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IDFC First Personal Loan

**Disclaimer: IDFC First Bank is not a Bajaj Markets partner. Offers would be from partner Banks/NBFCs only.

IDFC Bank was founded in October 2015 as a public limited organisation to offer banking services. This firm offers a wide range of financial products and services to its customers. One of the most popular financial products offered by IDFC is an IDFC Bank Personal Loan.

One can use an IDFC Personal Loan to fund personal expenses like higher education, home renovations, weddings, vacations, and medical exigencies. The bank offers personal loans up to Rs. 40 Lakhs that can be applied for online or in person. 

IDFC First Bank Personal Loan Interest Rates

Interest rates for IDFC Personal Loans begin at 10.49% 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 Personal Loan

EMI bounce charges 

Rs. 400

Cheque swapping charges (per swap)

Rs. 500

Prepayment charges 

5% of the remaining loan amount 

Duplicate NOC issuing charges 

Rs. 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 

Rs. 500

Document recovery fees (per retrieval) 

Rs. 500

Account statement in documented form 

Rs. 500

EMI collection charges 

Rs. 350

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: 

1. 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.

2. 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 an approval for an IDFC Personal Loan: 

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

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

  • For salaried applicants, last three or 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 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

IDFC First Bank Personal Loan EMI Calculator

To figure out your EMI amount, you can take 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). 

Calculate Personal Loan EMI

Loan Amount
Tenure
  • Months
  • Years
Rate of Interest
%

Your monthly EMI is

at % interest rate for months

Total Amount Payable
Principal Amount
Total Interest
Year Principal Interest Balance

How to Calculate EMI for IDFC First Bank Personal Loans

Willing borrowers can also determine their monthly instalments for a personal loan by using the following mathematical formula:

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

In this formula, P is the principal loan amount, R is the rate of interest charged by the IDFC Bank, and N is the total repayment tenure in months.

The above-mentioned formula can help borrowers calculate an approximate EMI value for their IDFC First Bank Personal Loans.

How to Apply for IDFC Personal Loan

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

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

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

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

  • Step 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. 

  • Step 5: After 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.

Comparison of IDFC First Bank Bank with Other Lenders

Banks or NBFCs

Rate of interest per annum

Bajaj Finance Limited

13.5% Onwards

Axis Bank

10.49% Onwards

PaySense Partners

14% Onwards

Fibe

14% Onwards

CASHe

30% Onwards

KreditBee

15% Onwards

SBFC Finance Private Ltd

14% Onwards

Fullerton India

12% Onwards

Muthoot Finance

14.50% Onwards

Prefer Partners

21% Onwards

YES Bank

10.99% Onwards

mPokket

24% Onwards

IIFL

16.50% Onwards

InCred

21% Onwards

Note: The interest rate charges are subject to change because of a variety of factors. Before applying, please confirm the current interest rate with your preferred lender.

Check Other Bank’s Personal Loans

The table below shows the personal loan terms offered by some of the other lending institutions in India: 

Parameters 

HDFC Bank Personal Loan

Bank of Baroda Personal Loan

Citibank Personal Loan

Rate of interest 

10.50% per annum onwards

9.70% per annum onwards

9.99% per annum onwards

Processing fees 

Up to Rs.4,999

2% + GST

3.00% + GST

Foreclosure charges 

2% to 4% of the remaining loan amount

N/A

4% of the remaining loan amount 

Late payment charges 

2% of the overdue amount per month

2% of the overdue amount per month

N/A

Disclaimer: The details are subjected to changes as per financial institution’s policies. Please double check all the details before applying for a loan.

IDFC First Bank Personal Loan Customer Care

You can dial 1800 419 4332 to speak with the bank's customer service department. Further, existing customers can call on 1860 258 2000 in order to get assistance for any loan-related queries from 9:30 am to 6.00 pm on all working days except 2nd and 4th Saturdays and bank holidays. 

FAQs on IDFC Bank Personal Loan

  • ✔️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

  • ✔️How to check IDFC Bank personal loan status?

    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.

    • Enter your personal loan details and press the 'Submit' button.

    • After that, you will be able to view your IDFC Loan status. 

  • ✔️How long does it take for a personal loan to be processed at IDFC?

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

  • ✔️Is it beneficial to have a salary account with IDFC First Bank to get a personal loan?

    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.

  • ✔️How can I calculate IDFC Personal Loan EMI?

    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)

  • ✔️What are the different methods of repaying a personal loan received from IDFC First Bank?

    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.

  • ✔️How can I get in touch with IDFC customer care?

    You can contact IDFC customer service through the given details:

    • Bank Accounts – 1800-419-4332

    • Loans – 1860-500-9900

    • Rural Banking – 1800-419-8332

    • Credit Card – 1860-500-1111

    • NRI Number – 022-6248-5152