IDBI Bank Personal Loan

IDBI Personal Loan

IDBI Bank, formerly the Industrial Development Bank of India, is a public sector financial services bank operating out of Mumbai, Maharashtra. It is among the 27 commercial banks owned by the government of India, and in terms of reach it is in the top 10 development banks around the world. IDBI operates more than 1600 branches and 1100 centres, apart from a scattering of international presence in countries like UAE, China, and Singapore.

About IDBI personal loan

IDBI personal loans are available for salaried individuals and self-employed professionals. The loans are meant to meet any expected or unexpected financial requirements such as marriages, house renovation, a child’s education, paying credit card dues, hospitalization expenses, holidays and various other things. Also, loan money from IDBI may come in handy when looking for funds for applying to other schemes of the bank such as Earnest Money and Margin Money – meant for buying properties.

Why choose IDBI personal loan?

IDBI bank, with its wide network of branches in the country, apart from a scattering of centres and branches overseas,is a good option for applying for personal loans .

The plans are available for two basic categories- Salaried and Self-employed professionals; these can be availed from any of IDBI branches.

IDBI is among the fastest growing public banks in India. It is a high-achieving bank that has also been featured in the coveted Fortune 2000 Top Companies in the World (#1197). It has also received awards such as ‘Best Public Sector Bank’ and ‘Overall Best Bank’ - Dun & Bradstreet banking awards. Apart from this, IDBI has also been at the forefront of business intelligence usage as well as providing best in class services in risk management.

Features of IDBI personal loan

IDBI personal loans are available as 3 variants:

• Salaried and self-employed professionals
• Salary a/c in IDBI with built-in Overdraft (OD) facility
• Salary a/c in IDBI with built-in OD facility to IDBI Bank Pensioners

Loans are available up to a maximum of ?10 lakhs, with flexible tenures ranging from 12 months to 60 months. Professionals over 22 years of age (at application) and under 60 years (at time of loan maturity) can apply for a IDBI Personal Loan. IDBI Bank offers competitive interest rates and has a speedy application processing system in place.

What are the interest rates on IDBI personal loan?

Interest rates on IDBI Personal Loan starts from 13.25%. The various applicable interest rates are:

• 13.75% (BR + 3.50%) Fixed interest rate applicable for salaried customers with salary a/c in IDBI Bank.
• 14.25% (BR + 4.00%) Fixed interest rate for salaried professionals not having salary a/c in IDBI Bank.
• 13.25% (BR + 3.00%) Fixed interest rate for salaried and self-employed professionals and salaried individuals, who have previously received Loan Against Property/ Home Loan from IDBI Bank.

Documentation fees	? 5,000
Processing fee	1% of overall loan amount plus taxes
Loan Tenure	12 months to 60 months
Age limit	21 years to 58 years
Processing time	7 days
Credit Administration fees	5% of loan amount or ? 7,500, whichever is lower
Overdue interest rates	36% per annum; in-built OD 2.5% p.a.; Pensioners OD 2.5%p.a.
Interest paid certificate	? 150
Duplicate statement	? 115
PDC replacement charges	? 575 on every Swap per instance
ECS/Cheque return charges	? 300
Property documents copy	? 225
CIBIL copy	? 50
Foreclosure charges	2% plus taxes within first 6 months of repayment. No charges thereafter.

What is the eligibility criteria for IDBI personal loan?

For personal loans for salaried and self-employed professionals

• Aged between 22 years and 58 years.
• (Salaried) At least ?20,000 Annual Average Balance (
bove criteria.
• (Self-employed) AAB of ?25,000, and at least ?2,40,000 in annual net income.
• Minimum loan amount is ?50,000 and maximum loan amount of ?10,00,000.
• The maximum available loan duration here is 60 months.
• After 12 months of uninterrupted loan repayment, customers will have the option of availing a Top-Up Loan.

For salaried in-built OD a/c and in-built OD IDBI Pensioners a/c

• Aged between 22 years and 58 years. Age up to 70 years for IDBI pensioners.
• Maximum loan amount is 5 times of net salary.
• Overdraft facility of 1 year for IDBI pensioners, 2 years for salaried account holders.

• Twitter
• Facebook
• Google
• Tumblr
• Pinterest