IDBI Personal Loan Interest Rate

IDBI Bank Personal Loan Interest Rates Feb 2017

Last Updated 25th Feb 2017
Salaried Self Employed
Interest Rate 13.20% - 13.75% Check Special Offer 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 @11.25%*
 Salaried   Self Employed - Professional   Self Employed - Business 





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Factors affecting IDBI Personal Loan Interest Rates

IDBI Personal loan is dependent on various factors and varies from person to person. These factors are
Loan Tenure - IDBI Personal loans are of shorter tenure ranges from 12 years to 60 years and carry high rate of interest compared to longer term loans.
Repayment Capacity - Before giving loan to the borrower, IDBI Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.
Borrower Class - Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. IDBI has a list of company categories of salaried individuals to which they avail personal loan. So, higher company category leads to low rate of interest.
Relationship with the Bank - IDBI Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get benefit from the bank.
IDBI Personal Loan
IDBI Personal Loan Interest Rates
MyLoanCare IDBI Personal Loan Interest rate calculator works on various inputs like:
Loan Amount - Generally banks offer lower interest rates for higher amount. However IDBI offers loan between minimum and the maximum loan amount.
Salary - Higher salary bracket individuals are offered loans at lower interest rates. IDBI interest rate varies with your net monthly income.
Employer Category - IDBI Bank classifies various organisations into different categories. IDBI rates varies based on the company your work for.
IDBI Personal Loan Eligibility
Eligibility of personal loan in IDBI 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.
  • 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 month must be with your current company. 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
  • Income Tax PAN Copy
  • Identity Proof - Driving License/ PAN/ Passport/ Voter ID
  • Residential Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill (upto 3 months old)
  • Income Documents - 2 years Form 16, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit
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 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. -97,880 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 charges 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 Prepayment charges vary by year: 2nd year - 4%; 3rd year - 3%, after 3 years - 2%.

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 - Feb 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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