IDFC Bank Personal Loan

About IDFC Bank Personal Loan

Now there is no need to wait any longer so as to fulfill your personal needs as IDFC Bank with its best of the product is here to help. Yes, be it renovating your home, travelling to some expensive destination, buying a new home appliance or studying abroad, Personal Loan is the answer to all your needs. By availing a personal loan from IDFC Bank, you can easily meet all your wishes or dreams and turn them into reality. So, without wasting any time, let’s get started by knowing more about IDFC Bank Personal Loan.

Personal Loan

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    IDFC Bank Personal Loan Interest Rates

    Interest Rates11.69% - 15.00%
    Loan Amount₹50,000 to ₹20,00,000
    Tenure3 to 60 months
    Processing Fees1%-2% of the loan amount
    Prepayment Charges2.5% on your principal outstanding

    Eligibility Criteria

    • Age at least 21 and less than 58
    • Applicant should be a resident of India
    • Customer should have a regular income and should be a salaried employee (Government service or a regular corporate job)

    IDFC Bank Personal Loan EMI Calculator

    EMI stands for Equated Monthly Installment. It is a breakdown of the total repayment amount that comprises a part of both the principal amount and the interest charged on the loan. It is necessary to compute the EMI so as to plan for the future payments accordingly. The value is computed on insertion of the loan amount, tenure and rate of interest in the calculator. See the example below to learn how the calculator works :

    For Example: A man is interested in availing a loan of ₹10,00,000 from IDFC Bank for 5 years, and the bank is charging an interest rate of 13% per annum, the EMI, total interest outgo and total amount payable will be

    Table Showing EMI, Interest Outgo, and Total Repayment Amount

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 10,00,00013%1₹ 89,317₹ 71,807₹ 10,71,807
    ₹ 10,00,00013%2₹ 47,542₹ 1,41,004₹ 11,41,004
    ₹ 10,00,00013%3₹ 33,694₹ 2,12,982₹ 12,12,982
    ₹ 10,00,00013%4₹ 26,827₹ 2,87,720₹ 12,87,720
    ₹ 10,00,00013%5₹ 22,753₹ 3,65,184₹ 13,65,184

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance Amount
    1₹ 1,51,874₹ 1,21,162₹ 8,48,125
    2₹ 1,72,838₹ 1,00,198₹ 6,75,286
    3₹ 1,96,695₹ 76,341₹ 4,78,590
    4₹ 2,23,846₹ 49,191₹ 2,54,744
    5₹ 2,54,988₹ 18,293₹ 0

    Documentation Required

    Document Details
    PAN CardYes
    ID ProofAadhar Card/Voter ID/Passport/NREGA Job Card/Driving License
    Address ProofUtility Bill-Landline/Electricity, Registered Rental Deed
    Other Mandatory Documents- Passport Size Photograph
    - Last 2 Months Salary Slip
    - Last 6 Months Bank A/C Statement

    Features & Benefits

    • Highest Loan Amount of ₹20,00,000
    • Flexible tenure ranging from 3 months to 5 years
    • Attractive Interest Rates
    • Less paperwork

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    Kotak Bank10.99% - 20.99%
    RBL13.00% - 18.00%
    Standard Chartered Bank11.50% - 18.00%
    Tata Capital10.99% - 18.00%