IDFC First Bank Personal Loan of 3 Lakh

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Thejus KS
Thejus KS
A mechanical engineer turned history buff with a sprinkle of financial brilliance. Thejus’s expertise comes with a unique blend of engineering precision, timelines, and the power of numerals. He knows that numbers are the pulse of our globe. Attention to detail and extensive research are the key elements of his writing.
Reviewed By
Amit Prakash Singh
Amit Prakash Singh
Co-Founder, Square Yards & Chief Business Officer, Urban Money
Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

IDFC First Bank offers a hassle-free digital experience for a 3 lakh Personal Loan. With competitive interest rates, flexible repayment tenures, and a quick online application process, customers can fulfil their financial needs efficiently. Enjoy the convenience of instant approval and disbursal, making dreams a reality with an IDFC First Bank personal loan 3 lakh:

Feature Description
Interest Rate 10.75% p.a onwards
Loan Amount Rs. 3 lakhs
Tenure 84 months
Any Hidden Charges No

Personal Loan Options for 3 lakh in IDFC First Bank

Here is the detailed overview of personal loan options for IDFC First Bank personal loan 3 lakh:

Personal Loan Product Interest Rate Range Maximum Loan Amount Benefits
Marriage Loan 10.75% p.a. onwards Up to Rs. 1 crore Covers wedding expenses with a personalised loan tailored for your special day.
Travel Loan 10.75% p.a. onwards As per eligibility Fulfil your travel dreams with a loan crafted explicitly for funding your adventurous endeavours.
Emergency Loan 10.75% p.a. onwards As per eligibility Address unforeseen financial challenges during emergencies with quick and accessible funds.
Medical Loans 10.75% p.a. onwards As per eligibility Safeguard your health without financial worries – cover hospitalisation and treatment costs.
Debt Consolidation Loan 10.75% p.a. onwards As per eligibility Simplify your finances by consolidating and repaying diverse outstanding dues effortlessly.
Personal Loan Balance Transfer 10.75% p.a. onwards As per eligibility Optimise your finances by transferring existing loans for potentially reduced interest rates.
Small Personal Loans 10.75% p.a. onwards As per eligibility Address small capital needs conveniently with tailored loan solutions from IDFC FIRST Bank.

Features of Bank 3 lakh Personal Loan

IDFC First Bank’s Rs. 3 lakh Personal Loan (H2) offers a range of features tailored to meet borrowers’ financial needs:

  1. Competitive Interest Rates: Competitive 3 lakh loan interest rate starting at 10.75% annually, ensuring cost-effective borrowing.
  2. Flexible Loan Amount: Avail a personal loan ranging up to Rs. 3 lakh, offering flexibility to meet diverse financial needs, whether for emergencies, celebrations, or other purposes.
  3. Quick and Digital Processing: Experience a hassle-free and fully digital application process, ensuring quick loan approval and disbursal, saving time and effort.
  4. Balance Transfer Facility: Utilise the balance transfer feature to consolidate existing personal loans and credit card balances, potentially reducing interest rates and managing debt more efficiently.
  5. Flexible Repayment Tenure: Choose a repayment tenure of up to 84 months, allowing borrowers to customise their repayment schedule based on individual financial preferences and capabilities.
  6. Instant Approval and Disbursal: Swift loan approval and disbursal, providing instant access to funds during urgent financial requirements.
  7. Transparent Fees: Access a clear and transparent view of fees associated with the personal loan, ensuring borrowers are well-informed about the financial terms.
  8. Minimum Documentation: Submit minimal documentation, streamlining the application process and reducing paperwork hassles.

Can I Get a 3 lakh Personal Loan Instantly From IDFC First Bank?

Yes, obtaining a 3 lakh personal loan from IDFC First Bank is quick and convenient. Start by filling out the application form, ensuring eligibility. Submit necessary documents, select the loan amount and tenure, and use the EMI calculator for rate estimates. The advanced digital process ensures rapid approval, followed by efficient verification. Once approved, funds are swiftly disbursed to your account.

What Is the EMI for a 3 lakh Loan?

For a 3 lakh loan from IDFC First Bank, the Equated Monthly Instalment (EMI) depends on the chosen tenure and interest rate. Utilise the bank’s online EMI calculator by entering the loan amount, tenure (up to 84 months), and applicable interest rate. For example, with a 10.75% fixed interest rate for 36 months, the calculated 3 lakh personal loan EMI is approximately Rs. 9,792. This tool ensures transparency and helps borrowers plan their repayments efficiently, offering flexibility and ease in loan management.

Eligibility Criteria 3 lakh Loan in IDFC First Bank

To meet the 3 lakh personal loan eligibility IDFC First Bank criteria, applicants need to have:

  • Salaried Individuals:
    • Minimum Age: 23 years
    • Maximum Age: 60 years or retirement, whichever is earlier.
  • Self-Employed Individuals:
    • Business Existence: Minimum 3 years
    • Minimum Age: 25 years
    • Maximum Age: 65 years at loan maturity.
  • Documentation: Proof of identity, address, and income is required.
  • Credit Score: You need to have a decent credit score to be eligible.
  • Enhanced Approval Chances: Meeting age and business criteria increases the likelihood of loan approval.

Documents Required 3 lakh IDFC First Bank Loan

3 lakh personal loan document IDFC First Bank include:

  • Identity Proof: Aadhar card, passport, or voter ID.
  • Address Proof: Utility bills, passport, or rental agreement.
  • Income Proof: Salary slips, bank statements, or IT returns.
  • Employment Proof: Offer letter, employee ID.
  • Photographs: Passport size.

How to Apply for a 3 lakh Personal Loan From Urban Money?

Applying for an instant 3 lakh loan IDFC First Bank from Urban Money is a simple and hassle-free process. 

Following are the steps to initiate your loan application:

  1. Online Application: Visit the Urban Money website. Fill in the required personal and financial details.
  2. Loan Amount Selection: Enter the desired loan amount (up to Rs. 3 lakhs).
  3. Variant Selection: Choose a suitable loan variant based on your needs.
  4. Repayment Tenure: Select a comfortable tenure for repayment.
  5. Document Submission: Provide essential documents like PAN card, Aadhaar, and income proof.
  6. KYC Completion: Complete the KYC process using Aadhaar and PAN.
  7. Bank Details Entry: Enter your bank account details for loan disbursal.
  8. Submission: Review the information and submit your application.

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Frequently Asked Question (FAQs)

How long does IDFC First Bank take to approve a 3 lakh personal loan?

IDFC First Bank typically takes a few hours to a few days for personal loan approval, subject to document verification and eligibility assessment.

What are the interest rate ranges for IDFC First Bank's 3 lakh personal loans?

IDFC First Bank’s interest rates for 3 lakh personal loans range between 10.75% to 18% per annum.

Can I apply for a 3 lakh IDFC First Bank personal loan online?

Yes, you can apply for a 3 lakh personal loan instantly through their official website.

Are there any hidden charges in IDFC First Bank's personal loan agreements?

IDFC First Bank is transparent about charges. However, applicants should review the terms to ensure they understand all fees associated with the personal loan.

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