IDFC First Bank Personal Loan

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City: Gurgaon

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :30/03/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

CIBIL TERMS AND
CONDITIONS

To,
TransUnion CIBIL Limited
[Formerly known as Credit Information Bureau (India) Limited]
One Indiabulls building ,Unit No 1901 – 1905,
19th Floor, Tower 2A-2B, Jupiter Mill compound,
Senapati Bapat Marg, Lower Parel, Mumbai 400 013

Sub: Grant of Consent

Dear Sirs,

In connection with submission of the application for my credit information offered by CIBIL (“Consumer Credit Information”) through Paisabazaar (referred to as the “Company”) and delivery of the Consumer Credit Information to the Company, I hereby acknowledge and agree to the following:

A. The Company is my lawfully appointed agent and he / it has agreed to be my agent for the purposes, including, without limitation, to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, and the Company has granted its consent for being appointed for the aforesaid purpose.

B. I grant my unconditional consent to the Company to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, as the case may be, and the Company has granted its consent for being appointed for the aforesaid purpose. I hereby represent and acknowledge that: the Terms of Understanding in relation to the use of the Consumer Credit Information has been agreed between me and the Company.

C. I hereby expressly grant unconditional consent to, and direct, TUCL to deliver and / or transfer my Consumer Credit Information to the Company on my behalf.

D. I shall not hold TUCL responsible or liable for any loss, claim, liability, or damage of any kind resulting from, arising out of, or in any way related to: (a) delivery of my Consumer Credit Information to the Company ; (b) any use, modification or disclosure by the Company of the contents, in whole or in part, of my Consumer Credit Information , whether authorized or not; (c) any breach of confidentiality or privacy in relation to delivery of my Consumer Credit Information to the Company ; (d) for any use made by the Company which is contrary to the Agreement entered into between the Company and TUCL

E. I acknowledge and accept that: (a) TUCL has not made any promises or representations to me in order to induce me to provide my Consumer Credit Information or seek any consent or authorization in this regard; and (b) the implementation of the Agreement between TUCL and the Company is solely the responsibility of the Company.

F. I agree that I may be required to record my consent / provide instructions electronically and in all such cases I understand that by clicking on the "I Accept" button below, I am providing "written instructions" to Paisabazaar authorizing Paisabazaar to obtain my Consumer Credit Information from my personal credit profile from TransUnion CIBIL LIMITED, [formerly known as Credit Information Bureau (India) Limited]]. I further authorize Paisabazaar to obtain such information solely to confirm my identity and display my Consumer Credit Information to me. Further in all such cases “By checking this box and clicking on the ‘Authorize button, I agree to the terms and conditions, acknowledge receipt of TUCL privacy policy and agree to its terms, and confirm my authorization for Paisabazaar to obtain my Consumer Credit Information.

G. I understand that in order to deliver the product to me, I hereby authorize Paisabazaar, to obtain my Consumer Credit Information from TUCL.

H. By submitting this registration form, I understand that I am providing an express adhoc one-time written instructions for Paisabazaar to request and receive information about me from third parties, including but not limited to a copy of my consumer credit report and score from consumer reporting agencies, at any time for so long as I have an active Paisabazaar account. I further authorize Paisabazaar to retain a copy of my information for use in accordance with the terms of use of this service, Paisabazaar’s Terms of Use and Privacy Policy.

I. I UNDERSTAND THAT THE PRODUCT IS PROVIDED ON AN “AS-IS”, “AS AVAILABLE” BASIS AND TUCL EXPRESSLY DISCLAIMS ALL WARRANTIES, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.

J. I shall not sue or otherwise make or present any demand or claim, and I irrevocably, unconditionally and entirely release, waive and forever discharge TUCL , its officers, directors, employees, agents, licensees, affiliates, successors and assigns, jointly and individually (hereinafter “Releasee”), from any and all manner of liabilities, claims, demands, losses, claims, suits, costs and expenses (including court costs and reasonable attorney fees) (“Losses”), whatsoever, in law or equity, whether known or unknown, which I ever had, now have, or in the future may have against the Releasee with respect to the submission of my Consumer Credit Information and / or my decision to provide TUCL L with the authority to deliver my Consumer Credit Information to the Company . I agree to defend, indemnify, and hold harmless the Releasee from and against any and all Losses resulting from claims made against TUCL L by third parties arising from and in connection with this letter.

K. I agree that the terms of this confirmation letter shall be governed by the laws of India and shall be subject to the exclusive jurisdiction of the courts located in Mumbai in regard to any dispute arising hereof. TUCL is entitled to assign its rights hereunder to any third person without taking my prior written consent.

Yours faithfully,
Name :

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :30/03/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

EQUIFAX TERMS AND
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I Mr./Ms. -------------------- ---------------------residing at ------------------------ ---------------------------------------- do hereby authorise Paisabazaar Team ,to do all acts on my behalf as may be necessary including to execute/sign application(s), make payment of applicable fees* and generally to all other acts as may be necessary to receive, on my behalf and at my request, my Credit Information Report (CIR) from Equifax Credit Information Services Private Limited("Equifax") at the following address/email id:

I hereby confirm that all the powers hereby conferred may be exercised by officer(s) or manager(s) / agent(s) / employees of the Paisabazaar who is duly authorized by the Paisabazaar.

I hereby confirm, agree, undertake and accept that I shall at all times be solely responsible for all the above actions and omissions of the Paisabazaar shall be binding on me as though such actions had been carried out by me directly. I further confirm that my CIR shall be used only for the purpose as mentioned in the attached standard terms and conditions and I shall be solely liable for, and indemnify and hold harmless Equifax for and against, any and all third party claims or damages or proceedings of any kind, arising from or in connection with (a) any misrepresentations, incorrect information or omission of any critical information in my application, or (b) furnishing my CIR based on this authorization letter, and shall not at any time hold Equifax or its affiliates and their respective officers, directors, employees or representatives liable in this respect.

I hereby also confirm that I have only appointed Paisabazaar to be my authorized agent/representative for collection of my CIR.

I undertake to keep Equifax intimated and informed at all times, of any renewals or termination of the authorization to Paisabazaar or any amendments, modifications or changes in the terms governing the obligations or my relationship with Paisabazaar.

I shall at all times co-operate with Equifax and execute and deliver to Equifax such instruments and documents and take such other actions as may be required by Equifax from time to time in connection with this authority letter.

By signing on this authorization letter, I hereby acknowledge and accept the Standard Terms and Conditions mentioned above.

Date : 30/03/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :30/03/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

EXPERIAN TERMS AND
CONDITIONS

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM EXPERIAN.

YOU HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY EXPERIAN TO YOU AND PAISABAZAAR AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU HEREBY ALSO AGREE AND ACKNOWLEDGE THAT FOR PAISABAZAAR TO SERVICE YOU AS A CUSTOMER, THE CREDIT INFORMATION SHALL BE SHARED BY EXPERIAN WITH YOU AND PAISABAZAAR ON A MONTHLY BASIS. YOU FURTHER ALSO AGREE AND CONSENT TO RECEIVE SUCH CREDIT INFORMATION DIRECTLY FROM EXPERIAN AND ALSO THROUGH YOUR PAISABAZAAR ACCOUNT AS PER YOUR INDEPENDENT REGISTRATION WITH PAISABAZAAR.

Please read the Terms and Conditions of this document carefully before accepting. By clicking on the "I ACCEPT" button below, you are expressly agreeing to access the Experian Credit Information Report and Credit Score (as defined in the Important Information Section below) (together referred as "Credit Information") and share a copy of the Credit Information with Paisabazaar in the "as is" format. Please click on the link below to read and understand the Important Information section below.

** This document is an electronic record in terms of the Information Technology Act, 2000 and Rules made there under, and the amended provisions pertaining to electronic records.

Information Collection, Use, Confidentiality, No-Disclosure and Data Purging

PAISABAZAAR/ We/ Us can only access your Credit Information as your authorized representative and we shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from us on the Website. We shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

We shall protect and keep confidential the Credit information both online and offline and use best in class security measures in line with applicable laws. The Credit Information shared by You, or received on your behalf shall be destroyed, purged, erased promptly upon the earlier of: (i) your written request to terminate this relationship with Paisabazaar (ii) the completion of provision of the Services by us to you.

Governing Law and Jurisdiction The relationship between you and the Parties shall be governed by laws of India and all claims or disputes arising there from shall be subject to the exclusive jurisdiction of the courts of [Mumbai].

Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
"Credit Information Report" means the credit information / scores / aggregates / variables or reports which shall be generated by Experian;
"Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by Experian.
"CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
PLEASE READ THE ABOVE MENTIONED IMPORTANT INFORMATION AND CLICK ON "ACCEPT" FOLLOWED BY THE LINK BELOW TO COMPLETE THE AUTHORISATION PROCESS FOR SHARING OF YOUR CREDIT INFORMATION BY EXPERIAN WITH YOU AND PAISABAZAAR, IN ITS CAPACITY AS YOUR AUTHORISED REPRESENTATIVE.
BY CLICKING "ACCEPT" YOU AGREE AND ACCEPT THE DISCLAIMERS AND TERMS AND CONDITIONS SET OUT HEREIN. THE TERMS AND CONDITIONS MENTIONED HEREIN MAY CHANGE IN ORDER TO COMPLY WITH GOVERNING LAWS OF THE COUNTRY AND THE CONSUMER SHALL BE BOUND TO ANY CHANGES TO THIS AGREEMENT

Name :
Date : 30/03/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :30/03/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

CRIF HIGH MARK TERMS
AND CONDITIONS

This End User Agreement (the "Agreement") is made between you (the "User" or "You") and Paisabazaar Marketing and Consulting Pvt Ltd ("PaisaBazaar"), a private limited company having its registered office at Plot No 119, Sector-44, Gurgaon-122001, Haryana ("PAISABAZAAR", "Us" or "We", which term shall include its successors and permitted assigns). The User and PAISABAZAAR shall be collectively referred to as the "Parties" and individually as a "Party".

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM CRIF HIGH MARK. BY EXECUTING THIS AGREEMENT / CONSENT FORM, YOU ARE EXPRESSLY AGREEING TO ACCESS THE CRIF HIGH MARK CREDIT INFORMATION REPORT AND CREDIT SCORE, AGGREGATE SCORES, INFERENCES, REFERENCES AND DETAILS (AS DEFINED BELOW)(TOGETHER REFERRED AS "CREDIT INFORMATION"). YOU HEREBY ALSO IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY CRIF HIGH MARK TO YOU AND PAISABAZAAR BY USING CRIF HIGH MARK TOOLS, ALGORITHMS AND DEVICES AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU ALSO ACKNOWLEDGE THAT YOU SHALL NOT RAISE ANY CLAIM OR HOLD LIABLE CRIF HIGH MARK CREDIT INFORMATION SERVICES PRIVATE LIMITED IN RELATION TO YOUR CREDIT INFORMATION REPORT AND CREDIT SCORE PROVIDED OR TO BE PROVIDED BY CRIF HIGH MARK TO PAISABAZAAR.

Terms and Conditions: Information Collection, Use, Confidentiality, No-Disclosure and Data Purging PAISABAZAAR shall access your Credit Information as your authorized representative and PAISABAZAAR shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from PAISABAZAAR. PAISABAZAAR shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

The Parties agree to protect and keep confidential the Credit Information both online and offline. The Credit Information shared by you, or received on by us on your behalf shall be destroyed, purged, erased promptly upon request from the consumer or the consumer withdrawing the consent to retain such credit information / reports by deleting/deactivating the consumers account with Paisabazaar.

Governing Law and Jurisdiction Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
" Business Day" means a day (other than a public holiday) on which banks are open for general business in Gurgaon and Mumbai.
" Credit Information Report" means the credit information / scores/ aggregates / variables / inferences or reports which shall be generated by CRIF High Mark;
" Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by CRIF High Mark.
" CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
IN CASE THERE IS ANY DISCREPANCY OR INABILITY IN COMPLETION OF ONLINE AUTHENTICATION, PLEASE SUBMIT YOUR SELF ATTESTED KYC DOCUMENTATION IN SCANNED COPIES FOR SHARING OF YOUR CREDIT INFORMATION BY CRIF HIGH MARK WITH YOU AND PAISABAZAAR (YOUR AUTHORISED REPRESENTATIVE).
ONLINE SUBMISSION - DOES NOT REQUIRE SIGNATURE AND EXECUTION"

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Date :30/03/2020

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Updated: 30-03-2020 07:31:17 AM

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.

Eligibility Criteria

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.

Check IDFC First Bank Personal Loan Application Status

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 presentationRs. 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 chargesRs. 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 charges5% of principle outstanding amount
Duplicate No Objection Certificate Issuance ChargesRs. 500
Physical Repayment ScheduleRs. 500
Physical Statement of AccountRs. 500
Document retrieval charges (per retrieval)Rs. 500
Processing feesUp to 3.5% of the loan amount
Part Payment chargesApplicable 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 ChargesRs. 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:
  1. Go to the Internet Banking Login Page of the IDFC First website.
  2. Enter your mobile number and date of birth to login (as provided to IDFC First Bank) to access various online banking facilities.

How to Login on IDFC First Bank Portal using mobile number

  • Using customer ID:
  1. Go the Internet Banking Section of the IDFC First Bank website and click on the “Customer ID” tab.
  2. Enter your customer ID and IDFC First Internet banking password to login and access various online banking facilities

How to Login on IDFC First Bank Portal using customer id

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

EMI Calculation

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

Tenure

1 year2 years3 years4 years5 years
2 lakh @ 11.50%Rs. 17,723Rs. 9,368Rs. 6,595Rs. 5,217Rs. 4,398
4 lakh @ 12%Rs. 35,539Rs. 18,829Rs. 13,285Rs. 10,533Rs. 8,897
6 lakh @ 12.5%Rs. 53,449Rs. 28,384Rs. 20,072Rs. 15,947Rs. 13,498
8 lakh @ 13%Rs. 71,453Rs. 38,033Rs. 26,955Rs. 21,461Rs. 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:

ParticularsIDFC BankHDFC BankAxis BankCiti BankICICI Bank
Interest RateStarting from 11.50%10.75% to 21.30%12% to 24%10.50% to 18.99%Starting from 11.25%
Tenure12 to 60 months12 to 60 months12 to 60 months12 to 60 months12 to 60 months
Loan amountUpto Rs. 25 lakhUpto Rs. 40 lakhRs. 50,000 to Rs. 15 lakhUpto Rs. 30 lakhUpto Rs. 20 lakh
Processing FeeUp to 3.5% of the loan amountUpto 2.50% of the loan amountUpto 2% of loan amount plus GSTUpto 3% of the loan amountUpto 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 care@capitalfirst.com 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.

Important Aspects 

  • 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 customer.care@capitalfirst.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.

IDFC First Bank Personal Loan
(4.4/5 ) 603 Reviews
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Jul 17 , 2019
4/5
Abroad

Used the amount of the loan of IDFC to travel abroad with my family.

Jul 17 , 2019
4/5
No collateral demand

Glad that there wasn't any demand for collateral while getting the IDFC Loan.

Jul 17 , 2019
4/5
Short term loan

I opted for a short term loan to ensure that the EMIs don't go on pulling me down.

Jul 17 , 2019
4/5
Right and the accurate loan

I saw through the various loan schemes and then made a choice accordingly. All the credit for my right and the accurate loan goes to Paisabazaar

Jul 17 , 2019
4/5
Paisabazaar was so helpful

Happy that Paisabazaar was so helpful in getting me this loan scheme.

Jul 17 , 2019
4/5
Reliable loan scheme

Just couldn’t have gotten a more reliable loan scheme than this one. All the credit for it goes to Paisabazaar.

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