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IDFC First Bank 5 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

Interest Rates for 5 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. 5 lakh. However, the interest rate offered may vary based on the credit profile of the applicant, loan amount and tenure desired,  income and employment stability, existing relationship with the bank, etc.

Features of Lakh IDFC First Bank Personal Loan

Here are some of the key features of a personal loan of Rs. 5 lakh from IDFC First Bank:

  • Interest rate starts at 9.99% p.a.
  • Repayment tenure can range between 9 to 60 months
  • No foreclosure penalty/charges
  • Completely digital application process - no in-person branch visits or paperwork needed
  • Loan disbursal within 30 minutes of approval
  • No collateral/security needed and no restriction on end usage

Eligibility Criteria for 5 Lakh IDFC First Bank Personal Loan

Given below is the key eligibility criteria for applicants to avail a personal loan of Rs. 5 lakh from IDFC First Bank:

  • Needs to be aged between 21 to 60 years
  • Should be either self-employed or salaried
  • The EMI/NMI ratio of the applicant should be 50-55% including the existing EMIs and EMI of the proposed personal loan.

Documents Required for IDFC First Bank Personal Loan of 5 Lakh

No physical documents are required to avail a personal loan of Rs. 5 lakh from IDFC First Bank since the bank has a completely digital application process. You are simply required to present your physical PAN card during the video KYC process.

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Fees and Charges for 5 Lakh IDFC First Bank Personal Loan

Here are the key fees and charges associated with a personal loan of Rs. 5 lakh from IDFC First Bank:

Type of Charge Charge/Fee
Processing Fee 2% of the total loan amount (incl. GST)
Stamping Charges As per 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 allowed
Duplicate No Objection Certificate Rs. 500
EMI Pickup/Collection Charges Rs. 500
Document Retrieval Charges Rs. 500
Physical Statement of Account 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. 5 Lakh for Different Tenures

Given below is the EMI calculation of personal loan of Rs. 5 lakh from IDFC First Bank offered at an interest rate of 9.99% p.a. for different tenures. Applicants planning to get a personal loan can calculate the EMI and total interest cost that they will have to pay throughout the loan tenure using the online personal loan EMI calculator.

Loan Amount Loan Tenure Interest Rate (p.a.) EMI (Rs.)
Rs. 5,00,000 1 year 9.99% 43,956
Rs. 5,00,000 2 years 9.99% 23,070
Rs. 5,00,000 3 years 9.99% 16,131
Rs. 5,00,000 4 years 9.99% 12,679
Rs. 5,00,000 5 years 9.99% 10,621

Swipe to see more table data

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 5 lakh personal loan to meet any personal financial need such as medical expenses, wedding expenses, home renovation, travel expenses, etc.

The total interest cost of Rs.5 lakh personal loan at 9.99% p.a. for a tenure of 3 years is Rs. 80,725.

To apply for an IDFC First Bank personal loan of Rs. 5 lakh you can visit the official IDFC First Bank website or mobile app. You can also visit the Paisabazaar app or website to compare interest rates and other loan offers by several lenders and apply for the one that best suits you..

No, personal loans are unsecured loans and therefore, you are not required to submit any collateral or security to avail a personal loan of Rs. 5 lakh from IDFC First Bank. 

An IDFC First Bank 5 lakh personal loan can be repaid within a flexible tenure ranging between 9 to 60 months.

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