IDFC Personal Loan for Senior Citizens

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Amrita Sinha

Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.

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Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

IDFC First Bank offers Personal Loan for Senior Citizens, designed to meet unforeseen and urgent financial needs of people over 60. The approved loan amount ranges from ₹ 20,000 to up to 1 Cr, with a repayment tenure of up to 5 years. The loan can be used for any purpose, including medical emergencies, home renovation, travel, or any other personal need. The interest rates for this loan are competitive, starting from 10.75%, making it an affordable option for senior citizens. Additionally, the bank offers doorstep service, quick disbursement, and minimal documentation, making the entire process hassle-free for senior citizens.

IDFC First Bank Personal Loan for Senior Citizens – Highlights

Here are the highlights of IDFC First Bank personal loans for senior citizens.

Feature	Description
Interest Rate	Starting from 10.75%
Loan Amount	₹ 20,000 – 1 Cr
Tenure	6 – 60 months
Any Hidden Charges	No hidden charges

Comparing IDFC First Bank Personal Loan with other Banks

IDFC First Bank offers competitive and attractive interest rates. Here is a comparison of IDFC First Bank personal loan interest for senior citizens with other banks.

Feature	IDFC First Bank	SBI	ICICI Bank	Axis Bank	HDFC Bank
Interest Rate (5 years)	10.75%	11.30%	10.65%	10.65%	10.50%
Interest Rate (10 years)	10.75%	11.30%	10.65%	10.65%	10.50%

IDFC First Bank Personal Loan for Senior Citizens – Fees and Charges

IDFC First Bank personal loan for senior citizens comes with transparent fees and charges.

Types of Fees	Applicable Charges
Processing fees	Upto 3.5% of Loan Amount
Late payment fees	Upto 2% of the unpaid EMI or upto ₹ 300, whichever is higher
EMI Pickup/Collection Charge	Upto₹ 500/-
Physical Statement of Account/Repayment Schedule	Upto ₹ 500/- per statement
Loan Foreclosure	5% of principal outstanding.

IDFC First Bank Personal Loan for Senior Citizens – Documents Required

The senior citizen personal loan from IDFC First Bank requires the following documents to process the loan.

PAN Card or Form 60
Identity Proof & Address Proof issued by the authority of the State or Central Government.
Proof of business – Municipal Tax bill, GST Bills, etc.
ITR of previous 2 years.

IDFC First Bank Personal Loan for Senior Citizens – Eligibility Criteria

The IDFC First Bank personal loan for senior citizens has strict eligibility criteria.

Criterion	Requirement
Age Group	Maximum 65 years of age at the time of loan maturity.
Type of Employment	Self-employed. Must be owner or co-owner of his own business. Applicant’s business registration must be older than 3 years
Minimum Income	₹20,000
Credit Score	Minimum score of 700