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Formerly known as Industrial Development Bank of India, it would not be wrong to say that IDBI Bank is a name to reckon with. Headquartered in Mumbai, India, this Indian Government owned financial services company with its wide range of financial products and customer-centric services caters the diverse needs of one and all. Being founded in the year 1964 with a vision and mission to deliver nothing but a memorable user-experience to all its esteemed customers around the world, IDBI is leaving no stone unturned to make that happen.
If we talk about its diverse product range, the bank deals into finance & insurance, investment banking, mortgage loans, private banking, private equity, consumer banking, corporate banking, private equity, private banking, wealth management and agriculture loan. And, offering personal loan is one such most talked product, which comes with a hassle-free loan process, flexible tenures, attractive rates and lowest fees and charges. If you are in urgent need of funds to meet your personal need be it a wedding, travelling, credit card debt, medical emergency or anything else, look no further as this leading bank offers you this credit facility to fulfill your unexpected emergencies. However, if you are willing to avail an IDBI Bank personal loan, you just need to read the page further.
IDBI Bank Personal Loan Interest Rates January 2023
|Interest Rates||9.50% - 14.00%|
|Loan Amount||INR 50,000 - INR 10 Lakh|
|Prepayment/Foreclosure Charges||2% of the outstanding balance|
IDBI Bank Personal Loan Eligibility Criteria
When it comes to availing this loan, you are eligible to avail the same, if you are a salaried individual,Self-employed Professional and Pensioner. To have a better understanding of the same, let’s take a look at the table below.
|Eligibility: All IDBI salaried customers maintaining salary account with IDBI Bank||Eligibility: Self employed Professionals (SEPs) having liability relationship with IDBI Bank for more than one year and satisfying the minimum income norms||Eligibility: Pensioners/ Family Pensioners from State or Central Government Departments, PSU companies and State or Central Government promoted/ sponsored entities or undertaking whose pension is credited to SB account with IDBI Bank (retired staff of IDBI Bank is also included|
|Age:22-60 Years||Age:22-60 Years||Age: 75 years (at the date of maturity of loan amount)|
|Income:₹15,000 per month||Income: ₹2,40,000/- for last 2 FY|
IDBI Bank Personal Loan EMI Calculator
If you want to know the exact calculations of your monthly installments, all you need is an EMI Calculator. Yes, this smart and time-saving tool does all the hard-work for you by letting you know your EMIs in the most hassle-free manner. You just need to put the loan amount, interest rate and tenure into the device, and rest it will do for you. It gives you the results quickly and conveniently.
However, to have a better understanding of the same, let’s just take a look at the example below:
Suppose, Rajat Kapoor is looking for a loan of ₹5 Lakh to go to his favorite destination Paris. He availed the same from IDBI Bank at an interest of 12.49% for a tenure of 5 years. Now, what would be the EMIs, interest outgo and total amount payable? To know the same, just take a look at the table below.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 5,00,000||12.49%||1||₹ 44,539||₹ 34,469||₹ 5,34,469|
|₹ 5,00,000||12.49%||2||₹ 23,651||₹ 67,631||₹ 5,67,631|
|₹ 5,00,000||12.49%||3||₹ 16,724||₹ 1,02,079||₹ 6,02,079|
|₹ 5,00,000||12.49%||4||₹ 13,288||₹ 1,37,802||₹ 6,37,802|
|₹ 5,00,000||12.49%||5||₹ 11,246||₹ 1,74,786||₹ 6,74,786|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|1||₹ 76,805||₹ 58,152||₹ 4,23,194|
|2||₹ 86,966||₹ 47,990||₹ 3,36,227|
|3||₹ 98,472||₹ 36,484||₹ 2,37,754|
|4||₹ 1,11,501||₹ 23,456||₹ 1,26,253|
|5||₹ 1,26,369||₹ 8704||₹ 0|
Next, thing on which you need to pay attention is the documentation required to get the personal loan in this bank.
- Identity Proof
- Age Proof
- Address Proof
- Signature Proof
- Salary slips of the last 3 months
- IT Returns for the last 2 years
- Bank Statement of salary account for the last 6 months
Features and Benefits
- Attractive Interest Rates: The interest rate on IDBI Bank Personal Loan ranges from 9.50% - 14.00% per annum.
- Flexible Repayment Options: The borrower can pay the borrowed amount via equated monthly installments over a maximum of 60 months. You can choose the tenure as per your repayment compatibility.
- Loans Available for Various Needs: IDBI personal loans can be used for any financial needs whether there is a medical emergency, shortage of funds to incur marriage expenses, higher studies abroad, debt payments, etc.
- Simple Documentation: Just submit the ID, address and income proof to the bank for the loan verification process. Using the documents the bank checks your information and sanctions your loan.
- Quick Processing & Disbursal: It may take up to 7 days in the loan processing after which the loan is disbursed to your account. And the process involves document submission, processing fee payment, etc.
- Enjoy the Convenience of Doorstep Services: If you have any problem regarding a personal loan, you can tell the bank executive to come to your office or residence and resolve it quickly.