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. The interest rates offered by the bank start at 10.99% per annum which may vary based on the borrower’s profile.
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
- 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.
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 rates
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
IDFC First Bank personal loan documents required
- 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
- Salaried:
- Employment letter
- Salary slips
- Self-Employed:
- Business registration documents
- Partnership deed (if applicable)
- Passport-size photographs
- 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.livemint.com/loans/idfc-bank-personal-loan-emi-calculator
IDFC First Bank Personal Loan EMI Calculator
Loan Amount
₹
Rate of Interest
%
Loan Duration
Months
EMI Payment Schedule
IDFC First Bank personal loan interest rates vs other banks
| Bank | Interest rate |
|---|---|
State Bank of India | 11.45% onwards |
Bank of Baroda | 11.15% onwards |
Axis Bank | 11.1% onwards |
ICICI Bank | 10.85% onwards |
HDFC Bank | 10.85% onwards |
IndusInd Bank | 10.49% onwards |
PNB Bank | 11.15% onwards |
Union Bank of India | 11.50% onwards |
Yes Bank | 11.25% onwards |
Bank of India | 10.85% onwards |
Canara Bank | 10.70% onwards |
Kotak Mahindra Bank | 10.99% onwards |
Bandhan Bank | 9.47% onwards |
Federal Bank | 11.49% onwards |
Indian Bank | 10.75% onwards |
IDBI Bank | 11.00% onwards |
| AU Bank | Based on customer’s profile |
Source: Bank’s website
IDFC Bank Personal Loan FAQs
What is the credit score required for an IDFC First Bank personal loan?
The bank usually requires a credit score of 750 and above. Although this may vary depending on the bank’s requirements as well as your overall credit profile.
What is the minimum age required for an IDFC First Bank personal loan?
You need to be between the ages of 21 to 60 years in order to be eligible for applying for the personal loan.
What is the maximum amount offered by IDFC First Bank for personal loans?
IDFC First Bank offers personal loans amounting to up to 10 lakhs. You must note that the amount granted to you will depend on your credit score as well as your overall profile.
Is insurance required or included?
While insurance is not mandatory, it is recommended that you secure your loan against future emergencies. You must note that the cost of insurance is not included in your EMI and must be arranged separately.