With over 720 branches, IDBI Bank Ltd., one of the largest commercial banks in India, with its IDBI Bank Personal Loan, based on convenient IDBI Bank Personal Loan interest rate and IDBI Bank Personal Loan eligibility requirements, is designed to meet the personal requirements of the salary-account holders with IDBI Bank. The following IDBI Bank Personal Loan review, at money-superbazaar, will deal with the above points in an easy-to-understand manner. Even, IDBI Bank Personal Loan rate is pretty easy to calculate and does not follow any difficult method.

IDBI Bank Personal Loan Interest Rate:

Unlike other personal loans available, IDBI Bank Personal Loan interest rate is based only on the fixed way of calculating interest. IDBI Bank Personal Loan rate of interest is fixed at:

With collateral-        13% p.a.

Without collateral-  15% p.a.

Note: In this IDBI Bank Personal Loan review, collateral security implies:

a) G-Secs or Government Securities

b) PSU Bonds

c) Units if UTI/National Savings Certificate/LIC Policy  (at surrender value)  

IDBI Bank Personal Loan Eligibility:

The IDBI Bank Personal Loan review, states that the person applying for a loan here, not only has to fulfill the IDBI Bank Personal Loan eligibility criteria of age, job-nature, etc, but should also have a minimum salary of Rs15000 p.m. and a maximum of Rs.25000.

Quantum Of The Loan Offered:

The Amount Of Loan Available Is As Follows:

a)    Minimum of Rs25,000

b)    Maximum of Rs.5,00,000

The IDBI Bank Personal Loan rate does not depend on the amount of loan availed of, or sanctioned. As clearly stated in this IDBI Bank Personal Loan review, the IDBI Bank Personal Loan interest rate is fixed, irrespective of the aforesaid amount.

Procedure For Applying Loan:

Along with proper documentation and submission of papers with bank to avail loan amount, person seeking loan has to pay loan processing fee that stands at 2.25% of the loan amount. The documentation fee stands at

a)    minimum of Rs.850 (for a loan amount of up to Rs.1lac);  

b)    and a maximum of Rs.1650 (for loan amount of Rs.3 lacs or more).

Tenure Of IDBI Bank Personal Loan:

The loan period ranges from a minimum of 12 months to a maximum of 36 months

Repayment of  IDBI Bank Personal Loan:

Repayment of IDBI Bank Personal Loan should be done within a period of 36 months, through post-dated cheques, in easy monthly installments.

Defualt In Payment Of Loan Amount:

In case of job-loss, loan payment default would have borne by insurance company that will pay next 3 EMIs. As the loan amount is insured with insurance company. In case of default due to death or disability caused by an accident, the outstanding principle amount will be paid by the insurance company.

Pre-Closure Of IDBI Bank Personal Loan:

As stated on the bank website, if the client decides to prepay the loan amount, wholly or partially, before the end of the IDBI Bank Personal Loan tenure, that can be done. The pre-payment charges that applied are as follows along with remaining principle and interest amount:

Before 6 months: 6%

7-12 months: 4%

More than 12 months: 3%

Product page url:    http://www.idbibank.com/loan_Personal_Loan.asp

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