IDBI Bank offers personal loan

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

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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.