The following are some of the key features of a personal loan of Rs. 1 lakh from IDFC First Bank:
IDFC First Bank 1 Lakh Personal Loan
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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
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:
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.
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 |
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
What purpose can I use my IDFC First Bank 1 lakh personal loan?
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.
What is the total interest cost of Rs. 1 lakh personal loan at 9.99% p.a. and tenure of 1 year from IDFC First Bank?
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.
How can I apply for an IDFC First Bank 1 lakh personal loan?
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.
Do I have to submit security to avail a personal loan of Rs. 1 lakh from IDFC First Bank?
No, you need not submit any collateral or security to avail a personal loan of Rs. 1 lakh from IDFC First Bank.
What are the tenure options available on an IDFC First Bank 1 lakh personal loan?
You can repay your IDFC First Bank 1 lakh personal loan within a tenure ranging between 9 to 60 months.
Personal Loan Articles
View All ArticlesPaisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners.
The APR (Annual Percentage Rate) of a personal loan is its annualised cost of borrowing, which includes the interest rate as well as the processing fees, documentation fees and other fees charged during the loan origination. The APR is expressed in the form of a percentage and thus, allows personal loan applicants to detect personal loan schemes offered at lower interest rates but with higher processing fees and/or other charges.
The APR of personal loans usually ranges between 11.29% to 35%. For example, assume that you have availed a personal loan of Rs. 5 lakhs @ 10.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, which amounts to Rs 7,500. Therefore, the total borrowing cost of your personal loan will be Rs 1,52,317 and its APR will be 11.16%.
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