IDFC First Bank Personal Loan lets you meet various personal expenses like a medical emergency, wedding, vacation, home renovation, etc. that you might not be able to afford with your savings. The bank offers a personal loan from Rs. 1 lakh to Rs. 25 lakh that can be availed both online and offline if you meet the eligibility criteria and submit all the necessary documents. The tenure to repay IDFC First Bank personal loan varies from 12 to 60 months.
Features of IDFC First Bank Personal Loan
- Loan amount: IDFC First Bank offers personal loan with the loan amount starting from Rs 1 lakh and going up to Rs. 25 lakh. The bank looks into the loan applicant’s financial profile and considers the CIBIL Score, repayment capability, employer, etc. before sanctioning the loan amount
- Loan tenure: The tenure for repaying IDFC First Bank personal loan varies from 12 to 60 months and offers complete flexibility
- Minimum documentation: With IDFC First Bank, the entire process of availing a personal loan is quick as it requires minimal documentation
- Top- up facility: If you are an existing customer of IDFC First Bank, you can avail extra funds on your existing personal loan using the top-up loan facility
IDFC First Bank Personal Loan Interest Rate
IDFC First Bank offers interest rate starting from 11.50% on a personal loan. However, the interest rate offered to an individual by the bank is influenced by various factors including credit score, age, repayment ability, employer, etc.
For Salaried Individuals
- You should be at least 23 years old
- Your maximum age at the time of loan maturity should be max 58 years
For Self- Employed Individuals
- You should be at least 28 years old
- Your maximum age at the time of loan maturity should be maximum 68 years
- Your business must have been in existence for at least 3 years
- Your organization’s profit after tax (PAT) should be positive for at least past 2 years
Documents Required For IDFC First Bank Personal Loan Application
The following documents are common to both salaried and self-employed applicants if IDFC First Bank personal loan:
- Photo Identity Proof: PAN Card, Passport, Voter ID Card, Aadhaar Card, Driving License
- Address Proof: Passport, Ration Card, Aadhaar Card, Bank Account Statement, Driving License, Sale Deed/Property purchase agreement (for owned properties). Telephone Bill
The following are some of the key documents that are specific to either salaried or self-employed personal loan applicants of IDFC First Bank
For Salaried Individuals
Income Proof: Latest Salary Slip, 3 or 6 month’s bank statement showing credit of salary (depending on loan scheme)
For Self- Employed Individuals
- Business Proof: Shop Act License/ Qualification Certificate/ Certificate of Practice (COP)/Sales Tax, MOA & AOA/ Partnership Deed/ GST registration
- Income Proof: ITR for past 2 years, Last 6 months’ bank account statement, Balance Sheet and Profit & Loss statement for the past 2 years
How to Apply For IDFC First Personal Loan with Paisabazaar?
- Fill out the personal loan application form on Paisabazaar website. Key details that need to be provided include salary, employer, phone number etc.
- Click on “Proceed” to get redirected to a page showing possible offers from various lenders arranged according to the chances of approval
- Either select an offer from any lender or call Paisabazaar for further assistance
- The final step would involve filling the last few forms asking some additional information so that your application can be forwarded to the chosen lender
Personal Loan Verification Process
- Once you have filled out the required forms, you will receive conditional e-approval for your personal loan from Paisabazaar and also get a verification call from the lender’s representative
- Next, the lender’s representative will schedule pick-up of documents as per your convenience
- Once document verification is complete, you will get another call from the bank’s representative along with the final offer
- If you agree with the offer and sign the agreement, the loan gets disbursed to your account within 3 to 5 working days. This turn-around-time for disbursal is indicative and may vary based on loan amount, applicant profile, etc.
Check IDFC First Bank Personal Loan Application Status
The following is a step-by-step process to check the IDFC First Bank personal loan application status online:
- Go to the “Track your loan status” page on the IDFC First Bank website.
- Enter your loan application number and registered mobile number (both are mandatory) along with Captcha code.
- Click on ‘Continue’ to view the status of your personal loan application online.
Fees and Other Charges
The following are key charges apart from interest charges associated with taking an IDFC First Bank personal loan*:
|EMI Bounce charges per presentation||Rs. 400|
|Late payment/Penal charges/ Default interest/Overdue (per month)||2% of the unpaid EMI or Rs. 300 whichever is higher|
|Cheque Swap charges (per swap)||Rs. 500|
|Cancellation & Rebooking charges||Rs. 10,000 within 30 days of disbursement or 1st EMI presentation whichever is earlier. Post 30 days or 1st EMI presentation request for cancellation will be treated as foreclosure|
|Foreclosure / Prepayment charges||5% of principle outstanding amount|
|Duplicate No Objection Certificate Issuance Charges||Rs. 500|
|Physical Repayment Schedule||Rs. 500|
|Physical Statement of Account||Rs. 500|
|Document retrieval charges (per retrieval)||Rs. 500|
|Processing fees||Up to 3.5% of the loan amount|
|Part Payment charges||Applicable only for PL Smart Cases. Maximum 40% of current Principal Outstanding is allowed for part payment once in a FY. This option is available only post initial 3 EMI payments. For availing this option 2% part payment charges is applicable on partial payment.|
|EMI Pickup/ Collection Charges||Rs. 350|
*GST and other government taxes extra (wherever applicable).
How to Login on IDFC First Bank Portal?
IDFC First Bank allows you to log into the Internet Banking portal using either your mobile number or customer ID as follows:
- Using mobile number:
- Go to the Internet Banking Login Page of the IDFC First website.
- Enter your mobile number and date of birth to login (as provided to IDFC First Bank) to access various online banking facilities.
- Using customer ID:
- Go the Internet Banking Section of the IDFC First Bank website and click on the “Customer ID” tab.
- Enter your customer ID and IDFC First Internet banking password to login and access various online banking facilities
IDFC First Bank Personal Loan Statement
The following are some ways in which you can access your personal loan statement from IDFC First Bank:
- Through the online banking portal of IDFC First Bank
- By calling up IDFC First customer care over the phone to request a copy of your loan statement
- By making a request in-person at your nearby IDFC First Bank branch
The following table illustrates how personal loan EMI pay outs will vary based on different loan principal, interest rate and loan tenure:
|Loan principal @ interest|
|1 year||2 years||3 years||4 years||5 years|
|2 lakh @ 11.50%||Rs. 17,723||Rs. 9,368||Rs. 6,595||Rs. 5,217||Rs. 4,398|
|4 lakh @ 12%||Rs. 35,539||Rs. 18,829||Rs. 13,285||Rs. 10,533||Rs. 8,897|
|6 lakh @ 12.5%||Rs. 53,449||Rs. 28,384||Rs. 20,072||Rs. 15,947||Rs. 13,498|
|8 lakh @ 13%||Rs. 71,453||Rs. 38,033||Rs. 26,955||Rs. 21,461||Rs. 18,202|
IDFC First Bank Personal Loan Top-Up
If you are already an existing customer of IDFC First Bank, you can easily get additional financial help from the bank by availing the top- up facility. Under this feature, you get extra funds on your personal loan and the loan amount depends on your repayment history, credit score, etc. Usually a top-up loan is granted at the same interest rate as the original personal loan.
Comparison of IDFC First Bank PL vs Other Lenders
Following is a comparison of IDFC First personal loan and other top lenders in India across key criteria:
|Particulars||IDFC Bank||HDFC Bank||Axis Bank||Citi Bank||ICICI Bank|
|Interest Rate||Starting from 11.50%||10.75% to 21.30%||12% to 24%||10.50% to 18.99%||Starting from 11.25%|
|Tenure||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months|
|Loan amount||Upto Rs. 25 lakh||Upto Rs. 40 lakh||Rs. 50,000 to Rs. 15 lakh||Upto Rs. 30 lakh||Upto Rs. 20 lakh|
|Processing Fee||Up to 3.5% of the loan amount||Upto 2.50% of the loan amount||Upto 2% of loan amount plus GST||Upto 3% of the loan amount||Upto 2.25% of loan amount plus GST|
IDFC First Bank Customer Care
You can contact the customer care department of IDFC First Bank in the following ways:
- You can call on 1860 500 9900 between 9 AM to 8 PM Monday – Saturday. It is advisable to keep your loan reference number handy for verification
- If you wish to know your personal loan status, you can call on 1800 103 2791
- You can send an email to firstname.lastname@example.org with details of your query
- You can also visit the nearest branch of IDFC First Bank in-person from Monday to Saturday 9:30 AM to 4:30 PM, (except 2nd and 4th Saturday of every month and state holidays).
- If you are not satisfied with the response received from the customer care team of IDFC First Bank customer care, you can send an email to Principal Nodal Officer at PNO@idfcfirstbank.com
Benefits of Applying for Personal Loan at Paisabazaar
- Anytime-Anywhere: You can apply for a personal loan on Paisabazaar.com from the comfort of your home or office any time of the day. You won’t have to visit a bank branch to fill out forms or for document submission as the entire application process takes place online
- Convenience: Paisabazaar offers a single unified platform that allows you to check personal loan offers from over 30+ lenders and eliminates the need of visiting the websites of various lenders. This saves a lot of time and effort
- Know Chances of approval: To help you evaluate offers, the Paisabazaar.com online platform automatically sorts available
- User- friendly website: To guide and help solve all queries of customers, the official website of Paisabazaar contains the loan related information of various banks and NBFCs, FAQs, blogs, etc. that can help you make an informed decision regarding your personal loan application.
- Credit score: A good credit score can help you to get a lower interest rate or a higher loan amount as it is a reflection of your repayment history. Therefore, if you have a good credit score, you may have a smooth application process
- Evaluate the total cost of the loan: Accept the interest rate, there may be other fees and charges that you have to pay before or during the loan tenure. Therefore, know the total cost of the loan before applying for it
- Borrow only what you need: Borrow only the amount that you actually need. If you borrow more just because the lender is offering it, you not only have to pay interest on the extra amount but also may unwittingly fall into a debt trap
- Check documents thoroughly before submission: Go through the documentation process and cross- check if you have all the documents ready to avoid last minute hassle
Frequently Asked Questions (FAQs)
Q1. How long does it take for a personal loan to be processed?
Ans: If all the documents are in order and complete, IDFC First Bank usually processes the loan application in 5 working days. All loan approvals are at the sole discretion of the bank.
Q2. Is it beneficial to have a salary account with IDFC First Bank to get a personal loan?
IDFC First Bank may give a preferential rate of interest, charge lower processing fee and/or ask for minimal documentation if you have a salary account with IDFC Bank. This is taken into account at the time of loan application evaluation and is at the sole discretion of the bank.
Q3. What are the different methods of repaying personal loan?
Personal Loan can be repaid through EFT (Electronic Fund Transfer) from other bank or a standing Instruction to debit your IDFC First Bank account.
Q4. Is the interest on IDFC Bank personal loan calculated using the flat balance or reducing balance method?
The interest on IDFC First personal loan is calculated using the reducing balance method. This means that as the outstanding principal amount reduces over the loan tenure, the interest payable on your loan also reduces.
Q5. Can I foreclose the personal loan? What are the charges?
Yes, you can foreclose the personal loan after a lock-in period of 6 months by paying a foreclosure charge of 5% applicable on the outstanding principal amount.
Q6. Is it possible to cancel my personal loan application after my loan is approved?
Yes, it is possible to cancel your loan application after you apply for a personal loan. There are no charges on cancellation of an approved loan application. You can call on 1860-500-9900 or write to us at email@example.com to get your cancellation request processed.
Q7. When is my personal loan EMI due?
Currently, EMI due date for IDFC First Bank personal loan is the 2nd or 5th of the month.
Q8. Is it possible to change my EMI due date?
No, it is not currently possible to change the EMI due date.