IDFC First Personal Loan

Note: Rates as of 5th June 2023

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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.

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Comparison of Personal Loan Interest Rates offered by Various Banks/NBFCs

Also Compare the personal loans interest rates  offered by various lenders

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IDFC First Bank Personal Loan Fees and Charges

Also know about processing fees for personal loan charged by other lenders

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Types of IDFC First Bank Personal Loan

Personal Loan for Marriage

Purpose: Wedding loan is offered to meet the financial requirements for wedding

Loan Amount: Up to Rs 40 lakh

Processing Fee: Up to 3.5% of the loan amount

Personal Loan for Travel

Purpose: Online instant personal loan to meet the financial requirements for travel

Personal Loan for Emergency

Purpose: Online paperless personal loan to meet the financial requirements during unexpected emergencies

Tenure: Up to 5 years

Personal Loan Balance Transfer

Purpose: Personal Loan Balance Transfer facility for transferring existing personal loans from other banks/NBFCs to IDFC First Bank at lower interest rates

Tenure: 6 months-5 years

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Eligibility Criteria for IDFC First Bank Personal Loan

For Salaried Applicants

• Minimum age: 23 years
• Maximum age: 60 years or retirement age, whichever is earlier

Know more about personal loan for salaried employees

For Self-Employed Applicants

• Minimum age: 25 years
• Maximum age: 60 years (at the time of loan maturity)
• The business must have been in existence 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

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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):

• Passport
• Aadhaar Card
• Voter ID
• Driving License
• Job card issued by NREGA signed by a State Government officer

Address Proof:

• 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)

Other Documents:

• 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

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IDFC First Bank Personal Loan EMI Calculator

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FAQs

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.