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No Collateral

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10.49* P.A.

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Minimal Documentation

What is IDFC FIRST Bank
Personal Loan?

IDFC FIRST Bank is one of the prominent banks of India that is helping and providing personal loans easily. Getting a Personal loan is not a difficult task these days with the IDFC Bank. Avail Personal loan from the most trusted bank in India and release your financial pressure.

The interest rate of a Personal Loan starts from 10.49% P.A. Submit your documents online and get instant disbursement of personal loan through IDFC Bank.


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What is IDFC FIRST Bank Personal Loan?

Eligibility Criteria for IDFC
FIRST Bank Personal Loan

1. Age: The age of the borrower must be between 23-60 years.

2. Income Proof: The borrower must have a monthly income of more than 25000 rupees to avail of the loan.

3. Credit History: The borrower should have a credit score of more than 700.

4. Debt to Income Ratio: Debt to income ratios should be kept below 50%

5. Job Stability: The borrower must be employed for more than 3 years in the same company.

IDFC FIRST Bank Personal Loan Documentation

1. Aadhar Card/ PAN Card

2. Utility Bills

3. Bank statement of previous 3 months

4. Passbook of previous 6 months

5. Two latest salary slips/current dated salary certificates with the latest Form 16


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Eligibility Criteria for IDFC FIRST Bank Personal Loan

How to Apply for IDFC FIRST
Bank Personal Loan?

Applying for the IDFC FIRST Bank Personal Loan is quite an easy and hassle-free task. Mentioned below are the steps to avail of the personal loan.

  1. Visit the website of IDFC FIRST Bank or click on apply now here.

  2. Fill in the application form correctly and submit it.

  3. Complete the documentation online.

  4. Get approval for the IDFC FIRST Personal Loan easily.

  5. IDFC Personal loan shall be disbursed in the account in no time.


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How to Apply for IDFC FIRST Bank Personal Loan?

Fees and Charges for IDFC FIRST Bank Personal Loan

Charges Description

Fees / Charges

Processing fees (Non-Refundable)

Upto 3.5% of Loan Amount

Stamp Duty

At Actuals

EMI Return

Upto INR 400/- per EMI bounce

Cheque/ECS Swap

Upto INR 500/- per transaction [Mandate swap from other bank to IDFC FIRST Bank - Nil]

EMI Pickup/Collection Charge

Upto INR 500/-

Duplicate NOC

Upto INR 500/- per instance

Physical Statement of Account/Repayment Schedule

Upto INR 500/- per statement

Foreclosure

Allowed after payment of 6 or more EMI’s or 6 months whichever is later. 5% foreclosure charges applicable on the principal outstanding

Document retrieval charges (per retrieval)

Upto INR 500/- per instance

Part Payment Charges (only for Smart PL)

Upto 2% part payment charges are applicable on partial payment. Part Payment is to be made from the customer's own funds. Part-payment is not allowed for customers who have opted for a Simple Personal Loan/Pre-approved Personal Loan.

Loan Cancellation

Loan cancellation is allowed only within the first 15 days from the date of loan disbursal with nil charges. After the first 15 days, the foreclosure clause will be applied. For Digital Personal Loans, it can be canceled within 3 days at no charge. Post 3 days of the freelook period, the loan will be treated as standard foreclosure with upto 5% charge

Late payment/Penal charges/ Default interest/Overdue (per month)

Upto 2% of the unpaid EMI or Upto INR 300 whichever is higher

 

IDFC Bank Personal Loan EMI Calculator

Loan Amount

Tenure

MO

Interest Rate in %

%

Your Monthly loan emi Rs:23,537

Monthly amount paid to your loan provider

Interest rate in %

Total Payble Amount

5,64,882
Rs

your loan details as specified by you

Loan Amount
5,00,000
Rs
Tenure
24
M
Interest Rate
12
%

Frequently Asked Questions on IDFC
FIRST Bank Personal Loan

What is the eligibility criteria for IDFC Personal Loan?

The eligibility criteria for IDFC Personal Loan include being a salaried individual aged between 23 and 58 years with a minimum monthly income of Rs. 25,000. Additionally, the applicant should have a stable employment history and a good credit score.

What is the maximum loan amount one can avail through IDFC Personal Loan?

The maximum loan amount that can be availed through IDFC Personal Loan is Rs. 40 lakhs. However, the final loan amount is subject to the applicant's eligibility, income, and creditworthiness.

What is the tenure for repaying IDFC Personal Loan?

IDFC Personal Loan offers flexible repayment tenure ranging from 1 to 5 years. Borrowers can choose a repayment period that suits their financial situation and repayment capacity.

Is there a requirement for collateral or guarantor for IDFC Personal Loan?

IDFC Personal Loan is an unsecured loan, meaning there is no requirement for collateral or a guarantor. This makes the application process quicker and more convenient for eligible applicants.

How long does it take for IDFC to disburse the loan amount after approval?

After the loan approval, IDFC strives to disburse the loan amount within 4-7 working days, provided all the required documents are submitted and the verification process is completed successfully. The disbursal time may vary based on individual cases and compliance with the necessary procedures.