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Key Features of IDBI Bank Personal Loan Overdraft Facility

  • Flexible Fund Access: Withdraw funds up to your sanctioned limit (₹5,00,000 for salaried, ₹3,00,000 for pensioners) whenever needed, with no fixed EMI requirement.
  • Competitive Interest Rates: Salaried: 13.35% p.a. | Pensioners: 10.60%-13.35% p.a. Interest charged only on utilized amount with daily reducing balance.
  • No End-Use Restrictions: Use funds for medical emergencies, education, home renovations, weddings, or debt consolidation with complete flexibility.
  • Quick Processing: Fast approval within 7 days with minimal documentation for IDBI salary/pension account holders.
  • Free Insurance: Complimentary personal accident insurance provided upon loan disbursement at no extra cost.
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    • Revolving Credit: Withdraw, repay and reuse funds within your limit during the tenure (2 years for salaried, 1 year for pensioners).
    • Transparent Fees: Processing fee of just 1% (min ₹2,500) with no hidden charges or administrative costs.
    • Renewable Facility: Salaried: Renewable every 2 years | Pensioners: Renewable annually based on account performance.
    • Flexible Repayment: No fixed EMIs - repay via Standing Instructions, ECS, or Post-Dated Cheques as per your cash flow.
    • Part-Payment Option: Prepay up to 10% of outstanding amount (min ₹10,000) up to 3 times per year with no penalty.
    • Top-Up Facility: Eligible borrowers can access additional funds after 12 months of clear repayment history.
    • Credit Score Benefits: Responsible usage and timely repayments can help improve your credit score.
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Benefits of IDBI Bank Overdraft Facility

  • Cost-Effective Borrowing: Pay interest only on utilized amount (daily reducing balance) at competitive rates (13.35% p.a. for salaried, 10.60%-13.35% for pensioners).
  • Emergency Funding: Immediate liquidity for unexpected expenses with quick disbursal (typically within 7 days of approval).
  • No Collateral Required: Unsecured facility requiring no property or asset pledge, making it accessible to more borrowers.
  • Customized Limits: Limits up to ₹5,00,000 (salaried) or ₹3,00,000 (pensioners) based on income and repayment capacity.
    • Digital Convenience: Apply online via IDBI Bank website, track application status, and manage account digitally.
    • Salary/Pension Account Integration: Seamless access to funds through your existing IDBI Bank salary or pension account.
    • Senior Citizen Benefits: Special lower interest rate (10.60% p.a.) for retired IDBI Bank staff availing the facility.
    • No Prepayment Penalty: Partial prepayments allowed (up to 10% of outstanding) without charges, reducing interest burden.
    • Insurance Protection: Free personal accident insurance coverage provided with the loan for added security.
    • Wide Accessibility: Available across IDBI Bank's 1,995 branches nationwide with consistent service standards.
    • Credit Building: Responsible usage helps establish or improve credit history for future borrowing needs.
    • Customer Support: Dedicated toll-free numbers (8885545255) for assistance and queries.
    • Transparent Terms: Clear interest calculation with no hidden charges or complex fee structures.
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How to Apply for Overdraft Facility

  • 1. Check Eligibility
      • Salaried: Must have IDBI corporate salary account with ₹15,000+ monthly income
      • Pensioners: Must have IDBI pension account with ₹15,000+ monthly pension
      • Minimum age: 21 years (salaried) | Maximum age: 60/75 years at maturity
  • 2. Gather Required Documents
    • Identity Proof: PAN Card (mandatory), Aadhaar, Passport, etc.
    • Address Proof: Utility bills, Aadhaar, rental agreement
    • Income Proof: Salary slips (salaried) or Pension Order (pensioners)
    • Employment/Pension Proof: Appointment letter or pension account details
    • Guarantor documents (for pensioners only)
  • 3. Choose Application Method
    • Online: Via IDBI Bank website (www.idbibank.in) with digital documents
  • 4. Facility Details
    • Loan Amount: ₹25,000-₹5,00,000 (salaried), ₹25,000-₹3,00,000 (pensioners)
    • Interest Rate: 13.35% p.a. (salaried), 10.60%-13.35% p.a. (pensioners)
    • Tenure: 2 years (salaried), 1 year (pensioners) - both renewable
    • Processing Fees: 1% of loan amount (min ₹2,500) + taxes
  • 5. Post-Application Steps
    • Document verification (typically 7 working days)
    • Approval notification via SMS/email
    • Limit activation in your salary/pension account
    • Start using funds via net banking, ATM withdrawals or branch transactions

Eligibility Criteria for Overdraft Facility

  • Account Requirements:
    • Must maintain IDBI Bank corporate salary account (salaried) or pension account (pensioners)
    • Account must show regular salary/pension credits for at least 3-6 months
  • Applicant Categories:
    • Salaried Individuals: Permanent employees of government, PSUs, MNCs, listed/reputed private companies
    • Pensioners: State/Central Government, PSU or IDBI Bank retired staff drawing pension through IDBI
  • Income Criteria:
    • Minimum annual income: ₹1,80,000 (₹15,000/month) for both salaried and pensioners
    • Higher income may qualify for higher limits (up to ₹5,00,000 for salaried)
  • Age Requirements:
    • Salaried: 21-60 years (or retirement age, whichever earlier)
    • Pensioners: Maximum 75 years at loan maturity
  • Credit Requirements:
    • No minimum credit score specified but 750+ improves approval chances
    • No history of defaults or negative credit report entries
  • Guarantor Requirement:
    • Mandatory for pensioners - must provide creditworthy third-party guarantor
    • Not required for salaried applicants
  • Employment Stability:
    • Salaried: Preferably 1-2 years in current job with confirmation
    • Pensioners: Must have consistent pension credits
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Documents Required for Overdraft Facility

  • Application Form:
    - Duly filled Personal Loan OD application form
    - 2-3 passport-size photographs
  • Identity Proof (any one):
    - PAN Card (mandatory)
    - Aadhaar Card
    - Passport
    - Voter ID
    - Driving License
  • Address Proof (any one):
    - Aadhaar Card, Utility bills (not older than 3 months)
    - Rental Agreement
    - Passport
  • Income Proof:
    Salaried: Latest 3 months salary slips + Form 16/ITR + 6 months salary account statements
    Pensioners: Pension Payment Order + 6 months pension account statements
  • Employment/Pension Proof:
    Salaried: Appointment/confirmation letter or employee ID
    Pensioners: Pension account statement or IDBI pensioner ID
  • For Pensioners Only:
    - Guarantor's identity, address and income proof
    - Guarantor's consent letter and photograph

Key Factors for Overdraft Facility

  • Account Relationship:
    - Must have IDBI salary/pension account with regular credits
    - Longer relationship may qualify for higher limits/faster approvals
  • Income Level:
    - Minimum ₹15,000/month income (₹1,80,000 annually)
    - Higher income = Higher limit (up to ₹5,00,000)
  • Creditworthiness:
    - No minimum score specified but 750+ improves chances
    - Clean repayment history essential
  • Fixed Obligations to Income Ratio (FOIR):
    - Existing EMIs + proposed OD interest should not exceed 50-60% of income
    - Lower FOIR increases eligible limit
  • Employment Stability:
    - Salaried: 1-2 years in current job preferred
    - Pensioners: Consistent pension credits required
  • Guarantor Quality (Pensioners):
    - Guarantor's financial stability impacts approval
    - Must provide complete documentation
  • Type of Employment:
    - Permanent government or reputed private employees preferred
    - Contractual or probationary roles may require additional checks
  • Existing Liabilities:
    - High outstanding loans/credit card dues can reduce OD eligibility
    - Fewer liabilities indicate better repayment capacity

Frequently Asked Questions (FAQs)

What is the maximum OD limit I can get?
Salaried individuals can get up to ₹5,00,000 or 5 times their net monthly salary (whichever is lower). Pensioners can get up to ₹3,00,000 or 5 times their net monthly pension. The exact limit depends on income, repayment capacity, and Fixed Obligations to Income Ratio (FOIR).
What are the interest rates for the OD facility?
Salaried individuals: 13.35% per annum (fixed rate). Pensioners: 10.60% p.a. for retired IDBI Bank staff, 13.35% p.a. for other pensioners. Interest is calculated on daily reducing balance and charged only on the amount utilized.
Who is eligible for the OD facility?
Salaried individuals with IDBI corporate salary accounts (minimum ₹15,000/month income) and pensioners with IDBI pension accounts (minimum ₹15,000/month pension). Salaried applicants must be 21-60 years old; pensioners must not exceed 75 years at loan maturity.
What is the tenure of the OD facility?
Salaried individuals: 2 years (renewable every 2 years). Pensioners: 1 year (renewable annually). There's no fixed repayment schedule - you can withdraw and repay within the limit during this period.
Are there any prepayment charges?
No charges for partial prepayments (up to 10% of outstanding, min ₹10,000, max 3 times/year). Foreclosure charges: 3% within 12 months, 1% between 12-24 months; no charges after 6 months in some cases as per loan agreement.
What are the processing fees?
1% of the loan amount (minimum ₹2,500) plus applicable taxes. No hidden charges or administrative fees. Unlike some lenders, IDBI Bank does not charge for the complimentary personal accident insurance provided.
What documents are required?
Common documents: Application form with photos, PAN Card, address proof. Salaried: Salary slips, Form 16, 6 months salary account statements. Pensioners: Pension Payment Order, 6 months pension statements, plus guarantor documents. All documents must be self-attested.
Can I apply online?
Yes, through IDBI Bank's website (www.idbibank.in). Navigate to "Loans" > "Personal Loan" or "Overdraft Facility", fill the online form, upload documents, and track status using the Unique Reference Number (URN). You can also visit any of 1,995 branches or call customer care at 1800-209-4324.
How long does approval take?
Typically 7 working days after document submission. Existing customers with a strong banking relationship may get faster approval. The bank verifies documents, income, and eligibility before sanctioning the limit.
Can NRIs apply for this facility?
The facility is primarily for resident Indians with IDBI salary/pension accounts. NRIs may explore other loan products offered by IDBI Bank. Contact customer care for NRI-specific offerings.
What can I use the OD funds for?
Any personal need - medical emergencies, education expenses, home renovations, weddings, debt consolidation, or margin money for investments. There are no end-use restrictions, providing complete flexibility.
Is a good credit score mandatory?
While IDBI Bank doesn't specify a minimum score, a credit score of 750+ (out of 900) improves approval chances and may secure better terms. The bank checks repayment history and existing obligations during processing.
What happens if I don't repay the OD?
The bank may adjust outstanding amounts from your salary/pension credits. Defaults can negatively impact your credit score and banking relationship. Persistent non-payment may lead to legal action as per loan agreement terms.
Can I increase my OD limit?
Yes, through the top-up facility after maintaining a 12-month clear repayment history. The increase depends on updated income, repayment capacity, and bank policies. You can also request limit enhancement during renewal.

IDBI Bank Loan Products

  • Salary Account with in-built Overdraft Facility
  • Pension Account with in-built Overdraft Facility
  • Personal Loan (Term Loan)
  • Loan Against Property
  • Home Loan
  • Education Loan
  • Vehicle Loan
  • Gold Loan