IDFC First Personal Loan Preclosure Charges Loan

When you need money for urgent personal or business requirement, personal loan from IDFC First bank is an option to...

When you need money for urgent personal or business requirement, personal loan from IDFC First bank is an option to depend on. With effect from December 2018, IDFC Bank has merged with First Capital to form IDFC First Bank. The combined strength of the business entities has been integrated to provide one-stop solution for unsecured loans with umpteen facilities and advantageous benefits.

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Google Play Store

4.5_/5

15.5L Reviews

5.7cr+Satisfied Customers

65+Lending Partners

₹65k Cr+Loans Disbursed

Wide Choice

Curated offers from 30+ lenders

Quick Disbursal

Money in your account instantly

SmartMatch

Offers ranked according to eligibility

Digital Process

Hassle-free & paperless

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HDFC Bank

10 Second Disbursal*100% Digital Process*Quick Disbursal

Max Loan Amt.Upto ₹25L

Rate of Interest9.99% - 12.5%

Tenure upto1-5 Years

Processing Fee₹ 6,500

ICICI Bank

100% Digital Process*Quick Disbursal

Max Loan Amt.Upto ₹25L

Rate of Interest11% - 13%

Tenure upto1-5 Years

Processing FeeUpto 2%

Axis Bank

Low Processing fee

Max Loan Amt.Upto ₹25L

Rate of Interest9.99% - 17.15%

Tenure uptoUpto 6 Years

Processing FeeUpto 2%

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Personal Loan Charges

Personal Loan Foreclosure Charges

Personal Foreclosure charges Of IDFC First

Different options to foreclose Personal Loan from IDFC First Bank

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How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Personal Loan Charges

Attractive interest rates, no upfront money for loan processing fee, 12 to 60 months loan tenure period, opportunity to foreclose (chargeable), option for loan insurance and maximum funding for senior employees of organizations (featured bank’s list and based on financial strength and net credit worth of the applicant) are the highlights of loan schemes offered by IDFC First bank.

Interest charged by IDFC First bank on personal loans (lending limit Rs 1 lakh to Rs. 40 lakh) starts from 10.49%. The interest amount is a monthly reducing balance (the outstanding loan amount gets diminished with each EMI payment). The rate charged remains fixed for the entire tenure of the loan.

Personal Loan Foreclosure Charges

Foreclosure or preclosure refers to full payment of the loan amount much before the tenure ends. The tenure for personal loans is from 12 to 60 months.

Preclosure of the existing personal loan account is allowed by IDFC First Bank after the payment of 24 EMIs. The customer is charged a certain percentage of money in addition to the current principal loan balance. Foreclosure is chargeable and there is no facility for part payment. All taxes levied are in accordance with government rules and regulations.

Personal Foreclosure charges Of IDFC First

Foreclosure has a charge rate of 5% (plus taxes) on the principal outstanding amount. The facility of foreclosure allows borrowers to save interest money on EMIs. It also gives an edge to CIBIL score of the customer, earning him easier approval for personal loans in future.

Different options to foreclose Personal Loan from IDFC First Bank

The two best options to foreclose an existing personal loan with IDFC First bank is to opt for Balance Transfer to some other bank or opt for Top Up loan from current bank.

With Balance Transfer the borrowers can shift to a new bank with lower rate for EMI. Most banks offer minimal interest rates for balance transfer account.

In case of top up loan, the current bank forecloses the existing account. In the new top up account (availed at the same interest rate) the borrower is disbursed with the existing loan amount along with the extra amount borrowed. A new consolidated, discounted EMI structure is generated after tallying the foreclosed and the new account.

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Conclusion

IDFC First Bank gives you multiple choices – General (multipurpose) loan and Consumer Durable Loan. The first addresses urgent financial needs and the second is for paying for purchases of consumer durable products like television, air-conditioner, refrigerator etc.

How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

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