IDBI Bank Personal Loan [Interest Rate, Processing Fees, Tenure, Prepayment Charges 2023]

By | October 31, 2023


About IDBI Bank: IDBI Bank Limited is an Indian private bank and a subsidiary of Life Insurance Corporation (LIC). It was initially established in 1964 as Industrial Development Bank of India with the objective of providing financial services to the industrial sector.

Later, in 2005, the Institute merged with its business arm, his IDBI Bank, to form the current bank as we know it. It was subsequently classified as a public sector bank, but was reclassified as a private sector bank by the RBI in March 2019. IDBI Bank is currently known for providing personalized financial and banking services to its customers through its extensive network of branches and ATMs across multiple locations in India.

Head Office: The head office of IDBI Bank is located at Colaba, Mumbai, Maharashtra. Specifically, it is located at the Mumbai World Trade Center (WTC) in Café Parade, a popular business district of Mumbai. The WTC complex consists of two towers, one of which is the IDBI tower.

Number of employees: 4,444: As of March 2015, the bank employed 16,555 people. Six years later, as of March 2021, IDBI Bank reportedly employs 17,736 people across its branches. The key person at the moment is M.R. Kumar, Chairman of Bank.

The bank currently has Mr. Rakesh Sharma also serving as its Managing Director and Chief Executive Officer (CEO). The latest news is that Mr. Rakesh Sharma has been reappointed as Managing Director and CEO of the bank by the IDBI Bank Board with RBI approval for a period of three years from March 19, 2022. IDBI Bank acquired United Western Bank (UWB) in 2006:

Number of branches and ATMs. With the merger with UWB, IDBI Bank’s number of branches has doubled. Increased from 195 to 425. Currently, the bank has 1,892 more branches, including 3,683 ATMs, 58 e-lounges and 1,407 centres. However, this data is from February 1, 2020.

The bank also has an overseas branch in Dubai and reportedly plans to open branches in other parts of the world to focus on new global opportunities. That’s it.

Interest Rate: Variable: 8.15% per annum ~ / Fixed: 9.50% per annum ~

Loan Amount: Up to Rs 500,000

Maximum Term: 12 months to 60 months Fees: 1% of loan amount + GST ​​

Upfront Fees: Not due 1% to 2% of principal + GST ​​

Minimum monthly salary / Annual business income: Depending on loan amount requirements

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