IDFC First Bank Personal Loan Highlights
|Interest rate||10.49% p.a. onwards|
|Loan Amount||Up to Rs 1 crore|
|Tenure||Up to 5 years|
|Processing Fees||Up to 3.5% of the loan amount|
Note: Rates as of 28th November 2023
IDFC First Bank Personal Loan Interest Rate
IDFC First Personal Loan Interest rates start from 10.49% p.a. The bank offers personal loan interest rates based on the applicant’s risk profile.
Comparison of Personal Loan Interest Rates offered by Various Banks/NBFCs
|Axis Bank||10.49% onwards||Apply Now|
|IndusInd Bank||10.49% onwards||Apply Now|
|IDFC First Bank||10.49% onwards||Apply Now|
|HDFC Bank||10.50% onwards||Apply Now|
|ICICI Bank||10.65% onwards||Apply Now|
|Kotak Mahindra Bank||10.99% onwards||Apply Now|
|Tata Capital||10.99% onwards||Apply Now|
|Bajaj Finserv||11.00% onwards||Apply Now|
|Federal Bank||11.49% onwards||Apply Now|
|DMI Finance||12.00% - 40.00%||Apply Now|
|L&T Finance||12.00% onwards||Apply Now|
|Kreditbee||12.25% - 30.00%||Apply Now|
|MoneyTap||13.00% onwards||Apply Now|
|Piramal Finance||12.99% onwards||Apply Now|
|Aditya Birla||13.00% onwards||Apply Now|
|Moneyview||15.96% onwards||Apply Now|
|Cashe||27.00% onwards||Apply Now|
Also Compare the personal loans interest rates offered by various lenders
IDFC First Bank Personal Loan Fees and Charges
|Processing Fees||Up to 3.5% of the loan amount at the time of loan disbursal|
|EMI Bounce Charges||Rs 400|
|Account Statement||Rs 500|
|Stamping Charges||As per actuals|
|Repayment Instrument Swap Charges||Rs 500|
|No dues certification/Duplicate no objection certificate||RS 500|
|Cancellation/Rebooking Charges||1% of the loan amount + interest from disbursal date till receipt of cancellation request|
|Physical Repayment Schedule||Rs 500|
|Foreclosure charges||5% of the loan amount|
|EMI Pickup/Collection Charges||Rs 350|
|Document Retrieval Charges||Rs 500|
|Overdue Interest||2% of unpaid EMI or Rs 300 whichever is higher|
Also know about processing fees for personal loan charged by other lenders
Types of IDFC First Bank Personal Loan
IDFC First Personal Loan for Marriage
Purpose: Prospective personal loan borrowers can avail IDFC First Bank Marriage Loan to meet their wedding related expenses.
Loan Amount: Up to Rs 1 crore
IDFC First Personal Loan for Travel
Purpose: Applicants can avail IDFC First Travel Loan to meet the financial requirements for travel related activities.
IDFC First Personal Loan for Emergency
Purpose: Consumers can avail Personal Loans for Emergency to meet the unexpected financial requirements during emergencies
Tenure: Up to 5 years
IDFC First Bank Medical Loans
Purpose: IDFC First Bank offers Medical Loans to meet the financial requirements of applicants for medical purposes such as hospitalization, treatment cost, etc.
IDFC First Debt Consolidation Loan
Purpose: IDFC First Bank offers Debt Consolidation Loan to its applicants for making repayment towards various dues.
IDFC First Personal Loan Balance Transfer
Purpose: Personal loan borrowers of other banks and NBFCs can avail IDFC First Personal Loan Balance Transfer facility for transferring their existing personal loans to IDFC First Bank at lower interest rates
Tenure: 6 months-5 years
IDFC First Small Personal Loans
Purpose: IDFC First Bank offers Small Personal Loans to meet the small capital needs of the applicants.
Eligibility Criteria for IDFC First Bank Personal Loan
For Salaried Applicants
- Minimum age of the applicant should be at least 23 years at the time of loan application
- The applicant should be be 60 years old or should have reached the retirement age, whichever is earlier, at the time of loan maturity.
Know more about Personal Loan for Salaried Employees
For Self-Employed Applicants
- The minimum age of the self-employed applicant should be 25 years at the time of loan application
- The maximum age of the applicant should be 60 years (at the time of loan maturity)
- IDFC First Bank Personal Loan applicant should have been in the business for a period of at least 3 years
Additionally, IDFC First Bank may also consider the credit score, monthly income, EMI/NMI ratio, etc. while evaluating the personal loan eligibility of their applicants, just like many personal loan lenders do.
Also know about Personal for Self-employed
Documents Required for IDFC First Bank Personal Loan
- Common documents for both salaried and self-employed applicants:
- PAN Card or Form 60
ID Proof (any 1 of the following):
- Aadhaar Card
- Voter ID
- Driving License
- Job card issued by NREGA signed by a State Government officer
- Passbook (latest)
- Latest Bank Statement
- Rent agreement with latest utility bills in the name of the present owner
- Property receipt or Municipal Tax receipt
- Latest utility bills or not as old as 2 months old from the date of CPA login (electricity bill, water bill, cylinder or piped gas, post-paid mobile bill)
- Pension or Family Pension Payment Orders issued by the Government Departments or Public Sector Undertakings to the retired employees
- Letter of Allotment of Accommodation from the employer issued by the State/Central government departments, statutory or regulatory bodies, scheduled commercial banks, public sector undertakings, listed companies and financial institutions, and leave and license agreements with employers allotting official accommodation
For Salaried Applicants
Banking and Income Proofs:
- Bank statement for last 3 months
- Last 3 months salary slips
Balance Transfer (any 1 of the following documents):
- Loan Foreclosure Letter
- Account Statement
- Repayment schedule
- SOA/FCL is required where the proposed balance transfer loan is not reflecting in Bureau and RTR cannot be ascertained
Proof of Ownership (any 1 of the following documents):
- Latest Water Tax bill
- Latest Electricity bill
- Sales deed with latest utility bill in the name of the present owner
- Latest Property Tax bill
- Latest Maintenance bill
Additional Documents for Self-Employed Applicants
Business Proof (any 1)
- Municipal Tax bill
- Utility bill in the name of the person concerned
- GST certificate
- Gram Panchayat Certificate filed at least 6 months before CPA login date
- Shop and Establishment Certificate (Gumasta)
- ITR with income computation for last 2 years with a gap of at least 6 months between 2 ITR filing dates
- Udyog Aadhaar filed at least 6 months before CPA login date
- FSSAI license filed at least 6 months before CPA login date
- SSI certificate issued by the Indian government at least 6 months before CPA login date
IDFC First Bank Personal Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
1. What is the net take home pay for IDFC First Bank Personal Loan?
Ans. The personal loan applicants should have a net take home pay of Rs 25,000 to apply for IDFC First Bank personal loan.
2. Does IDFC First Bank sanction instant personal loan?
Ans. Yes, IDFC First Bank offers online digital personal loans with paperless processing and instant disbursal for loan amounts of up to Rs 40 lakh.
3. What factors affect the interest rates of IDFC First Bank Personal Loan?
Ans. Personal loan interest rates offered to personal loan applicants at IDFC First Bank depend upon the age, monthly income, job profile, employer’s income, credit score, loan repayment history, etc.
4. What is the minimum credit score requirement to avail IDFC First Bank Personal Loan?
Ans. IDFC First Bank requires personal loan applicants to have credit score of at least 700.
5. Are there any restrictions on making foreclosure or prepayment of IDFC personal loan?
Ans. IDFC First Bank Personal Loans can be prepaid or foreclosed only after payment of at least 12 EMIs, subject to 5% of outstanding principal.
6. Are there any special restrictions on applying for personal loans from IDFC First Bank?
Ans. An individual wishing to avail IDFC First personal loan should not have more than 2 existing personal loans.