IDBI Bank Mortgage Loan [Interest Rate, Processing Fees, Tenure, Prepayment Charges 2022]



IDBI Bank Mortgage Loan

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

Later, in 2005, the institution merged with its commercial division, IDBI Bank, and formed the current bank we are familiar with. It was then categorized as a public sector bank before being recategorized as a private sector bank by RBI in March 2019. The IDBI bank is now known to provide personalized financial and banking services to its clients through its wide network of branches and ATMs spanning multiple locations in India.

Headquarter: The IDBI bank headquarters is in Colaba, Mumbai, Maharashtra. More specifically, it is located at the Mumbai World Trade Centre (WTC) in the popular business district of the city, Cuffe Parade. The WTC Complex consists of two towers, one of which is the IDBI Tower.

Number of employees: The bank had 16,555 employees back in March 2015. Six years later, as of March 2021, IDBI Bank is reported to have 17,736 employees across all its branches. One key person right now is M.R. Kumar, the Chairman of the bank. 

The bank also currently has Rakesh Sharma as the Managing Director and Chief Executive Officer. The latest news is that Rakesh Sharma has been reappointed by IDBI Bank’s Board of Directors as MD & CEO of the bank, with approval from RBI, for three years with effect from March 19, 2022.

Number of Branches & ATM: Back in 2006, IDBI Bank acquired United Western Bank (UWB). By merging with UWB, the number of branches under IDBI Bank doubled; it went from 195 to 425. Today, the bank has a much larger count of 1892 branches, including 3,683 ATMs, 58 e-lounges, and 1,407 centers. This data is however dated back to 1 February 2020. 

It also has one overseas branch in Dubai, and the bank reportedly has plans to set up offices in more areas of the globe to hone in on emerging global opportunities.

Rate of Interest : 8.10% Per Annum

Loan Amount : Up To 3 Crore

Maximum Tenure : Up to 15 years

Processing Fee : One time fee is 1.00%  + GST

Prepayment Charges : NA

Minimum  Income : As Per Loan amount Requirements

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