IDBI Bank Personal Loan Interest Rates

IDBI Bank personal loans finance your child's college education, home improvement plans, or just about any financial need with flexibility and affordability. This loan gives the best value when interest rates begin at 10.60% per annum, and processing fees start from as low as 1% of the loan amount. Also, the bank allows adjusting payback terms between one to five years. You can thus select a plan suitable for your budget.

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IDBI Bank Personal Loan Interest Rate Characteristics:

Various purposes for which the lender gives personal loan include

a) medical emergency

b) home renovation

c) marriage in family

d) managing margin money

e) travel

f) urgent educational needs and

g) earnest money for land, among others.

IDBI Bank Personal Loan Interest Rates 2024

Personal loan interest rate is in the range of 11 to 15.5 percent.

Fees & charges:

Processing fee: 1 percent subject to minimum ₹2,500 plus applicable taxes.

Foreclosure:

1. Within 12 months: 2% of the outstanding loan amount

2. Between 12 to 24 months: 1% of the outstanding loan amount

3. After 24 months : Nil

IDBI Bank personal loan eligibility:

In order to raise personal loan from IDBI Bank, you need to meet the following criteria:

A. Salaried customer having a corporate salary account with IDBI Bank.

B. All confirmed/permanent employees of state/Central/ PSU/ departments, MNCs, listed companies, reputed private companies with or without existing relationship with IDBI Bank. C. All pensioners having an account with IDBI Bank.

C. All pensioners having an account with IDBI Bank.

Minimum salary should be ₹1.8 lakh per annum for salaried class and age bracket should be between 21 to 60. The loan amount can range between ₹25,000 to ₹5 lakh.

Documents required to raise a personal loan

Identity Proof: Valid government-issued photo ID, such as Aadhaar card, passport, or driver's license.
Address Proof: Recent utility bills, rental agreement, or other documents verifying your current address.
Income Proof: Salary slips, income tax returns, or bank statements showcasing your financial stability.
Employment Verification: Employment letter or proof of business ownership to establish your professional standing.
Credit history: Credit report that highlights your credit worthiness and repayment history.
Pictures: A few recent passport-sized photographs.

IDBI Bank personal loan EMI calculator

You can use a personal loan EMI calculator to streamline your expenses so that you plan your budget beforehand. In order to calculate personal loan EMI, you are supposed to enter three key details: interest rate, loan amount and the loan tenure.

With the help of an EMI calculator, you can find out the EMI.

https://www.livemint.com/loans/idbi-bank-personal-loan-emi-calculator

Factors Affecting IDBI Bank Personal Loan Interest Rate

There are several factors which influence the IDBI bank personal loan interest rate, some of which are explained below:

Income: The bank may offer a lower interest rate to applicants with higher salaries because they are usually considered less risky.
Credit Score: The credit score of a person is reflected in his credit history, including loan repayments and credit card bill payments. Personal loans rates are often cheaper for borrowers with better credit ratings.

Other banks’ Personal Loan Interest Rates

The table below outlines the interest rates offered by various banks, enabling you to compare and choose the option that best suits your needs. However, the interest rate provided will depend on the bank's policies and your individual credit profile. IDBI Bank offers personal loans with rates beginning at 10.60% per annum, based on your profile. Note: All the interest rates are as of January 2025. For latest interest rates, please refer to the bank’s website.

Banks	Interest rates
HDFC Bank	10.85% onwards
State Bank of India	11.45% onwards
Axis Bank	11.25% onwards
Kotak Mahindra Bank	10.99% onwards
IndusInd Bank	10.49% onwards
Bandhan Bank	9.47% onwards
ICICI Bank	10.85% onwards
IDFC Bank	10.99% onwards
Canara Bank	10.95% onwards
Federal Bank	12% onwards
Punjab National Bank	10.40% onwards
Union Bank of India	11.35% onwards
Indian Bank	10% onwards
Yes Bank	11.25% onwards
Bank of India	10.85% onwards
Bank of Baroda	11.05% onwards
AU Bank	Up to 30%