IDFC First Bank Personal Loan Interest Rate

IDFC FIRST Bank
4.5

You can use an IDFC FIRST Bank personal loan to fulfil various needs, from holidays to destination weddings. A loan can assist you in times of need and distress, in addition to helping you cross items off your bucket list. You can apply for personal loans instantaneously and within minutes with the help of our simple online application process.

Additionally, you can choose from flexible repayment plans for up to 60 months and obtain a personal loan with affordable interest rates.

  • IDFC FIRST Bank Personal Loan Interest Rate

    Personal Loan offer for You

  • 10.49% - 36%

    Interest Rate (p.a.)
  • ₹20K - ₹1Cr

    Tenure(0 - 5 Years)
  • ₹2,149 - ₹3,613

    EMI Per Lakh

Check Latest Personal Loan Offer From IDFC FIRST

  • IDFC FIRST Bank Personal Loan Interest RatePersonal Loan offer for You
  • 10.49% - 36%

    Interest Rate (p.a.)
  • ₹20K - ₹1Cr

    Tenure(0 - 5 Years)
  • Up to 3.5% of the loan amount

    Processing Fee

IDFC First Bank Personal Loan Rate Comparison with Other Banks

Before securing a personal loan from ICICI Bank, you should thoroughly compare interest rates with those offered by other banks and lenders. Comparing personal loan interest rates will help determine how better the ICICI bank personal loan is than competing goods.

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • Axis Bank Personal Loan Interest Rate

    Axis Bank PL Interest Rate

  • 10.49% - 22%

  • up to 2% of the loan amount + GST as applicable

  • 4.5

  • ₹50K - ₹40L

    Tenure(1 - 7 Years)

  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

Personal loans from IDFC First Bank are available for loan amounts up to Rs 1 crore and for terms up to 5 years starting at 10.49% p.a. It allows current personal loans obtained from other lenders and transferred to IDFC First Bank at cheaper interest rates.

Additionally, IDFC First Bank provides rapid personal loans online that are processed digitally and without paper.

IDFC First Bank Personal Loan Interest Rate by Schemes

IDFC First Bank Personal Loan interest rates is the sole scheme the bank offers to its customers:

IDFC First Bank Personal Loan 

With the top-up feature offered by IDFC Bank, customers can choose to borrow additional money above the sanctioned limit. The documentation needed is minimal, and processing is swift. The loan term is adjustable and might range from 12 to 60 months.

IDFC First Bank Personal Loan Interest Rates for Salaried and Self-Employed

IDFC First Bank personal loan interest rates for salaried employees and self-employed professionals start from 12.5% onwards. It can go up to 18% based on applicant credibility and other associated factors such as income, age, repayment history, etc. 

Type of Employment Offered Personal Loan Interest Rate Processing Charges  Prepayment Charges
Salaried Employee From 12.5% per annum onwards Upto 3.5% of the approved loan amount + GST Not Applicable
Self-Employed Professional From 12.5% per annum onwards INR 1999 + GST Not Applicable

IDFC First Bank Personal Loan Interest Rate for Salary Account

Customers can avail of numerous benefits from an IDFC First Bank personal loan account. Interested applicants can head to the official bank website and provide specific details to know if they are eligible for a pre-approved personal loan. Like other lenders, IDFC provides pre-approved personal loans to applicants with a healthy credit score and clean repayment track. IDFC First bank personal loan interest rates salary accounts start at 12.5% p.a. 

IDFC First Bank Pre-Approved Personal Loan Interest Rate

IDFC First bank personal loan can be availed with a pre-approved lower interest rate if one has a good credit score and have all the necessary documents. Customers can get the pre-approved personal loan interest rate from IDFC First Bank without hassle.

IDFC First Bank Personal Loan Balance Transfer Interest Rates

Transferring your ongoing personal loan from one bank to another is known as a personal loan balance transfer. It is a useful amenity because it allows you to save money. Depending on the remaining balance of the current loan, even a 0.50 to 1 % change in interest rate will drastically lower your EMIs and result in further cost savings.

IDFC First Bank Personal Loan Interest Rates and Charges

You should familiarise yourself with the associated fees and charges before applying for an IDFC First Bank Personal Loan. Knowing these will make it easier for you to calculate the total cost of the borrowed money.

Credit facility Type ICICI Bank Personal Loan Interest Rate and Applicable Charges
Personal Loan Interest Rates 12.5% per annum to 18% per annum
Charges for Loan Processing Charges or Origination (Non-Refundable) 3.5% of the total loan amount
Charges Associated with Prepayment 5% on a principal outstanding plus GST (for salaried customers)
Nil, if the loan is closed using own funds (MSME classified customers)
Additional Interest on Late Payment 2% of the amount of the unpaid EMI or Rs. 300 per EMI, whichever is higher
Charges for Repayment Mode Swap ₹500 per transaction plus GST
Charges for Loan Cancellation Within 30 days of the disbursement or the presentation of the first EMI, whichever comes first, Rs. 10,000. Requests for cancellation after 30 days or the first EMI presentation would be considered a foreclosure.
Loan Foreclosure Charges 5% of the amount principal amount OS
Charges for EMI Bounce ₹400 per bounce plus GST
Duplicate of the NOC Rs. 500
Physical Schedule of Repayment Rs. 500
Retrieval of Documents Rs. 500/- per retrieval. 
Partial Payment is Exclusively applicable to PL Smart Cases. Part payments are permitted up to 40% of the current Principal Outstanding once every fiscal year. This choice can only be made after the first three EMI payments. When choosing this option, a 2% part-payment fee will be added to the total.
EMI Pick up Rs. 350 per collection

Factors Affecting IDFC First Bank Personal Loan Interest Rates

The interest rate on a personal loan significantly impacts its affordability.

 Higher EMIs may result from a higher interest rate. Individual banks and lenders do not charge everyone the same interest rates. This choice is affected by several things. Some significant factors affect IDFC First Bank's personal loan interest rates. 

Income,

The primary determining element for your personal loan application is your income. Your chances of receiving personal loans with lower interest rates increase as your income increases. The bank must assess your ability to repay the loan in full. The bank must trust the customer before granting them a personal loan. Only when their salary exceeds a specific minimal amount is this feasible.

Credit History

Lenders typically review your CIBIL score before loan approval to understand your credit history. A person's credit score is a three-digit numerical ranking given by the Debts Rating Agency based on their history of repaying credit. A high credit score indicates that you can manage the loan and make on-time payments responsibly.

The reputation of the Organisation

People who work for reputable companies is more likely to get personal loans with low-interest rates. Banks think that people who work for well-known companies have pretty steady careers and will make timely payments.

History of Loan Payment

Prior repayment history will also be examined, along with your overall credit score, when determining your personal loan interest rate. The bank or lending firm will usually charge you a modest interest rate on the loan if they notice that you have been consistent with your repayments. Most banks prefer to lend to clients who have not received a payment in the previous year. Most loan defaulters either have their loan application denied or pay a high-interest rate.

Banking Relationship

You would have established yourself as a dependable client by opening savings accounts and fixed deposits with your bank in the past. By being loyal, you can build a rapport with the bank and get favourable terms on a personal loan. An established relationship will provide you with some influence because the bank doesn't want to lose you to a rival.

How to Calculate IDFC First Bank Personal Loan Interest/EMI

Using the IDFC FIRST Bank's personal loan EMI calculator, one can accurately calculate the interest/EMI on the personal loan, and one just needs to enter some basic loan information to determine the precise EMI (Equated Monthly Instalment).

OR

One can use the following formula to calculate the EMI:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

How to Get Low-Interest Rates on IDFC First Bank Personal Loan?

Getting the greatest personal loan package at the lowest interest rate is crucial. This enables you to lower your overall debt and take advantage of an EMI plan that is inexpensive and manageable. These are five valuable suggestions.

Maintaining a good credit score

The easiest thing to accomplish is to keep a very high personal loan eligibility to acquire the best interest rate. It usually comes down to having a high credit score—one that is above 750. Your lender will be more confident in repaying a larger loan if you have a higher credit score. You will receive cheaper interest rates as a result. Always pay off your credit card bills and other EMIs on schedule to keep your credit score high.

Closing the Existing Loans

You are less likely to get a lower interest rate on a new personal loan if you already have a sizeable portion of your income going toward existing loans and EMIs. Therefore, before taking out a personal loan, aim to reduce your overall debt to less than 40% of your monthly income by foreclosing on some debts.

Research the Options

You will be substantially assisted in analysing all the lenders and possibilities and choosing the best interest rate by market research and analysis. Always remember that even a small variation in interest rates might result in considerable savings. Verify whether a lender offers hassle-free digital application processes or rapid disbursement. As a result, IDFC FIRST Bank provides all customers with rapid, paperless personal loan disbursal. Online testimonies, ratings, and reviews are also available. You may get a good idea of what to expect by reading IDFC personal loan reviews on our website and other portals before applying for one of our enticing personal loan deals.

Seasonal Deals

Keep an eye out for any holiday or seasonal offers from your current lenders in your email and SMS messages. You can also check your financial apps to see if there are any pre-approved personal loan deals or limited-time reductions that you can take advantage of immediately without having to provide any paperwork!

The Perfect Professional Network

Last but not least, you can use the goodwill of your employer or your professional status to bargain for a reduced personal loan interest rate. If you work for one of the many reputable organisations with strong links with financial institutions, you may easily and confidently take advantage of better personal loan terms.

Conclusion

You can check the status of your IDFC personal loan by visiting the bank's official website and selecting "Track My Application." Once you've entered all the relevant information, including the applicant's name, loan reference number, and birthdate, you can view the status of your application after entering the necessary information.

Frequently Asked Questions (FAQs)

What is the current interest rate of IDFC First Bank personal loan?

The current interest rate of IDFC First Bank personal loans ranges from 11.5% to 18%.

How can I reduce my interest in IDFC First Bank personal loan?

One can reduce the interest in IDFC First Bank personal loans by maintaining a good credit score, closing all the existing loans, and maintaining reasonable repayment and financial history.

Is IDFC First Bank personal loan a floating-rate loan or a fixed-rate loan?

Personal loan interest rates are available in fixed and adjustable forms. A loan with a fixed rate will have the same interest rate for the duration. In contrast, a floating-rate loan will have interest rates that fluctuate according to the state of the market.

Do IDFC First Bank demand collateral or security for personal loans?

Instant Personal Loans are given out at the sole discretion of IDFC FIRST Bank depending on the borrower’s creditworthiness and are not secured by any kind of security or collateral. Additionally, there is no requirement for a co-signer or guarantor.

Can individuals pay off their IDFC First Bank loans EMI early?

An approximate one-year lock-in period is typically included with a quick personal loan. After this time, one can prepay the entire balance owed or the EMIs.

What is the EMI for a 1 lakh personal loan?

The EMIs depend on the rate of interest the loan has been granted.

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