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IDBI Bank - Personal Loan Interest Rates | EMI Calculator | Loan Comparison

Check personal loan interest rates provided by IDBI Bank, compare loan with other banks and choose the best minimum interest loan for you. You can calculate EMIs with our easy EMI Calculator and get exact EMI amount for your loan. Other loan details, charges, eligibility can also be accessed without any hassle.<br><br>To know more, visit : https://www.afinoz.com/idbi-bank/personal-loan-interest-rate

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IDBI Bank - Personal Loan Interest Rates | EMI Calculator | Loan Comparison

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  1. IDBI BANK PERSONAL LOAN INTEREST RATES 2021

  2.  About IDBI Bank Personal Loan  IDBI Bank personal loans can be obtained for multiple personal expenses like your child’s higher education, home renovation, credit card bill payment, wedding, vacation,etc. The bank offers to all types of applicants including salaried individuals, self-employed professionals and non-professionals, and pensioners. IDBI Bank personal loans interest rates start from as low as 8.90% and the loan repayment tenure ranges from 1 year to 5 years.  IDBI Bank personal loan interest rates 2021  IDBI Bank offers a personal loan under different categories. Interest rates vary based on the type of applicants. IDBI Bank personal loan interest rate for salaried employees, pensioners and SEP/ SENP starts from 9.65%, 12% and 13% respectively.

  3.  IDBI Bank personal loan interest rates for salaried employees, pensioners, self-employed professionals (SEP) and self-employed non-professionals (SENP) based on credit score: Credit score Salary/ pension accounts All salaried applicants SEP/ SENP 801 and above 9.65% p.a. 12.25% p.a. 13.00% p.a. 776 to 800 12.25% p.a. 12.50% p.a. 13.50% p.a. 740 to 775 13.25% p.a. 13.50% p.a. 14.00% 700 to 739 applicable only for corporate relationships like IDBI Bank staff, LIC and its subsidiaries staff, payroll/ salary relationship/ pension accounts 13.50% NA NA Below 700 NA NA NA -1 13.25% NA NA

  4.  Pension account with overdraft facility for pensioners of IDBI Bank  The interest rate for this personal loan and its variants are linked to Repo Linked Lending Rate (RLLR), starting from 8.55% per annum,for retired IDBI staff only.  Salary/ pension account with overdraft facility for others  The interest rate for this personal loan and its variants are linked to Repo Linked Lending Rate (RLLR) or floating rate that starts from 11.30% per annum for non-IDBI staff.

  5. What are the factors that affect IDBI Bank personal loan interest rates?  Credit score of the applicant: You can clearly see in the above table that with an increase in the credit score, the interest rate is declining. Individuals with a good credit score are considered responsible and less risky applicants. Credit score of an applicant shows how responsible he/she is for handling credit. If you have a good track record of credit payment in the past, you will have a good credit score.  The repayment capacity of the applicant: While determining your eligibility for a personal loan and interest rates applicable to it, lenders look at your monthly income/ salary/ pension and monthly obligation/ liabilities. Your debt-to-income ratio should be equal to or less than 40% to get a personal loan at lower interest rates.  Relationship with IDBI Bank: Relationship with IDBI Bank will help you get a personal loan at lower interest rates. If Individuals hold a salary account or current account with the bank for multiple years, chances are that the bank may agree to offer you lower interest rates based on your previous credit behavior. For example, retired employees of IDBI Bank can get a personal loan at an interest rate starting from as low as 8.55% per annum.  Loan tenure: Interest rates on personal loans offered for long terms are usually higher than that on short terms. Borrowers can easily repay the loan in terms and the lender has less risk. You can use IDBI Bank loan Calculator to find out the most suitable loan term.

  6.  Interest rate in IDBI Bank personal loan EMI calculation  Interest rate plays an important role in calculation of EMI. Here is what your EMI will be for different interest rates applicable on IDBI Bank personal loan. Loan amount Interest rate Tenure (months) EMI Rs. 5 lakh 13.25% 48 Rs. 13,475 Rs. 3 lakh 14% 36 Rs. 10,253 Rs. 2 lakh 14.50% 24 Rs. 9,649 Rs. 1 lakh 14.50% 12 Rs. 9,002

  7.  Interest rate comparison: IDBI Bank vs. other banks Bank Interest rate Processing fees Loan amount Up to 1% of the loan amount IDBI Bank 9.65% p.a. onwards Up to Rs. 5 lakh Up to 2.5% of the loan amount ICICI Bank 11.25% - 22% p.a. Up to Rs. 20 lakh Up to 2.50% of the loan amount HDFC Bank 10.75% p.a. onwards Up to Rs. 15 lakh Up to 1.5% of the loan amount SBI 9.65% p.a. onwards Up to Rs. 20 lakh Up to 2% of the loan amount Axis Bank 12 – 24% p.a. Up to Rs. 15 lakh Up to 3% of the loan amount Bajaj Finserv 13% p.a. onwards Up to Rs. 25 lakh

  8.  Features of IDBI Bank  Flexible tenure from 12 to 60 months  Loan amount up to Rs. 5 lakh  Easy application and instant approval  Loan applicants will be covered under personal accident insurance  You can check IDBI Bank personal loan status, EMIs, etc. using financial tools on the bank’s website.

  9. THANK YOU AFINOZ – Digitalizing Finance https://www.afinoz.com/

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