IDBI Personal Loan

IDBI, or formally known as Industrial Development Bank of India, is a government-owned banking institution that was established in 1964 to meet the financial needs of Indians. At present, IDBI is one of the most prominent commercial banks of the country, providing cutting edge asset and liability products and leading business solutions. IDBI is present in all the 28 states of India with an extensive network of more than 1400 branches and over 2000 ATMs. 

IDBI Personal Loan

Whatever be the financial need, IDBI offers a smooth resolution of business problems with personal loans. These loans can be used to cover the massive medical bills, substantial wedding expenses, international vacation expenses, or debt consolidation. IDBI personal loans do not require any security or collateral and are hassle-free with an easy application process. mymoneykarma gives you all the information you need on IDBI personal loans.

Benefits of IDBI Personal Loans

IDBI personal loans are loaded with customer-centric benefits and features. Here are a few highlights of IDBI personal loans.

1. Significant loan amounts ranging from a minimum of Rs 25,000 to a maximum of Rs 10 lakhs. The loan amount depends on the applicant's credit score, credit history, repayment capability, and yearly income.

2. Long loan tenures ranging from a minimum of 12 months and a maximum period of 5 years.

3. Attractive interest rates ranging between 12.45% - 13.50%.

4. Various feasible repayment channels such as NEFT, post-dated cheques, and online banking.

5. Complimentary personal accident insurance coverage.

6. Simplified loan application and approval process with minimal documentation.

7. Dedicated 24/7 customer service desk for query resolution.

Here is a summary of all the information regarding IDBI personal loans.

Interest Rate	12.45% - 13.5%
Minimum Loan Amount	Rs 25,000
Maximum Loan Amount	Rs 10 lakhs
Minimum Repayment Tenure	12 months
Maximum Repayment Tenure	60 months

Types of IDBI Personal Loans

IDBI offers only one type of personal loan. This loan is suitable for a large pool of customers.

Eligibility Criteria for IDBI Personal Loan   

Applicants must meet the following criteria to get a personal loan from IDBI.

1. Minimum income of Rs 1.8 lakhs per annum for salaried customers.

2. Minimum income of Rs 3.6 lakhs per annum for self-employed customers.

3. Minimum income of Rs 5 lakhs per annum for business people.

4. Sound repayment capability and a good credit score.

5. Minimum age of 21 years

6. Maximum age of 60 years

7. Loans provided only to the following.

   1. Salaried individuals with an IDBI salary account.

   2. Resident senior citizens with an IDBI pension account.

   3. Self-employed professionals without any existing relationship with the Bank

   4. Salaried resident individuals or self-employed people having an asset relationship with IDBI

Best Personal Loan Interest Rates 2019

The interest rates of personal loans from other banks are also given below.

Banks	Interest rates
ICICI Bank	11.50% - 16.75%
Axis Bank	11.25% - 24%
SBI	12.50% - 16.60%
Kotak Mahindra Bank	11.00% - 24.00%
Bajaj Finserv	2.00% - 16.00%
Standard Chartered	10.99% - 16%
Fullerton India	12% - 25%
IndusInd Bank	10%-30.50%
CitiBank	10.99% - 18%
HDFC Bank	10.99% - 20.00%
IDFC Bank	11.69% - 15.00%
PNB	11.65% - 12%
YES Bank	10.75% - 16.99%
Andhra Bank	11.55% - 14%
RBL Bank	14.5% - 23%
Canara Bank	13.5% - 14.5%
Tata Capital	11.75% - 19.00%
Bank of Baroda	11.05% - 11.6%

Documents Required for IDBI Personal Loan

Applicants need to submit the following documents while applying for IDBI personal loan.

1. A filled loan application form with necessary details such as income, occupational details, and personal information.

2. Two copies of recent passport sized photographs

3. Copies of the applicant's PAN card and Aadhaar card.

4. Copies of income proof such as salary slips of the previous three months, bank statements of the last three months, and a copy of Form 16.

5. Copies of residence proof such as telephone bills, electricity bills, or rental agreement attested by the applicant.

How to Apply for IDBI Personal Loan Online

Applicants can directly apply for IDBI personal loans online by visiting the website of IDBI and downloading the loan application form. They can submit the form after filling it and uploading the necessary documentation on to the portal. 

How to Apply for IDBI Personal Loan Offline

Applicants can also directly walk into IDBI personal loan centers along with the vital documents. They can fill up the application form received at the bank and submit it with the documentation. The loan is approved within 7-10 working days.

Frequently Asked Questions

1: What is the duration for IDBI personal loan application approval?

Answer: IDBI notifies the applicants of the loan approval within a maximum of 7-10 working days from the date of the application. With mymoneykarma, get your loan approved within 24 hours.

2: What is IDBI personal loan amount?

Answer: IDBI provides personal loans with a minimum loan amount of Rs 25,000 and a maximum amount of Rs 10 lakhs.

3: What is the rate of interest on IDBI personal loan?

IDBI offers reasonable interest rates ranging between 12.45% - 13.50% yearly.

4: Is prepayment of loan allowed with IDBI personal loan?

Answer: Yes, IDBI personal loan provides the facility of pre-closure of the loan before the completion of the loan tenure only after the payment of 6 EMIs.

5: Does the IDBI personal loan have any pre-closure charges?

Answer: Yes, IDBI personal loans charges a fee of 2% of the approved loan amount as pre-closure charges.

6: What are the other fees associated with IDBI personal loans?

Answer: Here is a list of fees associated with IDBI personal loans.

Loan Processing Charges	1% of the loan amount + GST
Foreclosure Charges	2% of the loan amount + GST
Pre -payment or Part-payment charges	2% of the loan amount + GST
Legal/incidental charges	As actuals
Charges for late payment of Loan amount	nil
Stamp Duty & other Statutory Charges	As applicable by state laws
Loan documentation charges	nil
Loan cancellation charges	nil