IDBI Personal Loan Interest Rate Calculator - Jan 2017

IDBI Bank Personal Loan Interest Rates

Last Updated 19th Jan 2017
Salaried Self Employed
Interest Rate 13.20% - 13.75% 13.00% - 14.00%
Lowest EMI Rs. 2,286 per lakh Rs. 2,275 per lakh
Loan Tenure From 12 months to 60 months From 12 months to 60 months
Loan Amount Min Rs. 50,000 and Max Rs. 1,000,000 Min Rs. 50,000 and Max Rs. 500,000
Processing Fee 1% 1%
Age Min 22 years and Max 60 years Min 22 years and Max 58 years
Prepayment Charges Allowed after 1 EMI's, Allowed after 1 EMI's,
Foreclosure Charges Allowed after 1 EMI's, Nil prepayment charges Allowed after 1 EMI's, Nil prepayment charges
Apply Personal Loan Online @11.29%*
 Salaried   Self Employed - Professional   Self Employed - Business 





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IDBI Bank Personal Loan

IDBI Bank gives the facility of personal loan to the people who want money to achieve their urgent requirements. There are some features and benefits of taking personal loan from IDBI Bank:
  • Nil prepayment charges after 6 months of loan disbursal
  • Top up and Overdraft facility available
  • Easy processing of loan
    • IDBI Bank has been rated 0/5.0 by customers for its service quality on MyLoanCare
    • IDBI Bank has over 2,060 branches in India where you can avail service
    • IDBI Bank offers special schemes and discounts for employees of large companies.
    Personal Loan interest rates in IDBI Bank depends upon
    • Loan amount: Personal loan rate in IDBI Bank depends upon the amount you apply for. Higher the loan amount, lesser will be the interest rate
    • Company where you work: IDBI Bank has a list of companies to which they lend personal loan. Interest rate will be less if your company is listed
    • Your Salary: Income helps you in determining your rate of interest. IDBI Bank interest rate varies with your monthly income. Higher the income, less will the rate of interest
    Popular Products:
    • Personal Loan for Self Employed and Pensioners
    • Personal Loan for Meeting Short Term Credit Needs
    • Personal Loan with Overdraft Facility

    IDBI Personal Loan Eligibility

    Eligibility of personal loan in SBI relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
    • Age: Age plays an important role to know your eligibility and repayment capacity. IDBI offers personal loan to salaried individuals who are atleast 22 years old at the time of loan approval and maximum 60 years at the time of loan maturity. Self employed individuals with age of atleast 22 years and maximum 58 years at the time of loan maturity can apply for personal loan from IDBI Bank
    • Income: IDBI Bank Loan eligibility significantly depends upon your income. Usually bank set minimum levels of income to apply for personal loan. IDBI Bank asks for net monthly income of minimum Rs. 20,000.
    • Job stability and Profession: Job stability is important to improve your status and eligibility for personal loan from IDBI Bank. In case you are salaried, you must be in a full time job for at least 36 months of which not less 12 months must be with your current company. In case you are self-employed, you must be in current profession or business for at least 5 years and should preferably own either your office or your place of residence. Minimum turnover and minimum net income criteria may apply. Other than job stability, profession is also an important factor which can affect your IDBI Bank eligibility. If you are working with a reputed company, probability of getting personal loan from IDBI Bank increases as the income is considered to be more stable and bank offers low interest personal loan to the employees of reputed companies
    • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your personal loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your personal loan eligibility.
    • Loan Amount: IDBI Bank gives you personal loan depending upon your income. IDBI Bank gives you an amount ranging from Rs. 50,000 to Rs. 1,000,000. To improve chances of approval, apply for a loan amount that you can comfortably service.

    IDBI Personal Loan EMI

    Personal Loan EMI of IDBI Bank is a fixed amount that you pay each month towards the repayment of your personal loan till the end of tenure. Lowest EMI offered by IDBI Bank is Rs. 2,286 per lakh loan amount at lowest personal loan interest rate of 13.20%. Personal Loan EMI of IDBI Bank depends on factors like:
    • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
    • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
    • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount

    Documents Required for IDBI Personal Loan

    Personal loan IDBI Bank documents for Salaried employees

    • Filled up loan application form
    • 1 Passport Size Photo
    • Copy of Income Tax PAN
    • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Income Documents – 0 months payslip, 1 years Form 16, 0 months bank statement showing salary credit and any EMI debit

    Personal loan IDBI Bank documents for Self-Employed

    • Filled up loan application form
    • 1 Passport Size Photo
    • Copy of Income Tax PAN
    • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Income Documents – 2 years audited financials, 6 months bank statement
    • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof

    Fee and Charges on Personal Loan IDBI

    Foreclosure Charges- These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. IDBI Bank allows prepayment of personal loan after paying 1 EMI’s with Nil prepayment charges
    Processing Fee- IDBI Bank asks for a processing fee of 1% of loan amount with applicable service tax

    IDBI Personal Loan Top up, Transfer

    • IDBI Bank offers personal loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of IDBI Bank
    • You can avail additional top-up personal loan from IDBI Bank, subject to your eligibility
    Illustration on Personal Loan IDBI Bank
    Maximum Annual Percentage Rate (APR) 13.6% to 14.15%
    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: Rs. 100,000
    • Time period: 12 months to 60 months
    • IDBI Bank Personal Loan Interest Rate: 13.20% to 13.75%
    • Processing Fee payable to IDBI Bank: Upto Rs. 2,000. Current offer for processing fee is 1%
    • Fee payable to MyLoanCare: NIL
    • Total Monthly Cost – From Rs. 2,286 for a 60 months Rs. 100,000 loan at 13.20% (lowest rate, longest time period) to Rs. 8,967 for a 12 months Rs. 100,000 loan at 13.75% (highest rate, shortest time period). This is inclusive of principal repayment.
    • Annual Percentage Rate (APR) of charge including all applicable fees: 13.6% to 14.15%
    • Total cost payable over loan tenure: Rs. 9,603 for 12 months loan to Rs. 39,134 for 60 months loan
    IDBI Bank’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure - 12 months. Rate of interest depends upon company categorization, income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of IDBI Bank.

    Compare Personal Loan Interest Rates of IDBI with other banks

    Frequently Asked Questions on IDBI Personal Loan

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

    IDBI Bank offers an interest of 13.20% to 13.75% on personal loan.

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

    If you apply for a personal loan from IDBI Bank, your lowest EMI per lakh will be Rs. 2,286.

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

    You can repay your personal loan from IDBI Bank in a flexible period of minimum 12 months to maximum 60 months.

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

    IDBI Bank offers you personal loan if you need a minimum amount of Rs. 50,000 to a maximum amount of Rs. 1,000,000.

    How much processing fee is charged by IDBI Bank on personal loan?

    IDBI Bank charge a processing fee of 1% with applicable service tax.

    Is age an eligibility factor to get personal loan from IDBI Bank?

    Yes, age is an important eligibility factor to get IDBI Bank personal loan as you should be at least 22 years old at loan approval time and 60 years old at loan maturity time.

    Are there any prepayment charges on IDBI Bank personal loan?

    You can take personal loan from IDBI Bank with Nil prepayment charges.

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

    You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.
IDBI Personal Loan News - Jan 2017
02nd Jan 17 IDBI cuts MCLR by up to 40 basis points
IDBI Bank has reduced its overnight and three months marginal cost of lending rates to 8.50 and 8.85 percent as compared to 8.75 and 9.15 percent earlier. The revised MCLR for six months and one year now stands at 8.90 and 9.15 percent respectively. Similarly, three year MCLR has reduced to 9.30 percent as compared to 9.70 percent earlier. The rates are effective from 1st January, 2017.
12th Aug 16 IDBI Bank Q1 net profit rises 78 per cent to Rs241.10 crore on tax write back
IDBI Bank has reported an increase of 78.35 per cent in its net profit in the June quarter of FY17 due to a large tax write back during the quarter. Net profit rose to Rs. 241.10 in June quarter of current fiscal crore from Rs. 135.18 crore in the same period of previous year. Net interest income of the bank rose by 14.2 per cent to Rs. 1706.50 crore in the June quarter of FY17 from Rs.1494.33 crore in the same period of FY16. Gross NPAs as a percentage rose by 9.65 per cent to Rs. 27275.15 crore in June quarter from Rs. 24875.07 crore in the March quarter. Net NPAs of the bank stood at 7.47 per cent in the June quarter up from 6.78 per cent in the previous quarter ending March 2016 and 3.18 per cent in the same quarter last year.
29th Jul 16 IDBI Bank cuts base rate by 10bps to 9.65%
With effect from 1st August 2016, IDBI Bank has announced a cut of 10 basis points in its base rate and base rate will stand revised to 9.65 percent. The Bank has also announced a reduction in Benchmark Prime Lending Rate (BPLR) to 14.15 percent.. If you have taken Home Loan or Persona Loan from IDBI before 1st April 2016 at floating rate then you will benefit from this rate cut. But if have taken home loan at fixed rate you will not be effected by the rate cut.
20th Jun 16 Bank Q4 net loss at Rs 1,736 crore as bad loans double
IDBI Bank announced a net loss of Rs 1,735.81 crore for Q4FY16 due to the increase in bad loans. Total income for the bank also decreased to Rs 8,274.58 crore during the March quarter as against Rs 9,382.37 crore in the year ago period. Net NPA of the bank stood at 6.78 per cent as compared to 2.88 per cent a year ago
04th Nov 15 IDBI Bank profit flat at Rs 120 cr as bad loans mount
IDBI Bank reported a flat net profit at Rs 120 crore in the three months to September due to higher provisioning for bad loans.
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