Highlights
- Check personal loan details before applying for the loan.
- Know your payments in advance with interest rate, tenure and loan amount.
When you apply for a loan, you expect that you get the rate as per your desire. Similarly, in the case of personal loans, the borrowers have the same expectation. At IDFC First Bank, the rate is offered on the basis of your overall profile which includes your age, income, employer category, relationship with the bank, savings/investments, and credit history. If you match all these as per the requirements of the bank, you are most likely to get a lower rate of interest. Below is the comparison tool wherein you can see the different rates offered by the banks.
Apply IDFC First Personal Loan @ 10.49%* Rate
Interest Rate Comparison Tool
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Table of Contents
IDFC First Bank Personal Loan Interest Rates October 2021
Below is the table representing the personal loan interest rate, tenure and loan amount at IDFC First Bank. You can go through the details properly before applying for the loan.
| Particulars | Salaried | Self-Employed |
|---|---|---|
| Interest Rates | 10.49% - 30% | 10.49% - 30% |
| Loan Amount | INR 1 Lakh - INR 40 Lakh | INR 1 Lakh - INR 9 Lakh |
| Tenure | 12 to 60 Months | 12 to 48 Months |
| Processing Fee | INR 6999 - 2.50% of the loan amount | Same as Salaried |
| Foreclosure Charges | 5% on the principal outstanding amount (applicable for both Simple & Smart Loans) | Same as Salaried |
| Part Payment Charges | 2% part payment charges applicable on partial payment ( Applicable only on Smart Loans) | Same as Salaried |
Special Offer
| Employer Category | For Loan Amount of INR 10 Lakh - 20 Lakh | Processing Fee (In INR) | For Loan Amount of INR 20 Lakh - 40 Lakh | Processing Fee (In INR) |
|---|---|---|---|---|
| CAT SA/A | 10.99% | 9999 | 10.49% | 6999 |
| CAT B | 12.49% | 9999 | 11.49% | 6999 |
Note – The special offer is applicable to loan application login date of April 1-25, 2021.
IDFC First Bank Personal Loan Interest Rates According to Different Customer Profiles
IDFC First Bank sets personal loan interest rates based on the overall profile of customers. The lender checks the profession and income of customers to set an interest rate for them. Let’s check out the table below to know the rates of salaried and self-employed.
Salaried
Check below the interest rates for salaried having a net monthly income of less than INR 50,000
| Company/Category | Interest Rate (Simple Personal Loan) | Interest Rate (Smart Personal Loan) |
|---|---|---|
| Top 14 | 12% | 13% |
| Top 200 | 13% | 14% |
| Rest of SA/A | 17% | 18% |
| B | 18% | 20% |
| C/D | 20% | 22% |
Interest Rates for salaried having a net monthly income of more than INR 50,000 to INR 80,000
| Company/Category | Interest Rate (Simple Personal Loan) | Interest Rate (Smart Personal Loan) |
|---|---|---|
| Top 14 | 12% | 13% |
| Top 200 | 13% | 14% |
| Rest of SA/A | 16% | 17% |
| B | 17% | 19% |
| C/D | 19% | 21% |
Interest Rates for salaried having a net monthly income of more than INR 80,000
| Company/Category | Interest Rate (Simple Personal Loan) | Interest Rate (Smart Personal Loan) |
|---|---|---|
| Top 14 | 11% | 12% |
| Top 200 | 12% | 13% |
| Rest of SA/A | 13% | 14% |
| B | 15% | 17% |
| C/D | 17% | 19% |
Self-employed/Proprietorship/Partnership
| Loan Slab | Interest Rate (Simple Personal Loan) | Interest Rate (Smart Personal Loan) |
|---|---|---|
| 1-2.99 Lakh | 26% | 28% |
| 3-9 Lakh | 23% | 25% |
| Proprietorship/Partnership - CATD | 30% | 32% |
Note – Rates shown for salaried and self-employed above are for loan amounts of more than INR 1 lakh
