IDFC Personal Loan Eligibility Calculator

Different banks adhere to distinct eligibility criteria. And remember that meeting the minimum salary requirement for a personal loan is not the only factor a bank considers when assessing your eligibility. Thus, estimating the right loan amount to apply for or knowing how much you are eligible for, is not a straightforward task.

Hence, the bank provides an IDFC personal loan eligibility calculator that assists you in understanding the maximum loan amount you are eligible for, along with the corresponding interest rate, tenure, and monthly EMI. All you need to do is just enter some fundamental information, such as age, income, occupation, phone number, etc. In a jiffy, the calculator will display the result. Moreover, this calculator proffers several additional benefits for its users, ultimately guiding them to find the right loan option that perfectly aligns with their financial situation and needs. Let’s scroll down to know more.

IDFC First Bank Personal Loan Eligibility Calculator –  Key Features & Benefits

Here are the key features and benefits of the IDFC bank personal loan eligibility calculator:

Completely Digital

IDFC personal loan eligibility calculator is an online tool. You can avail of this calculator via the Urban Money website at no cost. As a result, there is no longer a need to visit the bank branch occasionally. Instead, you can conveniently check your eligibility, compare various options, and apply for a loan.

Easy to Understand

IDFC bank personal loan eligibility calculator is renowned for its user-friendly UX design. Namely, this handy calculator employs a more visually engaging interface to display results, rather than presenting a cumbersome textual description. This approach lets you easily grasp your loan eligibility and current financial status with a quick glance.

Comparison Capabilities

This dynamic feature empowers you to compare various loan options the Bank offers. For instance, you can compare interest rates, loan amount, tenure, monthly payment, and other associated costs with different financing options you might qualify for. Thereby, you can pinpoint the most cost-effective loan available from the bank.

Real-Time Updates

The IDFC personal loan eligibility calculator is regularly updated with real-time financial parameters. This proactive approach guarantees that you can perform calculations using the most up-to-date parameters, thereby improving the accuracy and relevance of the results.

How to use IDFC First Bank Personal Loan Eligibility Calculator? 

To use the IDFC bank personal loan eligibility calculator, follow these simple steps:

• Visit the official website of “Urban Money.”
• Click on the “Loans” option and “Personal Loan.” You can locate these options from the horizontal menu bar of the home page. 
• You will be redirected to the “personal loan” page, where you can find an array of leading banks and NBFCs in India.  
• Scroll down and select “IDFC First Bank.”
• The calculator will be displayed under “Check Personal Loan Eligibility” in “IDFC FIRST Bank Personal Loan” page. 
• Enter the required details, such as your name, phone number, city, desired loan amount, loan tenure, etc.

• Click the “Check Eligibility” button.
• Within a minute, you receive a 6-digit OTP to the phone number you entered before.
• Enter the OTP and click “Submit.”
• The calculator will promptly display the total amount you can avail of from the bank. Besides, you can also view the interest rate, tenure, monthly EMI, and total amount alongside the result.
• Moreover, if you wish to apply for an IDFC First Bank Home Loan, click the “Apply Now” button. Alternatively, click “View All Offers” to explore and compare offers from other lenders alongside IDFC First Bank.

IDFC First Bank Personal Loan Eligibility Criteria

Mainly, the bank offers three different types of personal loans. Each aims to cater for a variety of individuals and their needs. The following are the types and eligibility criteria for IDFC First Bank Personal Loan.

IDFC First Bank Personal Loan Eligibility Based on Salary

Here are the required eligibility criteria for personal loans based on salaried individuals:

• The applicant must be between 23 and 60 years of age.
• The applicant must have at least one year of working experience.
• The applicant must have a minimum salary of ₹20,000.
• The applicant must have a good credit history with a favourable CIBIL score.
• The applicant must be an Indian resident.

IDFC First Bank Personal Loan Eligibility Criteria for Self-Employed Individuals

Here are the required eligibility criteria for personal loans based on self-employed individuals:

• The applicant must be between 25 and 65 years of age.
• The business must have existed for a minimum period of 3 years.
• The applicant should submit income proof such as income tax returns, balance sheet, profit and loss account, and bank statements.
• The applicant must have a good credit history with a favourable CIBIL score.
• The applicant should be an Indian resident.

Special IDFC First Bank Personal Loan Eligibility for Women Applicants 

Here are the required eligibility criteria for personal loans for women applicants:

• The applicant must be between 21 and 58 years of age.
• The applicant must have a minimum salary of ₹15,000.
• The applicant must have a good credit history with a favourable CIBIL score.
• The applicant should be an Indian resident.

List of Factors Affecting IDFC First Bank Personal Loan Eligibility

Following is the list of factors affecting IDFC First Bank personal loan eligibility:

• Credit Score

As your credit score is the foremost thing the bank considers, having a good credit score greatly boosts your loan eligibility. Ideally, the bank assesses your credit score to gauge your repayment behaviour and financial capability. 

• Income

Applicants with a high income bolster the bank’s confidence, often resulting in low interstate rates. On the other hand, applicants with lower income or frequent job changes may find it difficult to obtain a loan, as the bank deems them as risky.

• Age

The bank shows a preference for younger applicants. Thus older applicants may find it challenging to secure loan approval, and they could encounter unfavourable terms and shorter repayment periods.

• Debt-to-Income Ratio (DTI)

The debt-to-income ratio measures how much of your monthly income goes to debt payments. A low debt-to-income ratio ideally enhances your likelihood of loan approval. Conversely, a high debt-to-income ratio may result in the rejection of your loan application.

• Loan Amount

The interplay between the loan amount you wish to borrow, your income, and the value of your property holds significant sway over your eligibility for a home loan.

• Co-applicants

Incorporating a co-applicant with a formidable financial profile and credit history can profoundly enhance the prospects of your loan approval. This strategic move resonates well with the bank, as it considers the combined financial capabilities of both applicants for loan repayment. 

How Can You Improve Your IDFC First Bank Personal Loan Eligibility?

You can follow certain tips for improving your IDFC First Bank personal loan eligibility.

Maintain a Good Credit Score

Ensure punctual settlement of your bills and existing loans, and reduce your credit card utilisation. Such actions wield substantial potential to enhance your credit score. Ideally, the bank considers a credit score of 750 and above as favourable. 

Reduce Your Debt-To-Income Ratio

Debt-To-Income Ratio entails comparing your aggregate monthly debt and your monthly income. A heightened debt-to-income ratio signifies you have fewer funds available for loan repayment. So this may lead to the bank rejecting your loan application. As a prudent course, you can lower your debt-to-income ratio by increasing your income or curtailing your indebtedness.

Present All Your Income

Present a comprehensive panorama of your diverse income sources, including your monthly salary. This may encompass investments, rental properties, retail businesses, and income-yielding hobbies. Thus the bank becomes more confident about your capability to repay the loan amount. Adhering to this approach ultimately amplifies your eligibility for obtaining a personal loan.

Affix Co-applicant

Adding your spouse, sibling, or other family members to your loan application as co-applicants can significantly bolster your chances of securing loan approval. In such instances, the bank assesses the financial capacity of both applicants, ensuring a robust evaluation of the loan repayment potential. As a result, the overall eligibility of your home loan application gains substantial reinforcement.

Avoid Multiple Loan Applications

Every loan application you submit leaves a mark on your credit report, potentially leading to a reduction in your credit score as well. Besides, an excessive number of loan applications within a short span of time can evoke concerns from the bank. Ultimately, the bank might perceive the applicant as someone seeking an abundance of credit and potentially struggling with loan repayment.

Understanding the Impact of Credit Score on IDFC First Bank Personal Loan Eligibility

A credit score is a numerical representation of your creditworthiness, meticulously computed by the Credit Information Bureau India Limited (CIBIL). To calculate your credit score, CIBIL considers various factors, including your credit history, repayment behaviour, outstanding debts, and other pertinent financial dimensions. Generally, your credit score ranges from 300 to 850; the higher your credit score, the greater your eligibility for a personal loan. The bank typically considers a credit score of 750 and above as ideal. Ultimately, possessing a high credit score enables you to secure a loan with a low-interest rate, a substantial loan amount, an extended tenure, swift disbursal, and more favourable terms.

Comparing Eligibility Across Different IDFC First Bank Personal Loan Products

Product Name	Minimum Age	Maximum Age	Minimum Income	Credit Score
Personal Loan	23 years	60 years	Rs 20,000 p.m.	700 or more
Consumer Durable Loan	21 years	60 years	Rs 15,000 p.m.	700 or more
Car Loan	21 years	60 years	Rs 25,000 p.m.	700 or more
Two-wheeler Loan	18 years	60 years	Rs 8,500 p.m.	700 or more
Loan Against Property	23 years	60 years	Rs 35,000 p.m.	700 or more