IDFC FIRST Bank Personal Loan

IDFC FIRST Bank
4.5
The IDFC First Bank aims at providing personal loans to individuals in financial need in the most convenient way. An unsecured personal loan from IDFC can help you meet your wedding expenses, medical bills, or a long awaited vacation. The entire process has been made easier with an online and paper free application process. The interest rates for IDFC personal loans are distinct staring ranging from 12.5% to 18% based upon the credibility.

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IDFC FIRST Bank

IDFC FIRST Bank Personal Loan

  • Interest Rate

    10.49% - 36%

  • Loan Amount

    ₹20K - ₹1Cr

  • EMI Per Lakh

    ₹2,149 - ₹3,613

  • Processing Fees

    Up to 3.5% of the loan amount
  • Pre-Payment Charges

    Foreclosure charges 5% of the loan amount

Features and Benefits of IDFC Personal Loan

IDFC First bank provides a variety of services that helps you avail of a personal loan with ease to meet all your financial requirements. Besides providing customised services, the following features lure the customers to apply for IDFC personal loans:

  • Offers attractive interest rates varying from 10.49% - 25%.
  • Provides specialised and customised loan offers for working women. A pre-approved loan of ₹3 lakh can be availed by them.
  • Attractive and exclusive offers for the customers of the bank.
  • Easy and quick loan processing system.
  • Provision of an insurance cover as well as the personal finance scheme. An accidental cover of ₹8 lakh and a critical illness cover of ₹1 lakh are provided.
  • The entire loan application process is completed online.
  • An efficient and helpful customer service system.

IDFC Personal Loan Overview

Financial help works wonders when you are in a cash crunch and cannot fulfil your immediate personal needs. IDFC First Bank strives towards providing its customers with the best loan offers with attractive interest rates. Apply for an IDFC personal loan to move a step closer to your dreams.

The IDFC First Bank aims at providing personal loans to individuals in financial need in the most convenient way. An unsecured personal loan from IDFC can help you meet your wedding expenses, medical bills, or a long-awaited vacation. The entire process has been made easier with an online and paper-free application process. The interest rates for IDFC personal loans are distinct staring ranging from 10.49% to 23% based upon the credibility.

IDFC First Bank Fees and Charges

The fees charged by the IDFC bank are meagre and pocket-friendly. Have a look at the IDFC personal loan requirements like fees and charges below.

Primary Fee

Category Charges Comments
Processing fee Upto 3.5% processing fee will be charged from the loan during disbursal. It is charged during disbursal.

Other Charges

Category Charges (Upto) Comments
EMI bounce charges ₹400 For every dishonoured presentation
Swap charges for repayment instrument ₹500 For each request
Account statement (Duplicate/Ad Hoc) ₹500
No Dues Certificate/No Objection certificate (Duplicate) ₹500 On each request along with the Bank’s issued letter
Rebooking/Cancellation charges 1% of loan amount + calculated interest from the disbursal date till the cancellation request receipt The cancellation request has to be obtained within 30 days of the loan booking date or the first presentation date of EMI, whichever comes early. After this the cancellation will be seen as a closure.
Stamping charges According to actuals
Repayment schedule (Physical) ₹500
Retrieval charges for documents ₹500 Per retrieval
Collection charges/EMI pick up ₹350
Foreclosure charges 5% of the loan amount Foreclosure has to be made through the owner’s funds. Foreclosure of the loan is possible anytime during the tenure of the loan after payment of 12 EMIs or more have been made.

Charges for Defaults/Delayed Payments

Overdue interest ₹300 or 2% of the overdue EMI (whichever is greater)

Disclaimer: Loans lesser than ₹1 lakh are bound to have a direct processing fee of ₹2999.

Documents Required for IDFC Personal Loan

Furnishing the correct documents helps you avail of the personal loan hassle-free. Different documents are required for different individuals applying for a personal loan. Let’s look at what those are below.

Documents Required for Self-Employed Individuals:

  • Proof of identity (PAN Card/Voter’s ID/Passport/Driver’s Licence)
  • Proof of Address (Aadhaar card/Utility bill/Passport/Ration card)
  • Proof of Home Ownership (Utility bills/Documents which prove ownership)
  • Office address (Property documents/Maintenance bill)
  • Proof of office ownership (Property documents/Maintenance bills)
  • Proof of business authenticity (Shop establishment proof)
  • Form 16 or proof of income tax returns
  • Previous year’s bank statement
  • One passport size picture (coloured)

Documents Required for Salaried Individuals

  • Proof of identity (PAN Card/Voter’s ID/Passport/Driver’s Licence)
  • Proof of Address (Aadhaar card/Utility bill/Passport/Ration card)
  • Proof of Home Ownership (Utility bills/Documents which prove ownership)
  • Proof of income (six-month bank statement/three months salary slips with Form 16)
  • Proof of job stability (Certificate of experience/employment certificate from current employer)
  • One passport size picture (coloured)

How does the EMI Calculation Work for IDFC Personal Loans?

You can check your monthly EMI with the help of the IDFC First Bank online EMI calculator. The calculator is segregated into three parts: tenure, rate of interest, and loan amount. You can calculate the EMI by entering the applicable interest rate of the personal loan, the amount of personal loan needed, and the tenure for which you need the loan.

How does IDFC Compare with Other Lenders?

Mentioned below is the comparison of IDFC First Bank with the other prevalent lenders of personal loans in India. This comparison has been made based on the interest rate provided. 

Banks or NBFCs Personal Loan Interest Rate
IDFC First Bank  10.49% – 23% percent
HDFC Bank 11 percent to 21 percent
SBI 8.55% onwards
PNB 8.9% to 14.45% percent
ICICI Bank 10.75% to 19% percent
Kotak Mahindra Bank 10.99 percent onwards
IndusInd Bank 6.7 percent onwards
Axis Bank 12 percent onwards
Bajaj Finserv 11 percent onwards
Tata Capital 10.99 percent onwards

IDFC Personal Loan Customer Care Number

To contact the IDFC First Bank, you can call the below-given numbers. These numbers have been differentiated according to different products/services.

Bank Accounts 1800-419-4332
Credit Card 1860-500-1111
Loans 1860-500-9900
Rural Banking 1800-419-8332
NRI Number 022-6248-5152

FAQs

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

When does the personal loan repayment period start?

The personal loan repayment begins from the next month of loan disbursement. For example, if the loan amount was given to the borrower on 5th May, the repayment will begin from June, as per the repayment cycle.

Can individuals switch to a floating rate from a fixed rate during their loan tenure?

Yes, you can switch to a floating interest rate anytime during the loan tenure by paying a small fee.

What is the minimum amount of salary required for a personal loan application?

The minimum salary required to apply for IDFC personal loan is ₹25,000 per month.

What is the interest rate of a personal loan in IDFC?

The IDFC personal loan interest rate varies from 10.49% - 25% percent.

Does IDFC check the CIBIL score for personal loans?

Yes, IDFC First Bank will check your entire CIBIL/credit report while evaluating your application for a personal loan.

Get your latest Credit Score, FREE

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