Urban Money

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 10.49% to 23% based upon the credibility.

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Check IDFC FIRST Bank Personal Loan Eligibility

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Urban Money

Personal Loan Banks

Interest Rate

Processing Fee

Loan Amount/Tenure

Easy Apply
IDFC FIRST Bank Personal Loan Interest Rate

10.49%

Up to 3.5%

₹50K - ₹1Cr

Tenure(1 - 5 Years)

Details

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 10.99% to 20%.
  • 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.

Eligibility Criteria for IDFC Personal Loan

The IDFC personal loan eligibility criteria are different for every individual applying for a personal loan.

For Salaried Individuals

The minimum age for applying is 23 years. The maximum age for applying for a personal loan at the time of maturity of the loan is retirement or 60 years, whichever comes first.

For Self-Employed Individuals

The business should be up and running for at least 3 years. The maximum age for applying is 65 years at the time of loan maturity.
The minimum age for a loan application is 25 years.

Factors Affecting IDFC Personal Loan Eligibility

The interest rate influences the affordability of a personal loan significantly. The higher the interest rate, the more is the loan EMI amount. There are many factors that sway the lender and individual banks in altering the IDFC personal loan interest rate for different individuals. These are the factors that the banks keep in mind before making the decision:

Income

Income is one of the foremost factors that decide the fate of your loan application. Since the bank needs to be sure that you can repay the loan amount, the greater your income, the more the bank will trust you and the lower the interest rate charged.

Credit History

Banks or NBFCs examine your CIBIL score before approving your loan application. This credit score is a 3-digit representation of your creditworthiness. Having a good credit score means that you are responsible for managing your finances and will be able to repay on time.

Organisation’s Reputation

The interest rate charged by a bank will be lower for salaried employees who work in a reputed organisation. It is believed that they have a stable career and will be able to make payments on time.

History of Loan Payment

Along with the CIBIL score, the banks will scrutinise your payment record history before deciding your interest rate. If you have been regular with your repayments, you will probably be charged a lower interest rate. Most banks prefer lending to customers who have not defaulted in the past 12 months. Usually, the banks reject most loan applications or charge a massive interest rate.

Banking Relationship

The more accounts you open with your bank, the more you are considered a loyal customer. This loyalty develops a personal relationship with your bank, which can help you attract favourable IDFC personal loan interest rates. You will be able to gain leverage with the bank as a customer and friend.

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. 

NBFCs/Banks Interest Rates (annual)
IDFC First Bank 10.49% – 23%
SBI 9.60% – 13.85%
HDFC Bank 10.25% – 21%
PNB 7.90% – 14.50%
ICICI Bank 10.50% – 19%
Axis Bank 10.25% p.a. onwards
Kotak Mahindra Bank 10.25% onwards
IndusInd Bank 11.00% onwards
Bajaj Finserv 13.00% onwards
Tata Capital 10.99% 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% to 22%.

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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