| Eligibility | Requirement |
|---|---|
| Nationality | Resident Indian |
| Employment Type | Salaried or Self-Employed |
| Minimum Age | 21 Years |
| Maximum Age | Up to 60 Years (at loan maturity) |
| Credit Score | 710 (salaried), 760+ (self-employed) |
| Loan Amount | Between Rs. 50,000 and Rs. 50 lakh |
| Loan Tenure | 9 to 60 months |
IDFC FIRST Bank Personal Loan Eligibility
IDFC FIRST Bank Personal Loan Eligibility at a Glance
IDFC FIRST Bank Personal Loan Eligibility Criteria
The bank considers several eligibility parameters while assessing a personal loan application. Meeting these requirements may improve the chances of approval.
Age Eligibility
Employment Eligibility
IDFC FIRST Bank personal loans are generally available for salaried individuals.
Eligible applicants may include:
A stable source of income is usually considered while evaluating the application.
Monthly Income Requirement
The applicant should have a fixed minimum monthly income of Rs. 10,000. The bank also evaluates the applicant's debt-to-income (DTI) ratio, which is the percentage of monthly income used to pay existing loan EMIs. Most lenders prefer the total DTI, including the EMI of the proposed loan, to be 50% or less.
In addition, the bank reviews the applicant's credit history, overall financial profile, and its internal assessment before determining loan eligibility.
Credit Score Requirement
Credit history is one of the important factors considered during loan evaluation.
IDFC FIRST Bank Personal Loan Eligibility Based on Credit Score
A good credit score indicates responsible borrowing and timely repayments. It helps lenders assess the applicant's repayment behaviour. Applicants with stronger credit profiles may have better approval chances, while a low credit score or previous repayment issues may affect eligibility.
| Credit Score | Loan Approval Chances* |
|---|---|
| 801+ | Excellent |
| 761 - 800 | Very Good |
| 701–760 | Good |
| 601–700 | Average |
| Below 600 | Poor |
*The loan approval chances mentioned above are indicative in nature. Actual approval may depend on various other factors and vary from what is mentioned in the table.
IDFC FIRST Bank Personal Loan Fees and Other Charges
The fees and charges of the IDFC FIRSTmoney Personal Loan are mentioned below:
| Particulars | Charges |
|---|---|
| Processing Fees | 0 to 3.5% of the loan amount (incl. GST). Note: 0% processing fee is available on select loan amounts |
| EMI Bounce Charges | EMI Bounce Charges: 12% of the EMI/ Outstanding amount (minimum Rs. 400 & maximum Rs. 1000) |
| Stamping Charges | As per the State’s Stamp Act |
| Penalty for overdue EMIs | 12% p.a or Rs 300, whichever is higher. |
| Foreclosure charges | Nil |
| Cooling-off period | 3 days (Loan can be cancelled without penalty within 3 days) |
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Factors Affecting IDFC FIRST Bank Personal Loan Eligibility
Several factors are considered while assessing a personal loan application. Some of them are mentioned below:
Documents Required for IDFC FIRST Bank Personal Loan Eligibility
| Document Type | Required Documents |
|---|---|
| Identity Proof | Aadhaar, PAN, Passport, Driving Licence |
| Address Proof | Aadhaar, Utility Bill, Passport |
| Income Proof | Latest Salary Slips |
| Bank Statement | Last 3–6 Months |
| Employment Proof | Employee ID or Appointment Letter (if required) |
| Photograph | Passport-size Photograph |
How to Check IDFC FIRST Bank Personal Loan Eligibility Online
Applicants can check their eligibility online via Paisabazaar by following these simple steps:
- Open Paisabazaar app and visit IDFC FIRST Bank personal loan section.
- Enter the required personal and employment details.
- Enter information such as monthly income, existing EMIs, and employment details.
- Complete the verification process, if required.
- View the eligibility result based on the information provided.
Checking personal loan eligibility beforehand helps applicants understand whether they meet the basic requirements before applying.
How to Improve Your IDFC FIRST Bank Personal Loan Eligibility
You can take several practical steps to improve your eligibility:
Benefits of Checking IDFC FIRST Bank Personal Loan Eligibility Before Applying
Checking eligibility before submitting an application offers several advantages.
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|---|---|
| 20000 Personal Loan | 50000 Personal Loan |
| 1 Lakh Personal Loan | 2 Lakh Personal Loan |
| 5 Lakh Personal Loan | 10 Lakh Personal Loan |
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Personal Loan Articles
View All ArticlesPaisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners.
The APR (Annual Percentage Rate) of a personal loan is its annualised cost of borrowing, which includes the interest rate as well as the processing fees, documentation fees and other fees charged during the loan origination. The APR is expressed in the form of a percentage and thus, allows personal loan applicants to detect personal loan schemes offered at lower interest rates but with higher processing fees and/or other charges.
The APR of personal loans usually ranges between 11.29% to 35%. For example, assume that you have availed a personal loan of Rs. 5 lakhs @ 10.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, which amounts to Rs 7,500. Therefore, the total borrowing cost of your personal loan will be Rs 1,52,317 and its APR will be 11.16%.
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