IDFC First Personal Loan

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IDFC First Bank provides personal loans starting at 10.75% per annum for amounts up to Rs 1 crore, with repayment periods of up to 5 years. You can also transfer your existing personal loans from other lenders to IDFC First Bank for better interest rates. The bank offers the convenience of applying for instant personal loans online, using a paperless digital process.

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IDFC First Bank

Max. Loan Amt.

Up to ₹1Cr

Rate of Interest

10.75% - 36%

Tenure up to

Upto 5 Years

Processing Fee

Upto 3%

Check Eligibility
Max Loan Amount 100% Digital Process*

IDFC First Bank Personal Loan Interest Rates

IDFC First Bank offers personal loan interest rates starting at 10.75% per annum. The actual interest rates are determined based on the risk profile of the applicant.

Banks/NBFCs Interest Rates(p.a.)
Axis Bank 10.49% onwards Apply Now
IndusInd Bank 10.49% onwards Apply Now
IDFC First Bank 10.49% onwards Apply Now
HDFC Bank 10.50% onwards Apply Now
ICICI Bank 10.50% onwards Apply Now
Kotak Mahindra Bank 10.99% onwards Apply Now
Tata Capital 10.99% onwards Apply Now
Bajaj Finserv 11.00% onwards Apply Now
Federal Bank 11.49% onwards Apply Now
DMI Finance 12.00% - 40.00% Apply Now
L&T Finance 12.00% onwards Apply Now
Kreditbee 12.25% - 30.00% Apply Now
MoneyTap 12.96% onwards Apply Now
Piramal Finance 12.99% onwards Apply Now
Aditya Birla 13.00% onwards Apply Now
MoneyView 15.96% onwards Apply Now
Cashe 27.00% onwards Apply Now

Also read: Best Personal Loan Interest Rate

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Particulars Rates
Processing Fee Up to 3.5% of the loan amount at the time of loan disbursal
EMI Bounce Charges Rs 400
Account Statement Rs 500
Stamping Charges As per actuals
Repayment Instrument Swap Charges Rs 500
No dues certification/Duplicate no objection certificate Rs 500
Cancellation/Rebooking Charges 1% of the loan amount + interest from disbursal date till receipt of cancellation request
Physical Repayment Schedule Rs 500
Foreclosure charges 5% of the loan amount
EMI Pickup/Collection Charges Rs 350
Document Retrieval Charges Rs 500
Overdue Interest 2% of unpaid EMI or Rs 300 whichever is higher

Also read: Best Personal Loan in India

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IDFC First Personal Loan for Marriage

Purpose: People looking for a personal loan can use IDFC First Bank's Marriage Loan to cover their wedding expenses.

Loan Amount:Up to Rs 1 crore

IDFC First Personal Loan for Travel

Purpose: People can get an IDFC First Travel Loan to fulfill their financial needs for travel-related activities.

IDFC First Personal Loan for Emergency

Purpose: People can take advantage of Personal Loans for Emergencies from IDFC First Bank to address unexpected financial needs during emergencies.

Tenure: Up to 5 years

IDFC First Bank Medical Loans

Purpose: IDFC First Bank provides Medical Loans to help applicants cover financial needs related to medical purposes, including hospitalization and treatment costs.

Also read: Best Personal Loan Status

IDFC First Debt Consolidation Loan

Purpose: IDFC First Bank provides Debt Consolidation Loans to help applicants manage and repay various outstanding dues.

IDFC First Personal Loan Balance Transfer

Purpose: If you currently have a personal loan from another bank or NBFC, you have the option to transfer it to IDFC First Bank through their Balance Transfer facility. This allows you to shift your existing personal loan to IDFC First Bank at lower interest rates.

Tenure: 6 months-5 years

IDFC First Small Personal Loans

Purpose: IDFC First Bank provides Small Personal Loans to help applicants meet their modest capital requirements.

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For Salaried Applicants

  • The applicant must be at least 23 years old at the time of applying for the loan.
  • Additionally, the applicant should either be 60 years old or have reached the retirement age, whichever comes earlier, at the time when the loan matures.

For Self-Employed Applicants

  • For self-employed applicants, the minimum age at the time of loan application should be 25 years.
  • The maximum age of the applicant should not exceed 60 years at the time of loan maturity.
  • Additionally, the applicant should have a minimum business tenure of at least 3 years to be eligible for an IDFC First Bank Personal Loan.

Moreover, IDFC First Bank may take into account factors such as credit score, monthly income, EMI/NMI ratio, and other relevant criteria when assessing the eligibility of applicants for a personal loan. This aligns with the common practices followed by many personal loan lenders.

Also read: Best Personal Loan Eligibility

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  • Common documents for both salaried and self-employed applicants
  • PAN Card or Form 60

ID Proof (any 1 of the following):

  • Passport
  • Aadhaar Card
  • Voter ID
  • Driving License
  • Job card issued by NREGA signed by a State Government officer

Address Proof:

  • Passbook (latest)
  • Latest Bank Statement
  • Rent agreement with latest utility bills in the name of the present owner
  • Property receipt or Municipal Tax receipt
  • Latest utility bills or not as old as 2 months old from the date of CPA login (electricity bill, water bill, cylinder or piped gas, post-paid mobile bill)

Other Documents:

  • Pension or Family Pension Payment Orders issued by Government Departments or Public Sector Undertakings are accepted as valid proof for retired employees.
  • Similarly, for individuals seeking a loan, a Letter of Allotment of Accommodation from the employer is required. This letter should be issued by State/Central government departments, statutory or regulatory bodies, scheduled commercial banks, public sector undertakings, listed companies, financial institutions, and leave and license agreements with employers allotting official accommodation.

Also ReadBest Personal Loan Documents Required

For Salaried Applicants

Banking and Income Proofs:

  • Bank statement for last 3 months
  • Last 3 months salary slips

Balance Transfer (any 1 of the following documents):

  • Loan Foreclosure Letter
  • Account Statement
  • Repayment schedule
  • SOA/FCL is required where the proposed balance transfer loan is not reflecting in Bureau and RTR cannot be ascertained

Proof of Ownership (any 1 of the following documents):

  • Latest Water Tax bill
  • Latest Electricity bill
  • Sales deed with latest utility bill in the name of the present owner
  • Latest Property Tax bill
  • Latest Maintenance bill

Additional Documents for Self-Employed Applicants

Business Proof (any 1)

1. ITR with income computation for the last 2 years with a gap of at least 6 months between 2 ITR filing dates. 2. Municipal Tax bill. 3. Utility bill in the name of the person concerned. 4. GST certificate. 5. Gram Panchayat Certificate filed at least 6 months before CPA login date. 6. Shop and Establishment Certificate (Gumasta). 7. Udyog Aadhaar filed at least 6 months before CPA login date. 8. FSSAI license filed at least 6 months before CPA login date. 9. SSI certificate issued by the Indian government at least 6 months before CPA login date.
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1. What is the net take home pay for IDFC First Bank Personal Loan?

To be eligible for an IDFC First Bank personal loan, applicants should have a net take-home pay of at least Rs 25,000.

2. Does IDFC First Bank sanction instant personal loan?

Yes, IDFC First Bank provides online digital personal loans with a paperless processing system, and the disbursal is done instantly. Applicants can avail themselves of loan amounts of up to Rs 40 lakh through this convenient online process.

3. What factors affect the interest rates of IDFC First Bank Personal Loan?

The interest rates for personal loans at IDFC First Bank are determined based on various factors such as age, monthly income, job profile, employer's income, credit score, and loan repayment history of the applicant.

Also read: Best Personal Loan Balance Transfer

4. What is the minimum credit score requirement to avail IDFC First Bank Personal Loan?

IDFC First Bank requires personal loan applicants to have credit score of at least 700.

5. Are there any restrictions on making foreclosure or prepayment of IDFC personal loan?

IDFC First Bank allows the prepayment or foreclosure of personal loans after the payment of at least 12 EMIs, and this is subject to a fee of 5% of the outstanding principal amount.

Also read: Best Personal Loan Salaried Employees

6. Are there any special restrictions on applying for personal loans from IDFC First Bank?

An individual wishing to avail IDFC First personal loan should not have more than 2 existing personal loans.

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