Avail Instant Personal Loans ✓ Loan up to 50 Lakhs ✓ Quick Disbursal ✓ Minimum Documentation! Apply Now

Whether you are a salaried individual, self-employed, or pensioner, you can avail hassle-free personal loan from IDBI Bank for any of your expenses. It provides up to Rs. 5 Lakhs for personal needs like medical emergencies, weddings, home renovation, child's education, etc. With an interest rate starting from 11.00% p.a., IDBI Bank personal loan comes with easy repayment tenure of 5 years. 

IDBI Personal Loan Details

Loan amount

Rs. 25,000 - Rs. 5 Lakhs 

Interest Rate

11%-15.50%

Processing fee 

1% of the loan amount plus applicable taxes 

Tenure

1-5 years 

Minimum salary

  • Salaried: Rs. 15000
  • Self-employed: Rs. 30000

Guarantor requirement 

No guarantor required 

Please note that these charges are subjected to changes, and you should always discuss with the lender before applying for a loan.

IDBI Bank Personal Loan Interest Rate

Minimum interest rate 

11.00% p.a. (fixed rate)

Maximum interest rate 

15.50% p.a. (fixed rate)

Salary/Pension Account with an Overdraft facility

13.00% p.a. 

IDBI Bank offers personal loans at attractive rates, minimum processing charges and flexible repayment tenures. However, the interest rates vary with various aspects like preferred loan amount, loan tenure, salary, employment type, credit score, etc. 

This bank offers personal loans with a loan amount ranging between Rs. 25,000 to Rs. 5 Lakhs. Depending on the loan amount, applicant’s profile and other aspects, the interest rates can be different. 

So, please check interest rates with the bank before applying for a personal loan

Calculate Your IDBI Personal loan EMI

Loan Amount
Tenure
  • Months
  • Years
Rate of Interest
%

Monthly EMI

at % interest rate for months

Total Amount Payable
Principal Amount
Total Interest Amount
Year Principal Interest Balance

The online EMI calculator can help you calculate the exact amount you have to pay every month during the repayment tenure. 

The payable EMI depends on the repayment tenure, interest rate, and borrowed amount. You can calculate your monthly repayment amount for your desired loan amount by customising these factors in the EMI calculator.

By doing this, you can plan your financial goals according to your capabilities without being overburdened. Most importantly, you do not have to waste time by manually calculating the EMIs, as the EMI calculator shows correct results within seconds. 

How is IDBI Personal Loan EMI Calculated?

The IDBI Bank EMI calculator works on the following formula: 

E = P x r x (1+r)^n/((1+r)^n-1)

In this formula, E stands for EMI, r stands for interest rate, P stands for the principal amount, and n for repayment tenure. 

For example, you want to take a personal loan from IDBI Bank of Rs. 5 Lakhs.  The interest rate that you are getting is 10.5% and the chosen tenure is 3 years. Therefore, as per your customisation, the loan details are:

Principal amount 

Interest rate 

Tenure 

EMI

Rs. 5 Lakhs 

10.5%

3 years 

Rs. 16, 251 

IDBI Bank Personal Loan Features & Benefits

There are some attractive features of personal loans provided by IDBI Bank that can be beneficial to the borrowers. Such as:

  • Flexible repayment: You can repay the borrowed amount from IDBI Bank via monthly instalments in a flexible tenure. You can choose the tenure as per your capability over a maximum time of 5 years. You can also opt for an overdraft facility with salary account.

  • Comparatively lower interest rate: The interest rate starts from 11% p.a., which is quite lower compared to other lenders. 

  • Simple documentation and quick processing: It takes up to 7 days to process the loan, and the process involves very minimal documentation. Just after submitting the income proof, address proof, and ID, the bank starts processing the loan. 

  • Covers various financial needs: You can avail personal loan from IDBI Bank for many personal needs. You can get the following Loans:

  1. Marriage Loan

  2. Travel Loan

  3. Home Renovation loan

  4. Medical Emergency Loan

  5. Education Loan

  6. Loan for Land Purchase

IDBI Bank Personal Loan Eligibility

You can avail the loan if you are salaried, self-employed, or even a pensioner. Here is a list of the eligibility criteria for every type of borrower:

1. Salaried individuals: 

  • Applicants should have a salary account in the IDBI Bank 

  • Any permanent employee of Government/PSUs/MNCs/listed/private limited companies (even if they do not have any salary account in IDBI Bank)

  • Minimum salary: Rs. 15,000 per month

  • Minimum Age: 21 years 

2. Self-employed Professionals: 

  • Any self-employed professional with a liability relationship with the bank for more than a year. (Liability in banking terms typically means an amount the bank owes someone. Examples: Mortgage amount, interest paid to customers for savings, etc.) 

  • Applicant should have a salary account in IDBI Bank 

  • Minimum salary: Rs. 30,000 per month 

  • Minimum Age: 21 years

3. Self-employed Non Professionals: 

  • Any self-employed professional with a liability relationship with the bank for more than a year. (Liability in banking terms typically means an amount the bank owes someone. Examples: Mortgage amount, interest paid to customers for savings, etc.) 

  • Applicant should have a salary account in IDBI Bank 

  • Minimum salary: Rs. 60,000 per month 

  • Minimum Age: 21  years

4. Pensioners: 

  • Retired staffs of IDBI Bank, all pensioners of Central/ State Governments, PSU companies, or Central/State government promoted/ sponsored companies whose pension accounts are in IDBI Bank

  • Age: Not more than 75 years 

5. Salary Account with in-built Overdraft Facility:

  • The applicant should be a permanent employee of any government/semi-government/MNC/private limited company

  • Should have a salary account in IDBI Bank 

  • Minimum salary: Rs. 15,000 per month 

  • Age: 22-60 years 

 

Credit score is also one of the factor while calculating and evaluating the personal loan eligibility.

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Documents Required for IDBI Bank Personal Loan

The documents required for applying for personal loan in this bank are as followed: 

  • Filled application form with passport-size photographs attached 

  • Any of your photo ID proof: A copy of your Aadhaar card/ Voter card/ PAN card/ driving licence/passport 

  • A copy of bank statements of salary account for the past six months as an income proof 

  • Address proof: A copy of your Passport/Ration Card/ Electric Bill(not more than 3 months old) 

  • Employment certificate from your employer 

  • Salary slips from the last 3 months 

  • Acknowledged Income Tax Returns for the last 2 years 

How to Apply for IDBI Bank Personal Loan?

In order to apply for personal loan in this bank, you need to follow these steps given: 

  • Step 1: Open the official website of IDBI Bank.

  • Step 2: Go to the “ Loans” section and choose “Personal Loan”.

  • Step 3: Click on “Apply Now” .

  • Step 4: Fill in the required fields in the loan application form.

  • Step 5: Enter OTP.

  • Step 6: After filling in the information, click on "Submit" .

  • Step 7: Submit all relevant documents and wait for the bank representative to contact you. 

 

*You can also apply for loans by visiting the nearest branch of IDBI Bank or by calling the customer care phone number. 

DISCLAIMER

The information and suggestions provided by BFDL hereinabove is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial advice or endorsement of any sort.

The information including interest rates or fees, loan amount and other charges with regard to any product, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks or NBFCs. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any application or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products.

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FAQs on IDBI Personal Loan

How can I check IDBI personal loan status?

You can check your personal loan status on the official website of IDBI Bank by following these steps: 

  • Click on the ‘Personal’ option from the ‘Login’ button on the upper right corner of the home page in the ‘Net Banking Login’ section. 

  • After clicking on ‘Login’, you will be redirected to a new web page.

  • On this new tab, click on the ‘Continue to Log in’ button at the end of the page.

  • On the main login page, you will need to fill up your ‘Customer ID’ and ‘Password’.

  • Once you have filled these fields, click on the ‘Login’ button.

  • After successfully logging in, you can check the status of your personal loan application.

What is the minimum CIBIL score required for a Personal loan in IDBI Bank?

The minimum CIBIL score is 750 for availing personal loan in IDBI Bank. A CIBIL score higher than 750 will increase the chances of your loan being approved.

How can the applicants repay their personal loans availed from IDBI Bank?

You can repay your EMIs by adding Standing/mandate instructions to debit the IDBI Bank salary account with your desired fixed dates.

I am a self-employed professional with no loan/savings account with IDBI Bank. Can I avail IDBI personal loans?

No, you cannot avail personal loans from IDBI Bank if you do not have any savings/loan account with IDBI Bank. It only provides loans to self-employed individuals with a liability relationship with the bank.

What is the repayment tenure for IDBI personal loan?

The minimum loan repayment tenure for an IDBI Bank Personal loan is 12 months and the maximum tenure for the same is 5 years.

What is the minimum salary required for an IDBI Personal loan?

The minimum salary for availing personal loan from IDBI Bank for salaried individuals is Rs. 1.8 Lakhs per year. For self-employed professionals, the minimum required salary is Rs. 3.6 Lakhs per year.

Can I choose between a fixed rate or floating rate for the loan?

Yes, you can choose a fixed or floating rate for your personal loan. If you choose the fixed-rate loan option, then the interest rate of your personal loan will remain fixed during your entire repayment tenure. On the other hand, if you choose a floating rate, your interest rate could fluctuate with the changes in IDBI Bank's MCLR.

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