IDBI Bank Senior Citizens/Pensioners Personal loan

IDBI Bank offers a personal loan scheme tailored specifically for senior citizens. This initiative is designed to meet the unique financial requirements of older individuals, providing them with a flexible and accessible source of funds. The IDBI Bank Personal loan for senior citizens can be used for various purposes, including medical expenses, home renovation, or fulfilling any personal need. With competitive interest rates and a simplified application process, this loan is intended to offer financial support without adding undue stress to the aged citizens. IDBI Bank ensures that senior citizens have a reliable financial option to rely on, making this loan an excellent choice for immediate financial needs.

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Thejus KS
Thejus KS
A mechanical engineer turned history buff with a sprinkle of financial brilliance. Thejus’s expertise comes with a unique blend of engineering precision, timelines, and the power of numerals. He knows that numbers are the pulse of our globe. Attention to detail and extensive research are the key elements of his writing.
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Amit Prakash Singh
Amit Prakash Singh
Co-Founder, Square Yards & Chief Business Officer, Urban Money
Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

IDBI Bank Personal Loan for Senior Citizens – Highlights

Take a look at the highlights for IDBI Bank Instant Loan for Senior Citizens:-

IDBI Bank Personal Loan Interest for Senior Citizens Fixed Rate
Processing Fees 1% of the loan amount plus applicable taxes
Loan Tenure 12-60 Months
Loan Amount  ₹25,000-₹3,00,000
Guarantor Requirement No Guarantor Required

Compare IDBI Bank Senior CitizensLoan With Other Banks 

Here is a snapshot of the IDBI Bank Senior CitizensLoan comparison with other banks and financial lenders. 

Banks/NBFCs Interest Rates(p.a.)
Axis Bank 10.49% onwards
IndusInd Bank 10.49% onwards
IDFC First Bank 10.75% 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 Senior Citizens – Fees & Charges

Here’s a snapshot of the fees and charges associated with IDBI Bank Instant Loan for Senior Citizens:- 

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 Senior Citizens- Documents Required

The following documents are required for IDBI Bank Personal Loan for senior citizens. 

  • A signed application form, accompanied by a photograph.
  • Identification documents, which could be a copy of your passport, voter ID card, or driving license.
  • A cheque for the processing fee.
  • Bank statements from the last 3 months or a bank passbook for the last 6 months.

IDBI Bank Instant Loan for Senior Citizens– Eligibility Criteria

The following are the eligibility criteria for senior citizens for IDBI Bank Personal Loan. 

  • Age Criteria: The maximum age is 75 years at the time of loan maturity.
  • Minimum Pension: One should be getting ₹1,80,000 as a pension annually. 
  • Loan Amount: The minimum loan amount is ₹25,000, and the maximum loan amount that one can avail is ₹3,00,000.

Bank Wise Personal Loan Interest Rate

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