IDFC Bank Personal Loan

The personal loan interest rate and other service charges of IDFC Bank are as follows:

Type of Fees	Charges Applicable
Interest Rate	Interest Rate ranges from 12% to 20% p.a. (subject to eligibility, verifications and security checks as per the bank’s policy)
Registration Charges	Agreement registration charges will be on actuals, to be deducted from the loan amount at the time of disbursal.
Processing Fees	Processing Fees will be deducted from the Loan Amount at the time of the Loan Disbursement and is collected at the time of Loan disbursal as well. The Processing Charges are up to 2% of the Loan Amount.
Foreclosure Charges	3% on Principal Outstanding at the time of loan closure. Foreclosure is allowed after the payment of third EMI.
Part Pre-payment Charges	Simple Personal Loan – Not Applicable Smart Personal Loan – NIL – For part pre-payment up to 40% of the loan amount in a year. Part pre-payment is allowed only after the Payment of the third EMI.
Overdue Interest	Overdue interest is applicable in case of non-payment of the monthly payment. It is charged on the overdue installment for the defaulted period. The charges are 2.5% per month.
Incidental Charges and Expenses	Incidental charges and Expenses are levied to cover the costs, charges and expenses that may have been expended in connection with recovery of dues from a defaulting customer. It is charged on actuals.
EMI Bounce charges	Rs. 500 is applicable for each presentation dishonored.
Repayment Instrument Swap charges	Rs. 500 per change request
Statement of Account	NIL
No dues certificate	Rs. 500 per request, in addition to Bank’s issued letter
Disbursement Cancellation	Rs. 500 per cancellation, on special request and 5 working days of the loan disbursal, Processing Fees to be retained by the Bank.

Loan Amount	IDFC Bank offers Personal Loan with the Loan Amount starting from Rs 50,000 to Rs 20,00,000. The Bank looks into the Loan Applicant’s financial profile and considers the credit history, CIBIL Score, repayment capability etc.
Loan Tenure	Loan tenure of personal loan ranges from 3 months to 60 months.
Minimal Documentation	With IDFC Bank, the entire process of a personal loan is super quick and hassle free that too with minimal documentation.
Track Loan Status	IDFC Bank offers loan tracking service for their personal loan product which gives transparency to its customers by showing the status instantly.
Personal Loan Balance Transfer	Now one can transfer their current loans from other banks to IDFC Bank and can avail better interest rates

IDFC Bank offers three products under Personal Loan: Smart Personal Loan, Simple Personal Loan and Balance Transfer.

Smart Personal Loan:

IDFC Bank Smart Personal Loan offers its customers to pay towards the Loan if there is extra cash available at that moment. The customer can pay back whatever amount they wish to in part or in full and the Bank won’t charge anything for it.

Smart Personal Loan comes with the following features:

• Part payment facility for free
• Comparable Interest Rates starting from 12%-20% p.a.
• 24/7 phone bank executive assistance
• Personal Loan tenure as short as starting from 3 months
• Offers Personal Loan Insurance cover like critical illness cover, Personal Accident insurance, Death Cover and Job Loss cover

Simple Personal Loan:

IDFC Bank also offers Simple Personal Loan which is the immediate go to loan for customers looking for a basic loan. The features are same as that of the Smart Personal Loan.

Balance Transfer:

Most of us end up paying higher Interest Rate for Personal Loan from the other banks and remain unaware about it. IDFC Bank offers Personal Loan Balance Transfer where the customers can transfer their existing Personal Loan to IDFC Bank and avail lower Interest Rate on the same. Some of the features of Personal Loan Balance Transfer are:

• Customers can pay consolidated EMI to just one Loan Account
• The Loan Applicants can save on interest by getting a better rate while consolidating the debts
• Balance Transfer can be on both the Personal Loan Products – Simple as well as Smart Personal Loan.

IDFC Bank decides the eligibility of the Loan Applicant on the basis of the credit history, repayment capacity, credit score and employment status of the customer. On looking at these factors, the bank shares the eligibility of the customer.

1. PAN Card which can be treated as an identification proof and age proof, is a mandatory document
2. Copy of Aadhaar card / Voter ID Card / Passport / NREGA Job Card / Driving License
3. Landline / Electricity Bill / Registered Rental Deed for Address Proof
4. Passport size photographs, Last 2 month’s salary slip, Last 6 month’s bank account statement are some other mandatory documents as well.

One can also check their monthly EMIs through Paisabazaar.com , where they can study, understand and compare the Personal Loan EMI at varied interest rates to assess their monthly instalment pay out. Calculating EMI beforehand helps in managing finances in a better way and also gives borrower a picture of his repayment power, which in turn helps them understand the quantum of their loan.

There is an online application tool tracker where customers can easily check the status of the loan. All one needs to do it enter the application number provided by the bank, enter the mobile number which was used while filing the loan application and then the bank can show the application status of the loan.

To apply for a personal loan from IDFC Bank, you can visit Paisabazaar.com and under the Personal Banking section, you can click on the ‘Personal Loans for Salaried’ tab to view more information on the personal loan and balance transfer.

One can also visit the nearest IDFC Bank and speak to their bank executives to apply for a personal loan.

Q: How long does it take for a personal loan to be processed?

A: If all the documents are in order and complete, IDFC Bank makes full effort of processing it in 5 working days. All loan approvals are at the sole discretion of the bank.

Q: Is Part Payment allowed for personal loan?

A: Yes, any part payment can be made through EFT (Electronic Funds Transfer) into the personal loan account. However, Part Payment is not allowed with IDFC Bank Simple Personal Loan. It is only applicable for Smart Personal Loan.

Q: How much loan amount can be borrowed from IDFC Bank?

A: Personal Loan amount ranges from Rs 50,000 to Rs 20,00,000 can be availed from IDFC Bank.

Q: Is foreclosure of personal loan allowed?

A: Foreclosure is only allowed after third payment of the EMI. IDFC Bank charges 3% of the Principal Outstanding + GST

Q: Is it beneficial to have a salary account with IDFC Bank to get a personal loan?

A: The bank does give a preferential rate of interest, processing fee, minimal documentation if one has a salary account with IDFC Bank. This is taken into account at the time of loan amount disbursal so one can pay through standing Instruction to debit the IDFC account with the EMI amount.

Q: Is there any security or collateral required to get a personal loan from IDFC Bank?

A: No collateral or security is required to avail a personal loan from IDFC Bank.

Q: How can IDFC be contacted for any personal loan related queries?

A: IDFC Bank is available 24/7 for all its customers. To report any unauthorized transaction, one can contact the Bank Executives at 1800 419 4332.

For Personal Banking – 1800 419 4332

For Bharat Banking – 1800 419 8332

For Wholesale Banking – 1800 419 7332

For customers in Abroad, they can contact the Bank at +91-22-6001-4332

Q: What are the methods of repaying personal loan?

A: Personal Loan can be repaid through EFT (Electronic Fund Transfer), from the other Bank, or a standing Instruction to debit the IDFC Bank account.

Q: Can I apply for a Personal Loan even if my CIBIL Score is low?

A: The banks have different criteria for every loan applicant. While CIBIL Score does play an important role while applying for any financial service, there are other factors as well that the lenders look into before they approve or reject the loan application. The repayment capability of the loan applicant, age, income, employment status, CIBIL Score are some other factors that are looked into before coming to any decision. But even with a low CIBIL Score, one can still apply for a personal loan from the bank.