IDFC First Bank Personal Loan
IDFC First Bank provides a range of personal loans that are aimed at meeting diverse financial needs of both salaried and self-employed individuals with ₹5,000 being the minimum loan amount and ₹10 lakh being the maximum. The bank offers features like flexible EMI tenure, 100% digital process, zero foreclosure charges and more. Its FIRSTmoney Smart Personal Loan is tailored for the select few with exceptional credit scores over 750. “Whether it's a dream vacation, a much-needed home renovation, or seizing an investment opportunity, a FIRSTmoney smart personal loan provides you with the convenience and flexibility you need for your financial goals,” says the bank.
IDFC First Bank Personal Loan Features
Loan Amount:
While the minimum loan amount offered by IDFC First Bank in personal loan is ₹5,000, the maximum is ₹10 lakh, however, the amount that the bank approves for a borrower depends on their needs and eligibility.
Flexibility in Loan Tenure:
Loan tenures can range from 2 months to 60 months, giving the borrower convenience to opt for a repayment period that suits them the most.
Interest Rates:
The lender offers personal loans with competitive interest rates, starting at 10.99% per annum. The interest rate, however, depends on the borrower’s credit profiles and loan specifics.
Documentation:
The loan application process requires minimal documentation to facilitate quick processing.
Flexibility in EMIs:
One can choose from a variety of EMI (Equated Monthly Installment) options, allowing them to go with what suits their financial situation the most.
Online Application:
The application can be processed online entirely. One can check their loan status and pay EMIs through the lender’s digital platforms.
No Collateral:
The loans offered by the lender are usually unsecured which means the borrowers are not required to provide any security for the fund obtained from the bank.
Fast Disbursal:
Generally after the loan is approved, the amount is disbursed quickly, usually within a few days.
Prepayment and Foreclosure Options:
One has the option of prepaying or foreclosing the loan, allowing them to pay off the loan before the tenure ends. This may be subject to some charges or conditions. In some cases, the foreclosure charges are zero.
Personalised Offers:
The lender may also provide customised loan offers, including special rates or terms, depending on your credit profile.
Customer Support:
The lender offers customer support for queries related to application status, loans and other concerns throughout the loan tenure.
IDFC Bank personal Loan Key Details
Interest Rate: Typically, the range of interest is 10.99% to 12% depending on the credit profile, loan amount and tenure.
Loan Tenure: The tenure for these loans offered by the bank ranges from 2 months to 60 months (5 years).
Processing Fee: Usually, the bank charges a percentage of the total loan amount of a fixed fee as processing charge, which is non-refundable.
Eligibility: Employment: Salaried and Self-Employed Individuals Age: Anyone aged between 21 to 60 years can apply for this personal loan.CIBIL score: To obtain the FIRSTmoney smart personal loan, applicants need to have a good credit record and a CIBIL score of 750 or above.
Documents:
Identity proof: Aadhaar card, Passport, Voter ID, etc.
Address proof: Utility bills, rent agreement, etc.
Income proof: Salary slips, bank statements, or financial statements for self-employed individuals.
Employment Proof: Employment letter or proof of business.
Repayment: You can typically choose from various EMI options that suit your financial situation. IDFC First Bank may offer flexible EMI plans.
Prepayment and Foreclosure: One has the option of prepaying or foreclosing the loan, allowing them to pay off the loan before the tenure ends. This may be subject to some charges or conditions.
Disbursal: Generally after the loan is approved, the amount is disbursed quickly, usually within a few days.
IDFC First Bank Personal Loan Fees & Charges
| Processing fees (including GST) | 2% |
| Late payment/Penal charges | 2% of the unpaid EMI |
| Stamping Charges | As per actuals |
| EMI Bounce charges per presentation | ₹ 500.00 |
| Cheque/ Mandate Swap charges (per swap) | ₹ 500.00 |
| EMI Pickup/Collection Charges | ₹ 500.00 |
| Duplicate No Objection Certificate Issuance Charges | ₹ 500.00 |
| Physical Statement of Account/Repayment Schedule | ₹ 500.00 |
| Foreclosure / Prepayment charges | NIL |
| Document retrieval charges (per retrieval) | ₹ 500.00 |
| Cooling-Off Period (Borrower can exit the loan within the cooling-off period by paying the principal and the proportionate charges without any penalty. The loan can be cancelled within 3 days in the cooling off period) | 3 days |
Source: IDFC First Bank
IDFC First Bank Personal Loan Interest Rate
| Type | Interest Rate P.A. |
|---|---|
| Travel personal loan | Starting at 10.99 % |
| Emergency loan | Starting at 10.99% |
| Personal loan for weddings | Starting at 10.99% |
| Personal loan for medical expense | Starting at 10.99% |
| Home improvement loan | Starting at 10.99% |
Source: IDFC First Bank
IDFC First Bank Personal Loan Eligibility
Employment: Salaried and Self-Employed Individuals.
Age: Anyone aged between 21 to 60 years can apply for this personal loan.
CIBIL score: To obtain the FIRSTmoney smart personal loan, applicants need to have a good credit record and a CIBIL score of 750 or above.
IDFC First Bank Personal Loan Documents Required
Identity Proof– Aadhaar, passport, driving license, voter ID, etc.
Address Proof - Utility bills (electricity, etc.), rental agreement, passport, bank statements
Address Proof - Utility bills (electricity, etc.), rental agreement, passport, bank statements
Income Proof -
Salaried:
Salary slips
Bank statements
Income tax returns (ITR) or Form 16
Self-Employed:
Income tax returns (ITR)
Bank statements
Profit and loss statements, balance sheet, etc
Employment Proof:
Salaried:
Employment letter
Salary slips
Self-Employed:
Business registration documents
Partnership deed (if applicable)
Photographs:
Passport-size photographs
Loan Application Form:
Completed and signed
IDFC First Bank EMI Calculator
IDFC Bank Personal Loan EMI calculator assists borrowers estimate their monthly loan repayments by taking into account the loan amount, interest rate, and loan tenure. This helps the borrower plan their budget efficiently.
https://www.idfcfirstbank.com/personal-banking/loans/personal-loan?utm_source=website&icid=fm_populartab_applynow#firstmoney-calculator
Completed and signed
IDFC First Bank EMI Calculator
IDFC Bank Personal Loan EMI calculator assists borrowers estimate their monthly loan repayments by taking into account the loan amount, interest rate, and loan tenure. This helps the borrower plan their budget efficiently.
https://www.idfcfirstbank.com/personal-banking/loans/personal-loan?utm_source=website&icid=fm_populartab_applynow#firstmoney-calculator
IDFC First Bank Personal Loan EMI Calculator
Loan Amount
₹
Rate of Interest
%
Loan Duration
Months
EMI Payment Schedule
IDFC Bank Personal Loan vs Other Loans
| Banks/NBFCs | Rates (p.a.) |
|---|---|
| IDFC First Bank | 10.99% onwards |
| IndusInd Bank | 10.49% onwards |
| Axis Bank | 10.40% onwards |
| HDFC Bank | 10.50% onwards |
| ICICI Bank | 10.80% onwards |
| Kotak Mahindra Bank | 10.99% onwards |
| Tata Capital | 10.99% onwards |
| Federal Bank | 12.00% onwards |
| DMI Finance | 12.00% - 40.00% |
| L&T Finance | 12.00% onwards |
| Kreditbee | 16.00% - 29.95% |
| MoneyTap | 13.00% onwards |
| Piramal Finance | 12.99% onwards |
| Aditya Birla | 10.99% onwards |
| Moneyview | 15.96% onwards |
| Cashe | 27.00% onwards |
Source: PaisaBazaar
IDFC First Bank Personal Loan FAQs (Source: IDFC Bank)
How is FIRSTmoney Smart Personal Loan better than a regular personal loan?
Regular Personal Loan (One-time credit) | FIRSTmoney (Credit line) | |
|---|---|---|
Time taken for disbursal | 2-3 days | Within 2 hours |
Number of drawdowns | One | Unlimited, up to the credit limit |
Processing fees | Up to 4% | 2% |
Foreclosure fees | 4-5% of outstanding principal | NIL |
IDFC Bank Personal Loan FAQs
Yes. Monthly reducing rate of interest is a way of computing the interest charged on the reducing rate principle. As the outstanding principal amount reduces, the interest payable on your loan also reduces.
The sanctioned limit is determined based on the bank’s internal policies and creditworthiness of the customer. The minimum limit is ₹50,000 and maximum limit offered is ₹10 lakhs for a salaried customer. The minimum tranche/drawdown amount is ₹5000 and maximum tranche amount is the full credit line offered to the customer.
IDFC FIRST Bank provides a complete digital experience of availing Smart Personal Loans/Credit Line for salaried individuals. Your eligibility depends on your credit score, income, and your existing liabilities, which will be used to ascertain your credit worthiness. The CIBIL score of the applicant should be 750 or more.
The sanctioned limit is available to the customer for a period of 5 years, subject to the Bank’s internal policy and creditworthiness of the customer. The customer can withdraw, repay, foreclose the loan without any additional charges within this period. The sanctioned limit may get extended or reduced depending on the customer’s repayment behaviour and credit score.