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IDFC First Bank Personal Loan

Personal Loans

No dream is too big with IDFC FIRST Bank online personal loans. From destination weddings to vacations, you can use an IDFC FIRST Bank personal loan to meet different requirements. Apart from helping you complete your bucket list, a personal loan can also help you out in times of emergencies and crisis. Our hassle-free, digital application process helps you apply for personal loans instantly within minutes. You can also choose flexible repayment tenures up to 60 months and get a personal loan at competitive interest rates.

Get Personal Loans:

Transfer your existing Personal Loan/Credit Card, and enjoy amazing benefits, including affordable rates and flexible loan tenure ranging from 6 months to 60 months.

Features of Personal Loan

Go ahead and fulfill all your dreams with IDFC FIRST Bank Personal Loans!

Loans Up to 1 Cr

Get a loan up to ₹1 Cr to fulfill all your dreams, or ward of any moment of crisis

No Collateral / Security Required

You do not need to provide any collateral or security while applying for a personal loan

Balance Transfer for external Personal Loans and Credit Card Balances

Get a seamless transfer of all your existing Personal Loans and credit card outstanding balances

EMI Starting from ₹2149 per Lakh*

EMI starts at as low as ₹2149 per lakh of personal loan disbursed

No Physical Documentation

Apply for IDFC FIRST Bank Personal Loan online. Focus more on your needs and spend less time on physical documentation like Salary Slip, Bank Statement etc.

Insurance

Benefit from the option to insure your personal loan with a low premium than provided in the market

Debt Consolidation

Transfer your existing Personal Loan/Credit Card and enjoy amazing benefits, including affordable rates and flexible loan tenure ranging from 6 months to 60 months

Benefits of IDFC FIRST Bank Personal Loan

Quick and Hassle-free Digital Journey*

We have designed a completely digital solution for you to give a seamless experience in the application journey. Now you do not need to visit a branch or meet our sales executive - your loan disbursal is just a click away. To note, our Personal loans come with a super-fast and efficient process, capable of approval in less than 5 minutes and instant disbursal in less than 30 minutes.

  • *T&C Apply

More than 3 Lakhs with industry-best TAT*

  • Get more than 3 lakhs loan disbursed in your bank account quickly, with a turnaround time that is currently the best in the industry.

    *T&C Apply

Best of Both Worlds*

  • Our Personal Loans come with a tenure of up to 60 months & the best-in-class Personal Loan interest rate for salaried individuals. For the self-employed, it comes with a special loan approval process using only the Banking Statement and no requirement of other financial documents.

    *T&C Apply

How to apply for a Personal Loan online?

IDFC FIRST Bank has made it easy to open a bank account or apply for an online personal loan. You can apply for personal loans online by filling out an application form and answering a few mandatory questions. They can help us evaluate your eligibility as an applicant.

Follow these steps to avail yourself of an instant personal loan.

 

Step 1: Online personal loan application

Login to the IDFC FIRST Bank Mobile Banking App and apply for a Personal Loan online

Step 2: Instant personal loan approval

Your request for an online loan will be approved after you pass the eligibility check

Step 3: Upload documents

Complete the online personal loan verification process by uploading the documents.

Step 4: Disbursal of online personal loan

After the bank verifies your personal information, the online loan’s amount is transferred instantly post verification to your account. IDFC FIRST Bank’s loan application process is seamless right until the disbursal of the loan.

Personal Loan Eligibility Criteria

For Salaried Individuals:

  • Minimum Age: 23 years

  • Maximum Age: at the time of loan maturity - 60 years or retirement, whichever comes first

For Self-Employed Individuals:

  • The business must have been in existence for a minimum period of 3 years

  • Minimum Age: 25 years

  • Maximum Age: 65 years at the time of loan maturity

Personal Loan Documentation

Instant Personal Loan disbursal through digital loan journey:

  • Valid KYC

  • Three months’ bank statement

  • Net Banking or Debit Card details to set up e-Mandate

Personal Loan Document

Common Documents and guidelines for Salaried and Self Employed customers

PAN Card or Form 60 (To be submitted if PAN card is not available)

ANY 1 Official Valid Document (OVD) is mandatory from the below:

  • Valid Passport with expiry date, photograph and signature

  • Aadhaar Card issued by UIDAI

  • Voter’s Identity Card issued by Election Commission of India

  • Driving License issued by regional transport authority

  • Job Card issued by NREGA duly signed by an officer of the State Govt.

  • National Population Register containing details of name and address

FOR ADDRESS PROOF: If any of the above address proof is not available then submit ANY 1 of the below Address Proofs (Deemed OVD):

  • Registered Sales Deed + Latest Utility Bill in the name of the owner

  • Latest Bank Statement

  • Latest Passbook of scheduled commercial Bank

  • Rent Agreement (E- Agreement / Registered Agreement / Notarized Agreement) + Latest utility bill in the name of the current owner

  • Utility Bill : latest or not more than 2 months from the date of CPA Login (Electricity, Telephone, Piped or Cylinder Gas, Water Bill, Post-paid Mobile Bill)

  • Property or Municipal Tax Receipt

  • Pension or Family Pension Payment Orders (PPOs) : issued to retired employees by Government Departments or Public Sector Undertakings, if they contain the address

  • Letter of Allotment of Accommodation from Employer : issued by State Government or Central Government Departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions and listed companies and leave and license agreements with such employers allotting official accommodation

Specific Documents and guidelines for Salaried customers

Banking & Income Proof​

  • Latest 3 months Bank Statement

  • Latest 3 months Salary Slip to be submitted for select schemes

Balance Transfer (any 1 of the documents)

  • Repayment Schedule* * Where the proposed BT loan is not reflecting in Bureau and RTR cannot be ascertained, SOA/FCL is required

  • Loan Foreclosure letter

  • Statement of Account

Ownership Proof (any 1)

  • Sales Deed + latest utlity bill in the name of the current owner

  • Latest Water tax bill

  • Latest Property tax bill

  • Electricity Bill

  • Latest Maintenance Bill

Specific Documents and guidelines for Self Employed customers

Banking & Income Proof

  • Latest 3 months Bank Statement

Balance Transfer (any 1 of the documents)

  • Repayment Schedule* * Where the proposed BT loan is not reflecting in Bureau and RTR cannot be ascertained, SOA/FCL is required

  • Loan Foreclosure letter

  • Statement of Account

Ownership Proof (any 1)

  • Sales Deed + latest utility bill in the name of the current owner

  • Latest Water tax bill

  • Latest Property tax bill

  • Electricity Bill

  • Latest Maintenance Bill

Business Proof (any 1)

  • Municipal tax bill

  • Gram Panchayat Certificate filed minimum 6 months before CPA login date

  • Shop & Establishment Certificate (Gumasta)

  • GST Certificate

  • ITR with Computation of income of Last 2 years with minimum 6 months' gap between the 2 ITR filing dates

  • Udyog Aadhaar filed minimum 6 months before CPA login date

  • FSSAI license filed minimum 6 months before CPA login date

  • Utility bill in the name of the concern

  • SSI Certificate issued by Government of India minimum 6 months before CPA login date

Personal Loan Interest Rates

IDFC FIRST Bank is a customer-first organization. Your needs take priority, with products geared towards helping you improve your life. Our personal loans are designed to support you at every stage of your life, whether it’s tackling an emergency, renovating your home, or accomplishing your dreams. We offer end-to-end digital loans at the best interest rates. Our loan interest rates are attractive, flexible, and among the most affordable in the market. A personal loan with low interest rate brings down your overall loan cost and helps manage your finances better. With a strong profile, you can get the best personal loan interest rates at IDFC FIRST Bank. Apply today!

Rate of Interest and applicable charges on personal loan

The interest rates at IDFC FIRST Bank are regularly updated depending on the market conditions. Refer the table below to know our current personal loan rates.

Refer the table below to know applicable charges on personal loans.

GST, as applicable, will be levied on all service charges. The pre-payment/foreclosure/part payment of the loan has to be done using customer’s own funds. The Services accounting code would be provided by IDFC FIRST Bank and shall be binding on customer. In case customer is related person to IDFC FIRST Bank, GST, as may be applicable, needs to be paid by customer. The above Schedule of Charges is subject to be revised from time to time by the Bank, as will be updated on the official website of the Bank.

Calculate your Personal Loan Interest Rate

IDFC FIRST Bank has an online EMI calculator that you can use to check your monthly EMI. The EMI calculator has three parts: loan amount, tenure, and rate of interest. You can use it by entering the personal loan amount you need, the applicable interest rate, and the tenure for which you want the loan. Once you enter these details, the EMI calculator will give you the EMI. Check it out here.

Types of Personal Loan

Small Loans

Get short term unsecured loans for your capital needs. Enjoy quick access to funds with a range of convenient repayment options. First-time borrowers, salaried, and self-employed individuals are eligible for small loans. Apply online from anywhere and anytime!

Advantages of small Personal loan with IDFC FIRST Bank:

  • Quick access to funds during financial emergencies

  • Digital and paperless application process

  • Competitive interest rates, starting at 10.49%

  • Convenient repayment options ranging up to 60 months

  • Funds transferred directly into your bank account after approval

Travel Loans

Need urgent funds to meet your travel expenses? Apply online for Personal loan with IDFC FIRST Bank for travel and enjoy your dream vacation without digging into your savings or redeeming your investments. Get attractive interest rates and flexible repayment tenures. Salaried, self-employed, and first-time borrowers can apply for Personal Loan for travel.

Benefits of Personal loan for travel:

  • Easy access to funds to meet your travel expenses

  • Paperless application process available 24*7

  • Attractive interest rates starting just at 10.49%

  • No guarantor or collateral required

  • Convenient repayment tenure up to 60 months

Emergency Personal Loans

Meet your unexpected financial expenses with emergency personal loans. Get urgent funds without any collaterals at competitive interest rates. Apply for emergency personal loans online and get the amount in your bank account instantly after approval. Available to salaried, self-employed individuals as well as first-time borrowers.

Advantages of Personal loan for emergency:

  • Handle with your financial urgencies quickly

  • Enjoy easy online application process with completely digital verifications

  • Quick approvals and disbursals

  • No collateral required to apply for emergency personal loans

  • Flexible repayment tenure up to 60 months

  • Attractive interest rates starting at 10.49%

Marriage Loans

Marriage, a key milestone in one’s life requires a substantial amount to meet its various expenses. Get convenient loans to meet wedding expenses with a Personal loan for marriage. No need to depend on your big savings or the long-term investments. Enjoy the ease of flexible repayments and affordable interest rates. Both salaried and self-employed individuals can apply for a Personal loan for marriage with IDFC FIRST Bank.

Advantages of Personal loan for marriage:

  • Get a large amount up to ₹1 crore

  • Convenient application process and instant disbursal after loan approval

  • Apply online from anywhere and anytime

  • Affordable interest rates starting at 10.49%

  • No security required to apply for a marriage loan

  • Flexible repayment terms ranging up to 60 months

Medical Loans

Hospitalisation and treatment costs can consume your life’s savings. Manage your medical expenses without any burden or withdrawing from your savings through Personal Loan. Apply online and receive the amount instantly after approval. Get affordable interest rates and convenient repayment tenures. Salaried, as well as self-employed individuals can apply for Personal loan for medical purpose.

Advantages of Personal loans for medical purpose:

  • Apply online for Personal loan from anywhere and anytime

  • Get the amount within a few hours of application

  • Completely digital verification process for your convenience

  • Get high loan amounts up to ₹1 crore for your medical expenses

  • No collateral or security needed

  • Affordable interest rates starting at 10.49%

Debt Consolidation Loans

Managing multiple loans can be taxing. With debt consolidation loans, you can close off your other loans and pay a single loan instead. As a result, you need to worry about the EMIs for only one loan.

Get debt consolidation funds at attractive interest rates with convenient loan tenures. Apply for a Personal loan online to consolidate debt from anywhere, anytime. Salaried, as well as self-employed individuals can opt for them.

  • Consolidate all your debts conveniently into a single loan and manage it better

  • Digital and paperless process

  • Funds transferred directly to your bank account

  • Competitive interest rates starting at 10.49%

  • No collateral or security required for debt consolidation loans

  • Flexible repayment tenures between 6 months to 5 years

  • Easy repayment options to foreclose your loans

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