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IDFC First Bank 1 Lakh Personal Loan

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HDFC Bank
10 Second Disbursal*100% Digital Process*Quick Disbursal
Max Loan Amt.Upto ₹25L
Rate of Interest9.99% - 12.5%
Tenure upto1-5 Years
Processing Fee₹ 6,500
Axis Bank
Low Processing fee
Max Loan Amt.Upto ₹25L
Rate of Interest9.99% - 17.15%
Tenure uptoUpto 6 Years
Processing FeeUpto 2%
Kotak Mahindra Bank
Lowest Income requirement100% Digital Process*
Max Loan Amt.Upto ₹25L
Rate of Interest9.98% - 17.2%
Tenure upto1-5 Years
Processing Fee1.1% - 1.5%

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How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Features of 1 Lakh IDFC First Bank Personal Loan

The following are some of the key features of a personal loan of Rs. 1 lakh from IDFC First Bank:

  • Offered at a competitive interest rate starting from 9.99% p.a.
  • Comes with flexible repayment tenure ranging between 9 to 60 months
  • 100% digital application process - no branch visits or paperwork required
  • Zero foreclosure charges
  • Instant disbursal within 30 minutes of loan approval
  • No collateral or security required and no restriction on end usage

Interest Rates for 1 Lakh IDFC First Bank Personal Loan

IDFC First Bank personal loan interest rate starts at 9.99% p.a. for applicants availing a loan amount of Rs. 1 lakh. However, the interest rate offered to an applicant might vary depending on the credit profile of the applicant, income and employment stability, loan amount and tenure desired, existing relationship with the bank, etc.

Eligibility Criteria for 1 Lakh IDFC First Bank Personal Loan

The following is the key eligibility criteria for applicants to avail a personal loan of Rs. 1 lakh from IDFC First Bank:

  • Should be aged between 21 to 60 years
  • Should be either salaried or self-employed
  • Salaried individuals should have a minimum monthly salary of Rs. 25,000

Documents Required for IDFC First Bank Personal Loan of 1 Lakh

You are not required to submit any physical documents to avail a personal loan of Rs. 1 lakh from IDFC First Bank since the bank has a completely digital application process. You just need to present your physical PAN card during the video KYC process.

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Fees and Charges for 1 Lakh IDFC First Bank Personal Loan

The following are the key fees and charges associated with a personal loan of Rs. 1 lakh from IDFC First Bank:

Type of Charge Fee/Charge
Processing Fee 2% of the total loan amount (incl. GST)
Stamping Charges According to the State’s Stamp Act
Penalty on EMIs Overdue 2% of unpaid EMI
EMI Bounce Charges 7.5% of the EMI/ outstanding amount (minimum Rs. 400 and maximum Rs. 1,000)
Payment Swap Charges Nil
Foreclosure Charges Nil (Foreclosure requires a sanction letter)
Part Pre-Payment Charges Not permitted
EMI Pickup/Collection Charges Rs. 500
Duplicate No Objection Certificate Rs. 500
Physical Statement of Account Rs. 500
Document Retrieval Charges Rs. 500
Cooling-off Period Penalty Nil for 3 days (Loan can be cancelled without penalty within 3 days)
Technical Bounce Charges (Mandate Rejection Technical Bounce Charges) 7.5% of the EMI/ outstanding amount (minimum Rs. 400 and maximum Rs. 1,000)

EMI Calculation for Personal Loan of Rs. 1 Lakh for Different Tenures

The following is the EMI calculation of personal loan of Rs. 1 lakh from IDFC First Bank offered at 9.99% p.a. for different tenures. Applicants planning to get a personal loan can calculate the EMI and total interest cost payable throughout the loan tenure using online personal loan EMI calculator.

Loan Amount Loan Tenure Interest Rate (p.a.) EMI (Rs.)
Rs. 1,00,000 1 year 9.99% 8,791
Rs. 1,00,000 2 years 9.99% 4,614
Rs. 1,00,000 3 years 9.99% 3,226
Rs. 1,00,000 4 years 9.99% 2,536
Rs. 1,00,000 5 years 9.99% 2,124

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How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

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FAQs

You can use your IDFC First Bank personal loan to meet any personal financial need such as to meet medical expenses, home renovation, travel expenses, etc.

The total interest cost of Rs.1 lakh personal loan at 9.99% p.a. for a tenure of 1 year is Rs. 5,493.

You can apply for an IDFC First Bank personal loan of Rs. 1 lakh through the official IDFC First Bank website or mobile app. You can also visit the Paisabazaar app or website to compare the interest rates and other loan offers by various lenders and apply for the one that best suits your requirements.

No, you need not submit any collateral or security to avail a personal loan of Rs. 1 lakh from IDFC First Bank. 

You can repay your IDFC First Bank 1 lakh personal loan within a tenure ranging between 9 to 60 months.

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I always used to think that the paperless loan is a myth. But on Paisabazaar, I applied for the pre approved loan from IDFC Bank and all documentation was already done. I just filled the form, did kyc and my loan was approved and disbuursed one the same day.

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