Highlights
- Get ready for an international trip and apply for a personal loan at IDBI Bank.
- IDBI Bank personal loan rates would bring in the lowest EMI.
When you think of taking a loan, you expect it to be within your budget, right? IDBI Bank is amongst those which has designed its personal loan according to the needs of the customers without compromising on their expectations. You can get the maximum loan of INR 5 lakhs with which you can not only go on an international trip, but may succeed in saving some for the next time as well. In this article, we have brought in the gist of IDBI Bank personal loan.
IDBI Bank Personal Loan Rates 2024
Look at the table below wherein you may the interest rate, tenure, maximum loan amount, and processing fee.
| Particulars | Details |
|---|---|
| Interest Rates | 10.50% - 13.25% |
| Loan Amount | INR 25,000 - INR 5 Lakh |
| Repayment | 60 months |
| Prepayment/Foreclosure Charges | 2% of the outstanding balance |
How can you calculate EMI with interest rate?
As mentioned above, the interest rate on a loan is one of the key details which decides the EMI. When you plan to apply for a personal loan at IDBI Bank, you can assume a rate as per your desire in addition to the loan amount and tenure, both of which are preplanned, and then use an EMI calculator to know the payment details.
Balance Transfer
You can reduce the burden on your existing personal loan using the lowest IDBI Bank personal loan interest rates. Just request for a loan transfer at IDBI Bank and transfer your loan balance. Pay the balance amount with a new rate of interest and reduce the interest outgo and save on the EMI. See this example to know how the loan transfer works.
Example: If your loan of INR 6,00,000 comes with an interest rate of 16.00% for 5 years you have been paying the EMI for 2 years, you can switch the outstanding loan balance to IDBI Bank whose maximum interest rate is 12.40% per annum. In case IDBI Bank approves a balance transfer facility at an interest rate of 11.20% per annum, the savings would be as mentioned in the table below.
| Particulars | Details |
|---|---|
| Original Loan Amount | INR 6,00,000 |
| Interest Rate | 16.00% per annum |
| Tenure | 5 years |
| EMI @17.00% | INR 14,591 |
| Estimated Interest Outgo @17.00% | INR 2,75,450 |
| Interest Paid Till 2 Years | INR 1,65,199 |
| Outstanding Balance at the End of 2nd Year | INR 4,15,018 |
| EMI @11.20% for the Remaining 3 Years | INR 13,785 |
| Interest @11.20% Over 3 Years | INR 81,225 |
| Interest Paid Till Now + Interest Payable Over the Next 3 years | INR 2,46,424 |
| Estimated Savings in Terms of EMI | INR 806 |
| Estimated Savings in Terms of Interest Payment | INR 29,026 (2,75,450 - 2,46,424) |
Note: IDBI Bank charges a nominal fee for the balance transfer. Add the fee amount and see how much you can save after the loan transfer.