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.
IDFC First Bank 5 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
Interest Rates for 5 Lakh IDFC First Bank Personal Loan
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:
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:
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.
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 |
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
How can I utilise my IDFC First Bank 5 Lakh personal loan?
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.
What is the total interest cost of Rs. 5 Lakh personal loan at 9.99% p.a. and tenure of 3 years from IDFC First Bank?
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.
How do I apply for an IDFC First Bank 5 Lakh personal loan?
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..
Do I have to submit any collateral/security to avail a personal loan of Rs. 5 Lakh from IDFC First Bank?
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.
What are the tenure options available on an IDFC First Bank 5 Lakh personal loan?
An IDFC First Bank 5 lakh personal loan can be repaid within a flexible 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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