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IDBI Bank personal loan has become one of the most popular choices in the current market because of its minimal processing fee. With reasonable paperwork requirements, attractive interest rates, and flexible repayment alternatives, IDBI Bank offers personal loans to consumers. Customers can apply for an IDBI personal loan online through Pluto Money. For the convenience of its clients, the bank also offers doorstep loan disbursal service.
IDBI Bank is one of the oldest banks in India. This bank was initially a division of the Reserve Bank of India (RBI) before being given to the Indian government. The bank offers various products and services to provide its customers with the best banking experience. A borrower may avail of IDBI Bank personal loan depending on their qualifications and needs. Because of the lower IDBI Bank personal loan interest rate and bigger loan amounts, the bank’s personal loans are among those that are viewed favourably by the market. To qualify for the benefits of these personal loans, the applicant must satisfy all of the bank’s eligibility requirements.
IDBI Bank personal loans have the following features and benefits.
The following IDBI Bank personal loan eligibility criteria must be met by the applicants:
There are many factors that influence IDBI Bank personal loan eligibility. They are explained below:
It enables the lender to evaluate how responsibly you have been using credit in the past for things like loans and credit cards. For instance, the majority of lenders in India make reference to the applicant’s CIBIL score, which varies from 300 to 900.
Your age is used by the lender to calculate how many years you have left to work. Candidates between the ages of 23 and 58 who are employed are typically preferred by lenders. In general, self-employed professionals and non-professionals must be between the ages of 28 and 65.
Your current financial responsibilities, including any mortgages, student loans, and other debts, must be completely revealed to the lender. The lender would want to be sure that you are qualified to maintain both loan and existing debt repayment at the same time.
Candidates with longer employment histories are frequently perceived as having a more stable financial future than those who have just started their careers. Depending on the lender you choose, the sector of the economy you work in, and other variables.
Choosing a loan from the bank where you have your savings account, current account, or fixed deposits may be what you are more inclined to do. Furthermore, the bank may provide new loans at lower interest rates if you have previously obtained and repaid loans from them. If you’ve been a customer for a while, you might be in a position to bargain for better interest rates and bigger loan amounts. In a timely manner, the bank may, in good faith, accept your terms and grant the loan.
There are certain fees and charges that a borrower is required to pay to fulfil various IDBI Bank personal loan requirements. The bank levies the following fees and charges.
| Type of Fees | Charges |
| Processing Fee | 1 % of the loan amount subject to minimum INR.2500/- plus applicable taxes. |
| Foreclosure Charges |
|
| Part-Payment |
|
Note: The fees and charges mentioned above are dated December 16, 2022.
The following is the list of the documents required for IDBI Bank personal loan:
A borrower must be aware of the IDBI Bank personal loan interest rate before approaching the bank to avail of this facility. The following table lists the various interest rates charged by the bank.
| Particulars | Interest Rate |
| Pension Account with overdraft facility (For retired IDBI Staff) | 10.25% |
| Maximum Fixed Interest Rate | 11.00% |
| Minimum Fixed Interest Rate | 15.50% |
| Salary / Pension Account with overdraft facility (For others) | 13.00% |
Note: The interest rates provided in the table above are dated December 16, 2022.
There are various factors that influence IDBI Bank personal loan interest rates. These factors must be considered to apply for IDBI Bank personal loan.
It is common knowledge that borrowers who have more disposable income are better able to repay the loan. When borrowers have a high and steady level of disposable income, it is standard practice in the lending industry for them to acquire loans with reduced interest rates. The interest rate is greater for applicants from lower-income groups.
The ratio of your total debt payments to your gross income is known as your debt-to-income level. The lender may opt to charge you a higher interest rate on your loan because the borrower has a greater debt burden, which is represented by a higher debt-to-income ratio.
A person’s credit score reveals details about their earnings, debt levels, borrowing habits, and history of on-time payments. Lenders have more confidence in borrowers’ ability to manage their money when they have a higher credit score, which may even enable them to provide lower interest rates on loans. A CIBIL score of 750 or more is good.
Since personal loans are unsecured, lenders must weigh a number of variables when determining a borrower’s creditworthiness. Lenders usually have significantly more lenient lending standards for professionals working for well-established companies because they view these borrowers as being more financially solid and accountable for making regular payments.
A lender may impose high-interest rates or even deny your loan application if they discover defaults in your credit history. Lenders prefer clients with a clean 12-month credit history.
To determine the monthly EMIs for the personal loan, use one of the many EMI calculators that are online. The calculator accurately calculates the user’s results by accounting for the principal amount, interest rate, and tenure.
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Here,
A table has been drawn comparing the IDBI Bank personal loans with other banks based on their interest rate.
| Banks/NBFCs | Interest Rates (p.a.) |
| IDBI Bank | 10.25% – 15.50% |
| HDFC Bank | 11.00% onwards |
| State Bank of India | 10.65%-15.15% |
| ICICI Bank | 10.75% onwards |
| Axis Bank | 10.49% onwards |
| Kotak Mahindra Bank | 10.99% onwards |
| IndusInd Bank | 10.49% onwards |
| IDFC First Bank | 10.49% onwards |
| Bajaj Finserv | 11.00% onwards |
| Tata Capital | 10.99% onwards |
The customer care toll-free number for IDBI Bank personal loan are mentioned are – 1800-209-4324 and 1800-22-1070 (24×7 service).
IDBI Bank personal loan interest rate ranges from 10.25% to 13.00%.
One of the major benefits of the IDBI Bank personal loan is that the interest rate of the bank is competitive. For more features and benefits, read our guide above.
IDBI Bank offers both floating and fixed rates of interest on a personal loan.
An applicant must submit basic documents required for KYC like proof of identity, residence, income, and photographs. For a clear view of the documents required for IDBI Bank personal loan, read our guide.
To apply for a personal Loan in IDBI Bank online, an applicant needs to visit the official website of the bank.
A borrower will be required to log in to their account with the IDBI Bank or visit the bank’s branch to check their personal loan status.
Yes, IDBI Bank checks for CIBIL score for a personal loan.
A customer can get a personal loan of up to INR 5 lakhs.