IDFC First Bank Personal Loan

IDFC First Bank Personal Loan Interest Rate

The interest rate offered to an individual by the bank is influenced by various factors including credit score, age, repayment ability, employer, etc.

Comparison of IDFC First Bank PL vs other Banks

Following is a comparison of IDFC First personal loan and other top lenders in India across key criteria:

Also Compare: Which bank offers low interest rate for personal loan in India?

IDFC First Bank Personal Loan Fees and Charges

Types of IDFC First Bank Personal Loan

1. Personal Loan for Marriage

• Purpose: To meet the financial requirements for wedding. It is divided into two categories:
  • Personal loan for salaried applicants
  • Instant personal loan for self-employed applicants

• Loan Amount: Up to Rs 40 lakh
• Processing Fee: Up to 3.5% of the loan amount

2. Personal Loan for Travel

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

3. Personal Loan for Emergency

• Purpose: Online paperless personal loan to meet the financial requirements during unexpected emergencies
• Tenure: Up to 5 years

4. Balance Transfer

• Purpose: Transfer of existing personal loan from other banks/NBFCs to IDFC First Bank at lower interest rates
• Tenure: 6 months-5 years

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

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

Documents Required for IDFC First Bank Personal Loan

The following documents are common to both salaried and self-employed applicants if IDFC First Bank personal loan:

• 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)
• 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

IDFC First Bank Customer Care

You can connect with IDFC First bank on the below-mentioned customer care numbers for specific products.

• Bank Accounts – 1800-419-4332
• Credit Card – 1860-500-1111
• Loans – 1860-500-9900
• Rural Banking – 1800-419-8332
• NRI Number – 022-6248-5152

FAQs

Q. 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.

Q. 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 a lower processing fee and/or ask for minimal documentation if you have a salary account with IDFC First Bank. This is taken into account at the time of loan application evaluation and is at the sole discretion of the bank.

Q. What are the different methods of repaying personal loans availed from IDFC First Bank?

Personal Loans can be repaid through EFT (Electronic Fund Transfer) from another bank or a standing instruction to debit your IDFC First Bank savings/current account.

Q. Is the interest on a personal loan from IDFC First Bank calculated using the flat balance or reducing balance method?

The interest on a personal loan from IDFC First Bank 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.

Q. 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 the cancellation of an approved loan application. You can call on 1860-500-9900 or write to us at banker@idfcfirstbank.com to get your cancellation request processed.

Q. When is my personal loan EMI due?

Currently, EMI due date for IDFC First Bank personal loan is the 2^nd or 5^th of every month.

Q. Is it possible to change my EMI due date?

No, it is not currently possible to change the EMI due date of your personal loan disbursed by IDFC First Bank.