Apply for IDFC First Bank Personal Loan

Collateral Free Loan | Lowest Interest Rate | Maximum Loan Amount | Lower Processing Fees | Door Step Service

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20

Years Of Experience

About IDFC First Bank Personal Loan

IDFC Firs Bank Personal Loans offer instant loan approval and come with no foreclosure and part payment charges. These versatile loans serve various purposes, such as funding children's education, handling medical emergencies, covering wedding expenses, renovating homes, starting a business, or consolidating other financial liabilities.

LoanMoney is a registered and authorized Direct Selling agent of various National, Multinational, and Non-Banking Financial Companies. IDFC Firs Bank provides hassle-free Personal Loan facilities to salaried individuals at attractive interest rates. The application process is simple, requires minimal documentation, and offers easy repayment options with the lowest EMI. To benefit from the lowest interest rates, apply for an IDFC Firs Bank Personal Loan through LoanMoney.

Features of IDFC First Bank Personal Loan

  • Minimum age at the time of application should be 23 years.
  • Maximum age at personal loan maturity should be 60 years or retirement age whichever is earlier.
  • Minimum NTH Salary should be Rs. 25000.
  • Should have completed minimum of 2 years in employment and a minimum of 1 year in the current company.
  • Should have completed a minimum of 1 year of stay at the current residence, if rented.
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Details of IDFC First Bank Personal Loan

  • Interest Rate

  • Eligibility Criteria

  • Documents Required

  • General Information

Interest Rate

Fee Amount to be Paid
Rate of Interest Interest Rate vary from 12.99% To 17%
Loan Processing Charges 1.5% To 2%
Cheque Bounce Charges NA
Cheque/ Instrument Swap charges NA
Prepayment/ Foreclosure Charges NA
Default Interest Rate NA
Duplicate Statement Issuance Charges NA
Duplicate Amortization Schedule Charges NA
Duplicate Interest Certificate NA
S(Provisional/ Actual) issuance Charges NA
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IDFC First Bank Personal Loan Eligibility Criteria

The following people are eligible to Apply for IDFC First Bank Personal Loan:

  • Salaried Doctors, CAs, salaried employees of MNC, Private Ltd., Public sector undertakings, including central, state, and local bodies
  • Salaried Individuals between 23 and 60 years of age
  • Salaried Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer.
  • Those who earn a minimum of Rs. 25,000 net income per month.
Particulars Salaried Self Employed Professional
Age(Min-Max) 23 To 60 Years 25 25
Minimum Income Rs. 25,000/- Rs. 3,00,000/ Per Annum NA
Co-applicant NA NA NA
Loan Tenure 12 To 60 Months 12 To 36 Months 12 To 48 Months
Maximum Loan Amount 1 Lacs To 20 Lacs Upto 25 Lacs Upto 25 Lacs
Employment/Business Continuity 1 Year 3 Years NA
CIBIL Score 650+ 600+ NA

Document for Private Limited Companies Personal Loan

LoanMoney will help you to achieve all your financial goals. With the Personal Loan EMI Calculator, you can calculate your monthly installments process before you apply for a Personal Loan and have a definite estimate of your monthly payments well in advance. Quick Form for Personal Loan in India.

    Document Required for Salaried Individuals
  • Application Form with 2 Passport size Photo
  • Proof of Identity: PAN Card / Aadhaar Card, Valid Passport, Ration Card
  • Proof of Address: Valid Passport, Voter ID Card, Driving License, Latest Utility Bill.
  • 3 Months Bank Statement of Salary Account
  • Latest 3 Month Salary Slips
  • Form 16 / Office I-Card
  • 1 Year Job Continuity Proof

Post-sanction / Pre-Disbursement Documentation Required

Other documents required after approving the loan and before disbursing the amount. The documents are as follows:
  • Security Cheques required for SI and ECS
  • Loan Agreement duly signed by the customer
  • Document proof required from Borrower may change from case to case.
  • Qualification or Registration Proof is required for doctors, architects, CAs, ICWAs, CS, MBA Consultants, and Engineers.

IDFC First Bank General Information

General Information
  • Loan Amount:Rs. 1 Lac to 40 Lacs
  • Rate of Interest (APR)*: 10.75% to 22.50%
  • Repayment Tenor: 12 Months to 60 Months
  • Processing Fees:0.75% to 2.50% + GST as applicable
  • Prepayment/ Foreclosure:Nil (After 12 months) or 1% - 4% (Before 12 months)

  • Illustration:Rs. 1 Lac loan on @10.75% with processing Fees for 60 Months comes to Rs. 1,29,708/- Equated Monthly Instalment shall be: Rs. 2,162/- only.
  • APR* - Annual Percentage Rate
Salaried Self Employed Professional
Age 23 To 60 Years 25 25
Loan Amount 1 Lacs To 20 Lacs Upto 25 Lacs Upto 25 Lacs
Tenure 12 To 60 Months 12 To 36 Months 12 To 48 Months
Rate of Interest / APR [Annual Percentage Rate] 11.10% To 17.20% 17% To 22% NA
Features Top-up Facility for Existing Customer Top-up Facility for Existing Customer Top-up Facility for Existing Customer
Processing Fees 1.5% To 2% 2% of Loan Amount Plus Service Tax 2%
Special Easy Documentation Quick Loan Disbursal Normal or Overdraft
Documentation Income Proof, Address and Identity Proof Balance Sheet & ITR 3 yrs BS, P&L , ITR and Banking
Eligibility Repayment of Total amount [Illustrative] on Rs. 1 Lac loan on @14% with processing Fees for 60 Months comes to Rs. Rs. 1.41 Lacs < 50k salary = FOIR of 50% >50k salary =FOIR of 70%

Quick Enquiry for IDFC First Bank Personal Loan

Share your contact details and talk with our experts to get an instant decision on your loan.

Check Your Eligibility

How much do you need?

EMI Calculator

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Locations for IDFC First Bank Personal Loan

Purpose for Taking Personal Loan

Wedding
Expenditure

Make your wedding day more memorable by adding some extra facilities which you can be fulfilled by a personal loan.

Medical
Emergencies

Fulfill your medical expenses like hospitalization bills, medical prescription bills, surgeries, etc

Balance
Transfer

Pay less rate of interest and save more by applying for Personal Loan.

Credit Card
Payment

Repays the entire credit card bill in one shot and then makes pocket-friendly EMIs .

Higher
Education

Reduces the strain on your family savings and eliminates the need to liquidate your investments in fixed deposits

Travel &
Tourism

Planning to go on a vacation or looking for ways to pay for holiday travel without breaking your credit card.

Financial
Restructuring

Maintain continuity in servicing the debt and get a certain degree of flexibility to restore financial stability.

Home
Renovation

Don't need to wait for a longer time to renovate your home. Avail for a Personal Loan now.

FAQs for IDFC First Bank Personal Loan

  • What are the benefits of taking a personal loan with the help of Loanmoney?

    The benefits of taking a personal loan with the help of Loanmoney are:

    • Collateral-free Loan
    • Minimum Document Required
    • Attractive Rate of Interest
    • Flexible Repayment Option
    • Lowest EMI
    • Maximum Loan Tenure
    • Quick Disbursal
    • Door-Step Services
  • What is the tenure of a personal loan?

    Personal loans feature tenure of 1 year to 5 years or 12 to 60 months.

  • What are the key documents required when applying for a personal loan?

    The key documents required for a personal loan are:

    • Application Form with Passport size Photo
    • Identity proof: Voter ID Card, Aadhar Card, PAN Card, Passport, Driving License
    • Address proof: Voter ID Card, Aadhar Card, Driving License, Ration Card, Passport, Telephone/Electricity Bill, Rental Agreement.
    • Latest 3 months bank Passbook statement
    • Latest 3 months salary slip or current salary certificate.
    • Latest Form 16
  • Am I eligible for a personal loan?

    To be eligible for a personal loan, you must have a regular source of income to avail of a personal loan, whether you are a salaried individual, a self-employed business person, or a professional. Some other factors that are affected are credit history, residential location, and other factors as per the lender’s criteria.

  • What is an EMI?

    EMI stands for Equated Monthly Installment (EMI). It is a monthly payment given by a borrower to a creditor on a defined day in each month. EMIs apply to both interest and principal each month, and the loan is paid off in full over some years.

  • What are Nil Foreclosure Charges in Personal Loan?

    The term Loan foreclosure means when a person does the full repayment of the remaining loan amount in one single & final payment instead of paying it back in multiple EMIs.

    Some banks don't allow foreclosure of the loan as they won’t get the interest from the borrower and some banks allow foreclosure of the loan but they charge a certain amount from the borrower. While taking a Personal Loan try to see if there is zero foreclosure charges or nil foreclosure charges facility available for borrowers. This can save you money that you were going to pay to the bank.

  • Do I need to provide any security or collateral to obtain a Personal Loan from Bank?

    No, you don’t have to provide any security, collateral, or guarantee to obtain a Personal Loan from Bank.

  • How much would I need to repay each month?

    At the time of booking your loan, the EMI (Equated Monthly Instalments) will be calculated based on the loan amount sanctioned, interest rate, and the tenor.

  • How long will it take for my Personal Loan to be processed?

    Once you submit your application form and the required documents as per Bank's criteria, you can expect our approval and disbursal within 5 working days, provided everything is in order. All loan approvals are at the sole discretion of the bank.

  • What happens if I miss an EMI payment or there is an ECS bounce?

    The bank will levy certain ECS bounce charges/penalties. In addition, it will get reported in your credit report. Depending on the severity of the default it can have a serious impact on your future credit possibilities like a home loan, car loan, etc. In addition, the banks can also take legal action against the borrower.

Clients words

What our clients say

We pride ourselves on providing transparent and quality service to our clients, but you don’t just have to take our word for it. Read what our clients have to say about us.

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Job Varghese

Client

I am totally satisfied by loan money and the way it services its customers.... especially I thank and appreciate Ms. Somya as she is a great resource to the organization. She has been constantly assisting me from start till the end and has been a very prompt and sensible officer as she could offer the relevant deal for me.

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Vishwajeet Nanaware

Client

LoanMoney is really good in providing loan services. Particularly Chanchal, my loan assistant has great skills to communicate with her clients and understand their needs. She processed my personal loan on time. The rate of interest offered was lower than the others. it was overall a good experience with 100% satisfaction.

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Avlokit Kaushik

Client

This is my second time in have taken a loan from LoanMoney. Kavita has helped me a lot..very cooperative very helpful very fast. Thanku again.

Who Can Take a Personal Loan

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