IDFC First Bank Personal loan Interest Rates
IDFC First Bank offers a whole range of repayment options and attractive interest rates, starting at a low of 10.99% per annum, for personal loans that are curated according to the customer's financial conditions. Accessing funds has never been easier due to being completely paperless and with limited documentation. These loans are an outstanding choice for meeting unforeseen expenditures or reaching your financial goals with ease because a loan amount of up to ₹1 crore and a repayment plan running up to 7 years is available.
How to apply: Steps to follow:
First of all, you need to scan the QR code to apply for a personal loan.
Now you need to register with your mobile number in order to proceed further.
It is now time to confirm basic details to check your eligibility such as the credit score, age and income bracket.
Now you can choose your loan preferences and link your bank account.
Once verified, you will receive the loan amount in your account within a day.
Bank Personal Loan Interest Rate Characteristics
You only need to set up a credit limit with FIRSTmoney once and enjoy your travel the way you want with the multiple withdrawal facility.
You can get instant access to funds, anytime, anywhere, in your bank account.
The rate of interest starts at 10.99 per cent per annum.
Being a personal loan, it is unsecured.
By responsibly managing your personal loan, one can raise the credit profile noticeably, thus throwing open the doors to bigger greater opportunities.
Documents required
You can save your time and effort with a digital loan application process. In order to apply for a personal loan with IDFC First Bank, applicants need to present a physical PAN card at the time of completing the video KYC process.
Thereafter, you don’t need to upload any documents to apply for the instant personal loan.
IDFC Bank Personal Loan Interest Rates 2024:
Interest rates range between 10.99 to 23.99 percent.
IDFC Bank Personal Loan Interest Rate Fees & Charges
The table below highlights the interest rates provided by various banks, enabling you to compare and choose the best option for your needs. The actual interest rate you are offered will depend on the bank's guidelines and your credit profile. IDFC Bank provides personal loans with interest rates starting at 10.99% per annum, depending on your financial credentials.
Note: All the interest rates are as of January 2025. For latest interest rates, please refer to the bank’s website.
(Source: PaisaBazaar) |
IDFC Bank Personal Loan Eligibility
It is offered to anyone who is salaried and self-employed.
The age should be between 21 to 60 years.
The credit score (CIBIL) has to be 730 and above.
IDFC BANK Personal Loan EMI Calculator
In order to calculate your EMI, you can use the IDFC Bank EMI calculator. The calculator helps you streamline your finances and prepares you for a regular financial commitment every month. You need to enter these three details: loan amount, loan tenure and rate of interest.
After entering these details, you can calculate the amount of loan EMI.
https://www.idfcfirstbank.com/personal-banking/loans/personal-loan
Factors Affecting IDFC First Bank Personal Loan Interest Rate
There are several factors which influence the IDFC First Bank personal loan interest rate, some of which are explained below:
- Credit score: It is the biggest determining factor most lenders use though IDFC did not specifically describe how credit score affects interest rate. Credit score can be raised through on time EMI, avoiding repeated application for credit and maintaining a well-balanced mix of credit.
- Revenue: Although IDFC hasn't ventured deep on how income affects rates, higher income typically yields lower interest rates from every lender because it reduces credit risk. better favorable terms result from applicants with higher salaries being viewed as better able to repay loans.
- Occupation Profile: IDFC offers personal loans to self-employed individuals who have been in continuous business for three years. Because salaried profiles are considered more stable than self-employed ones, several lenders offer salaried individuals better interest rates than a self-employed one, even if the employer profile role is not mentioned.
Calculate EMI on Personal Loan
Loan Amount
₹
Rate of Interest
%
Loan Duration
Months
EMI Payment Schedule
Other banks’ Personal Loan Interest Rates:
| Banks | Interest rates |
|---|---|
| HDFC Bank | 10.85% onwards |
| State Bank of India | 11.45% onwards |
| Axis Bank | 11.25% onwards |
| Kotak Mahindra Bank | 10.99% onwards |
| IndusInd Bank | 10.49% onwards |
| Bandhan Bank | 9.47% onwards |
| ICICI Bank | 10.85% onwards |
| Canara Bank | 10.95% onwards |
| Federal Bank | 12% onwards |
| Punjab National Bank | 10.40% onwards |
| Union Bank of India | 11.35% onwards |
| Indian Bank | 10% onwards |
| Yes Bank | 11.25% onwards |
| Bank of India | 10.85% onwards |
| Bank of Baroda | 11.05% onwards |
| IDBI Bank | 11% onwards |
| AU Bank | Up to 30% |
Source: paisabazaar
IDFC First Bank Personal loan Interest Rates FAQs
What is a personal loan?
A personal loan is a category of unsecured loan given by banks or other non-banking financial corporations (NBFCs). Being an unsecured loan, personal loans do not need any collateral. Borrowers receive money which they are supposed to repay over time with interest, in fixed monthly installments, also known as EMIs.
How do I check my eligibility for a personal loan?
To check your eligibility for a personal loan, one should keep in mind several factors such as credit score, employment status, income, existing debts, and repayment history. You can also check your eligibility by visiting the personal loan section of the IDFC FIRST Bank portal.
What can a personal loan be used for?
Personal loans are extremely versatile and flexible, enabling you to meet your various financial needs. Some of the common uses include covering medical expenses, home renovations, weddings, other events, financing travel plans, or for starting a small business. This effectively means personal loans can be utilised for any personal or household expense. These are some of the key purposes for which borrowers typically seek a personal loan: a) Travel abroad or a long vacation in India or abroad b) Wedding at home c) Medical emergency d) Home improvement e) Any other emergency
How can one change EMI schedule?
If you wish to modify your EMI schedule for your personal loan, you can contact IDFC FIRST Bank directly.