IDBI Bank offers personal loan @ 11.00% p.a. onwards for loan amounts of up to Rs 5 lakh and for tenures of 5 years. It also offers part prepayment facility to its personal loan borrowers. The applicants availing IDBI Bank Personal Loans are also offered top-up loans over and above their existing personal loans.
IDBI Bank Personal Loan Processing Fees and Charges
Processing Fee
| Personal Loan | 1% of loan amount subject to minimum Rs 2,500 |
| Salary Account with in-built overdraft facility | NIL |
| Overdraft facility to IDBI Bank pensioners | NIL |
Types of IDBI Bank Personal Loan
Personal Loan For Salaried Applicants
- Purpose: Personal loan for salaried employees working with State/Central government/PSUs/Departments/MNCs/Listed Companies/Private Limited Companies with or without any relationship with the IDBI bank
- Loan Amount: Rs 25,000-Rs 5 lakh
- Tenure: 1-5 years
- Processing Fee: 1% of loan amount subject to minimum Rs 2,500 + taxes
Personal Loan For Self-Employed Professionals
- Purpose: Personal loan for self-employed applicants to meet their personal requirements. This loan facility is only available to self-employed professionals having asset and liability relationship with IDBI Bank
- Loan Amount: Rs 25,000-Rs 5 lakh
- Tenure: 1-5 years
- Processing Fee: 1% of loan amount subject to minimum Rs 2,500 + taxes
- Part Prepayment: 10% of outstanding loan amount subject to minimum Rs 10,000
- Foreclosure Charges: Before 12 months of disbursement date- 2% of outstanding loan amount
1% of outstanding loan amount, if sought after 12 months and before 24 months
Salary Account with in-built Overdraft Facility
- Purpose: Personal Loan Overdraft facility to individuals having salary accounts with IDBI Bank
- Loan Amount: Five times of net salary
- Tenure: Overdraft facility is available for 2 years (can be renewed every 2 years for salary account with IDBI)
- Processing Fee: NIL
- Part Payment/Foreclosure Charges: NIL
Top-up Personal Loan
Offered to existing personal loan borrowers of IDBI Bank with clear repayment history of at least 12 months.
Pension Account with in-built Overdraft Facility
- Purpose: Pension loan with overdraft facility to pensioners having pension account with IDBI Bank
- Loan Amount: Rs 25,000-Rs 3 lakh
- Tenure: 1-5 years
- Processing Fee: 1% of loan amount subject to minimum Rs 2,500 plus taxes
- Part Prepayment: 10% of outstanding loan amount subject to minimum Rs 10,000
- Foreclosure Charges: 2% of outstanding loan amount, if sought before 12 months of disbursement date
After 12 months and before 24 months- 1% of outstanding loan amount - Top-up Loan: For loan account holders with at least 12 months and clear repayment history
Eligibility Criteria for IDBI Bank Personal Loan
For Salaried Applicants
- Profession: Permanent employees of State/Central/PSUs/Departments/MNCs/Listed Companies/Private Limited Companies with or without existing relationship with the bank
- The applicants should be salaried and have corporate salary account with IDBI Bank
- Age: 21- 60 years years
- Minimum Salary: Rs 1.8 lakh p.a. for salaried
For Self-Employed Professionals
- Profession: Self-Employed professionals with liability and asset relationship with IDBI Bank
- Age: 21-60 years
- Minimum Salary: Rs 3.6 lakh p.a. for self-employed
For Salary Account with in-built Overdraft Facility
- Profession: Permanent employees of government/semi-government/quasi-government/public limited companies/MNCs/private limited companies/reputed institutions
- The applicants should be salaried and maintaining salary account with IDBI Bank
- Age: 22-60 years
- Minimum Salary: Rs 1.8 lakh p.a. for salaried
For Pension Account with in-built Overdraft Facility to Pensioners of IDBI Bank
- The applicants should have a pension account with IDBI Bank
- Age: Not more than 75 years
- Minimum Salary: Rs 3.6 lakh p.a. for self-employed
IDBI Bank may also consider the credit score of its applicants, just like other lenders do while evaluating their personal loan eligibility.
Documents Required for Loan Application
- Duly filled application form along with Passport size photographs
- Photo Identity Proof: A copy of your Aadhaar/PAN/Voter ID/Passport/Driving License etc.
- Residence Address Proof: A copy of your Electricity Bill (not more than 3 months old) / Passport/ Ration Card
- Income Proof: A copy of salary account bank statements for the past six months
- Salary slips for the last 3 months
- Employment Certificate from your employes
- Form 16 / acknowledged Income Tax Returns for the last two years
- Any other document required by IDBI bank
IDBI Bank has not mentioned any specific cut-off credit score for its personal loan applicants. However, applicants having credit score of 750 and above usually have higher chances of availing personal loans at lower interest rates.
