IDFC First Bank Personal loan Interest Rates

When you face a shortage of money, and have barely anywhere else to go, the safe and best option is to apply for a personal loan with a bank. Be it a wedding at home, house being renovated or a vacation plan – you can always rely on a personal loan for any unpredictable occasion.


While you can apply for a personal loan with any commercial bank, here we share the details with respect to IDFC First Bank.


It offers loans for a variety of purposes and the loan interest rates start at 10.99 percent per annum. It is imperative to note that the applicant needs to carry a high credit score in order to access IDFC First Bank’s personal loan.

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    How to apply: Steps to follow:

    1. First of all, you need to scan the QR code to apply for a personal loan.

    2. Now you need to register with your mobile number in order to proceed further.

    3. It is now time to confirm basic details to check your eligibility such as the credit score, age and income bracket.

    4. Now you can choose your loan preferences and link your bank account.

    5. Once verified, you will receive the loan amount in your account within a day.


    Bank Personal Loan Interest Rate Characteristics

    1. 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.

    2. You can get instant access to funds, anytime, anywhere, in your bank account.

    3. The rate of interest starts at 10.99 per cent per annum.

    4. Being a personal loan, it is unsecured.

    5. 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

    Processing fees (including GST)2%
    Late payment/Penal charges
    2% of the unpaid EMI
    Stamping ChargesAs 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 chargesNIL
    Document retrieval charges (per retrieval) 500.00
    Cooling-Off Period3 days


     (Source: idfcfirstbank.com; data as on Sept 4, 2024)

    IDFC Bank Personal Loan Eligibility

    1. It is offered to anyone who is salaried and self-employed.

    2. The age should be between 21 to 60 years.

    3. 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


    Calculate EMI on Personal Loan

    Loan Amount

    ₹10k
    ₹20 Lakh

    Rate of Interest

    %

    1%
    30%

    Loan Duration

    Months

    3 Months
    72 Months
    Monthly EMI
    ₹0
    Loan Amount:
    ₹10,000
    Total Interest:
    ₹0
    Total amount:
    ₹0
    Get Instant Loan Offer

    EMI Payment Schedule

    Month
    Principal Paid
    Interest Charged
    Total EMI Payment
    Loan Balance

    Other banks’ Personal Loan Interest Rates:

     

    Interest RatesRange (p.a.)
    SBI Personal Loan Interest Rate11.35% – 15.50%
    HDFC Personal Loan Interest Rate10.75% onwards
    Axis Bank Personal Loan Interest Rate11.25% onwards
    ICICI Personal Loan Interest Rate10.85% onwards
    BOB Personal Loan Interest Rate11.15% – 18.75%
    PNB Personal Loan Interest Rate10.40% – 16.95%
    Canara Bank Personal Loan Interest Rate10.95% – 16.40%
    Yes Bank Personal Loan Interest Rate10.99% onwards
    Navi Personal Loan Interest Rates9.90% – 45.00%
    Union Bank Personal Loan Interest Rates11.35% – 15.45%
    Indian Bank Personal Loan Interest Rate10.00% – 15.05%
    Bank of India Personal Loan Interest Rate10.85% – 16.10%
    Tata Capital Personal Loan Interest Rate10.99% onwards
    Kotak Personal Loan Interest Rate10.99% onwards
    Bandhan Bank Personal Loan Interest Rates9.47% onwards

     

    (Source:Bank website, as of 30, August, 2024)
     

    IDFC First Bank Personal loan Interest Rates FAQs

    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.

    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.

    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 typical 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

    If you wish to modify your EMI schedule for your personal loan, you can contact IDFC FIRST Bank directly.

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