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Personal Loan

  • Loan amount ranging from 1 Lakh to 40 Lakhs
  • Paperless digital sanctions
  • Loan tenure from 12 months to 84 months*
  • Flexibility to make up to 40%* part payment
  • ROI starting as low as 10.75%*
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Personal Loan Features & Benefits

IDFC FIRST Bank’s Personal Loan can help you realise your dreams of having that perfect wedding to visiting your dream holiday destination. The loan can also help in meeting unexpected expenses and medical emergencies too. Here are some key features.

Easy Application

You can apply for our instant Personal Loans online; to know your eligibility in just a few seconds. You can also make use of our personal loan eligibility calculator and find out your eligibility.

High Disbursal Amount

Our quick Personal Loan is available for salaried individuals and self-employed professionals. You can borrow from Rs 1 Lakh to Rs 40 Lakhs basis your eligibility.

Flexible Tenures

Enjoy the flexibility to choose from the tenure ranging from 1 year to 7 years, that best suits you

Borrow more if you need

Top Up Facility Available: IDFC FIRST Bank is always there to help you go that extra mile to achieve your dreams. With it’s easy Top Up facility you can get that additional financial help that you are looking for.

*Subject to conditions

Personal Loan Eligibility Criteria

A Personal Loan can finance your needs without having to wait for capital to accumulate. We establish eligibility criteria for a Personal Loan based on few simple parameters. Your credit score and existing borrowings are also assessed to determine your repayment capacity.

For Self Employed Individuals:

  • 1. Accepting repayment from Saving Account
  • 2. No ITR required
  • 3. Eligibility basis latest 3 months Bank Statement*

For Salaried Individuals:

  • 1. Eligibility basis latest 3 months Bank Statement*
  • 2. Minimum NTH 20,000* per month
  • 3. Loans up to Rs.40 Lakhs*

Personal Loan EMI Calculator

IDFC FIRST Bank offers personal loans at a reducing interest rate. These loans are useful if you have a personal emergency or a family need to meet. A personal loan is flexible enough to even fund a family vacation. Using our personal loan emi calculator, simply fill in the personal loan interest rate and calculate the EMI instantly. IDFC FIRST Bank personal loan calculator is simple; it requires you to add the loan amount, interest rate and tenure and find out how much you will have to repay each month so that you can borrow with confidence.

 

Loan Amount

Interest Rate (In Percentage)

Tenure(In Months)

Your EMI

0

 

Apply For Personal Loan Online

Online Application

You can apply for a personal loan online by filling the form on our website. Know your eligibility instantly by applying ONLINE!!

Document Submission

Our relationship manager will fix up an appointment at your convenience to come to your premises and collect the requisite documents for quick personal loans.

Verification

After your documents have been collected, we will verify your personal loan application; this may involve a personal discussion with you.

Approval & Disbursal

Approval & Disbursal - If the reports are satisfactory after verification, your loan will be approved and credited in the same bank account for which the Bank Statement has been provided.

Documents Required for Personal Loan

IDFC FIRST Bank provides Personal Loans for both self-employed and salaried individuals based on the assessment of following documents:

PAN/Form 60

Address Proof ( Self-attested copy of any one document* )

  • Valid Passport
  • Aadhaar Card
  • Voter’s Identity Card
  • Driving License
  • Job Card issued by NREGA
  • National Population Register

Additional Address Proof ( Self-attested copy of any one document* )

  • Registered Sales Deed
  • Latest Bank Statement
  • Latest Passbook
  • Rent Agreement
  • Utility Bill
  • Property or Municipal Tax Receipt
  • Pension or Family Pension Payment Orders (PPOs)
  • Letter of Allotment of Accommodation from Employer

Income Proof ( Self-attested copy of relevant documents* )

  • For Salaried: Latest 3 months/6 months Bank Statement (dependent on scheme) showing salary credits
    For Self Employed: Latest 3 months Bank Statement showing 3 credits & 3 debits in each month
    Latest 3 months’ Salary Slip (dependent on scheme/Bank Statement)

Business proof ( Self-attested copy of relevant documents* )

  • Municipal tax bill
  • Gram Panchayat Certificate
  • Shop & Establishment Certificate
  • GST Certificate
  • ITR with Computation of income of Last 2 years
  • Udyog Aadhaar
  • FSSAI license
  • SSI Certificate
  • Utility Bill

Balance Transfer ( Self-attested copy of relevant documents* )

  • Repayment Schedule
  • Loan Foreclosure Letter
  • Statement of Accounts

*Requirement of Personal Loan documents might vary according to the scheme chosen.

You are in good company

Our customers just love us..

Excellent service from IDFC FIRST Bank in catering to my financial needs.

Ashwini Jain
Delhi

Thanks to IDFC FIRST Bank, my loan process was very good.

Ashish Ramesh Shah
Ahmedabad

IDFC FIRST Bank has stood by me in times of my need.

Muthu Kumar
Chennai

Questions? We are happy to answer them

About Personal Loans

1. What is a Personal Loan?

Personal Loans from IDFC FIRST Bank help you borrow for expenditures of a personal nature - whether you want to borrow money for an emergency, for education, for a vacation or any other need like a wedding in the family. You can avail loans ranging from Rs. 1 lakh to Rs. 40 lakhs with flexible tenures ranging between 12 months to 84 months.*
*Subject to conditions

2. Do I need to provide any security or collateral to apply for a Personal Loan?

Personal Loans are not secured by any collateral or security and are disbursed at the discretion of IDFC FIRST Bank based on the credit worthiness of the borrower. There is also no need for any co-signee or guarantor either. We provide you with Personal Loans without security so that you can get easy access to credit for your personal needs.

3. Will I have to visit a IDFC FIRST Bank branch to get a Personal Loan?

No, you do not have to visit the IDFC FIRST Bank branch to apply for a Personal Loan. You can simply visit our website and apply online or from our mobile app which can be downloaded from Google Play store or Apple App Store. Once you fill the form you will receive an application ID. We will then call you to get further information about your requirements and check your eligibility criteria. If all the requirements are fulfilled we will provide you with the loan. The disbursal of the loan amount is made in your account in as little as two business days once you have completed the documentation.

4. How can I check the status of my Personal Loan application?

After you apply for a Personal Loan from IDFC FIRST Bank, you can check the status of your application by visiting our website or downloading our mobile app from Google Play or Apple App Store. If you have any questions regarding your application status, you can also contact our customer care at 1860-500-9900 or write to us at customer.care@idfcfirstbank.com.

Eligibility

5. Who can apply for a IDFC FIRST Bank Personal Loan?

IDFC FIRST Bank provides Personal Loans for both self-employed and salaried individuals. In order to determine your Personal Loan eligibility, you have to meet certain parameters. We establish eligibility by simply asking a few questions through a form that is available on our website and mobile app. IDFC FIRST Bank will also base your eligibility on your credit score and your existing liabilities, which will be used to ascertain your credit worthiness.

6. What are the conditions to secure a IDFC FIRST Bank Personal Loan for a salaried and self-employed professional?

You must meet the following conditions to be eligible for a IDFC FIRST Bank Personal Loan:

Self-employed professionals:

  • Your business must have been in existence for a minimum of 3 years
  • Your company’s profit after tax (PAT) for the last two years should be positive
  • Net worth of the firm must be positive
  • Minimum Age: 28 years; Maximum Age: 68 years, at the time of loan maturity

For Salaried Individuals:

  • Minimum Age: 23 years; Maximum Age: 60 years or Retirement age which comes first.
  • Minimum NTH > Rs.20,000 per month in the latest 3 months.

Cost

7. Is the interest rate on my Personal Loan flat or reducing?

The Personal Loan interest rates that apply are reducing. This means that as the outstanding principal amount reduces, the interest payable on your loan also reduces.

8. What are the foreclosure charges that are applicable on my Personal Loan?

There is a lock-in period of six months. Post six months, if you foreclose your account, we will charge foreclosure charges of 5% on the principal outstanding amount.

9. Can I cancel my application after my loan has been approved? Are there any charges for the same?

Yes, you can cancel your application after you apply for a Personal Loan. There are no charges for cancelling an approved loan application. However, we would deeply regret the loss of your patronage. Please call us at 1860-500-9900 or write to us at customer.care@idfcfirstbank.com and we will help you with processing your cancellation request.

Benefits

10. Are there any benefits of taking a Personal Loan from IDFC FIRST Bank?

IDFC FIRST Bank’s Personal Loans come with a number of benefits that make them the right choice for financing your personal needs and emergencies:

  • Online application: The application process is completely online and can be completed through our website or mobile app.
  • Convenient: No need to provide income documents or visit our office; simply hand over the necessary documents to our representative.
  • Quick: We disburse the loan within 2 working days after you have completed the documentation process.
  • Flexibility: You can choose a Personal Loan amount of as little as Rs. 1 Lakh and going up to Rs. 40 lakhs.
  • Easy Repayment: IDFC FIRST Bank offers convenient repayment in tenures ranging from 12 months to 84 months.
  • No need for collateral: Our Personal Loans without security remove the need to put forward collateral.
  • Borrow more if you need: You can borrow more money by using our top-up facility for existing borrowers

Loan Parameters

11. What are the documents that I need to provide to avail a Personal Loan?

12. What is the maximum loan that I can get under IDFC FIRST Bank’s Personal Loan?

You can get a maximum of Rs. 40 lakhs as a Personal Loan. We give loans starting from Rs. 1 lakh. The loan amount that you can get depends on your eligibility which is arrived at by taking into consideration your credit limit and your existing liabilities.

13. What is the tenure for which I can apply for a Personal Loan?

At IDFC FIRST Bank, we know that loan repayment should be structured according to payment ability of our clients. That is why we offer flexible tenures so that the EMI is always affordable and serves your needs instead of being a burden. You can choose loan tenure between 12 months and 84 months when you take a IDFC FIRST Bank Personal Loan.

14. How can I know what my EMI amount is?

You can easily find out your EMI amount by using our Personal Loan EMI calculator. You just need to enter details of your loan amount, Personal Loan interest rate and click on the ‘Calculate’ button and we will let you know your EMI amount in an instant.

15. Can I change my EMI due date for my Personal Loan repayment?

No, you can’t change the EMI due date for your Personal Loan. Please feel free to contact us at 1860-500-9900 or write to us at customer.care@idfcfirstbank.com and we will be glad to assist you for any related query.

16. How can I repay my Personal Loan?

You can choose from a range of repayment methods for your Personal Loan. The options available are:

  • Electronic Clearing Service (ECS)
  • Post Dated Cheques (PDC)
  • Through our mobile applications downloadable from Google Play or Apple App Stores.

17. How can I make an overdue payment on an EMI?

If you would like to make an overdue payment on an EMI, please login to the customer portal or mobile app available for download on Google Playstore and Apple App Store. You can also email us at customer.care@idfcfirstbank.com or call us on our help line number 1860 500 9900 to assist you further.

Didn’t find an answer to your question?

18. I have a question that is not listed here; what do I do?

At IDFC FIRST Bank it’s always our customers that come first. We will be glad to help you with any other question regarding our Personal Loans. Please feel free to contact our customer representative at 1860-500- 9900 or email us at customer.care@idfcfirstbank.com. If you have a more pressing matter to discuss, feel free to visit any of our branches and speak to our customer representatives.

Effective 18th December 2018, Capital First & IDFC Bank have merged. The merged entity is now IDFC FIRST Bank. Click here to visit the website of IDFC FIRST Bank Effective 18th December 2018, Capital First & IDFC Bank have merged. The merged entity is now IDFC FIRST Bank. Click here to visit the website of IDFC FIRST Bank Effective 18th December 2018, Capital First & IDFC Bank have merged. The merged entity is now IDFC FIRST Bank. Click here to visit the website of IDFC FIRST Bank Effective 18th December 2018, Capital First & IDFC Bank have merged. The merged entity is now IDFC FIRST Bank. Click here to visit the website of IDFC FIRST Bank Effective 18th December 2018, Capital First & IDFC Bank have merged. The merged entity is now IDFC FIRST Bank. Click here to visit the website of IDFC FIRST Bank