IDFC First Personal Loan

Comparison of IDFC First Bank Personal Loan Interest rates with Other Lenders

Also read: Best Personal Loan Interest Rate

IDFC First Bank Personal Loan EMI Calculator

 

IDFC First Bank Personal Loan Fees and Charges

Also read: Best Personal Loan in India

Types of IDFC First Bank Personal Loan

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.

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.

Also read: Best Personal Loan Status

Eligibility Criteria for IDFC First Bank Personal Loan

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

 

Documents Required for IDFC First Bank Personal Loan

• 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.

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.

Also Read : Best Personal Loan Documents Required