IDFC First Bank Personal Loan

One of the most popular financial products offered by IDFC First Bank is the personal loan.You can use an IDFC First Bank Personal Loan to fund various personal expenses. With a maximum amount as much as ₹1 Crore available, you can fund any of your financial needs.

Check out the IDFC First Bank Personal Loan interest rate and other details in the table below:

Disclaimer: The personal loan details mentioned above are subject to change at the discretion of the lender. Kindly check before you apply.

Interest rates for IDFC Personal Loans begin at 10.99% annually. However, a person's credit score, ability to repay the loan, age, employment, and other factors can affect the interest rate that the bank offers to them.

While applying for a personal loan, borrowers must also consider the processing fees and other additional charges. The table below illustrates the processing and the other associated costs while opting for an IDFC First Bank Personal Loan:

IDFC First Bank offers a range of personal loans to cater to your various financial needs. Here are the types of personal loans available:

• Travel Personal Loan

Fund your dream vacations, whether domestic or international, with flexible repayment options.

• Emergency Personal Loan

Get instant funds to manage unforeseen financial emergencies without hassle.

• Wedding Personal Loan

Cover wedding expenses like venue, décor, or attire to make your special day memorable.

• Medical Personal Loan

Address unexpected medical expenses quickly with accessible and flexible loan options.

• Home Improvement Personal Loan

Finance renovations, repairs, or upgrades to enhance your living space.

Willing borrowers should also know the salient features of an IDFC First Personal Loan. The features and beneficial aspects of the same are as follows:

• Customers get the benefits of extremely low interest rates by opting for an IDFC Personal Loan. Further, the financial institution offers this credit at a fixed interest rate.

• The process for applying for a personal loan from IDFC First Bank is quite transparent and simple.

• One can choose a loan repayment tenure from 12 to 60 months as per their financial strength. Further, the monthly instalments will be calculated per the borrower’s eligibility and the loan terms.

• Customers can get approval for certain financial products from IDFC Bank even without filling out any paperwork.

• A minimal prepayment fee of 5% of the remaining balance will be assessed if you choose to pay off your IDFC Loan early.

• A minimal prepayment fee of 5% of the remaining balance will be charged if you choose to close your IDFC Loan before the end of the repayment tenure.

• There is no collateral to be submitted to avail IDFC First Bank Personal Loan.

• If you already have an IDFC Personal Loan and are an established customer of IDFC First Bank, you may opt for a top-up loan option to obtain additional funding.

Borrowers have to meet the following IDFC Personal Loan eligibility criteria to apply for this credit facility:

For salaried individuals

• The borrower must be at least 23 years old at the time of applying and not above 58 years during the time of loan maturity.

• When assessing a customer's eligibility, IDFC Bank takes into account the customer's repayment capacity, employment status, CIBIL score, and credit history.

For self-employed individuals

• The age of the applicant must be at least 28 years at the time of applying and 68 years during the maturity of the loan.

• The applicant must have had a business venture for at least three years.

• Applicant’s business must have a positive Profit after Tax (PAT).

Prospective borrowers have to submit the following documents in order to get approval for an IDFC Personal Loan:

• Identity proof, such as an Aadhaar card, passport, PAN card, etc.

• Address proof, such as an Aadhaar card, bank account statement, passport, utility bills, etc.

• For salaried applicants, the last three to six month’s bank statement and recent payslip are mandatory for the income proof 

• For self-employed applicants, the previous two years’ ITR and balance sheet, along with the last six months' bank account statements as income proof

• Self-employed individuals will also have to provide the following proof:

• Qualification Certificate

• Certificate of Practice (COP)

• Shop Act License

• Sales Tax

• Vat registration

• MOA & AOA

• Partnership Deed

To figure out your EMI amount, you can take the help of the IDFC Bank Personal Loan EMI Calculator. This will allow you to plan your loan repayments in a better way and avoid possible credit defaults.

An EMI calculator is a customised online tool that helps determine your monthly instalments based on three variables: principal loan amount, rate of interest and repayment tenure (in months).

You can apply for an IDFC Personal Loan by following these simple steps:

1. Visit the official website of IDFC First Bank and locate the personal loan application form page.

2. After filling up all the details, a relationship manager will be assigned to you if you meet all the qualifying requirements.

3. Following this, the relationship manager will visit your address to collect all the necessary paperwork for the personal loan.

4. The financial institution will verify the paperwork, following which you may have the option of negotiating the terms of the loan with the lender.

5. After the successful completion of all the steps mentioned above, the bank will sanction your loan, and you will receive the funds in no time.

You can also go to the nearest branch of IDFC First Bank with the necessary paperwork. You will receive assistance from a bank employee during the application process for an IDFC First Bank Personal Loan.

You can contact the bank’s customer service team from 9:30 AM to 6:00 PM on all working days, excluding 2nd and 4th Saturdays and bank holidays. Here is how:

• Dial 1800-268-0000 for general assistance

• Existing customers can call 1860 258 2000 for loan-related queries

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.