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IDFC First Bank Personal Loan : A Review

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First Bank offers personal loans for loan amounts up to Rs 1 crore to meet

your multiple financial needs, they

you with

unsecured personal loan with

interest rate

loan tenure

IDFC Bank also

the balance transfer of

personal loans availed

IDFC

interest rates You

and hassle-free personal loans

digital process Loan top-up facility is available Flexibility to make up to 40% part payment (part payment is allowed

IDFC

Bank Overview Loan Amount Up to Rs 1 crore Loan Repayment Tenure Up to 60 months Interest Rate 10 75% to 22% per annum Processing Fees Up to 3 5% of the loan value Age Limit 23 to 65 years Occupation Salaried or Self-employed Key Features: IDFC First Bank Personal Loan Loan amount up to Rs 1crore- You can get a higher amount of personal loan through IDFC Bank up to Rs 1crore No collateral required- You don’t need to provide any collateral or security while applying for a personal loan Balance transfer for external personal loans- Get a flawless transfer of all your existing personal loans and credit card outstanding balances EMI starts from Rs 2162 per lakh- EMI starts at a lower amount of Rs 2162 per lakh of the disbursed personal loan amount No physical documents required- Applying for IDFC first bank is a digital process You can easily spend more time calculating your needs instead of spending time on physical documentation Insurance- Borrowers can get benefit from the option to insure their personal loans with a low premium than provided in the market Debt consolidation- With the help of a debt consolidation loan provided by IDFC first bank you can easily manage your finances You can easily focus on a single loan

IDFC

all

provide

starting

of 10 75% p a onwards including flexible

ranging from 6 months to 5 years

facilitates

existing

from another lender to

First Bank

attractive

can also get quick

through the

after 3 EMIs)

First

First Bank provides personal loans to salaried or self-employed professionals Both have different eligibility criteria to avail of loans from them Celebrate this Festive Season with a Personal Loan! Apply Now  Follow Us On :    Home About Us Services Resources FAQs

IDFC First Bank Eligibility Criteria IDFC

Salaried Applicants

Minimum Age- 23 years

Maximum Age- At the time of loan maturity - 60 years or retirement, whichever comes earlier

Minimum Income- Rs 20,000 per month

Self-employed Applicants

Minimum Age- 25 years

Maximum Age- 65 years at the time of loan maturity

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

Furthermore, IDFC First Bank may also consider the credit score, monthly income, EMI/NMI ratio, etc while evaluating the personal loan eligibility of applicants

Mandatory Documents Required for IDFC First Bank Personal Loan

A Borrower needs to upload documents when applying for a personal loan through a digital platform

Valid KYC (upload mandatory documents for KYC) 3 months bank statement Net Banking or Debit Card details required to set up e-Mandate eSign or eStamp for faster disbursal Common Documents and guidelines for Salaried and Self-Employed Applicants

Type of Documents

Details

PAN Card/Form 16 PAN Card/Form 60 (To be submitted if PAN card is not available)

Identity Proof Any one of the following:

Passport/ Aadhar Card/ Voter ID/ Driving License/ Job Card issued by NREGA signed by an oﬃcer of the State Govt/ National population register (details of name and address)

Address Proof Any one of the following:

Registered sales deed + Latest utility bill in the name of the applicant

Latest Bank Statement

Latest Passbook

Rent 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 bill Telephone bill, Piped gas or Cylinder, Water Bill, Post-paid Mobile Bill) Property/Municipal Tax Receipt

Applicants

Type of Documents Details

Banking/Income Proof

3 months Bank Statement (Latest) 3 month’s salary slip to be submitted for schemes (latest)

Balance Transfer (anyone) Foreclosure letter

Statement of account

Repayment schedule

SOA or FCL is required where the proposed balance transfer loan is not reﬂected in Bureau and RTR cannot be ascertained

Ownership Proof (anyone) Sales Deed + utility bill in the name of the current owner (latest) Latest water tax bill, property tax bill, electricity bill, or maintenance bill

Business Proof (anyone) Bill of Municipal tax

Gram panchayat certiﬁcate ﬁled (at least 6 months) before CPA login date

Shop/Establishment Certiﬁcate (Gumasta)

GST Certiﬁcate

ITR with income computation of the Last 2 years with at least 6 months gap between the 2 ITR ﬁling dates

Udyog aadhar ﬁled (at least 6 months) before CPA login date

FSSAI license ﬁled before the CPA login date (minimum 6 months)

Utility bill in the name of the borrower/owner

SSI Certiﬁcate issued by the Indian Government minimum 6 months before the CPA login date

Additional Specific Documents and guidelines for Self-Employed Applicants

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Steps to Apply for IDFC First Bank Personal Loan

You need to follow these steps to avail of an instant personal loan from IDFC First Bank

1 Download App- First you need to download IDFC First Bank Mobile Banking App through google playstore and create your account and login

2 Fill in Basic Details- First you need to fill in your basic details to check your loan eligibility You need to pass the eligibility check before further processing Apply for the loan amount you required

3 Upload Documents- To complete the KYC and verification process you need to upload all documents required by the IDFC First Bank

4. Online Personal Loan Disbursal- After the verification of all your information, the loan amount will be transferred within less time to your bank account

IDFC First Bank: Interest Rate, Processing Fees, and Other Charges

Interest Rate Starts at 10 75% per annum

Processing Fees Up to 3 5% will be deducted from the loan amount

EMI Bounce Charge Rs 400 for each presentation

Repayment Instrument Swap Charges Rs 500 (applicable per change request)

Account Statement Rs 500 (Adhoc/Duplicate)

Duplicate No Objection certificate / No Dues Certificate Rs.500 (Per request, in addition to Bank's issued letter)

Cancellation or Rebooking charges 1% of the loan amount + interest from the disbursal date till receipt of the cancellation request, cancellation request to be received within 30 days of loan booking date or 1st EMI presentation date (whichever is earlier)

Stamping Charges As per actuals

Physical Repayment Schedule Rs 500

Document retrieval charges Rs 500 EMI Pick-up/ Collection Charges Rs 350

Cheque swap charges Rs 500 per swap

Overdue Interest 2% of the unpaid EMI amount or Rs 300 whichever is higher

Foreclosure or prepayment charges 5% on the outstanding amount, prepayment of the loan is possible anytime during the loan tenure after payment of 6 or more EMIs

Part-payment charges Part Payment is allowed after early 3 EMIs A maximum of 40% of the current Principal Outstanding is allowed as part of the payment in a financial year

For Example- Radhika avails a personal loan for Rs 20 Lakhs, the interest rate is 12% and the repayment period is 3 years Calculate EMIs, total interest payable, and the total amount

Monthly EMIs of Rs 66,429, the total interest payable will be Rs 3,91,430 and the total amount repayable in 3 years will be Rs 23,91,430 (principal + interest)

Also Read- Bank of Baroda Personal Loan: A Review

Types of IDFC First Bank Personal Loan

1 Personal Loan for Marriage

Purpose- IDFC Bank offers wedding loans to salaried or self-employed individuals to meet the urgent financial requirements for wedding expenses

Loan Amount- Borrower can avail of the loan amount up to Rs 40 lakhs

Processing Fee- Up to 3 5% of the disbursed loan amount

Interest rates start at 10 49% p a

2 Personal Loan for Travel

Purpose- Online personal loan for travel is a type of loan that can be used for funding all travel activities A loan for travel is sometimes called a holiday loan, tour loan, or tourist loan

Interest rates start at 10 49% per annum

Foreclosure amount- 5% of the personal loan for travel amount

Additional document required- Travel itinerary and booking information Loan tenure- up to 5 years

Celebrate this Festive Season with a Personal

Apply Now 

Loan!

Pros and Cons of IDFC First Bank Personal Loan

IDFC First Bank Personal Loan Comparison with Other Banks

Why Choose Saral Credit Travel loan amount credited within 24 hours 3 Personal Loan for Emergency

personal loans

financial requirements You

emergency funds

IDFC First Bank provides online paperless

for up to 5 years to meet urgent

don ’ t need

submit collateral

get

Also Read- Federal Bank Personal Loan : A Review

the pros and

users

CONS Functions are user friendly Technical problems and problems of

speed The affordable loan amount is high Not supporting

android phones Interest rates and charges are reasonable The list of charges is quite large Balance transfers for external loans are available Easy and paperless process

Following are

cons

availing of a loan from the IDFC First Bank including a review of the

PROS

slow

all

Here

processing fees,

applicable charges

Late Payment Charges/Penalty 2%

The rating given by the customers on the

First Bank app is great on google

Lakhs users downloaded their app, and customers are happy with the services you can see the app details below Google Playstore Rating 4 6/5* Number of App Downloads 50 Lakhs+ Number of Users Review 1,12,034 Content rating 3+ App Size 66 MB Need a Personal Loan? Apply Now  Celebrate this Festive Season with a Personal Loan! Apply Now 

is the comparison chart of IDFC First Bank with the top lenders based on the interest rate, loan amount,

and all other

Particulars IDFC First Bank ICICI Bank PNB Interest Rate Starts at 10 75% p a 10 75% to 19% p a 9 80%-16 35% p a Maximum Loan Amount Up to 1 crore Up to 50 Lakhs Up to 20 Lakhs Loan Tenure Up to 5 years 1 to 6 years Up to 7 years Age Limit 23 to 65 years 23 to 65 years Up to 70 years Processing Fees Up to 3 5% Up to 2 50% of loan value + taxes Up to 1% of the loan amount + GST Prepayment Charges 5% on the outstanding amount, after payment of 6 or more EMIs Applicable charges are 3%+taxes on the outstanding amount after payment of the 1st EMI or Nil if 12 or more than 12 EMIs are already paid NIL

of the unpaid amount or Rs 300 whichever is higher 24% per annum As per Bank ’ s decision IDFC First Bank Ratings & Review

IDFC

playstore, More than 50

Simple Application Process 1 Just fill up a simple form 2 Validate your details 3 Click on Submit button Experienced Advisors 1 Wide range of options 2 Customised loan solutions 3 Best deal on your loan Instant Processing 1 Priority processing by lender 2 Timely Feedback on your application Related FAQ What is a personal loan?  What are the documents required to apply for a personal loan?  What is the processing time/TAT/turnaround time for a personal loan?  Can I take a personal loan from 2 banks?  Home About Us Contact Us Privacy Policy Terms Of Service Grievance Redressal Blogs Videos FAQs General Home Loan Credit Cards Balance Transfer Personal Loans Personal Loan Instant Personal Loan Pre-approved Personal Loans Personal Loan Top Up BNPL Loans PayDay Loans Mini Personal Loans Personal Loan Interest Rates Personal Loan Tenure Personal Loan EMI Calculator Personal Loan Eligibility Calculator Personal Loan for low CIBIL score Personal Loan Without CIBIL Score Common Uses of a Personal Loan Common Personal Loan Rejection Reasons Personal Loan with Guarantor Credit Score Advise Free Credit Score Score Booster Minimum CIBIL Score for Personal Loan How to Improve CIBIL Score Quickly How to clear over-due payments How to ﬁle a CIBIL dispute Debt Consolidation Useful Letter Formats © 2022 Saral Credit Operated by Metamax Digital Interactions Pvt Ltd Email: social@saralcredit com | Phone: +91 90822 95402 Reach Us: 1 / 1401 Vijay Galaxy Survey No 208 Waghbil Ghodbunder Road Thane 400601 Disclaimer: Metamax Digital Interactions Pvt Ltd does not sell any loans on its own and does not charge any loan origination fee from customers/viewers We advise customers/viewers to choose from the best oﬀers from Banks and its advertisers We do not guarantee any loans as loan sanction is as per the discretion and policies of Banks and NBFCs Customers should never pay any upfront amount for any loan disbursal and if any person calls you as a representative of Metamax Digital Interactions Pvt Ltd and asks for any amount kindly report the incident immediately by sending us an email at social@saralcredit com Read More Celebrate this Festive Season with a Personal Loan! Apply Now 