IDBI Personal Loan: Features, Eligibility, Interest Rate & Apply

Would you like to get a personal loan in India? In this article, learn everything you need to know about IDBI Personal Loan, including how to apply and the qualifications needed.

What Is a Personal Loan?

A personal loan is a loan you get from a bank or other lending institution. You use the money to pay for a specific personal need, like a car purchase or a home improvement project. A personal loan has some important differences from a traditional loan. For example, you may not need to prove that you can repay the loan. And, as long as your credit score is good, you may be able to get a low-interest rate on a personal loan.

You should carefully consider whether a personal loan is right for you before applying. There are some important things to consider, including the amount you want to borrow, how long the loan will be and whether you qualify for the loan.

IDBI Personal Loan Highlights

Interest rate	Starting at 9.50% p.a.
Loan Amount	Up to Rs 5 lakh
Tenure	Up to 5 years
Processing Fees	1% of loan amount

IDBI Personal Loan

IDBI personal loan is an affordable financing option that can help you tide over difficult times. The interest rate offered by IDBI Personal Loan is quite lower when compared to other banks and this makes it a preferred option among borrowers. IDBI Bank provides personal loans from Rs.25,000-Rs.5 lakh to borrowers, for a tenure of 5 years, for an interest rate of 9.50% per annum. You can use an IDBI personal loan to cover a variety of expenses, including:

• Medical expenses
• Home repairs or improvements
• Personal equipment purchases
• School fees and tuition payments
• Business expenses

IDBI Personal Loan Interest Rates

IDBI bank offers personal loans with interest rates that vary depending on the credit score of the applicant. The interest rates for personal loans range from 9.50% to 14.00% p.a. For those Salary/Pension Accounts with an Overdraft facility, the interest rates start at 11.65% p.a.

Minimum Interest Rate	9.50% p.a.
Maximum Interest Rate	14.00% p.a.
Salary/Pension Account with Overdraft facility	11.65% p.a.

IDBI Bank Personal Loan EMI Calculator

If you are looking for an easy way to find out your monthly EMIs on personal loans taken from IDBI Bank, then you are in the right place. As part of our effort to make things simple and easier for our users, we have created a calculator that will help you calculate your EMIs automatically. Simply enter the loan amount, interest rate and tenure into the calculator and it will provide you with your monthly EMIs. So, if you are thinking of taking a personal loan from IDBI Bank, be sure to use this calculator to get an idea of your repayments.

Read Also – Axis Bank Gold Loan

Types of IDBI Personal Loan & Eligibility Criteria

IDBI personal loan is a type of loan that is offered by the Industrial Development Bank of India. The loan can be used for a range of purposes such as buying a house, starting a business, or consolidating debt. There are several types of IDBI personal loans available, and each has its own unique benefits and eligibility criteria. The following are 5 types of IDBI personal loans:

1. Personal Loan to Salaried

Eligibility	Permanent employees of State / Central Government / Public Sector Undertakings / Departments / MNCs / Listed Companies / Private Limited Companies are eligible for this loan.
Age	Minimum 21 Years Maximum 60 years
salary	Minimum Rs. 1,80,000 p.a.
Loan Amount	Minimum Rs. 25,000 Maximum Rs. 5,00,000

2. Personal Loan For Self-Employed Professionals

Eligibility	Self Employed Professionals use IDBI Bank to help them manage their assets and liabilities.
Age	at least 25 Years Maximum 65 years
Income	at least Rs. 3,60,000 p.a.
Loan Amount	Minimum Rs. 25,000 Maximum Rs. 5,00,000
Loan Tenure	12 to 60 months

3. Personal Loan to Self-Employed Non-Professionals

Eligibility	Self Employed Non-Professional having Asset/Liability relationship with IDBI Bank.
Age	at least 21 Years Maximum 65 years
Income	at least Rs. 5,00,000 p.a.
Loan Amount	Minimum Rs. 25,000 Maximum Rs. 5,00,000
Loan Tenure	12 to 60 months

4. Salary Account with In-built Overdraft Facility

Eligibility	Permanent Employee/with minimum one-year continuous service of Companies: PSU/Govt./Semi-Govt./Semi Govt., Public Limited Company, Private Limited Company, Multinational Company, Institution of repute. Salaried people are eligible for this loan if they have a salary account with IDBI Bank
Age	at least 22 Years Maximum 65 years
Salary	at least Rs. 1,80,000 p.a.
Loan Amount	Up to Five times of net salary
Loan Tenure	24 months
Processing Fee	Nil
Part Payment/Foreclosure Charges	Nil

5. Pension Account with in-built Overdraft Facility

Eligibility	Customers having their pension account with IDBI Bank Limited can avail of this loan.
Age	Maximum 75 years at the time of loan maturity.
Loan Amount	Up to Five times of net salary
Loan Tenure	12 months
Processing Fee	Nil
Part Payment/Foreclosure Charges	Nil

IDBI Personal Loan Documents Required

Documents required for a personal loan application through IDBI bank are-

• Passport or driving licence
• Aadhar card
• Utility bills (recent)
• Bank statement (recent)
• Letter of undertaking from the employer
• Income tax return for the previous financial year (not less than 3 months old)
• Pension receipt(s) for the previous two financial years
• Any other document is required by IDBI bank

How to apply for an IDBI Personal Loan?

You can apply in person at your local IDBI branch. Here’s how to apply for an IDBI personal loan:

• The first step is to gather all the necessary documents. You’ll need to provide your personal information like name, address, and date of birth. You’ll also need to provide copies of your ID card or driving license, proof of income (pay stubs, recent bank statements), and a recent photograph.
• Once you have all of your documentation ready, you will need to visit a nearby IDBI branch. You can find the nearest branch on the IDBI website or by calling their customer service number. At the branch, you will need to fill out a loan application form and provide your documentation again.
• If you are approved for a personal loan, you will be notified by mail or email. You will then need to pay the loan amount in full using either cash or electronic transfer.

IDBI Personal Loan Customer Care Number

If you have any questions or queries about your IDBI personal loan, don’t hesitate to contact their customer care number. They will be happy to help you solve any issues that you may have. To get in touch with IDBI personal loan customer care, simply dial the number listed below.

• Toll-Free Numbers: 1800-209-4324, 1800-22-1070

Conclusion

If you’re feeling financially stressed and would like to take the first steps in getting your finances under control, then consider applying for an IDBI personal loan. These loans are available to individuals of all ages and can provide you with the funds you need to get started on repairing your credit score or starting a new business venture. Apply today and see how much easier life can be!

Read Also – Yes Bank Car Loan

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