private companies, MNCs, and reputed institutions
The salaried applicants maintain salary accounts with IDBI Bank
Minimum age is 22 years and the maximum age is 65 Years at loan maturity or retirement age whichever is earlier
Minimum Income: Rs 1,80,000 per annum for salaried persons
5 Pension Account with in-built Overdraft Facility to Pensioners of IDBI Bank
The applicants must have a pension account with IDBI Bank
Maximum age limit should not exceed 75 years at the time of loan maturity
Minimum Income is Rs 1,80,000 per annum
IDBI Bank also considers the CIBIL score of its applicants, just like other lenders do while evaluating their personal loan eligibility requirements
IDBI Bank: Personal Loan Documents
The following are the below mandatory documents needed to avail personal loan from the IDBI BankDuly filled application form along with photographs (passport size)
Proof of Identity: Aadhar Card /PAN Card /Voter ID Card /Passport /Driving License, etc
Residence Proof: Electricity Bill (not more than three months old) / Passport/ Ration Card, etc
Income Proof: Salary account bank statements for the previous six months
Salary slips for the past 3 months
Employment certificate from the current organization
Form 16 and recognized Income Tax Returns for the last two years
Any other additional document required by IDBI bank
IDBI Bank Personal Loan Interest Rate
Interest Rate (Fixed)
11 00% to 15 50% per annum
Salary or Pension Account with Overdraft facility 12 65% per annum
IDBI Bank Personal Loan Processing Fees
Personal loan for salaried individuals/pensioners/selfemployed professionals or non-professionals
1 % of the loan amount subject to minimum Rs 2500 + taxes
Salary account with in-built overdraft facility NIL
Pension account with in-built overdraft facility to pensioners of IDBI Bank NIL
IDBI Bank Personal Loan Part Payment Charges
1 Personal loan part payment charges for salaried individuals/pensioners/self-employed professionals or non-professionals.
Within 6 months from the disbursement- 2% of the outstanding loan amount
After 6 months of disbursement- NIL
Maximum part payment allowed is 10 % of the outstanding personal loan amount subject to a minimum of Rs 10,000
Part payment allowed a maximum of 3 times in a year (minimum interval of 90 days)
Also Read- Tata Capital Personal Loan
2 Salary account with in-built overdraft facility- NIL
3 Pension account with in-built overdraft facility to pensioners of IDBI Bank- NIL
IDBI Bank Personal Loan Foreclosure Charges and Penalty
Personal loan part payment charges for salaried individuals/pensioners/selfemployed professionals or non-professionals
Within 12 months from the loan disbursement date- 2% of the outstanding loan amount
Between 12 to 24 months from the disbursement date1% of the outstanding loan amount
After 24 months or 2 years: Nil
Salary account with in-built overdraft facility NIL
Pension account with in-built overdraft facility to pensioners of IDBI Bank NIL
Late payment penalty 4% per annum on the overdue amount
IDBI Bank Personal Loan Other Charges
Property Documents (Copy) Rs 225
Foreclosure Letter Issuance Rs 500
Swapping of PDCs or ECS Rs 575
Document Retrieval Charges Rs 2000
Duplicate Statement Charge Rs 115
Re-issuance of PO or DD Rs 115
Interest Paid Certificate Rs 150
Copy of credit evidence from CIBIL Rs 50
Non-collection of original documents after 30 days from the closure date of loan Rs 1000
CERSAI Charges
Up to Rs 5 lakhs- Rs 100
Above Rs 5 lakhs- Rs 200
Default in payment through cheques, ECS, or any other payment mode Rs 300
For Example- Rahul avails a personal loan for Rs.4 Lakhs, the interest rate is 14% and the repayment period is 3 years Calculate EMIs, total interest payable, and the total payable amount
Monthly EMIs of Rs 13,671, the total interest payable will be Rs 92,158 and the total amount repayable in 3 years will be Rs 4,92,158 (principal + interest)
Types of IDBI Bank Personal Loan
1 Personal Loan for Salaried Individuals/Pensioners
Purpose- This personal loan is provided to fulfill all financial needs for salaried individuals or pensioners with or without any relationship with the IDBI bank
Loan tenure: 1 year-5 years
Minimum loan amount is Rs 25,000 and the maximum amount is Rs 3 Lakhs for pensioners and Rs 5 Lakhs for salaried
2
Personal Loan for Self-Employed Professionals
Purpose- IDBI Bank provides personal loans for self-employed applicants to meet their personal necessities This loan facility is only available to persons having asset and liability relationships with IDBI Bank
Loan Amount- Rs 25 000 to Rs 5 Lakhs
Repayment Tenure- 1 year to 5 years
Interest Type- Fixed rate
3
Personal Loan for Self-Employed Non-Professionals
Purpose- IDBI Bank provides personal loans for self-employed non-professional applicants to meet their personal necessities This loan facility is only available to persons having asset and liability relationships with IDBI.
Loan Amount- Rs 25,000 to Rs 5 Lakhs
Repayment Tenure- 1 year to 5 years
Interest Type- Fixed rate
4 Salary Account with in-built Overdraft Facility
Purpose- Personal loan overdraft facility is provided to individuals who have salary accounts with IDBI Bank
Loan Amount- Up to Five times of net salary (based on the previous 6 month’s average salary)
Loan Tenure- The overdraft facility would be valid for two years (renewable every two years)
Interest Type- Floating interest
5 Pension Account with in-built Overdraft Facility to Pensioners of IDBI Bank
Purpose- A pension loan with an overdraft facility is available to pensioners having pension accounts with IDBI Bank
Loan Amount-Up to five times (of net income)
Interest Type- The floating rate of interest Loan Tenure- Overdraft valid for 1 year and thereafter renewable every year
Also Read- SBI Personal Loan 6. Top up Personal Loan
The existing account holders (minimum 1 year) with a clear repayment track record will be eligible for the IDBI top-up loan facility
Pros and Cons of IDBI Bank Personal Loan Following are the pros and cons of availing of a personal loan from IDBI Bank as per ratings and reviews of the existing or previous users on google playstore
PROS CONS
User-friendly interface Users facing technical issues Secure app Multiple issues with the transaction Multiple options are available So many errors
IDBI services are good
Personalized product or service
IDBI App (GO Mobile+) Google Playstore Ratings
The rating given by the users about the IDBI App is remarkable on playstore, more than 50 Lakhs users download their app, and decent reviews are given by the users, customers are delighted with user-friendly interface and personalized product, but facing difficulty with the app service You can check the below table 1
Playstore Rating 4 5/5* 2 Number of Downloads 50 Lakhs+ 3 Number of Users Review 1,61,905 4 Content Rating 3+ 5 App Size 18 MB 6 OS Required Android 6 0 and above
IDBI Bank Customer Care Details
Call on IDBI phone banking numbers Toll-Free - 1800-209-4324 & 1800-22-1070 (24x7