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IDBI Bank

A personal loan is an all-purpose loan, which is unsecured, meaning you don’t have to pledge any collateral as security to avail the loan. A personal loan can help you meet unexpected expenses—such as a medical emergency, sudden loss of income, wedding expenditure, higher education expenses, home renovation projects or even for the purchase of expensive consumer durables. A personal loan addresses all needs, and you needn’t provide any documentation as to how the loan amount would be used, unlike a home or auto loan.

However, interest rates for personal loans in India can be on the higher side if you have a poor credit rating. Personal loans are generally among the most expensive loans on the market due to the 'unsecured' nature of the loan. They have a high interest rate because the lender has no safeguard in case the customer defaults.

If you need funds, you can apply for an IDBI Bank personal loan online in a hassle-free and convenient way. Read on to know more on the features and benefits on offer and the interest rates.

Some features and benefits of IDBI Bank personal loans:

  • Complete flexibility of end use
  • Multi-purpose loan
  • Fixed rate of interest, interest charged on monthly reducing basis
  • Flexible tenures up to 60 months
  • No security, no collateral loan
  • Loan payable in easy installments
  • IDBI loan payment options includes through Standing Instruction
  • Hassle-free online Personal Loan application
  • Easy and simple documentation, quick processing and speedy disbursal.
  • Tailor-made personal loans solutions across multiple categories
  • Existing loan account holders with clear repayment track record will be eligible for top-up loan facility.

IDBI Personal Loan Eligibility:

  • 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) are eligible
  • Salaried customers & Self-employed Professionals (with or without existing ability relationship with IDBI Bank) are eligible.
  • Salaried individuals & Self-employed Professionals having Asset relationship - Only full disbursed cases having paid minimum 6 EMIs and having total clean repayment track record.
  • Minimum age should be 22 years and maximum 75 years (at the date of maturity of loan amount).
  • Minimum Annual Net Income for salaried should be Rs. 1,80,000. For self-employed professionals, Minimum Annual Business Income should be Rs. 2,40,000/- for last 2 financial years.

IDBI Personal Loan Interest Rate: Starts from 12.99%

Personal Loan Interest Rates in IDBI are competitive.

IDBI Personal Loan Interest can range anywhere from 12.99% per annum though it can be higher, depending on your credit history amongst other factors.

Following is an overview of IDBI Personal Loan Rate of Interest.

IDBI Personal Loan Interest Rate 2018

Personal Loan & Its Variants
Salaried customers / Pensioners maintaining salary / pension accounts with IDBI Bank12.99%
Salaried customers not maintaining salary accounts with IDBI Bank & Self Employed Professionals having liability relationship with IDBI Bank13.49%
Salaried individuals & Self Employed Professionals who have availed Home Loan/ Loan Against Property from IDBI (only full disbursed cases)12.49%

Note:

The above interest rates and other charges are subject to periodic review. The final pricing will be based on your income, loan amount, loan tenure, and the bank’s internal policies and the applicable rates at the specific time.

How to calculate Interest/EMI on IDBI Personal Loan

Personal Loan EMI or the Equated Monthly Instalment is the fixed amount that you need to pay every month towards servicing your personal loan. Each EMI consists of principal repayment plus interest repayment towards paying off your loan in full.

You can calculate your personal loan EMI payments using any online Personal loan EMI Calculator. Using the calculator helps with proper planning of your finances, and helps you know what exactly your monthly outgo will be.

How CIBIL™ score affects IDBI Personal Loan Interest Rates

While other factors are also taken into account, lenders primarily look at your credit history and credit score while making a lending decision. If you want to land the lowest interest rate possible, you need to have a good credit score. With a bad credit score, your application will either be rejected or approved with a high interest rate and other unfavorable terms on your loan.

It is best to improve your credit score to at least 700 and above in order to avail a loan at attractive terms.

IDBI Personal Loan Status

Once IDBI Bank receives a completed application form along with the necessary supporting documents, it determines whether you qualify for a personal loan. If you are found eligible, you will get an approval for a specific loan amount based on your criteria, requirement, and repayment capability. You can contact the customer care for help with tracking your loan application.

IDBI Personal Loan FAQs

What are the minimum and maximum loan amounts?

You can avail of loans ranging from Rs. 50,000 to Rs. 10,00,000. The approval of the loan amount depends on various parameters like your employment type, income, credit history, repayment patterns and capacity, your eligibility among various other factors.

What are the tenures available?

You can choose from tenures ranging from 12 months to 60 months.

What is the repayment option available to me?

You can make your EMI payment in the form of Standing Instruction (SI) only.

Do I have to pledge any collateral in order to secure a personal loan?

No collateral or security is required for obtaining IDBI Bank Personal Loan. However, third- party guarantee is required for personal loans to pensioners.

What is personal loan EMI?

Personal Loan EMI or the Equated Monthly Instalment is the fixed amount that you need to pay on the same date every month for the entire loan tenure towards servicing your personal loan.

How to apply for IDBI Personal Loan

There are several ways of applying for an IDBI Personal Loan:

-You can go in person to your nearest branch with the required documentation

-You can contact the customer care department of IDBI Bank

Need help with advice on eligibility and on which loan offer suits you the best?

If you want to apply for a personal loan with the lowest interest rates as applicable to your unique credit profile, CreditMantri can guide you through the entire application process and match you with the loan offer best suited to your credit needs.

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