IDBI Personal Loans Review


IDBI personal financing is available in the form of cash or overdraft facility. Salaried individuals maintaining salary accounts with IDBI bank and self-employed professionals with or without a relationship with the bank are eligible to apply for a personal loan.

What is the maximum amount IDBI Bank can finance under personal loans?

The maximum loan amount can go up to Rs. 10 lakhs, subject to the eligibility of the applicants. Only permanent employees working in a state or central government company or institution, including employees of the three armed services can qualify for the maximum personal financing amount. The minimum loan amount, however, is Rs. 50,000.

What are the repayment terms of the loan?

Borrowers can repay the principal and all accrued interests in a period of 5 years. The minimum tenor is, however, 12 months and you are not allowed to prepay your loan before six months of disbursal unless you agree to pay a pre-payment charge. The prepayment fee is 2% of the outstanding loan amount. Moreover, repayment can only be done in the form of Standing Instruction (SI).

What are the eligibility criteria for salaried employees having a salary account with the bank?

The salaried employees having a salary account with IDBI Bank must have a minimum annual net income of Rs. 1,80,000/- and an age between 22 years and 60 years (the maximum age when the loan terminates). Salaried people having an account with the bank (not necessarily salary account) must maintain a minimum annual average balance of Rs. 20,000/- to qualify for a personal loan. Those working in a public sector company or employees of any of the three armed services do need an account with the bank.

Who is eligible for a salary account with in-built overdraft facility?

A borrower must be a permanent employee of a recognized public or private sector company with at least one year of continuous service to qualify for personal loans. Further, the applicants must be between 22 years and 58 years of age at the time of application. The maximum overdraft limit can be five times of net salary, which must be repaid or renewed every two years.

What are possible uses of personal financing available at IDBI Bank?

A personal loan is usually required to meet unexpected financial expenses. It is a much better alternative than a credit card because of lower interest rates and more flexible repayment options. The best thing is that borrowers can use it any way they want – wedding, home renovation, education or foreign travel. If you are looking to buy a house and are just short of the required margin money or earnest money, a personal loan can be a great way to fund the same.

How can I contact IDBI customer care for more information on its personal and other financing products?

The best way to contact IDBI customer care for product information is to call its toll free numbers, which are 1800-200-1947 and 1800-22-1070. Besides, you can also call the phone number +91-22-6693-7000, which is not toll free. Moreover, you can also visit any of its 1200 branches or send a mail to its headquarters address: IDBI Bank Ltd, IDBI Tower, WTC Complex, Cuffe Parade, Colaba, Mumbai – 400 005.


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