IDFC First Bank Personal Loan aims to provide a simple and quick loan process to its customers. Interest rates are highlighted in the article, as well as eligibility requirements, documents required for the loan, and other features like an EMI calculator.
IDFC Bank Personal Loan Highlights
|Interest rate||10.49% p.a. onwards|
|Loan Amount||Up to Rs 1 crore|
|Tenure||Up to 5 years|
|Processing Fees||Up to 3.5% of loan amount|
IDFC First Bank Personal Loan
IDFC First Bank personal loan interest rates start from 10.49% p.a. You can avail the loan amount up to a maximum of Rs.1 Crore for a maximum tenure of 5 years. There are also no hidden fees or charges with IDFC First Bank personal loans, so you’ll know exactly how much you need to repay each month.
IDFC First Bank Personal Loan can be used for a variety of purposes like travel, wedding, home improvement, etc. The personal loan from IDFC First Bank comes with attractive interest rates, flexible repayment tenure and many other features that make it a popular choice among borrowers.
IDFC First Bank Personal Loan Interest Rate
When it comes to personal loans, the interest rate you’ll pay is important. After all, this is the cost of borrowing money and will affect your monthly repayments.
IDFC First Bank offers you a personal loan which can be availed at an interest rate of 10.49% to 25% p.a. The exact rate you’ll pay will depend on several factors, including your credit score, income and loan repayment history.
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IDFC Bank Personal Loan EMI Calculator
IDFC First Bank offers a personal loan EMI calculator to help you budget and plan your loan repayments. This tool is free to use and gives you an estimate of your monthly repayments based on the loan amount, interest rate and repayment tenure you choose.
To use the calculator, simply enter your loan details into the fields provided and click ‘Calculate’. Your estimated monthly repayment will then be displayed. You can use this information to compare different loan options and make an informed decision about which option is best for you.
The EMI calculator is a useful tool that can help you plan your loan repayments in advance. Use it to compare different loan options and make an informed decision about which option is best for you.
Types of IDFC First Bank Personal Loan
There are a few different types of personal loans that you can apply for at IDFC First Bank. Here is a brief overview of each type so that you can decide which one is best for you:
1. Personal Loan for Travel
IDFC Bank offers personal loans for travel purposes. This can be a great way to finance your dream vacation. The loan can be used for airfare, hotel expenses, and other travel costs. There is no need to put up collateral, and you can get the money you need quickly.
2. Personal Loan for Marriage
IDFC Bank offers a wedding loan to help cover the costs of your big day. The loan can be used for everything from wedding clothes and jewelry to venue and catering costs. You can borrow up to Rs. 40 lakhs with a flexible repayment period of up to 60 months.
3. Personal Loan for Emergency
If you’re looking for a personal loan to help cover unexpected emergency expenses, IDFC First Bank offers a convenient online paperless personal loan option. This loan can be used to cover anything from medical bills to car repairs. And because it’s paperless, you can apply for and receive the funds quickly and easily.
4. Top up Personal Loan
IDFC First Bank offers a top up loan on your personal loan. This is a great way to get additional funds when you need them.
5. Personal Loan Balance Transfer
IDFC First Bank Balance Transfer facility allows customers to transfer their existing personal loan from another bank or NBFC to IDFC First Bank at a lower interest rate. This is a great way to save money on your loan repayment, as you will be able to enjoy a lower monthly payment.
IDFC First Bank Personal Loan Eligibility Criteria
In order to be eligible for an IDFC First Bank Personal Loan, you must:
For Salaried Individuals
|Minimum Age||23 Years|
|Maximum Age||At the time of loan maturity, 60 years old or until retirement, whichever comes first|
For self-employed individuals
|Minimum Age||25 Years|
|Maximum age at loan maturity||65 years|
|Business Stability||The minimum duration of the business’ existence must be at least 3 years|
IDFC First Bank Personal Loan Documents Required
The documents required to apply for a personal loan are listed below.
- PAN Card or Form 60
- Identity proof: Passport, PAN card, Aadhar card, Voter’s Identity Card, Driving License.
- Address proof: utility bill, lease agreement, Driving License, Valid Passport, Property or Municipal Tax Receipt, Registered Sales Deed.
For salaried individuals:
- Bank statement for last 3 months
- Last 3 months’ salary slips
For self-employed individuals:
- Income Tax Returns for 2 Years, Bank Statement for the Last 6 Months, Balance Sheet for the 2 Year Period.
- Proof of business applications for self-employed individuals such as Qualification Certificate/Certificate of Practice (COP), Shop Act License/ MOA & AOA/ Sales Tax/ Vat registration/ Partnership Deed.
Benefits of taking a Personal Loan from IDFC First Bank
There are several benefits of taking a Personal Loan from IDFC First Bank. Some of these benefits include:
- Competitive interest rates: IDFC First Bank offers some of the most competitive interest rates on Personal Loans in the market. This makes it an attractive option for borrowers looking for a good deal on their loans.
- Flexible repayment options: IDFC First Bank offers flexible repayment options on Personal Loans, which allows borrowers to tailor their repayments to suit their individual needs and circumstances. This flexibility can make it easier to manage your loan and keep on top of your repayments.
- Quick and easy application process: Applying for a Personal Loan from IDFC First Bank is quick and easy. The online application process is simple and straightforward, and you can get an instant decision in minutes.
How to Apply for an IDFC First Bank Personal Loan?
If you’re looking for a personal loan from IDFC First Bank, you can apply online through the bank’s website. The application process is simple and straightforward, and you can get pre-qualified for a loan in just a few minutes.
Here’s what you’ll need to do to apply for an IDFC First Bank personal loan:
- Visit the IDFC First Bank website and click on the “Personal Loans” tab.
- Click on the “Apply Now” button.
- Enter your personal information, including your name, date of birth, contact information, and annual income.
- Choose the loan amount and repayment tenure that best suits your needs.
- Enter your bank account details so that the loan amount can be disbursed to you.
- Once you’ve reviewed and accepted the terms and conditions of the loan, click on the “Submit” button to complete your application.
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Q. How much can I borrow through an IDFC First Bank Personal Loan?
Ans. The amount you can borrow will depend on various factors such as your income, credit score, and repayment history. However, the maximum loan amount that you can avail from IDFC First Bank is Rs. 1 crore.
Q. What is the interest rate on an IDFC First Bank Personal Loan?
Ans. The interest rate on an IDFC First Bank Personal Loan starts at 10.49% per annum. The actual rate offered to you will be based on your individual profile and will be communicated to you at the time of loan approval.
Q. Do I need to provide any security or collateral to avail an IDFC First Bank personal loan?
Ans. No, you do not need to provide any security or collateral to avail an IDFC First Bank personal loan. This makes personal loans an attractive option for people who do not have any assets to offer as collateral.
Q. How long do I have to repay an IDFC First Bank Personal Loan?
Ans. You can repay your IDFC First Bank Personal Loan over a period of 12 to 60 months. The exact tenure will be decided based on your repayment capacity and will be mentioned in your loan agreement.
Q. What happens if I don’t make my monthly EMI repayment on time?
Ans. If you don’t make your monthly EMI repayment on time, you will be charged a late payment fee. This fee is typically 2% of the outstanding EMI amount. In addition, you will also be charged interest on the outstanding amount at the prevailing rate.
IDFC First Bank provides personal loans at competitive interest rates and with flexible repayment terms. You can use an online EMI calculator to calculate your monthly instalments and apply for a loan online in a few simple steps. Whether you’re looking to finance a wedding, go on a holiday, or consolidate your debts, IDFC First Bank Personal Loan is a great option to consider.