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  • IDFC First Bank Personal Loan

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  • IDFC First bank personal loans are available at reasonable interest rates and flexible repayment tenures. Loans can be availed with minimal documentation and zero paperwork! With interest rates starting from 15%, IDFC first Bank personal loans are great options for all your immediate monetary needs. The quantum of loan can range from Rs.2 lakh to Rs.25 lakh, and the tenure is flexible too.
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    We found 1 IDFC First Bank Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    PA PL OTP
    15% - 22% Fixed
    Up to 3.50% One time fee
    25L Max
    1 - 5 Years
    What you'll love
    Documents
    Perks
    Fees & Charges
    Eligibility Criteria

    Loan Details

    Interest rate 15% p.a.- 22% p.a.
    Processing Fee Up to 3.50% of the loan amount + GST
    Loan tenure 1 to 5 years
    Loan amount Up to Rs.25 lakh

    Key features

    • When you enquire about this loan on BankBazaar.com, you will get an e-approval within just 30 minutes while you sit comfortably at home. You will also receive door-step service.
    • You can enjoy paperless approval.
    • You do not have to get any guarantor to apply for this loan.
    • No foreclosure charges if you foreclose your account within 6 months of the sanctioning of the loan. If you foreclose your account after 6 months of the availing a loan, then you will have to pay a foreclosure fee of 5% of the outstanding principal amount.

    Eligibility criteria

    The eligibility criteria you will have to fulfil in order to avail a personal Loan from IDFC First Bank are:

    Self-employed individuals

    • Minimum age of 28 years, and maximum age of 68 years at the time when loan matures.
    • The business must be in existence for at least 3 years.
    • The company’s Profit after Tax (PAT) must be positive.

    Salaried individuals

    • Minimum age of 23 years, and maximum age of 58 years at the time when loan matures.

    Documents required

    Given below is the list of documents you will have to submit in order to avail a personal loan from IDFC First Bank:

    • Proof of identity such as Aadhaar Card, Passport, PAN Card, etc.
    • Proof of address such as Aadhaar Card, utility bills, Passport, bank account statement, etc.
    • Proof of income
    • For salaried individuals: Bank statement for the last 3 months/6 months, latest salary slip
    • For self-employed individuals: Income Tax Returns for the last 2 years, balance sheet for the last 2 years, bank statement for the last 6 months
    • Proof of business applicable for self-employed individuals such as Qualification Certificate/Certificate of Practice (COP), Shop Act License/ MOA & AOA/ Sales Tax/ Vat registration/ Partnership Deed

    Fees and charges for IDFC First Bank Personal Loan

    • The foreclosure fee is 5% of the outstanding loan amount (plus GST) if you decide to foreclose your account after six months of the availing of the loan. You will not be required to pay any foreclosure fees if you foreclose your account within six months of the availing of the loan.

    Other fees and charges

    Particulars Fees Remarks
    EMI bounce charges Rs.400 For each dishonoring of the presentation
    Repayment instrument swap charges Rs.500 As per change request
    Statement of Account (Adhoc/Duplicate) Rs.500
    Cancellation/Rebooking Charges 1% of the loan amount + interest availed from the date on which the loan amount was disbursed till the date of the cancellation of loan request. The request for cancellation will have to be submitted within a month of either loan booking date or 1st EMI presentation date, whichever is earlier. Post which cancellation will be treated as foreclosure
    Duplicate No Objection certificate / No Dues Certificate Rs.500
    Stamping Charges As per actuals
    Physical Repayment Schedule Rs.500
    EMI Pick up/ Collection Charges Rs.350
    Document retrieval charges (per retrieval) Rs.500
    Overdue interest 2% of the unpaid EMI or Rs.300 whichever is higher
    Part-prepayment Loan Maximum 40% of current outstanding amount is allowed for part payment once in a fiscal year. This option is available only post initial payments of 3 EMIs. For availing this option 2% part-payment charges is applicable on partial payment

    GST and other government taxes, levies, etc. as per prevailing rates will be applied over and above the fees and charges.

    How to apply for a personal loan from IDFC First Bank?

    • Visit the official website of the bank and apply for a personal loan by duly filing the application form online.
    • If you meet the eligibility criteria, the bank will appoint a relationship manager who will come to your communication address to collect the necessary documents.
    • Once your documents have been submitted, it will be verified by the bank. The process may also involve the lender having a discussion regarding your interest in availing a personal loan from them.
    • If all the documents provided by you and the bank is satisfied with the reports provided, the loan amount will be approved and disbursed to your bank account.

    You can also apply for a personal loan by visiting the BankBazaar website and apply for a personal loan from IDFC First Bank.

    You can also visit the nearest branch of IDFC First Bank along with the necessary documents. A representative from the bank will help you with the process of applying for a personal loan from IDFC First Bank.

    With an array of personal loan products offered by IDFC First Bank, you can choose a loan that best fits your financial requirement.

    FAQs

    1. Will I have to provide any collateral or security in order to avail a personal loan from IDFC First Bank?
    2. Personal Loans are unsecured loans. The bank will offer you a personal loan based on factors such as income, age, credit score, etc. You will not be required to pledge any security in order to avail a personal loan from IDFC First Bank.

    3. How much time will it take for the lender to approve my loan and disburse the loan amount?
    4. The lender will take around 7 days to review the documents submitted by you and disburse the loan amount to your bank account.

    5. How can I repay my loan?
    6. Repayment of IDFC Personal Loans will be done in EMIs (Equal Monthly Instalments) through EFT (Electronic Fund Transfer) from another bank account of your choice. You also have the option of repaying the loan through Standing Instruction to debit the EMI from your IDFC Bank account.

    7. The maximum loan offered by IDFC First Bank is Rs.25 lakh. What should I do if I require loan above Rs.25 lakh?
    8. If you are married, you can avail a personal loan with the loan amount above Rs.25 lakh by clubbing your income with the income of your spouse.

    9. How can I calculate the EMI payable before availing a personal loan from IDFC First Bank?
    10. You can check the EMI payable by using the EMI Calculator available on the official website of the lender. You can put in the necessary details and check the EMIs payable.

      You can also use the EMI calculator facility offered by BankBazaar by visiting its official website. You will have to enter the necessary details and find the EMIs you will have to pay.

    11. How to check IDFC Bank personal loan status?
    12. Visit our IDFC bank personal loan status page to get more details. You can also visit the link https://www.idfcfirstbank.com/loanTracking.html. Enter the application number, followed by your registered mobile number and enter the captcha given. Click on continue.

    13. How to contact IDFC Bank personal loan customer care?
    14. Visit our IDFC bank personal loan customer care page for more details. You can also call on the number 1860-500-9900 in case of any loan related query. If your query is yet to be resolved and wish to escalate the issue, you can call on the number 1800-419-2332. You can also get your queries answered by sending a mail to customercare@idfcfirstbank.com.

        

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    IDFC First Bank Personal Loan Reviews

    • IDFC FIRST BANK Personal Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      Due to the low rate of interest and the service is good so that i have availed the loan with IDFC. I have applied the loan amount of Rs. 2.5 lakhs and i have received the loan amount of Rs. 2.30 lakhs and they have deducted Rs. 20000 for the processing fee. They have provided me a 11% interest rate. I am paying the EMI amount of Rs. 6742 for the duration of 4 years.
      Was this review helpful? 1
      , chennai
      Reviewed on Mar 11, 2020
    • IDFC FIRST BANK
      IDFC FIRST BANK Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken this personal loan directly through IDFC First Bank .The rate of interest and the processing fee was high and they have sanctioned the loan on time .It was taken for personal use and the premium is paid on emi basis. If incase of late payment, I need to pay extra charges.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Mar 10, 2020
    • IDFC FIRST BANK Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan directly through IDFC First Bank.The loan got sanctioned immediately without any hassles. The customer service was really good and getting proper response. I am paying the premium on EMI basis and this loan is still active. I am much convenient with the overall service.
      Was this review helpful? 4
      , chennai
      Reviewed on Feb 21, 2020
    • IDFC FIRST BANK Personal Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      I have availed personal loan through IDFC First Bank. The rate of interest was very high and this loan got sanctioned on time. From bank end there was proper response and documents submitted through bank.The process was very fast and totally satisfied with the service. Still this loan is active and everything was good so far.
      Was this review helpful? 1
      , chennai
      Reviewed on Feb 21, 2020
    • IDFC FIRST BANK Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have applied for personal loan through IDFC First Bank.This loan was availed for my personal use and the rate of interest and the processing fee was very high .This loan was sanctioned on time without any difficulties. The loan process was clearly shared by the agent .
      Was this review helpful? 1
      , kolkata
      Reviewed on Feb 21, 2020
    • IDFC FIRST BANK Personal Loan
      "Better Service"
      0.5 4.0/5 "Great!"
      I have taken personal loan through IDFC First Bank directly .The rate of interest and the processing fee was very high since had immediate requirement taken this loan .This loan was sanctioned on proper time frame .I have taken this loan recently, only 2 months completed and still this loan is active.
      Was this review helpful? 4
      , bangalore
      Reviewed on Feb 10, 2020
    • IDFC FIRST BANK Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken personal loan through IDFC First Bank .This loan was availed only for my personal use.The rate of interest and the processing fee was nominal .The loan process was clearly shared by the agent ,The overall service was pretty comfortable and much satisfied .
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 28, 2020
    • IDFC FIRST BANK Personal Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      I have taken personal loan directly through IDFC First Bank.The rate of interest and the processing fee was really good and comfortable .This loan is still active and the whole process of this loan was clearly shared by the agent .I am satisfied with the service so far.
      Was this review helpful? 4
      , chennai
      Reviewed on Dec 21, 2019
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