- IDFC FIRST Bank offers FIRSTmoney personal loan with zero foreclosure fees.
- FIRSTmoney personal loan offers flexibility, affordability and instant access to borrowers.
- Eligible borrowers can get a loan up to Rs. 10 lakh for a tenure ranging from 9 months to 60 months.
- Borrowers can apply through Paisabazaar and experience 100% digital processes with quick approval and disbursal.
IDFC First Bank Personal Loan
Attractive Interest Rates
Choose Best Offer Based on Eligibility
100% Digital Process
Hassle-Free & Paperless
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4.5/5
15.6L Reviews
5.7cr+Satisfied Customers
65+Lending Partners
₹65k Cr+Loans Disbursed
Attractive Interest Rates
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100% Digital Process
Hassle-Free & Paperless
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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
ICICI Bank
100% Digital Process*Quick Disbursal
Max Loan Amt.Upto ₹25L
Rate of Interest11% - 13%
Tenure upto1-5 Years
Processing FeeUpto 2%
Axis Bank
Low Processing fee
Max Loan Amt.Upto ₹25L
Rate of Interest9.99% - 17.15%
Tenure uptoUpto 6 Years
Processing FeeUpto 2%
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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
Apply Now
About IDFC FIRST Bank Personal Loan
IDFC FIRST Bank Personal Loan Eligibility Criteria
IDFC FIRST Bank offers personal loans to both salaried and self-employed individuals, with specific eligibility criteria. Find below a comprehensive overview:
Documents Required for IDFC FIRSTmoney Personal Loan
To apply for an IDFC FIRSTmoney Smart Personal Loan, the loan process is 100% digital and paperless. However, you may be required to furnish the physical copies of the documents mentioned below at the time of video KYC:
Fees & Charges on IDFC Personal Loan
| Particulars | Charges |
|---|---|
| Processing Fees | 2% of loan amount (incl. GST) |
| EMI Bounce Charges | EMI Bounce Charges 7.5% of the EMI/ Outstanding amount (minimum Rs. 400 & maximum Rs. 1000) |
| Late Payment/Penal Charges | 2% of unpaid EMIs |
| Stamping Charges | As per actuals |
| Document retrieval charges | Rs. 500 |
| Physical Statement of Account | Rs. 500 |
| Foreclosure charges | NIL |
| Document retrieval charges | Document retrieval charges |
| Cooling-off period | 3 days (Loan can be cancelled without penalty within 3 days) |
Note: GST is applicable on all service charges. For more details, visit the bank's official website.
Features of IDFC FIRST Bank Personal Loan:
FLEXI Personal Loan:
IDFC FIRSTmoney offers flexi loan option. With FIRSTmoney, you don’t have to apply for a new loan every time you need money. Once your loan offer is approved (say up to Rs. 10 lakh, depending on your credit score), you can withdraw money in parts whenever you need it—starting from as little as Rs. 10,000.
Pay on What You Use
You will be charged interest on the amount used, not on the amount approved.
Flexible Repayment
With repayment tenure ranging from 9 to 60 months, you get the flexibility to choose an EMI plan as per your budget.
Minimal Documentation
You only need your PAN card during the video KYC process and you are good to go.
Tailored Personal Loan Options
IDFC FIRST Bank offers a wide range of personal loan products that help in fulfilling various financial needs of its customers. Find below its types and purposes:
Personal Loan for Wedding
Purpose: Prospective personal loan borrowers can avail IDFC FIRST Bank marriage loan to meet their wedding-related expenses.
Personal Loan for Travel
Purpose: Applicants can avail IDFC FIRST Travel Loan to meet the financial requirements for travel related activities, including domestic and international vacations.
Personal Loan for Medical Purpose
Purpose: IDFC FIRST Bank offers Medical Loans to meet the financial requirements of applicants for medical purposes such as hospitalization, treatment cost, surgery, operation, etc.
Personal loan for Home Improvement
Purpose: Potential loan borrowers can avail IDFC FIRST Bank Loan for home improvement purposes, such as tiling, painting, fencing, flooring, adding an extra room, balcony/terrace maintenance, etc.
Personal Loan for Debt Consolidation
Purpose: IDFC FIRST Bank offers a Debt Consolidation Loan to its applicants for making repayment towards debt, loans and credit card dues.
Interest Rates: IDFC FIRST Bank vs Other Banks
| Bank/NBFC | Interest Rates (% p.a.) |
|---|---|
| Aditya Birla Finance | 10.99 onwards |
| Axis Bank | 9.99 onwards* |
| Bank of Baroda | 10.15-18.00 |
| Bajaj Finance Limited | 10.00-30.00 |
| Bank of India | 10.85-16.15 |
| Bank of Maharashtra | 8.75-13.55 |
| Canara Bank | 9.70-15.15 |
| Central Bank of India | 9.85-11.65 |
| Cholamandalam IFC | 10.00-28.00 |
| Dhani Loans & Services Ltd. | 13.99 onwards |
| Federal Bank | 12.00 - 22.50* |
| HDB Financial Services | 10.00 - 35.00 |
| HDFC Bank | 9.99 onwards |
| Hero Fincorp | Up to 30* |
| HSBC Bank | 9.75 onwards |
| ICICI Bank | 9.99 onwards |
| IDFC FIRST Bank | 9.99 onwards |
| IIFL Finance | 12.00 - 28.00 |
| Indian Overseas Bank | 10.25 onwards |
| IndusInd Bank | 10.35 onwards* |
| Kotak Mahindra Bank | 9.98 onwards* |
| L&T Finance | 11.00 onwards |
| Mahindra Finance | 8.00 - 25.00 |
| Mannapuram Finance | 18.00 - 24.00 |
| Moneyview | 14.00 onwards |
| Muthoot Finance | 13.50 onwards |
| Piramal Finance | 12.14 onwards |
| Poonawalla Fincorp | 9.99 onwards |
| Punjab & Sind Bank | 9.60-13.85 |
| Punjab National Bank | 10.25-16.80 |
| Shriram Finance | 11.00 onwards |
| Tata Capital | 10.99 onwards |
| UCO Bank | 9.95 - 13.20 |
| Union Bank of India | 8.75 - 12.55 |
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
Apply Now
Explore Our Personal Loan Lenders
FAQs
Can I get an instant personal loan from IDFC FIRST Bank?
Absolutely, IDFC FIRST Bank offers instant personal loans through its FIRSTmoney Smart Personal Loan platform. The bank offers a 100% digital process and allows eligible applicants to receive funds within 30 minutes of approval.
Can I foreclose my IDFC personal loan early?
Yes, you can foreclose your IDFC personal loan at no additional charge, as the foreclosure charges charged by the bank is NIL.
What is the interest rate on IDFC FIRST Bank personal loan?
The personal loan interest rate charged by the bank on its various types of personal loans ranges starting from 9.99% p.a.
Who is eligible for a personal loan from IDFC FIRST Bank?
Both, salaried and self-employed individuals are eligible to avail personal loan, if they meet the eligibility criteria and have strong credit history with minimum CIBIL score of 730.
How much personal loan can I get from IDFC FIRST Bank?
The maximum loan amount that you avail from the bank is up to Rs. 10 lakh to meet your urgent financial requirements.
What is the processing time for IDFC FIRST bank personal loan?
The processing fee charged by the bank on its personal loan is 2% of the sanctioned loan amount (GST inclusive).
What are the documents required for IDFC FIRST bank personal loan?
The mandatory document required by the bank is your PAN card and additional documents required are your Voter ID, Aadhaar Card, Passport and Driving License for Video KYC.
What is the minimum CIBIL score required for IDFC FIRST Bank personal loan
To be eligible for a personal loan from IDFC FIRST Bank, applicants are generally required to have a minimum CIBIL score of 730.
How to apply for an IDFC FIRST Bank personal loan online?
You can apply for IDFC FIRST bank personal loan online at an interest rate starting from 9.99% p.a. and you can check on Paisabazaar if you are already a pre-approved customer or not.
What happens if I miss an EMI on my IDFC FIRST bank loan?
Missing an EMI (Equated Monthly Installment) on your IDFC FIRST Bank personal loan can lead to late payment penalty, EMI bounce charges, low CIBIL score and even your loan could be classified as an NPA, if EMI remains unpaid for 90 days.
How to increase my personal loan eligibility with IDFC FIRST bank?
Improving your personal loan eligibility with IDFC FIRST Bank includes improving your credit score, apply with a co-applicant, maintain stable income proofs, maintain Net Monthly Income/Equated Monthly Instalment (NMI/EMI) ratio of 50-55% and maintain a healthy relationship with the bank.
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