About IDBI Bank Personal Loan

Formerly referred to as just the Industrial Development Bank of India, IDBI Bank is a public sector financial services bank headquartered in Mumbai, Maharashtra. IDBI is one of the 27 commercial banks that the government of India owns. It currently has 1995 branches and 3817 ATMs.

As with any personal loan product, IDBI personal loan is also meant to fulfil any unexpected or expected immediate financial requirement, for instance payment of outstanding credit card dues, home renovation, holiday, medical expenses etc. IDBI offers different types of personal loans in order to meet the unique requirements of different applicants. Personal loans are available to salaried people, self-employed professionals, self-employed nonprofessional or pensioners. You could also avail the loan in the form of an overdraft facility on your salary account. On the other hand, pensioners of IDBI Ltd can avail it in the form of an inbuilt overdraft facility on their pension account.

Personal Loan Eligibility Criteria for Salaried / Self-Employed

All banking establishments that offer personal loans lay out certain eligibility criteria to make sure that the funds are extended only to the credit worthy individuals. Some of the aspects that are taken into account by IDBI Bank in this regard are the employment status of the applicant, annual income, age, loan tenure and the requested loan amount. In general, any salaried or self-employed professional in the age bracket of 21 years to 75 years (at the time of loan maturity), having a minimum annual income of INR 1.8 lakh can apply for a minimum personal loan of INR 50,000, and the repay it anywhere from 12 months to 60 months. You can learn about the exact IDBI personal loan eligibility criteria below.

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

18 – 65 years

Age (Min – Max)

4k – 65k

Minimum Income (Metro Cities)

4k – 65k

Minimum Income (Other Cities)

4k – 65k

Minimum Income (Doctors/ Chartered Accountants)

4k – 65k

Minimum Income (Company Secretary / Architect)

4k – 65k

Minimum Income Self Employed (Businessman)

IDBI Bank Personal Loan Features / Details

IDBI Bank personal loan features are such that they make the lending product ideal for all types of applicants like salaried individuals, self-employed professionals and pensioners. One need not apply for and avail a separate personal loan, and can in fact have it integrated with his/her salary account or pension account, in the form of an overdraft facility. Following are the exact IDBI Bank personal loan features that you should be aware of.

18.25%

Interest Rate (Min)

Upto XX Years.

Loan Tenure

25k – 50Lacs

Loan Amount (Min – Max)

IDBI Bank Personal Loan Fees / Charges

No lending establishment offers a personal loan without factoring in the processing charges and other pertinent fees related to its services. In case of IDBI Bank personal loan, a loan processing charge of up to 2.5% is applied on the loan amount, with a minimum of INR 999. There are foreclosure or prepayment charges levied as well if you choose to close your personal loan before time. Following are the exact IDBI Bank personal loan fees/charges you should know about.

2.4% of Loan Amount.

Processing Fees

2.4% – 5.2% of amount prepaid.

Pre-payment Charges

Yes / No

Part Payment Facility

2000

Part Payment Processing Fees