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.
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 | 3 days |
(Source: idfcfirstbank.com; data as on Sept 4, 2024)
₹
%
Months
Interest Rates | Range (p.a.) |
---|---|
SBI Personal Loan Interest Rate | 11.35% – 15.50% |
HDFC Personal Loan Interest Rate | 10.75% onwards |
Axis Bank Personal Loan Interest Rate | 11.25% onwards |
ICICI Personal Loan Interest Rate | 10.85% onwards |
BOB Personal Loan Interest Rate | 11.15% – 18.75% |
PNB Personal Loan Interest Rate | 10.40% – 16.95% |
Canara Bank Personal Loan Interest Rate | 10.95% – 16.40% |
Yes Bank Personal Loan Interest Rate | 10.99% onwards |
Navi Personal Loan Interest Rates | 9.90% – 45.00% |
Union Bank Personal Loan Interest Rates | 11.35% – 15.45% |
Indian Bank Personal Loan Interest Rate | 10.00% – 15.05% |
Bank of India Personal Loan Interest Rate | 10.85% – 16.10% |
Tata Capital Personal Loan Interest Rate | 10.99% onwards |
Kotak Personal Loan Interest Rate | 10.99% onwards |
Bandhan Bank Personal Loan Interest Rates | 9.47% onwards |
(Source:Bank website, as of 30, August, 2024)
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.