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IDBI Bank Salaried Employee Personal loan
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IDBI Bank personal loan for salaried employees is a custom financial offering designed to cater to the varied requirements of salaried individuals, covering needs from urgent expenses and educational fees to home improvements and personal ambitions. Featuring attractive interest rates, reduced paperwork, and a simplified approval procedure, IDBI Bank facilitates swift and effortless access to funds for salaried workers. This initiative reflects the bank's dedication to offering tailored financial solutions, underlining its recognition of salaried personnel's distinct financial security and demands.
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Reviewed ByIDBI Bank Personal Loan for Salaried Employees – Highlights
Look at the highlights for IDBI Bank Personal Loan for salaried employees:
| IDBI Bank Salaried Employee Personal Loan Interest Rate | 10.90% (Average) |
| Processing Fees | 1% of the loan amount plus applicable taxes |
| Loan Tenure | 12-60 Months |
| Loan Amount | ₹25,000-₹5,00,000 |
| Guarantor Requirement | No Guarantor Required |
Compare IDBI Bank Salaried Staff Personal Loan With Other Bank
This overview compares the IDBI Bank loan for salaried employees with offerings from other banks and financial institutions:-
| Banks/NBFCs | Interest Rates(p.a.) |
| Axis Bank | 10.49% onwards |
| IndusInd Bank | 10.49% onwards |
| IDFC First Bank | 10.75% onwards |
| IDBI Bank | 10.90% onwards |
| HDFC Bank | 10.50% onwards |
| ICICI Bank | 10.80% onwards |
| Kotak Mahindra Bank | 10.99% onwards |
| Tata Capital | 10.99% onwards |
| Bajaj Finserv | 11.00% onwards |
| Federal Bank | 11.49% onwards |
| DMI Finance | 12.00% – 40.00% |
| L&T Finance | 12.00% onwards |
IDBI Bank Personal Loan for Salaried Staff – Fees and Charges
Here’s a quick snapshot of IDBI Bank Personal Loan for salaried employees fees and charges.
| Charge Type | Period from Disbursement | Charges |
| Foreclosure Charges | Within 12 months | 2% of the outstanding loan amount |
| Between 12 to 24 months | 1% of the outstanding loan amount | |
| After 24 months | Nil | |
| Part Payment Charges | Within 6 months | 2% of the outstanding loan amount |
| After 6 months | 1) Nil
2) Maximum part payment allowed is 10% of the outstanding loan amount, subject to a minimum of ₹10,000 3) Part payment allowed up to 3 times in a year, with a minimum interval of 90 days between payments. |
IDBI Bank Personal Loan for Salaried Employees – Documents Required
The following documents are required for IDBI Bank Personal Loan for salaried employees:-
- Recent salary slips
- Identification proof – Voter ID, Aadhar Card, Passport, Driver’s License
- A salary certificate dated currently, along with the latest Form 16.
- Recent bank statement
- The latest Income Tax Return (ITR) or Form 16
IDBI Bank Personal Loan for Salaried Employees – Eligibility Criteria
Here are the eligibility criteria a person must fulfil to apply for IDBI Bank Personal Loan for salaried employees.
- Applicants need to be permanent workers with at least one year of uninterrupted work at entities like Public Sector Units (PSUs), Government, Semi-Government, Quasi-Government organisations, Public or Private Limited Companies, Multinational Corporations, or Esteemed Institutions. Eligibility extends specifically to those who have their salary accounts with IDBI Bank.
- An essential annual income of no less than Rs. 1,80,000 is required for application.
