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Range of Interest Rate

10.05% Onwards

Processing Fee Range

Up to 3.49%

Loan Amount

1 lakh – 5 lakh

Range of Loan Tenure

1 to 5 years

 

Key Salient Features

  • Quick disbursal available 
  • Income documents not required 
  • Flexible repayment plan 
  • Contactless loan processing

 

Documentation

  • KYC– Aadhar Card and PAN Cardd
  • Financial– 6 months bank statement, 3 months Salary slips & 2 years form 16

 

Trivia

  • The total number of branches of IDFC First Bank branches in India is 809
  • Average loan approval time is about 6 to 7 days

USP’s

Doorstep Service

Dedicated Relationship Manager

Minimum Documentation

Fastest Sanction Process

 

Fee and Charges Details

  • Provides pre-closure fees of 5% principal amount and 2% on unpaid EMI

Disclaimer

  • All intellectual property including trademarks, logos belong to the owner
Other Key Information:
Particulars Salaried
Age 23 and 68 years
Prepayment charges/Foreclosure Foreclosure 5% of the loan amount

FAQs

How do you apply for an IDFC First Bank Personal Loan?

Usually, you need to take the following steps to apply for an IDFC First Bank Personal Loan:

  1. Fill the application form of IDFC Bank.
  2. Submit key documents like KYC and Financial which are related to salaried individuals.
  3. Loan eligibility of the applicant is determined based on the candidate worthiness of the applicant and his or her cibil score.
  4. IDFC Bank Provide the Sanction letter which has loan amount, Interest rate, Tenure, emi Payable another terms and condition.
  5. Finally after completion of the disbursement process IDFC Bank issues a cheque in favour of the applicants.
What is the list of documents required to be submitted while applying for an IDFC First Bank Personal Loan?

When you apply for an IDFC First Bank Personal Loan there are a few documents that you need to submit. They are given in the table below:

 

KYC Documents

Aadhar Card, PAN Card
Voter’s ID, Driving License
Electricity Bill, Photo ID Cards issued by the State or Central Government
Application form duly filled with passport-size photos of applicants and co-applicants

KYC Documents

Salaried
  • The previous three months’ salary slips and
    the Latest Form-16
  • Latest 2 years Form 16
  • IT Returns for the last three years
Self-Employed/Professional
  • Business Profile of the Applicant
    Latest 3 years ITR with Computation of Income
  • Balance Sheet, Profit, and Loss Account, and respective schedules
  • GST Registration Certificate, GSTR-3B Returns of
    latest 1 Year, and GSTR-3B Returns of latest 1 Year
    Company Udhyam certificate

Property Documents

Registered Sale Deed, and Draft Sale deed agreement/document copies
Allotment Letter, NOC (No Objection Certificate) from Society/Builder
Receipts of payments made to the Real Estate developer
Why should you choose IDFC First Bank Personal Loan?

Because it is fast and easy to sanction for the customer who has healthy financial records.

How long does it take to get an IDFC First Bank Personal Loan sanctioned?

After submitting all required documents determining your loan eligibility, it takes about 5 to 7 working days for the personal loan to be sanctioned by the bank.

What is the minimum CIBIL score required to secure a IDFC First Bank Personal Loan?

A minimum CIBIL score of 700 is what you need to secure a IDFC First Bank Personal Loan.

What is the minimum and maximum personal loan amount sanctioned by IDFC First Bank?

The minimum personal loan amount sanctioned by IDFC First Bank is Rs 1 lakh and maximum 5 lakh.

What will be your EMI for your IDFC First Bank Personal loan amount of 1L/3L/5L?

To help you understand what your EMI on your IDFC First Bank Personal Loan secured at the lowest minimum interest rate of 10.05% a table containing loan amount and interest is given in the table below.

Table of IDFC First Bank EMI @10.05% interest rate for different personal loan amounts and tenures:

Amount
Tenure 1 lac 3 lac 5 lacs
2 Years Rs 4,617 Rs 13,850 Rs 23,084
3 Years Rs 3,229 Rs 9,687 Rs 16,145
5 Years Rs 2,127 Rs 6,381 Rs 10,636
Is a co-applicant mandatory for an IDFC First Bank Personal Loan?

It is not necessary to have a co-applicant while applying for an IDFC First Bank. However, if you have one it helps improve your loan eligibility and ‘Creditworthiness’ to your lender.

How frequently will my rate of interest change during the tenure of an IDFC First Bank Personal Loan?

In case of Personal Loan which is an unsecured loan, the interest rates remains fixed during the entire tenure of the loan period.

Am I eligible for an IDFC First Bank Personal Loan if I do not have my returns for three financial years?

Usually, when you possess IT returns for three financial years that you can show IDFC First Bank, the chances of you securing a personal loan from this bank increases significantly. However, you can still secure an IDFC First Bank Personal Loan, if you do not have IT returns for three financial year, provided you seek a small loan amount and possess a good ‘CIBIL’ score.

How soon can I get my IDFC First Bank Personal loan disbursed after it is sanctioned?

After submitting all the necessary documents, and getting it approved via sanction letter, your loan amount will get disbursed in 2-3 working days.

Other information on IDFC First Bank Personal Loan:

There are few additional details about the IDFC First Bank Personal Loan that you need to know given below: 

  1. Types of IDFC First Bank Personal Loan:

    There are several types of IDFC personal Loans available. They are as given below: 

    1. IDFC First Bank Personal Loan for Marriage:

       It is a personal loan package curated by IDFC specifically to help you finance marriage related requirements. 

    2. IDFC First Bank Personal Loan for Travel:

      This personal loan scheme presented
      by IDFC First Bank to finance your vacation/travel requirements. 

    3. IDFC First Bank Personal Loan for Emergency:

       It is an IDFC First Bank program to help you finance emergencies that you may have to face. 

    4. IDFC First Bank Personal Loan for Medical Loans:

      To help you finance your medical needs in terms of hospitalization, treatment etc IDFC First Bank provides for Personal Loan for medical requirements. 

    5. IDFC First Bank Consolidation Loans:

       For helping you repay a wide range of dues IDFC First Bank presents to you this program. 

    6. IDFC First Bank Loan Balance Transfer:

       It is to provide you with the opportunity to transfer existing personal loans to IDFC First Bank that this program is initiated by this banking institute. 

    7. IDFC First Bank Small Personal Loans:

      This program is designed to  help fulfill small capital needs of applicants.

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EMI Calculator

Loan Amount

Rate of Interest

%

Loan Tenure (Years)

Years

Monthly EMI

21,617

Principal Amount

25,000,000

Interest Amount

23,000,000

Total Amount Payble

47,000,000

Interest Amount

Principal Amount

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I work for an MNC financial services company in the customer service department and I must say that Loan Bazaar has one of the most user friendly website and EMI Calculator. Well done! In an endeavour to automate, My first visit to the website has been a pleasurable one!

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