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IDBI Personal Loan

Online IDBI Bank Personal Loans

Last Updated 14th Jun 2021

IDBI Bank Personal Loan is the most popular personal loan in India given its low interest rates, quick approval, and online process. Key selling points of IDBI Personal Loan are:

  • IDBI Bank Personal Loan interest rate starts from 12.00%.
  • The processing fee charged on IDBI personal loan is 1.00%.
  • IDBI also offers pre-approved personal loans at low rates for customers with strong credit history and those with an existing account with the bank.
  • The bank has an online application process where the KYC and documents submission can be done digitally.
  • You can easily check the status of your IDBI personal loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
  • IDBI has special schemes for different income and occupation groups.
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

IDBI Personal Loan Details

  • Interest Rate on IDBI personal loan ranges from 12.00% to 13.50%.
  • Lowest EMI per lakh works out to be ₹ 2,224 , as calculated on the lowest rate and longest loan tenure.
  • Personal Loans by IDBI are available for salaried working with government, private sector, MNCs and self-employed professionals such as doctors within the age group of 22 to 60 years.
  • Loan amount can range from ₹ 50,000 to ₹ 10 Lakh
  • IDBI Personal Loan can be availed for a period of 12 months and can go up to 60 months.
  • Processing Fees charged by IDBI on personal loan is 1.00%%
  • IDBI Bank allows personal loan foreclosure and part prepayment after 1 months with charges of Nil prepayment charges.
  • Schemes of IDBI Bank as offered to different type of borrowers in 2021 are:

How to Get the Best Offer on IDBI Personal Loan?

There are various factors that impact your chances to get the best offers on IDBI Personal Loan, as listed follows:

  • Loan Amount - IDBI Bank offers loans between ₹ 50,000 and ₹ 10 Lakh and charges lower rates on higher loan amount and vice-versa, so apply accordingly.
  • Salary - IDBI Bank offers personal loan to all customers with a net take home monthly salary of more than ₹ 20,000. The rate of interest is higher if you fall in the low salary bucket and lower if you fall in higher income bucket.
  • Employer Category - IDBI Bank has clubbed the companies in a high to low category based on internal assessment of company’s size, reputation, profitability etc. When you apply for IDBI personal loan, the bank will decide on your interest rate based on the company category you fall in. MyLoanCare can also help you check which category of company you qualify in to help you get the best offer.
  • Relationship with the Bank - IDBI Bank offers special rates to the existing customer of the bank, who have a high likelihood of getting loans at lowest interest rate starting at 12.00%
  • Credit Score - IDBI Bank checks the CIBIL score of personal loan customers which has to be minimum of 650. Higher the CIBIL Score, higher is your chance of securing best offer.

IDBI Personal Loan Documents

You require the following documents to avail personal loan from IDBI

  • Filled up loan application form or an online form, if you are applying online
  • 2 Passport Size Photo
  • Identity Proof – One of the following: Driving License, PAN, Passport, Voter ID, Aadhaar Card
  • Residential Address Proof – One of the following: Registered Rent Agreement, Passport, Leave and License, Utility Bill of last three months
  • Income Documents – Copy of Form 16 of last 2 years, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit

Types of IDBI Personal Loan Schemes

IDBI Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

Personal Loan for Self Employed and Pensioners
  • Borrowers can avail a free insurance cover for a personal loan for salaried and pensioners.
Personal Loan for Meeting Short Term Credit Needs
  • A personal loan for meeting short term credit needs is available for a tenure ranging between 12 months to 60 months.
  • A personal loan with overdraft facility is available for a maximum tenure of 2 years. For pensioners, the maximum tenure to use the overdraft facility is one year.

How to Apply for IDBI Personal Loan?

The step-by-step procedure to get a personal loan online from IDBI Bank is mentioned below:

  • Visit the official website of IDBI Or contact your nearest IDBI Bank branch.
  • Now, fill personal, professional and financial details as required by the lender and submit the form.
  • Once you have submitted the application form, IDBI Bank will check your eligibility and provide you with information about the eligible amount you can avail.
  • If you agree to process the application, then you would be required to submit the essential documents which can also be uploaded online.
  • Finally, your documents will be processed by IDBI Bank, and on successful approval of the loan, the funds will be disbursed to your IDBI Bank account immediately.

You can also apply for IDBI Bank personal loans by visiting their branch or by calling their customer care centre.Offline mode are mentioned below:

  • Visit the nearest IDBI Bank branch and fill in the application form with the loan amount required, your personal details, occupation information and your contact number.
  • The IDBI Bank representative will explain about the eligibility of the loan as well as the loan rates, terms as well as processing fees, prepayment and foreclosure clauses.
  • After submitting the application form and required documents, you will be provided with an application reference number. You can use the same number to track the status of your IDBI Bank Personal Loan application.
  • On successful verification, the loan can get disbursed immediately after loan sanction and signing of the agreement.
Illustration on Personal Loan IDBI
Maximum Annual Percentage Rate (APR) 12.2% to 13.7%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 12 Months to 60 Months
  • IDBI Bank Personal Loan Interest Rate: 12.00% to 13.50%
  • Processing Fee payable to: Upto ₹ 1,000
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 2,224 for 60 Months ₹ 1,00,000 loan at 12.00% (lowest rate, longest time period) to ₹ 8,955 for 12 Months ₹ 1,00,000 loan at 13.50% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 12.2% to 13.7%
  • Total cost payable over loan tenure: ₹ 1,07,619 for 12 Months loan to ₹ 1,34,466 for 60 Months loan

Personal Loan from Other Banks in India

FAQs

How much time will the IDBI Bank take to take a decision on my personal loan?

Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers, which can be approved within a few hours to 2-3 days.

Why should I take a personal loan from IDBI Bank ?

Below-mentioned is the reason why you must avail a personal loan from IDBI Bank.

  • Nil prepayment charges after 6 months of loan disbursal
  • Top up and Overdraft facility available
  • Easy processing of loan

How much interest is charged by IDBI Bank on personal loan?

Personal loan interest rates in IDBI Bank are 12.00% to 13.50%. IDBI Bank personal loan interest rate for salary account holders are comparatively lower than that for other customers.

What is the lowest EMI per lakh on personal loan from IDBI Bank ?

If you apply for loan from IDBI Bank, your lowest Personal Loan EMI per lakh will be ₹ 2,224 which corresponds to lowest interest rate of 12.00% and longest tenure of 60 years.

What is the minimum and maximum tenure of personal loan in IDBI Bank?

IDBI Bank personal loan has a minimum tenure of12 months to maximum 60 months.

How much personal loan amount I can borrow from IDBI Bank?

IDBI Bank offers you loan if you need a minimum amount of ₹ 50,000 to a maximum amount of ₹ 10 Lakh

Can I add my spouse's income while applying for personal loan from IDBI Bank?

Yes, you can add the income of your spouse to increase your Personal Loan Eligibility andto get a higher loan amount from IDBI . In this case, the bank will check the CIBIL score of your spouse and ask for all income and bank statements of your spouse for the purpose of processing your application

How can I get IDBI Bank personal loan?

You can get a personal loan from IDBI Bankby directly visiting the nearest branch or can apply online at their website. While these two are the traditional methods of applying, you can easily apply for the loan at MyLoanCare website where you can do a thorough comparison of all loan details, rates and charges before deciding to proceed with IDBI’s application process.

How can I check my IDBI Bank personal loan status?

You can check the status of your loan online and offline. Once you have applied for a personal loan from IDBI Bank, you will be given an application number. You can use that application number and registered mobile number to check the status of your loan online at IDBI Bank's website. In case you are unable to track your application online, you can get IDBI Bank loan assistance at IDBI Bank loan customer care centre and ask them to help you out with the status. If you have applied for the loan through MyLoanCare, you can check the status of your application by logging into MyLoanCare account.

What is the importance of credit score if I wish to avail a IDBI Bank personal loan ?

It is important to have a good credit score if you wish to apply for a personal loan from IDBI Bank. A credit score above 750 is considered good for a personal loan. A low credit score increases the chances of rejection of your application.

Is there security or collateral needed to get a personal loan from IDBI Bank?

No, IDBI Bank does not require any collateral or security to lend you the personal loan as it is an unsecured loan.

Can I close my IDBI Bank personal loan after 1 year?

You can close your personal loan from IDBI Bank after 1 months by paying charges: Nil prepayment charges

Can I negotiate with IDBI Bank on the personal loan interest rate?

Yes, as a customer, you should negotiate for a rate discount when you apply. You may end up getting a better rate from the bank if you have applied for a high loan amount and are in a high income range working with a reputed company.

How to pay your IDBI Bank personal loan EMI?

You can pay your IDBI Bank personal loan EMI by using ECS facility or through Standing Instruction.IDBI Bank also provides you the facility to pay your Personal Loan EMI online using net banking and mobile banking.


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IDBI Personal Loan News - Jun 2021
  • 2021-05-25 : IDBI Bank introduced a digital loan processing system
    IDBI Bank launched its fully digitised loan processing system. This will offer over 50 products to MSME and the agriculture sector. The Loan Processing System for MSME and Agri products seamlessly integrate with data fintech, bureau validations, document storage, account management and customer notifications.
  • 2021-01-15 : IDBI Bank reported Rs 378-crore profit
    IDBI Bank posted a net profit of Rs 378 crore for the December quarter. The loans which includes home, LAP, personal, car, two-wheeler, gold, education and doctor loan along with business and mudra loans fell 7% to Rs 1.6 lakh crore (y-o-y) in December 2020. The bank’s total deposits which includes fixed and recurring deposits rose 2.85% y-o-y to Rs 2.24 lakh crore at the end of December 2020. In addition to this, CASA improved to 48.97% as on December 31, 2020.
  • 2020-10-20 : IDBI Bank launched banking services on WhatsApp
    IDBI Bank launched the banking service on WhatsApp. WhatsApp Banking service will be offered through a dedicated WhatsApp verified number. The bank customers will be able to avail various essential banking services such as account balance information, last five transactions, request for a cheque book and an email statement through newly launched WhatsApp banking services. Further, the details of the nearest IDBI Bank branches or ATMs will also be available via WhatsApp.
  • 2020-09-29 : IDBI Bank becomes the first bank to enable document embedding feature on SFMS
    IDBI Bank has become the first Bank to enable document embedding feature on a structured financial messaging system managed by IFTAS. The new feature will ease the current process of manual verification, reconciliation, reduce frauds, and enable documentary evidence for all the parties involved in the transaction
  • 2020-07-28 : IDBI Bank reported Q1 net profit of ₹144 crore
    IDBI Bank reported Rs 144 crore net profit for June quarter on account of a reversal of Rs 1335 crore of bad loan provisioning. It is IDBI second successive net profit after 13 consecutive quarters of loss. CASA increased to ₹ 1,04,315 crore and cost of deposit which includes fixed and recurring deposits improved by 64 bps to 4.65%. In addition to this, NII bolstered by home, personal, gold, car and two-wheeler loan along with business and mudra loans stood at ₹ 1,773 crores.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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