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IDFC FIRST Bank Personal Loan Eligibility

IDFC FIRST Bank Personal Loan Eligibility at a Glance

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 Criteria

The bank considers several eligibility parameters while assessing a personal loan application. Meeting these requirements may improve the chances of approval.

Age Eligibility

  • Minimum age: 21 years
  • Maximum age: Up to 60 years at loan maturity
  • The repayment period should generally end before the applicant reaches the maximum eligible age or retirement, whichever is applicable.

Employment Eligibility

IDFC FIRST Bank personal loans are generally available for salaried individuals.

Eligible applicants may include:

  • Salaried employees
  • Government employees
  • Public Sector Undertaking (PSU) employees
  • Private sector employees
  • Employees working with multinational companies (MNCs)

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.

  • A high CIBIL score of 760 or above is generally preferred. However, the minimum requirement is mentioned below:
    • Salaried - 710
    • Self-employed - 760
  • A lower credit score or poor repayment history may reduce the chances of approval.
  • Timely repayment of existing loans and credit cards reflects responsible credit behaviour.

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: 

  • Monthly Income: Higher monthly income generally improves repayment capacity and may increase loan eligibility.
  • Existing EMIs: Current loan repayments reduce disposable income and may lower the eligible loan amount.
  • Credit Score: A strong credit score reflects good financial discipline and may improve approval chances.
  • Employment Stability: Applicants with stable employment and longer job tenure generally have better approval chances.
  • Employer Category: The type of employer, such as government organisations, PSUs, private companies, or MNCs, may also be considered during assessment.
  • Age: The applicant's age influences the available repayment period and overall loan eligibility.
  • City of Residence: Eligibility may vary depending on the applicant's city and serviceable locations.
  • Relationship with IDFC FIRST Bank: Applicants who already have a banking relationship with IDFC FIRST Bank may receive additional consideration during the eligibility assessment.

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:

  1. Open Paisabazaar app and visit IDFC FIRST Bank personal loan section.
  2. Enter the required personal and employment details.
  3. Enter information such as monthly income, existing EMIs, and employment details.
  4. Complete the verification process, if required.
  5. 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:

  • Improve Your Credit Score: Pay loan EMIs and credit card bills on time and maintain responsible credit usage.
  • Reduce Existing EMIs: Clearing or reducing current loan obligations may improve repayment capacity.
  • Maintain Stable Employment: Longer employment with the same organisation reflects income stability.
  • Increase Monthly Income: A higher income may improve eligibility and increase the possible loan amount.
  • Avoid Multiple Loan Applications: Submitting several loan applications within a short period may affect your credit profile.
  • Maintain Good Banking Relationship: Maintaining a healthy banking relationship can support the overall assessment.
  • Correct Errors in Credit Report: Review your credit report regularly and report any incorrect information for correction.
  • Apply for an Appropriate Loan Amount: Choose a loan amount that matches your income and repayment capacity.

Benefits of Checking IDFC FIRST Bank Personal Loan Eligibility Before Applying

Checking eligibility before submitting an application offers several advantages.

  • Saves time by identifying basic eligibility in advance
  • Improves the chances of applying with suitable criteria
  • Helps compare available loan options
  • Avoids unnecessary hard credit enquiries where only an eligibility check is required
  • Provides an estimate of the eligible loan amount
  • Helps select a suitable repayment tenure
  • Supports better financial planning
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I would like to give a huge shoutout to Munni Nayak from Paisabazaar for her incredible support in helping me get my personal loan disbursed within just a few days. She was extremely cooperative throughout the entire process and demonstrated great knowledge by explaining every step in detail with patience and clarity. I truly appreciate her dedication, professionalism, and the smooth experience she provided. Thank you so much, Munni, for all your help and support!

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I’d like to express my sincere appreciation for Mr. Aman Kumar (EW32023) for the excellent assistance provided. His professionalism & willingness to help made the experience smooth & pleasant. Aman Kumar demonstrated patience & clarity while addressing queries and ensured that everything was handled efficiently. Such dedication & customer-focused service truly deserve recognition. Please convey my thanks and appreciation to him for his outstanding support.

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Thank you for the support provided for getting personal loan approval. During this process I worked with Mr. Aman Bajpai (EW17239) who was co-ordinator for this entire process of Personal loan, I was incredibly impressed by his efficiency and problem-solving skills. He went out of their way to ensure all my questions were answered and that the disbursement timeline stayed on track. His coordination was really appreciable.

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Paisabazaar 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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