Avail Instant Personal Loans ✓ Loan up to 50 Lakhs ✓ Quick Disbursal ✓ Minimum Documentation!

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

In October 2015, IDFC Bank was established as a public limited corporation to provide banking operations. IDFC provides a diverse range of financial products and services. IDFC Bank Personal Loan is one of the bank's most popular products. IDFC has earned the confidence of its consumers and has emerged as a preferred financial service provider. It features tailored personal loan offerings to meet all of your financial requirements.

IDFC Personal Loan assists you in meeting a variety of personal needs such as medical emergencies, weddings, vacations, home renovations, higher education, and so on. The bank provides a personal loan of up to Rs. 40 Lakhs, which may be obtained both online and offline. Through its end-to-end digital platform, IDFC Bank also provides pre-approved loans to certain customers.

IDFC First Bank Personal Loan Details

IDFC First Bank Personal Loan comes with low-interest rates and flexible payback terms. IDFC Personal Loans may be obtained with minimal documentation.

Here is the table containing IDFC Personal Loan details.

Rate of Interest

10.49% per annum - 23% per annum

Tenure of Loan

Up to 60 months

Amount of Loan

Up to Rs. 40 Lakhs

Processing Fee

Up to 3.5% of the loan amount + GST

Foreclosure Charges

5% of the principal outstanding

IDFC First Bank Personal Loan Interest Rate

IDFC Personal Loan interest rates start at 10.49% per annum. However, the interest rate given by a bank to a person is impacted by various characteristics such as credit score, repayment ability, age, employment, etc. Here is the detailed information about fees and charges for the IDFC First Bank loan.

Charges for EMI Bounce Per Presentation

Rs. 400

Charges for Cheque Swapping (Per Swap)

Rs. 500

Charges for Prepayment

5% of the outstanding principal amount

Charges for Issuing Duplicate No Objection Certificates

Rs. 500

Late Payment/Penalties/Default Interest/Past Due (Per Month)

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

Cancellation and Rebooking fees

1% of the loan amount + interest

Physical Repayment Plan

Rs. 500

Fees for Document Recovery (Per Retrieval)

Rs. 500

Account Statement in Physical Form

Rs. 500

Charges for EMI Collection

Rs. 350

*Interest rates and charges are subject to market conditions and the bank’s discretion.

IDFC Personal Loan Features & Benefits

Here are the features & benefits of an IDFC Personal Loan:

  • IDFC Personal Loan comes with extremely low-interest rates. For personal loans, it adheres to a fixed rate of interest.

  • The method for obtaining a loan is transparent.

  • Flexible repayment terms of 12 to 60 months are available. Your EMI will be determined by your eligibility and loan term.

  • You can even get approval on specific IDFC First goods without filling out any paperwork.

  • If you decide to pay off your IDFC Loan early, you will be charged a low prepayment fee of 5% of the outstanding sum.

  • A personal loan from IDFC does not require a guarantor.

  • To safeguard your IDFC Personal Loan, optional loan protection/insurance covers are available.

  • If you are an established IDFC First Bank customer, you may use the top-up loan option to get additional money on your existing IDFC Personal Loan.

IDFC Personal Loan Eligibility and Criteria

Here are the IDFC Personal Loan eligibility details for salaried and self-employed individuals.

Salaried Person

  • The borrower’s age must be a minimum age of 23 years and maximum age of 58 years at the time of loan maturity.

  • IDFC Bank considers the customer's repayment ability, job status, credit history, and credit score while determining the customer's eligibility.

Self-Employed Person

  • The applicant’s minimum age should be 28 years, and the maximum should be 68 years at the time of loan maturity.

  • The business must be in existence for at least three years.

  • The company’s Profit after Tax (PAT) must be positive.

IDFC Personal Loan EMI- Calculator

You can use the IDFC Bank Personal Loan EMI calculator to calculate your EMI. An IDFC Bank Personal Loan EMI calculator can help you figure out your pay-outs promptly, allowing you to organise your loan repayments better.

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  IDFC Bank Personal Loan EMI is Calculated

You can calculate the Equated Monthly Instalments (EMIs) of an IDFC Bank personal loan with the help of the following formula:

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

where,

EMI is Equated Monthly Instalment,

P is the principal amount,

R is the monthly rate of interest, and

N will be the IDFC Bank Personal Loan repayment tenure (in months).

How to Apply for IDFC First Bank Personal Loan

Here is the step-by-step guide through which you can apply for an IDFC Bank Personal Loan

  1. Access the bank's official website and apply for an IDFC Personal Loan by completing the online application form.

  2. The bank will assign a relationship manager if you match the qualifying requirements.

  3. The relationship manager will come to your communication address and collect the required paperwork.

  4. The bank will verify your papers after they have been submitted.

  5. The procedure may also include a chat with the lender about your interest in obtaining a personal loan from them.

  6. If you supply all required paperwork and the bank is happy with the reports, the loan will be authorised and paid to your bank account.

You may also visit the nearest IDFC First Bank location with appropriate documents. A bank professional will assist you with the application procedure for an IDFC First Bank Personal Loan.

Documents Required for IDFC Personal Loan

Following is the list of documents required for an IDFC Personal Loan.

  • Identity Proof (Aadhaar card, PAN card, passport, and so on)

  • Address Proof (Aadhaar card, passport, bank account statement, utility bills, and so on)

  • For salaried individuals, a bank statement from the last three months or six months, as well as the most recent payslip, is mandatory as income proof.

  • Income tax returns for the last two years, a balance sheet for the previous two years, and a bank statement for the last six months are necessary for self-employed individuals as proof of income.

  • Self-employed persons must provide proof of business, such as a Qualification Certificate/Certificate of Practice (COP), Shop Act License/Sales Tax/Vat registration/MOA & AOA/Partnership Deed.

IDFC First Bank Corporate Address

IDFC FIRST Bank Ltd Naman Chambers,

C-32, G-Block,

Bandra-Kurla Complex, Bandra East,

Mumbai - 400051, India

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