IDBI - Personal Loans

Welcome to world-class banking at IDBI.

Why wait till you save enough money to fulfill a dream that's just a step away. Take a Personal Loan from IDBI and go ahead and have all the things you've been dreaming of without even worrying how to repay it.

Personal Loans from IDBI comes with an insurance cover. This means when times are tough, you'll have an insurance cover to take care of the EMI's.

Apply IDBI Personal Loan Online

* In case of death or disability due to an accident, the principle outstandings will be paid by the insurance company.
* In case of loss of job, the insurance company will pay the EMIs for up to 3 months

Also you can transfer your existing loan to IDBI and save up to Rs 50,000

Applying for a Personal Loan is absolutely simple. Just fill in the online form and our representative will get in touch with you shortly. You could also call our Phone Banking numbers for further assistance.

Following are eligible to apply for an IDBI Personal Loan:

* Salaried individuals
* Doctors / dentist
* Professionals
* Proprietors and partners

Eligibility
The eligibility criteria according to the type of customer is given below:
Salaried Individuals

Eligibility

Minimum****Maximum
Amount (INR) Rs 50,000 Rs 10,00,000
Repayment Months 12 months 60 months
Age 23 yrs 58 yrs (At end of loan)

Requirement :

Current residence : Either owned or 6 months
Current job : 6 months
Bank Statement : 6 months
Phone ownership : Required
Total work experience : 24 months
Net salary : Rs 8,000 per month or 6,500 per month for relationship customers


Doctors / Dentist *
Eligibility Minimum Maximum
Amount (INR) Rs 50,000 Rs 20,00,000
Repayment Months 12 months 60 months
Age 28 yrs 65 yrs (At end of loan)
Requirements
Current residence : Either owned or 12 months
Total medicine practice : 24 months
Bank Statement : 6 months
Phone ownership : Required
Total work experience : 48 months
Minimum required : Rs 90,000 per year

Professionals
Eligibility *** Minimum *** Maximum
Amount (INR) Rs 50,000 Rs 15,00,000
Repayment Months 12 months 36 months
Age 25 yrs 65 yrs (At end of loan)

Requirements
Current residence : Either owned or 24 months
Current business : 24 months
Total business experience :48 months
Bank Statement : 6 months
Phone ownership : Required
Minimum Income : Rs 90,000 per year
Profit making business : Last 2 yrs
Property ownership/ repayment track : Required

Proprietors and Partners

Eligibility*** Minimum*** Maximum
Amount (INR) Rs 50,000 Rs 15,00,000
Repayment Months 12 months 36 months
Age 25 yrs 65 yrs (At end of loan)

Requirements

Current residence : Either owned or 24 months
Current business : 24 months
Total business experience : 48 months
Bank Statement : 6 months
Phone ownership : Required
Minimum Income : Rs 1, 00,000 per year

Minimum Turnover :
Service - 5 lacs per year Manufacturing - 20 lacs per year Trader – 25 lacs per year
Property ownership : Required
Repayment track : Required

Note: * Doctors with only salary income need to apply under salaried category.

Documentation
The following documents would be required for applying for an IDBI Personal Loan:
Salaried Individuals.

1. Photograph
2. Age proof
3. Identity and signature proof
4. Telephone ownership proof (post-paid mobile bill acceptable)
5. Current address and address continuity proof
6. Current employment proof and employment continuity proof
7. Salary slip
8. Latest form 16
9. Bank statement
10. Credit card statement or repayment track record
11. Own property proof

Doctors / Dentist
1. Photograph
2. Age proof
3. Identity and signature proof
4. Telephone ownership proof (post-paid mobile bill acceptable)
5. Current address and address continuity proof
6. Bank statement
7. Qualification proof
8. Business address proof and business continuity proof

Professionals

1. Photograph
2. Age proof
3. Identity and signature proof
4. Telephone ownership proof (post-paid mobile bill acceptable)
5. Current address and address continuity proof
6. Bank statement
7. Credit card statement or repayment track record
8. Own property proof
9. Qualification proof
10. Business address proof and business continuity proof
11. Bank account age proof

Proprietors and Partners

1. Photograph
2. Age proof
3. Identity and signature proof
4. Telephone ownership proof (post-paid mobile bill acceptable)
5. Current address and address continuity proof
6. Bank statement
7. Credit card statement or repayment track record
8. Own property proof
9. Business address proof and business continuity proof
10. Bank account age proof

Personal Loan
General FAQs

Q1 What are the benefits of having been an existing customer for my Personal Loan?

You get preferred interest rates, priority processing and simpler documentation if you have a Savings or Current Account with us. You will also get preferred interest rates in case you have any other loan account with us. The relationship is taken into account at the time of disbursal of the loan. You can pay through Standing Instructions to debit your IDBI account with the EMI amount.

Q2 How will my eligible loan amount be calculated?

You can avail of a loan from Rs 50,000 to Rs 20,00,000 depending on your income, repayment capacity and applicant category. You can club the income of your spouse if you wish to increase your loan amount.

Q3 How do I repay my loan?

You repay the loan in equated monthly installments consisting of principal and interest. The loan will be paid through post-dated cheques or through Standing Instructions to debit your IDBI account with the EMI amount.

Q4 Do I need to give security or guarantor for this loan?

To obtain this loan, there is absolutely no need to provide any security or guarantor.

Q5 Will I have to pay any fees or charges up-front along with the application?

No. You do not have to pay any amount up-front. All fees and charges will be applicable only after approval of your application.

IDBI Personal Loan Service Charges :

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IDBI - Education Loans

Education loans from IDBI Bank aim at providing financial support to deserving/ meritorious students for pursuing higher education in India and abroad. With an array of courses to choose from and easy repayment options, IDBI Bank makes sure you get complete financial backing.
For more information visit your nearest branch.

Apply IDBI Education Loan Online

Conditions apply. Loans at the sole discretion of IDBI Bank Ltd

Courses offered

An installment based loan for all courses mentioned below:

1. Studies in India:
* Graduation courses : BA, B.Com., B.Sc., etc
* Post Graduation courses : Masters & Phd
* Professional courses : Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc
* Computer certificate courses of reputed institutes accredited to Dept. of Electronics or institutes affiliated to university
* Courses like ICWA, CA, CFA etc
* Courses conducted by IIM, IIT, IISc, XLRI. NIFT etc
* Courses offered in India by reputed foreign universities
* Evening courses of approved institutes
* Other courses leading to diploma/ degree etc. conducted by colleges/ universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc
* Courses offered by National Institutes and other reputed private institutions. Banks may have the system of appraising other institution courses depending on future prospects/ recognition by user institutions.

2. Studies abroad:
* Graduation: For job oriented professional/ technical courses offered by reputed universities. Post graduation: MCA, MBA, MS, etc. Courses conducted by CIMA- London, CPA in USA etc.

3. Special Courses:
* Regular Degree/Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation/Shipping. In case the course is pursued abroad, the Institute should be recognized by the competent local aviation/shipping authority .

Loan Amount

Maximum loan amount :

# Study in India-Rs.10 lakhs
# Study Abroad -Rs.20 lakhs

Loan Margin:

# Studies in India - upto Rs. 4 lac- Nil
above Rs. 4 lac- 5% of the total course expenses
# Studies abroad - 15% of the total course expenses

Expenses Covered under Loan

* Fee payable to college/ school/ hostel
* Examination/ Library/ Laboratory fee
* Purchase of books/ equipments/ instruments/ uniforms
* Caution deposit/ building fund/ refundable deposit supported by Institution bills/ receipts
* Travel expenses/ passage money for studies abroad
* Purchase of computers - essential for completion of the course
* Any other expense required to complete the course - like study tours, project work, thesis, etc.`
* Insurance premium for student borrower

Repayment terms

The repayment of loan to begin after the course period + 1 year or 6 months after getting a job, whichever is earlier. The loan to be repaid within 5-7 years (maximum tenor 84 months) after commencement of repayment.

ROI

Upto Rs 4 lacs : BPLR – 1% (12.50%)
Above Rs 4 lacs : BPLR (13.50%)

Simple interest to be charged during repayment holiday and moratorium
Accrued interest during the repayment holiday period should be added to the EMIs.
Where the borrower has not opted for the repayment holiday or is willing to service the interest during the repayment holiday (for principal) the interest rate should be 1% lower than the applicable rate.
# 50 basis points reduction for girl applicants
# 50 basis points reduction for physically challenged applicants (subject to submission of certificate from a medical practitioner)

* BPLR subject to change

Repayment holiday / moratorium :
Duration of the course period + 1 year / 6 months after getting a job, whichever is earlier .
The loan to be repaid in 5-7 years (maximum tenor 84 months) after commencement of repayment.

Processing Fee / Upfront charges:

Study in India - Nil

Study Abroad : 1% of the loan amount subject to a maximum of Rs. 5000/-, to be refunded at the time of disbursement if and when availed by the borrower.
Service tax is applicable on the amount of processing fee.

Collateral Security :
Up to Rs 4 lacs - No security

Above Rs 4 lacs and up to Rs. 7.5 lacs - Collateral in the form of a third party guarantee

Above Rs 7.5 lacs - Collateral security in the form of Land/ building, (The minimum value shall be 1.33 times the amount of loan sought).
Govt. securities/ Public Sector Bonds/ Units of UTI, NSC, KVP, LIC policy, gold, shares/ debentures, bank deposit in the name of parent/ guardian or in the name of the co-applicant (The minimum value shall be 1.1 times of the amount of loan sought).

Wherever the land/ building is already mortgaged, the unencumbered portion can be taken as security on II nd charge basis provided it covers the required loan amount. In case the loan is given for purchase of a computer the same to be hypothecated to the Bank.

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IDBI - Loan Against Property

Apply Loan Against Property On Line

Welcome to world-class banking at IDBI.

We at IDBI realise how important it is to raise money in the face of exigencies. We help you through these difficult situations through our customer friendly Loans against property (Residential & Commercial) product. Loans could be used for:

# Education
# Business
# Marriage
# Purchase or improvement of property
# Medical treatment or any other personal need.

Maximum amount possible is Rs 500,00,000 subject to repayment capacity and value of property. Check the FAQs for more details.

The IDBI Advantage

* Tenor up to 15 years
* Attractive Rate of Interest
* Maximum Funding
* Interest rate on daily reducing balance
* Fixed and floating interest rate options
* Simple documentations
* Personalised doorstep services
* Free legal and technical assistance

Applying for a Loan Against Property is absolutely simple.

Loan Against Property:

General FAQs:

Q1 For what purpose can you avail of Loan against Property?

You can avail of Loan against Property against Residential & Commercial Property for either your personal or business activities other than speculative or non prohibitive activities.

Q2 How will IDBI decide the loan amount I am eligible for?

IDBI will decide the loan amount based on your repayment capacity. Repayment capacity takes into consideration factors such as income, age, qualifications, number of dependants, spouse’s income, assets, liabilities, stability and continuity of occupation and savings history. However the eligibility of loan shall not exceed 85 per cent of the cost of property.

Q3 Who can be co-applicant to the loan?

You can include your spouse as a co-applicant for the Loan. His / her income can be added to enhance the loan amount. However all co-owners of the property should necessarily be the co-applicant.

Q4 What are the fees you will be charged?

A Processing fee of up to 1.50 % of the loan amount applied.

Q5 How will the rate of interest calculated?

Interest is calculated on daily reducing balance. Your monthly out-go (equated monthly installment - EMI) is much lower as compared to the interest on annual reducing balance.

Q6 What is the tenure of the loan?

You can repay the loan over a maximum period of 15 years. Repayment will not ordinarily be extended beyond the age of retirement (if you are employed) or on your reaching 60 years of the age, whichever is earlier. However, IDBI will be endeavoring to determine the repayment period to suit your convenience.

Q7 How do I repay the loan?

You repay the loan in Equated Monthly Installments (EMIs) comprising principal and interest. Repayment by way of EMI commences from the month following the month in which you take full disbursement.

Q8 What is pre-EMI interest?

Pending final disbursement, you pay interest on the portion of the loan disbursed. This interest is called pre-EMI interest. Pre-EMI interest is payable every month from the date of each disbursement up to the date of commencement of EMI.

Q9 What security will I have to provide?

The security for the loan will be the first mortgage of the property to be financed, normally by way of deposit of title deeds and/or such other collateral security, as may be necessary.
Collateral security for by way of assignment of insurance policy or any such other assignable financial instruments are also required, as security to loan if deem necessary by the Bank.
Please do ensure that the title to the property is clear, marketable and free from encumbrance. To elaborate, there should not be any existing mortgage, loan or litigation which is likely to affect the title to the property adversely.

Q10 Can I repay the loan ahead of schedule?

Yes. You can repay the loan ahead of schedule, however if the loan is transferred to another bank or HFC, a nominal fee @ 2% of principal outstanding is payable.

Q11Does the property have to be insured?

You will have to ensure that the property is duly and properly insured for fire and other appropriate hazards, as required by IDBI, during the tenor of the loan and to produce evidence thereof to the Bank each year and/or whenever called upon to do so.

Q12 Are the Bank policies subject to change?

Yes. These policies will be reviewed periodically.

Q13 How is my loan reassessed if there is a change in status from Non-Resident Indian to Resident Indian?

The repayment capacity of the applicant(s) based on Resident status is reassessed and a revised repayment schedule worked out. The new rate of interest will be as per the currently applicable rate of Resident Indian loans (for that specific loan product). This revised rate of interest would be applicable on the outstanding balance being converted. A letter is given to the customer confirming the change of status.

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Faqs about IDBI Home Loans

Home Loans:

General FAQs :

Q1 For what purpose can I avail a home loan?

You can take a loan for constructing a house, purchase of a ready built house / flat or a flat in resale, the takeover of existing loans from approved banks / housing finance companies, the purchase of a plot of land, for renovation of the house and extension of the house.

Q2 What are the borrower categories who can avail of the loan?

We offer loans to salaried individuals, self-employed professionals or businessmen and for NRI individuals.

Q3 Who can be a co-applicant for the loan?

You can include your spouse/parents/children as a co-applicant for the Home Loan and we shall include his / her income to enhance your loan amount. Further, in case there are any other co-owners, they also need to be co-applicants.

Q4 What is the maximum period in which I can repay the loan?

You can repay the loan over a maximum period of 25 years in case you are salaried and 15 years in case you are self employed. For NRIs we give loans up to 15 years. Repayment will not ordinarily be extended beyond your age of retirement (if you are employed) or on your reaching 60 years of age, whichever is earlier. However, we will make every effort to determine the repayment period to suit your convenience.

Q5 What is the security to be provided?

Security for the loan is a first mortgage of the property to be financed, normally by way of deposit of title deeds / or such collateral security as may be necessary. Please do ensure that the title to the property is clear, marketable and free from encumbrance. To elaborate, there should not be any existing mortgage, loan or litigation, which is likely to affect the title to the property adversely.

Q6 Can I repay the loan ahead of schedule?

Yes. You can repay the loan ahead of schedule, however if the loan is transferred to another bank or HFC, a nominal fee @ 2% of principal outstanding is payable.

Q7 Are the Bank policies subject to change?

Yes. These policies will be reviewed periodically.

Q8 How is my loan reassessed if there is a change in status from Non-Resident Indian to Resident Indian?

The repayment capacity of the applicant(s) based on resident status is reassessed and a revised repayment schedule worked out. The new rate of interest will be as per the currently applicable rate on Resident Indian loans (for that specific loan product). This revised rate of interest would be applicable on the outstanding balance being converted. A letter is given to the customer confirming the change of status.

Home Loan Service Charges & Fees Details



















special Schemes for Housing Loan package up to Rs 20 lakhs

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IDBI Bank Home Loans

Apply IDBI Bank Home Loan Online

welcome to world-class banking at IDBI Bank.

Home, sweet home, built out of your dreams. A place where you return after a hard day's work and relax, a place where you share precious moments with your family. A place that gives you a sense of belonging. IDBI Bank helps you realise your long cherished dream of owning your home through hassle free and customer friendly home loans.

Presenting IDBI Bank's ultra flexible home loan you have been looking for. We realise what owning your home means to you and your family.

You can avail of the Home Loans for constructing a home, purchasing a ready built house/flat, residential plot and even for re-financing existing loans you may have availed from other banks or housing finance companies. Click here to apply.
Advantages of IDBI Ultra Flexible Home Loans

* Maximum Funding
* Flexibility of choosing between Floating or Fixed interest rate
* Attractive rate of interest
* EMI on daily reducing balance
* Personalised doorstep service
* Simple documentation
* Legal and technical assistance
* Balance transfer facility
* Reassessment and adjustment of applicant's loan eligibility in case of change of income and residence status

Features

1. Tenor of a home loan can be up to 25 years for a resident individual whereas for NRIs the maximum tenure is 15 years subject to maximum age of 60 years at maturity.

2. Loan can be applied for a maximum of 90% of the property value subject to credit discretion.

3. Security for the loan is a first mortgage of the property to be financed, normally by way of deposit of the title deeds or such collateral security as may be necessary.

4. Title to the property should be clear and free from encumbrance, i.e., without any pending legal litigation adversely affecting the ownership of the property.

5. 5. Other parameters considered include an account of your age, income, number of dependents, financial stability and co-applicant’s income.

Tax Benefits:

As per the current finance bill you can get:

* A maximum deduction of Rs. 1,50,000 on your income towards interest paid on your home loans u/s 24

* A maximum deduction of Rs. 1,00,000 on the principal repaid u/s 80 CCE

The above benefits are available subject to you fulfilling certain conditions, for which you should refer the IT Act 1961.


Eligibility :

Following are eligible to apply for an IDBI Home Loan:

* Salaried individuals
* Self employed professionals/businessmen
* NRIs

You can include your spouse/parents/children as co-applicant if you require higher eligibility subject to maximum of three applicants.

Home Loan With Life Insurance

For most of us, buying a house is an important milestone in our lives. Although, it can be a tremendously satisfying experience, it can also bring about a lot of concerns. “Shall I be able to repay the loan? Shall I be able to manage my finances? And above all, “If something happens to me, how will my family repay the loan?"

We at IDBI, understand your concerns. Our Home Loans are now accompanied by a specially-designed insurance cover. So even if calamity strikes, your family needn’t worry about the loan.

Repayment

You normally repay the loan through Equated Monthly Installments (EMIs) comprising both principal and interest. If the final disbursement is however still pending, you pay interest on the portion of the loan disbursed before the EMI commences.

We could also structure your loan repayment to suit your convenience. For instance, the installments could be lower in the initial years and could gradually increase over a period or vice versa.

The maximum possible tenure for a Resident Indian is 25 years if employed and 15 years if self employed. While the same for an NRI is 15 years.

Pre payment/ Foreclosure

In the event of your opting to pre-pay the home loan with us, a nominal fee of 2% is payable in case, it is transferred to another bank or housing finance company. However, no charges are applicable if you prepay from your own sources after 6 months of commencement of EMI.

Home Loan Interest Rates
BENCHMARK PRIME LENDING RATE (BPLR) 13.50%

Home Loans (Floating)
Loan Tenure ROI
1-25 years (BPLR-2.75) 10.75 %

Home Loans (Fixed )
Options ROI
Fixed for 3 years (BPLR-1.25) 12.25 %
Fixed for 5 years (BPLR-1.00) 12.50 %

Mortgage Loan (Floating)
Options ROI
Loan Against Property (Residential / Commercial) (LAP) (BPLR) 13.50 %
Loan Against Property Overdraft (LAP / OD) (BPLR+0.25) 13.75 %
Loan Against Rent Receivables (LARR) (BPLR) 13.50 %

Reverse Mortgage Loan (Floating)
Type ROI
Fixed (re-phasement after every 5 years ) (Bplr-1.25%) 12.25%

Qualifying Loan Amount (Rs.1.00 lac)
Tenor (years) 10 11 12 13 14 15 16 17 18 19 20
Monthly Installment (Rs.) 424 358 305 261 224 193 168 146 127 111 97

w.e.f November 8, 2008.

The above rates are indicative in nature and may vary depending upon category of customer and builder schemes.

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