If you are a Salaried Employee with a net annual income of 1.80 Lacs then you can avail the Personal Loan and move forward investing in other sources of income just like Mutual Funds, National Saving Certificate and many more.
IDBI is equally essential that provides lower rates of interest on the loan and less processing fee as compared to YES Bank and Kotak Mahindra Bank. Thus, we conclude that repayment has its own priorities, situations and conditions.
|IDBI Bank Personal Loan|
|Annual Interest Rate||10% - 14%|
|Loan Term||12 Months - 60 Months|
|Loan Amount||Rs. 25,000 - Rs. 10 Lacs|
|Time of Funding||Within 7 working days of Approval|
|Pre-Closure Charges||Zero to 2% of the Outstanding Loan Amount|
|Personal Loan Type||Applicable Interest Rate|
|IDBI Bank Personal Loan for Salaried||12% - 13.50% per annum|
|IDBI Bank Personal Loan for Self-Employed Professionals / Non-Professionals||13% - 14%per annum|
|IDBI Bank Personal Loan for Pensioners||12% - 13.25% per annum|
|Age||21 to 60 Years
Maximum 75 Years
For Self-Employed Professional
For Self-Employed Non-Professionals & Businessman
IDBI Bank can be a good fit for you if you're earning a net annual income of minimum Rs. 1.80 Lacs. However, IDBI Bank is a renowned trusted bank that provides impeccable service and any salaried person can move to this bank for more trust, confidence and prosperity among the salaried and working professionals. The emergency chaos and obstacles in achieving success can be handled easily through personal loans.
Self Employed Professionals have the freedom to make as much money as they can with the help of Financers. Personal loan is the best way to make it easy for the borrower for doing any self employment and any small business. Being a Self Employed Professional, IDBI Bank can be a good fit for your personal loan need, if the net annual turnover of your business is Rs. 3.60 Lacs or above.
Self Employment Non-Professional refers to a Passive income business owner who made a business run automatically by making it an asset. If you are a Self Employed Non-Professional, then IDBI Bank can be a good fit for your personal loan if your business have net turnover of minimum Rs. 5 Lacs per annum. These kind of Professionals are smart enough creating assets for themselves, family and some group of trusted people they join hands with. Hence, the business work for them once they create an Asset Building Chain.
Unlike most of well-known banks/fIs such as HDFC Bank, YES Bank and Kotak Mahindra Bank which doesn't allow you to make prepayment until the first 12 EMIs are paid, IDBI Bank lets you make foreclosure against your personal loan anytime, even as early as within 6 Months of Disbursal. However, a small fee will be charged if you make foreclosure within first 6 Months of disbursal. Foreclosure is beneficial for the people in those scenarios who make the bank stand in profits.
If you make foreclosure after the full repayment of first 6 EMIs, IDBI Bank doesn't charges you any fee for foreclosure unlike competing banks/fIs such as Kotak Mahindra and YES Bank which charges a foreclosure fee as high as 4% of the principal outstanding amount if you make foreclosure within early stages of the loan. IDBI bank makes every effort to fit in the pocket of each individual who have the desire to setup a business in a glance.
IDBI Bank also gives you the option to prepay your personal loan using part-payment facility if you don't have enough funds to make foreclosure against your loan as compared to HDFC Bank which doesn't allow part-payment for self-employed professionals and non-professionals and Kotak Mahindra Bank which doesn't offer part-payment facility at all.
IDBI Bank offers its personal loan borrowers a free protection plan in case of accidental death.
In case you have made a part-payment against your IDBI Personal Loan, then you cannot take any additional funds or avail partial disbursal of your loan within the 12 months from the date of part-payment. The part-payment allows the customer to avail the facility, while making repayment and the amount is divided into small Easy Monthly Installments.
It is always desired by the financer to get the repayment as early as possible i.e. within the given time to the borrower. They put some terms and conditions to restrict the overflow of money. In case of IDBI Personal Loan, you can only avail additional funds only if you have made full repayment of first 12 months without any default. It could be an issue if you need some urgent funds and doesn't want to take another loan.
Unlike its competing banks like YES Bank, the maximum age of an applicant at the time of loan maturity should not be more than 60 years in any case either be a salaried or self-employed. Whereas YES Bank allows maximum age of up to 65 years for self-employed.
|Bank Name||IDBI Bank||YES Bank||Kotak|
|Typical APR||10% - 14%||10.75% - 15.90%||10.99% - 24%|
|Loan Term||12 Months - 60 Months||12 Months - 60 Months||12 Months - 60 Months|
|Maximum Lending Amount||Rs. 25,000 - Rs. 10 Lacs||Rs. 25 Lacs||Rs. 15 Lacs|
|Processing Fee||Upto 2.50% of the loan amount||Up to 2.50% of the loan amount
Minimum Rs. 999.
|Up to 2.50% of loan amount|
|Time to Funding||Within 7 working days||Within 24 hours||Within 30 Minutes|
|Pre-Closure||Zero to 2% of the Outstanding Loan Amount||Zero to 4% of the principal outstanding||5% of the Principal Outstanding|
When it comes to comparison, IDBI Bank shows out its featured services as against its competitors like YES Bank and Kotak. The comparison has a good difference like IDBI Bank offers 10% to 14% rate of interest annually as against YES Bank offers 10.75% to 15.90% and Kotak Mahindra Bank @ 10.99% to 24% rate of interest.
Talking about Loan Term, it is the same for all 3 banks. When we come to Maximum Lending Amount IDBI offers secured loan with personal trust work relationship with the IDBI Bank as against YES Bank offering 25 Lacs and 15 Lacs by Kotak Mahindra.
Processing fee is equal in all three banks upto 2.50% max. IDBI Bank ensures the all formalities accomplishment to avoid any hassle at later stage with Time for funding/payment with 7 working days and YES Bank scores here with 24 hours processing and final payment. Kotak Mahindra offers in 30 minutes thus getting ahead of all three banks.
Pre-closure is the way to pay back your loan before the term assured is completed for the loan. IDBI makes it a direct mark in getting ahead with its competitors offering 0-2% fee for Outstanding loan Amount.
Eligible applicant include Salaried Applicants drawing salary through IDBI Bank. Types of Salary Accounts and their credit.
Corporate Salary Account, and all permanent employees of government institutions including PSUs, MNCs, Reputed Pvt Ltd Companies with or without existing relationship with IDBI Bank. Corporate Salary Account is an account with '0' Balance facility and no need of maintaining the minimum balance. You can operate the Account till the balance of '0'. That simply means you can open an account with '0' Balance and can do transactions through Digital method.
Avail funds from min Rs. 50,000 to max Rs. 10 Lacs: The Customers are allowed to avail funds from min. Rs. 50,000/- to max. Rs. 10 Lacs depending upon the requirements and preferences for a scheduled tasks.
Get tenure ranging from 12 months to 60 months. The tenure can vary for the customer as per the bank norms and make it easier for the customer to move on accordingly. In this case, IDBI Bank allows the user to choose from different tenure like 12 months or 1 year to 60 months or 5 year. However, public sector offers 15-20 yrs of tenure for small EMIs.
If the credit score of the applicant (drawing salary) is 801 points or above, then interest rate of the applicant is 12%. In this case IDBI Bank has 12% rate of interest per annum for a corporate account. IDBI Bank allows the interest rate of 12.25% per annum if the credit score of the applicant drawing salary in a Corporate Salary Account is 751 points to 800 points. For points between 700 points to 750 points the rate of interest changes to 13.25% per annum for the applicant having a Corporate Salary Account. Interest rate for the other salaried applicant (other than ones drawing salary through IDBI Bank Corporate Accounts) either have any existing relationship with the bank or not, starts from 12.25% per annum if the credit score of the applicant is 801 points or above.
Interest rate for applicant other salaried applicant (other than ones drawing salary through IDBI Bank Corporate Accounts) either have any existing relationship with the bank or not, starts from 12.50% per annum if the credit score of the applicant is between 751 points to 800 points.
Interest rate for applicant other salaried applicant (other than ones drawing salary through IDBI Bank Corporate Accounts) either have any existing relationship with the bank or not, starts from 13.50% per annum if the credit score of the applicant is between 700 points to 750 points.
Eligible self-employed applicants are the ones who have asset or liability relationship with IDBI Bank. The wisdom lies in building an asset, thus Self Employment People are more interested in investing in sources of asset building income. E.g. any individual can invest their money in mutual funds of different rate of interest and tenure.
Self Employed Personnel - Coming to selecting the tenure & minimum amount: An individual can select the tenure and minimum amount as per the norms laid by the Bank. Here in this case, IDBI offers the tenure of 12 months or 1 year and 60 months or 5 year. Solutions to any upcoming problems are made by IDBI. Now, let's talk about the points earned by any individual.
IDBI Bank offers the tenure ranging from 12 months or 1 year to 60 months or 5 years. The need for loan for any individual can Avail funds from min Rs. 50,000 to max Rs. 10 Lacs. Interest rate for self-employed applicants starts from 13% per annum if the credit score of the applicant is 801 points or above.
Interest rate for self-employed applicants starts from 13.50% per annum if the credit score of the applicant is between 751 points to 800 points. Interest rate for self-employed applicants starts from 14% per annum if the credit score of the applicant is between 700 points to 750 points. Eligible self-employed applicants are the ones who have asset or liability relationship with IDBI Bank.
Eligible applicant include pensioners or family pensioners drawing salary through IDBI Bank.
Get tenure ranging from 12 months to 60 months, and avail funds from min Rs. 25,000 to max Rs. 5 Lacs. However, third party guarantee is mandatory for pensioners.
Interest rate for pensioners drawing pension through IDBI Bank Pension Account starts from 12% per annum if the credit score of the applicant is 801 points or above. Interest rate for pensioners drawing pension through IDBI Bank Pension Account starts from 12.25% per annum if the credit score of the applicant is between 751 points to 800 points. Interest rate for pensioners drawing pension through IDBI Bank Pension Account starts from 13.25% per annum if the credit score of the applicant is between 700 points to 750 points.
|Type of Charges||Applicable Amount|
|Processing Charges||Upto 2.50% of the loan amount
Min Rs. 1000 for Personal Loan
Min Rs. 250 for Personal Loan against Credit Card
For Foreclosure made after first 6 months of disbursal
2% of the principal outstanding amount
For Foreclosure made within first 6 months of disbursal
For Part-payment made after first 6 months of disbursal.
2% of the principal outstanding amount
For Part-payment made within first 6 months of disbursal
Processing fee of upto 2.50% of the loan amount with min Rs. 1,000 for Personal loan is required. Also, if you opt for IDBI Credit Card then an amount of Rs. 250 will be charged for Personal Loan.
Foreclosure charges are Nil in this case, if you go for it after 6 months of disbursal. Also 2% of the principal outstanding amount for Foreclosure made within first 6 months of disbursal. It is allowed anytime.
Part-payment charges are NIL if the customer goes for part-payment with no extra fees and penalties, if the payment is made after 6 months of disbursal. Only 2% of the principal amount for Part-payment is made within first 6 months of disbursal. It is allowed anytime as you can go to the website or a web page provided and check the details.
Security for personal loan isn't mandatory, except in case of personal loan for pensioners where a third-party guarantee is necessary.
Pre-closure of the loan can be done either fully or partially.
Prepayment / Part-prepayment of the loan can be done anytime; However, pre-closure fee of 2% will be charged if pre-closure is done within 6 months from the date of loan disbursement. Whereas, no fee would be charged to the borrower if pre-closure is done after 6 months from the date of loan disbursement.
If borrower choose to pre-close the loan account through Part-prepayment, then no further personal loan will be sanctioned to the borrower for 12 months from the date of making the Part-prepayment.
The borrowers will be covered under Free Personal Accidental Insurance Cover.