IDBI Personal loan – Interest Rates 2023, Eligibility, EMI, Apply

IDBI Personal Loan – Compare IDBI personal loan Interest Rates, Documents, Eligibility and EMI. personal loan of IDBI bank online.

IDBI Bank Personal Loan Details

Interest Rates 10.25% – 13.00%
Repayment Upto 5 Years
Max. Loan 10 Lakh
Min. Loan 25000
Processing Fees 1.00% + ST
Prepayment / foreclosure charges 2.00%
Min. Income 180000/-
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Take a IDBI personal loan and go ahead and have all the things you’ve been dreaming of .The loans are both for salaried and Professionals.IDBI Bank offers for personal loan

* Loan up to Rs.10 lacs
* Attractive personal loan Rate
* Low Processing Fees & Documentation Charges
* Faster Approval & Minimum Documentation
* Repayment period up to 60 months
* No collateral/security The Loan tenure is 1 yr – 5 yrs.
* Loan amount = Rs. 50,000 – Rs.1000000.
* Salaried Individuals, Pensioners & Self Employed Professionals (SEPs) are eligible to take personal loan from IDBI Bank.

IDBI Personal Loan Interest Rates 2023

1. Pension Account with overdraft facility (For retired IDBI Staff) = 10.25%
2. Salary / Pension Account with overdraft facility (For others) = 13.00%

IDBI Personal loan Eligibility Criteria

* Minimum Annual Net income of Rs 1.8 lakh
* No Minimum annual average balance required for salary account holders & pension account holders with IDBI Bank.
* Minimum Annual Average balance of Rs 25000 or Minimum Business Income of Rs 2.4 lakh for last 2 years ITR.
* Minimum age at apply should be 22 years & 75 years at closing of loan.

A Loan designed to meet various financial requirements of the salary account holders with IDBI Bank.

IDBI Personal loan EMI Calculator

Suppose, Mr.X is looking for a loan of ₹ 3 Lakh for home renovation. He got the loan from IDBI Bank at an interest of 13.00% for a tenure of 5 years. Now, what would be the EMIs, interest outgo and total amount payable? To know the same, just take a look at the table below.

Loan Amount = Rs. 3,00,000
Monthly Instalment (EMI) = Rs. 6,826
Total Interest Amount = Rs. 1,09,555
Total Amount (Principal + Interest) = Rs. 4,09,555

Year Principal Interest Balance Amount
1 Rs. 45,563 Rs. 36,349 Rs. 254,437
2 Rs. 51,853 Rs. 30,059 Rs. 202,584
3 Rs. 59,009 Rs. 22,903 Rs. 143,575
4 Rs. 67,156 Rs. 14,756 Rs. 76,419
5 Rs. 76,492 Rs. 5,487 Rs. 0

Loan Amount :

  • Minimum : Rs. 25000 for Pensioners & 50000 for salaried/self employed
  • Maximum : Rs. 1000000

Minimum Net Salary :

  • Based on the classification of cities the minimum net salary ranges from Rs. 15,000 per month

Prepayment Charges : Nil

Tenor :

  • Minimum 12 Months
  • Maximum: 60 months

Collateral Security means:
Govt. Securities/ Public Sector Bonds/ Units of UTI, NSC, KVP, LIC policy (Surrender Value), Bank Deposit (The minimum value should be at least equivalent of the loan amount sought).

Other Products of IDBI Bank

  • IDBI Bank Business Loan
  • IDBI Home Loan
  • IDBI Credit Card
  • IDBI Gold Loan
  • IDBI Education Loan
  • IDBI Two wheeler Loan
  • Source: IDBI Bank Ltd. Website

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