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.
Up to ₹1Cr
10.75% - 36%
Upto 5 Years
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.
|Table of Contents
|Comparison of IDFC First Bank Personal Loan Interest rates with Other Lenders
|Fees and Other Charges
|IDFC First Bank
|Kotak Mahindra Bank
|12.00% - 40.00%
|12.25% - 30.00%
Also read: Best Personal Loan Interest Rate
|Up to 3.5% of the loan amount at the time of loan disbursal
|EMI Bounce Charges
|As per actuals
|Repayment Instrument Swap Charges
|No dues certification/Duplicate no objection certificate
|1% of the loan amount + interest from disbursal date till receipt of cancellation request
|Physical Repayment Schedule
|5% of the loan amount
|EMI Pickup/Collection Charges
|Document Retrieval Charges
|2% of unpaid EMI or Rs 300 whichever is higher
Also read: Best Personal Loan in India
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
Purpose: People can get an IDFC First Travel Loan to fulfill their financial needs for travel-related activities.
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
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
Purpose: IDFC First Bank provides Debt Consolidation Loans to help applicants manage and repay various outstanding dues.
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
Purpose: IDFC First Bank provides Small Personal Loans to help applicants meet their modest capital requirements.
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
ID Proof (any 1 of the following):
Also Read : Best Personal Loan Documents Required
Banking and Income Proofs:
Balance Transfer (any 1 of the following documents):
Proof of Ownership (any 1 of the following documents):
Business Proof (any 1)
To be eligible for an IDFC First Bank personal loan, applicants should have a net take-home pay of at least Rs 25,000.
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.
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
IDFC First Bank requires personal loan applicants to have credit score of at least 700.
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.
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An individual wishing to avail IDFC First personal loan should not have more than 2 existing personal loans.