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IDFC First Bank Personal Loan

IDFC First Bank Personal Loan offers tailored solutions for diverse financial needs. Enjoy flexible tenures, quick approvals, and hassle-free processing.

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Partners

20+
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Maximum Loan Tenure

8 Years
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Maximum Loan Amount

₹50 Lakhs

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.

IDFC First Bank Personal Loan Details

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

Loan Amount

Up to ₹10 Lakh

Repayment Period

Up to 84 months

Interest Rate

Starting from 10.99% per annum 

Processing Fees

3.5% of loan amount + GST

Foreclosure Charges

Up to 5% of the principal loan outstanding after 9 EMIs or 9 months, whichever comes later.

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

IDFC First Bank Personal Loan Interest Rates

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.

IDFC First Bank Personal Loan Processing Fees & Other Charges

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:

EMI bounce charges 

₹500

Cheque swapping charges (per swap)

Nil

Prepayment charges 

5% of the remaining loan amount 

Duplicate NOC issuing charges 

₹500

Penalties/ late payment/ default interest/ past due (per month)

2% of the unpaid instalment or Rs. 300, whichever is higher 

Rebooking and cancellation fees 

1% of the loan amount + interest 

Physical repayment plan 

₹500

Document recovery fees (per retrieval) 

₹500

Account statement in documented form 

₹500

EMI collection charges 

₹500 + GST

Disclaimer: The charges provided above may change as per the bank’s policies.

Types of IDFC First Bank Personal Loans

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.

IDFC First Bank Personal Loan Features & Benefits

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.

IDFC First Bank Personal Loan Eligibility

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).

Documents Required for IDFC First Bank Personal Loan

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

How to Apply for the IDFC First Bank Personal Loan

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.

How Can I Get in Touch with the IDFC First Bank’s Customer Care Team

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

DISCLAIMER

The information and suggestions provided by BFDL hereinabove is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial advice or endorsement of any sort.

The information including interest rates or fees, loan amount and other charges with regard to any product, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks or NBFCs. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any application or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products.

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.

Frequently Asked Questions

What are the different types of IDFC personal loans offered?

IDFC provides three types of personal loans:

  • Personal loan for marriage

  • Personal loan for emergency

  • Personal loan for travel

You can check the status of your IDFC Bank Personal Loan through the mobile app. 

  • Install the IDFC First Bank app on your mobile device.

  • To access the mobile app site, enter your details.

  • You may check the status of your application by clicking on 'Product and Services in the menu area.

On submitting all essential papers and assuming everything is in order, the request will be handled within five days.

If you have a salary account with IDFC Bank, you can enjoy a lower rate of interest and processing charge, as well as faster processing and less paperwork.

Here is the formula you can use to calculate your IDFC Personal Loan EMI.

P x R x (1+R)^N] / [(1+R)^N-1]

Where,

P = Principal, or the amount of your loan

R = Interest Rate

N = Tenure (loan term in a number of years)

You can repay your IDFC Personal Loan in the form of EMI by the different methods mentioned below:

  • Net Banking

  • Debit Card

  • Credit Card

  • Paytm Wallet or other wallets

  • UPI

  • You can also visit the nearest IDFC Bank branch to repay

You should have a CIBIL score of at least 750 to be eligible for a personal loan from IDFC First Bank.

No. However, you will be required to pay a fee as specified by the bank in the loan agreement when you opt for this facility.

IDFC First Bank usually approves the application and credits the loan amount to the borrower’s account within 3-4 days.

Yes, you can cancel your loan application, even after the bank has approved it, by contacting a bank representative to initiate the process.

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