Urban Money

Capital First Ltd. Personal Loan

Capital First Ltd.
4.5

Being one of the largest financial institutions in India, Capital First offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. For any immediate financial requirement like wedding, medical treatments, house repair, pleasure vacation etc. can be fulfilled using the personal loans offered by Capital First.

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Interest Rate

Processing Fee

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Capital First Ltd. Personal Loan Interest Rate

Capital First Ltd.

12% - 18%

Up to 2%

4.5

₹1L - ₹40L

Tenure(1 - 5 Years)

Details

Features and Benefits of Capital First Personal Loan

Capital First Ltd personal loans are one of the most lenient and exclusive loan offerings. You can borrow this loan for a number of end uses like wedding, home renovation, higher studies, or any emergency at nominal interest rates. Given below are some of the other features and benefits of this loan offering:

  • Hassle-free Application: Anyone can apply for a personal loan from Capital First. Any prospective borrower can check their eligibility and apply for a loan on the official website in just a couple of clicks.
  • High Loan Amount: The ideal applicant can get a loan amount as high as Rs. 25 lakh, subject to repayment ability of the applicant.
  • Flexible Loan Tenure: A personal loan from Capital First can be availed for flexible loan tenures ranging from 12 months to 60 months.
  • Borrow Extra Funds: Capital First Ltd personal loan borrowers can avail a low-cost top-up option to all of the existing customers.
  • No Security: This personal loan offered by Capital First does not require any sort of security or collateral against the loan amount.

Capital First Personal Loan Overview

Capital First Ltd is registered as a Non-Banking Financial Institution in India that provides debt financing services to Indian consumers, MSMEs, and entrepreneurs. Established in 2012, the company was later listed on the National Stock Exchange and Bombay Stock Exchange. The company currently has a market cap of over ₹60.96 billion. Capital First provides personal loans with interest rates starting from 12% per annum. This loan can be availed by both self-employed and salaried employees with loan tenures ranging up to 5 years. In this piece, we will take a look at the Capital First Ltd personal loan in detail.

The Capital First Personal Loan can be availed to meet a number of end use purposes like higher education, medical expenses, purchasing furniture, purchasing vehicles, home renovation, etc. The company offers personal loans ranging from Rs. 1 lakh to Rs. 25 lakhs. This is a fixed rate personal loan with interest rates ranging from 12% to 18% per annum. The loan tenure ranges from 1 year to 5 years, the borrower can pay off the loan in easy monthly instalments via PDC, ECS, or auto debit. This is one of the most sought after loan products in the country owing to the low documentation requirement and quick loan disbursal.

Capital First Ltd Personal Loan Eligibility Criteria

Your eligibility for a Capital First personal loan is determined on the basis of your credit score, existing debt, income, along with various other factors. In order to obtain a personal loan from the company, the applicant has to fulfil the following criteria:

Self-Employed Applicants

  • The business should be in existence for a minimum of three years during loan application
  • If the applicant is a company, there should be a positive profit figure for the previous two years
  • The minimum age of the applicant should be 28 and maximum 68 years at the time of loan maturity

Salaried Applicants

  • The minimum age of the applicant should be 23 years and maximum 58 years during loan maturity

Capital First Personal Loan Interest Rates

You can obtain a personal loan from Capital First Ltd with interest rates ranging from 12% to 18% per annum. The actual interest rate offered to you depends on the loan amount, tenure, credit profile, and a number of different factors.

Factors Affecting Capital First Personal Loan Interest Rates

The affordability of a personal loan is mainly dependent on the interest rate. A higher rate of interest naturally means a higher EMI amount. Capital First Ltd. does not levy a uniform interest rate to all borrowers. This decision is affected by multiple factors. The personal loan interest rates are determined by taking into consideration the below given factors:

Applicant’s Income

The applicant’s income is the foremost consideration for a personal loan application. The higher the income, the greater the chances of being sanctioned a loan with low interest rates. The bank needs to assess your ability to repay the loan without it being an additional financial burden. In order to sanction a personal loan, the bank needs to be confident about the customer’s repayment ability. This is only attained when the applicant’s income is above a certain threshold.

Credit History

Before the loan application is processed, most loan providers will assess your credit score to get an understanding of your credit history. A credit score is a 3-digit number assigned to every individual by the credit bureau. This ranking is assigned to a borrower based on their credit behaviour. A good credit score is an indicator that you can manage your finances and credit lines well, and that you can repay your loans on time. An applicant with a healthy credit score can get a loan at low interest rates.

Employer’s Reputation

Applicant’s working for renowned companies can be more likely to be sanctioned personal loans with lower interest rates. The bank considers such employees to have a stable professional career and hence would be capable of making regular repayments. Loans to such applicants are sanctioned at lower rates of interest.

Past Credit Behaviour 

In addition to the credit profile, the lenders also assess the previous payment behaviour before determining the personal loan interest rate. If a bank determines that you have displayed a disciplined approach to loan repayment, you will be sanctioned a loan with a lower interest rate. Most banks and financial institutions prefer applicants who do not have a history of default in the last 12 months. People who have defaulted in the past 12 months might get a loan at high interest rates, or can even get their loan application rejected.

Relationship With Lender

A history of opening fixed deposit accounts or savings accounts with your lender can make you a loyal customer. This loyalty can help in creating a relationship with the bank which may help you get favourable interest rates. An existing cordial relationship brings about a sense of leverage, since the bank wouldn’t want to lose a loyal customer like you. 

Capital First Ltd Personal Loan Fees and Charges

In addition to the interest rate, a personal loan from Capital First is available at certain expenses in the form of various fees and charges. These are the costs incurred during the processing and documentation of the loan. Given below are some of the Capital First Ltd Personal Loan Fees and Charges:

Charges Details
Interest Rate 12% to 18% per annum
Processing Fee Up to 1.5% of the approved loan amount (Minimum of Rs. 1999)
Foreclosure Charges There is a lock-in period of six months. After this period, prepayment charges of 5% of the outstanding amount are applicable.
Late EMI Payment Rs. 400 per month
Cheque Swapping Charges Rs. 500 per instance
Document Charges  Rs. 500
Cheque Bounce Fee Rs. 400 per instance
Loan Cancellation Fee Rs. 1,000

Documents Required for a Capital First Ltd Personal Loan

Capital First offers attractive personal loans to its applicants after a thorough assessment of the documents given below:

Details Documents
Application Application Form duly filled
Identity Proof
  • Copy of Passport
  • Copy of Driving License
  • Copy of Aadhar Card
  • Copy of Voter ID Card
Address Proof
  • Registered Rent Agreement (Min. 1 year of stay)
  • Utility Bills (For the last 3 months)
  • Copy of Passport (Proof of permanent residence)
  • Copy of Ration card
Income Proof
  • ITRs for the last two Assessment years
  • Salary slip for the last 6 months
  • Bank Statement for the last 3 months
Business Proof
  • Qualification Certificate/ Certificate of Practice
  • Shop Act License
  • MOA / AOA
  • Partnership Deed
  • GST Registration

How is the EMI Calculated for a Capital First Personal Loan?

Given below is the formula that Capital First uses to calculate the EMI on their personal loans:

EMI = P × r × (1 + r)n/((1 + r)n - 1)

In this formula,

  • P stands for the principal loan amount
  • r denotes the applicable interest rate
  • n is the loan tenure

The EMI for a personal loan is directly proportional to the loan amount borrowed and interest rate and inversely related to the tenure of the loan. This implies, the higher the interest rate and loan amount, the higher the EMI amount. Inversely, a longer loan tenure will lead to a lower EMI amount.

How Does Capital First Ltd Personal Loan Compare to Other Lenders?

The table given below depicts a comparison between a personal loan from Capital First and other lenders in the market:

Details ICICI Bank Citibank Axis Bank Bajaj Finserv HDFC Bank Capital First
Processing Fee Up to 2.25% Up to 3% Up to 2% Up to 3.99% Up to 2.50% 1.50% to 2%
Interest Rate 10.50% to 19.25% per annum Starting from 10.49% 15.75% to 24% per annum Starting from 12.99% 10.49% to 21.50% per annum 12% to 18% per annum
Loan amount Up to Rs. 20 lakh Up to Rs. 30 lakh Rs. 50,000 to Rs. 15 lakh Up to Rs. 25 lakh Up to Rs. 40 lakh Up to Rs. 25 lakh
Tenure 1 to 5 years 1 to 5 years 1 to 5 years 1 to 5 years 1 to 5 years 1 to 5 years

Capital First Ltd Personal Loan Customer Care Number

All applicants and existing loan customers of Capital First Ltd can take care of their loan executive services on the toll-free number 1860-500-9900. The fully trained and experienced customer service representatives are available on this number from 9 AM to 8 PM, Monday to Saturday.

FAQs

From refinancing to reducing your interest, we have the answers right here.

What is the interest rate of a personal Loan in Capital First Ltd?

The interest rate for a Capital First Ltd personal loan ranges from 12% to 18% per annum.

What are the benefits of a Capital First Ltd personal loan?

Some of the benefits of a Capital First Ltd personal loan are quick application process, swift loan disbursal, top-up facility, and flexible loan tenure.

Does Capital First Ltd have a fixed rate or floating rate of interest?

Capital First offers personal loans at fixed interest rates ranging from 12% to 18% per annum.

What are the documents required for a Capital First Ltd personal loan?

In order to avail a personal loan from Capital First Ltd, the applicant will be required to submit a set of identification documents, address proof documents, and financial statements.

How to apply for a personal Loan in Capital First Ltd online?

You can apply for a Capital First Ltd personal loan online on their official website by filling out a few details and submitting supporting documents.

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