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Are you in search of an ideal lender that can offer you a personal loan to fulfill your varied needs? If yes, all you need to know about IDFC First Bank personal loan. Yes, you can avail a loan from this lender for a wide variety of reasons such as weddings, holidays, education, home renovation, and for emergencies. The lender offers the loan to both salaried as well as self-employed individuals, which comes with flexible tenure options and high disbursal amount.
Want to know more about the credit facility being offered by IDFC First Bank personal loan, just go through the page below.
IDFC First Bank Personal Loan Details
|Interest Rates||10.50% - 25%||10.50% - 25%|
|Loan Amount||INR 1 Lakh - INR 1 Crore||INR 1 Lakh - INR 1 Crore|
|Tenure||12 to 60 Months||12 to 48 Months|
|Processing Fee||1% of the loan amount + GST||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|
IDFC First Bank Personal Loan Eligibility Criteria
In order to avail a personal loan, it is important that you meet the required eligibility norms set by the lender. However, your credit score and existing borrowings are also assessed to determine your repayment capacity.
For Salaried Individuals:
- Minimum Age: 23 years; Maximum Age: 60 years or retirement age, whichever is later at the time of loan maturity
- Minimum Salary for CAT ACE/ACE plus SA/A/B – INR 20,000
- CAT C/CAT D – INR 25,000
- The minimum work experience in the current organization should be 6 months. The total work experience should at least be 2 years.
- No cap on minimum residence stability
For Self-employed Individuals:
- The business must have been in existence for a minimum period of 3 years
- The company’s profit after tax (PAT) for the last two years should be positive
- Average Bank Balance (ABB) should be more than or equal to INR 5000
- Minimum Age: 25 years at the time of loan application; Maximum Age: 65 years at loan maturity
- No cap on minimum residence stability – Owned residence or business premises are mandatory and one has submit a proof for the same
- Business in same premises for >=1 year; The minimum experience should be 3 years or more
Salaried – Maximum to be restricted at 60% or existing FOIR whichever is lower
Self-Employed – Average Bank Balance is considered for eligibility
IDFC First Bank Personal Loan Interest Rates October 2022
Pricing Grid : PL Salaried (Loan Amount >1 Lakh)
|NTH<50 K||NTH>50K & upto 80 K||NTH >80K|
|Company category||Rack Rate-Simple||Rack Rate-Smart||Rack Rate-Simple||Rack Rate-Smart||Rack Rate-Simple||Rack Rate-Smart|
|Rest Of SA/CatA||17%||18%||16%||17%||13%||14%|
Pricing Grid : PL Self Employed/Prop/Partner/-Cat D (Loan amount >1 Lakh)
|Loan Slab||Rack Rate Simple||Rack Rate Smart|
|Proprietor/ Partnership - Cat D||30%||31%|
Special Rates for October 2022
|Company Category||10 Lakh - 20 Lakh||PF (INR)||20 Lakh - 40 Lakh||PF (INR)|
|Cat Super A/A||10.99%||9999||10.49%||6999|
*Not applicable for BT cases, Top up cases, Alliance Business, Staff Loans
Special PF offer on Balance Transfer for October 2022
|Employer Category||PF (On BT Case of 10 Lakh – 20 Lakh)||PF (On BT Case of 20 Lakh – 40 Lakh)|
|Cat Super A/A||INR 9999||INR 6999|
|Cat B||INR 9999||INR 6999|
Special Pricing for Self Employed for October 2022
|Loan Amount (INR)||Special Offer ROI|
*Not applicable for BT cases, Top up cases, Alliance Business
IDFC First Bank Personal Loan EMI Calculator
If you want to know the exact and accurate calculations of your monthly instalments before going for this loan, personal loan EMI Calculator is a device you should be aware of. This online magical tool with its well-designed algorithms allows you to know the accurate values of not only your EMIs but Interest Outgo as well.
This device works on a simple phenomenon, wherein it takes into account-
- Loan Amount
- Interest Rate
Soon after feeding these values into the device, it will fetch the values for you in the least time frame. Thus, it helps borrowers to take a calculative decision in the future.
Let’s just have a better understanding of the same with the help of an example below:
Suppose, Akash Verma, a 30-year-old, Interior Decorator is looking for a personal loan of Rs.2 lakh so as to renovate his home. Thus, he has applied for the same loan amount in IDFC First Bank and the lender soon after checking his eligibility got agreed to offer the loan at an interest rate of 14% per annum for a tenure of 5 years
So, let’s just know the exact calculation of the EMI and Interest Outgo in the table below:
Below is a table showing EMI, Interest and Total Amount Payable towards a loan.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|Loan Amount||Interest Rate||Tenure||Monthly Instalment||Total Interest Amount||Total Amount|
|₹ 2,00,000||14%||1||₹ 17,957||₹ 15,489||₹ 2,15,489|
|₹ 2,00,000||14%||2||₹ 9603||₹ 30,462||₹ 2,30,462|
|₹ 2,00,000||14%||3||₹ 6836||₹ 46,079||₹ 2,46,079|
|₹ 2,00,000||14%||4||₹ 5465||₹ 62,334||₹ 2,62,334|
|₹ 2,00,000||14%||5||₹ 4654||₹ 79,219||₹ 2,79,219|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|1||₹ 29,701||₹ 26,142||₹ 1,70,298|
|2||₹ 34,137||₹ 21,706||₹ 1,36,160|
|3||₹ 39,235||₹ 16,608||₹ 96,925|
|4||₹ 45,095||₹ 10,749||₹ 51,829|
|5||₹ 51,883||₹ 4014||₹ 0|
IDFC First Bank Personal Loan Documents Required
IDFC First provides Personal Loans for both self-employed and salaried individuals based on the assessment of the following documents:
- Photo Identity Proof: (Self-attested copy of any one document) Passport, PAN Card, Voter Identity Card, Driving License, Aadhaar Card
- Address Proof: (Self-attested copy of any one document) Ration Card, Passport, Bank Account Statement, Aadhaar Card, Driving License, Electricity Bill, Telephone Bill, Sale Deed/ Property Purchase Agreement (for owned properties) Please note that rent agreement and bank statement won’t be accepted as address proof.
- Income Proof: (Self-attested copy of any one document)
For Salaried Individuals: Last 3 months/6 months bank statement (dependent on scheme) showing salary credits, Latest 3 months Salary Slip
For Self-Employed Individuals: 2 years ITR, P&L and Balance Sheet for the last 2 years, Last 3 Months Bank Statement
- Ownership Proof
- Business Proof (Self-attested copy of any one document)
For Self-Employed Individuals: Qualification Certificate/Certificate of Practice (COP), Shop Act License/ MOA & AOA/ Sales Tax/ Vat registration/ Partnership Deed
How to Apply for IDFC First Bank Personal Loan from Wishfin?
It is absolutely easy for you to apply for this loan online. You simply need to follow certain steps to get the loan online. Take a look at the steps mentioned below:
- Online Application: You can apply for a personal loan online by visiting Wishfin’s website www.wishfin.com and filling a form on the website. By applying for a personal loan online you can get your eligible loan amount instantly.
- Document Submission: The relationship manager will fix up an appointment to come to your premises and collect the requisite documents for quick personal loans.
- Verification: After your documents have been collected, your personal loan application will be verified; this may involve a personal discussion with you.
- Approval & Disbursal: If the reports are satisfactory after verification, your loan will be approved and the money will be deposited in the same bank account for which the statement has been provided.
IDFC First Bank Personal Loan Features
You can have a look at some of the amazing features of the IDFC First Bank Personal Loan so that you can decide whether it meets your requirements or not.
No Need for a Collateral – The best thing about the IDFC First Bank personal loan is that you don’t need to submit any kind of collateral or security to get the required loan amount. As it is an unsecured loan, you don’t need to worry about this. The bank will approve the loan amount after assessing factors such as your age, employment type, job history, and CIBIL score.
Flexibility in Repayment – If you are worried about how you will be able to repay the loan amount then you must know that you will have a flexible tenure of 12 to 60 months to do the same. You can choose the tenure according to your repayment capacity and monthly income. A tenure when decided upon carefully can help you repay the loan via easy monthly instalments. You must remember that choosing a long tenure will make you pay a higher interest amount and vice-versa.
Balance Transfer Facility – Finding it hard to pay the EMI on your existing personal loan as interest rates are higher? You can easily opt for the IDFC First Bank personal loan balance transfer facility through which you can easily transfer your current outstanding balance to the IDFC First Bank at lower interest rates. By opting for this facility, you can save a substantial amount of money while paying the EMI. This is one of the most amazing features of this loan facility.
For Balance transfer, you should have any one of below document
- Repayment schedule
- Statement of accounts (SOA)
- Loan foreclosure letter
Credit Card Balance Transfer
Now you would be wondering what is this Credit Card Balance Transfer? Well ! We will tell you all about it as this is the new facility that IDFC First bank has now started to provide. Its is about transferring the outstanding balances of your credit card and converting the balance into a personal loan. That helps you in saving a hefty amount. As Credit card company charges higher rates on Credit card outstanding balance. To avoid such situation you can always opt for Credit card balance transfer with IDFC bank. There is no capping on the number of Credit Card to be Balance transferred.
Loan Facilities offered by IDFC Bank
IDFC bank two types of loan facilities –
- Simple Loan Facility – In Simple Loan Facility, IDFC First Bank offers comparatively lower interest rate and also the tenure period is short as compared to Smart Loan.
- Smart Loan Facility – Smart Loan offers you a longer tenure period wherein it can make you a higher interest amount as compared to Simple Loan. But it comes with an advantage, it can help you in reducing your interest amount at any point of time.
- Yes, Smart loan offers you the facility of making part payments that has been proved an advantage in reducing down your interest amount. You can do this once you paid first three EMI’s of your loan.
Suppose you opted for a loan amount of INR 5 lakh for a period of 4 years. So, after paying the initial three EMIs, you can pay INR 2 lakh in one go. Now, the interest will be charged only on the remaining amount of INR 3 lakh for the rest of the tenure.
You may want to pay the total outstanding loan amount during the course of your loan when you get surplus funds. If that is the case, you can go for the foreclosure or pre-payment facility of the bank. To avail of this facility, you will need to pay foreclosure or prepayment charges levied at 5% of the total outstanding amount.
Part payment Facility
In case you got any lump sum from any other source of income and want to make a part payment against your Personal Loan with IDFC Bank. You can do the same, subject to below conditions.
- Simple Personal Loan – Not available in case of Simple personal Loans
- Smart Personal Loan – Maximum 40% of the loan amount anytime after paying the first three EMIs. You can use this facility only once in a financial year. The charges for this facility are fixed at 2% of the total partial payment paid by an individual.
IDFC First Personal Loan FAQs
1. How to get a personal loan from IDFC first bank?
Following is the process how you can apply for a personal loan:
– Online Application- You can apply for a personal loan online by visiting Wishfin’s website www.wishfin.com and filling a form on the website.
– Doorstep Service- The relationship manager will fix up an appointment to come to your premises and collect the requisite documents for quick personal loans.
– Verification- After your documents have been collected, your personal loan application will be verified; this may involve a personal discussion with you.
– Approval & Disbursal: If the reports are satisfactory after verification, your loan will be approved and the money will be deposited in your bank account.
2. How much time does IDFC First Bank take to approve a personal loan?
Generally, IDFC First Bank takes less than 48 hours to approve a personal loan application and transfer the money into the applicant’s bank account.
3. How long does it take to get a personal loan from IDFC First Bank?
IDFC First Bank takes less than 48 hours to transfer the loan amount into the borrower’s bank account.
4. What is the minimum personal loan amount in IDFC First Bank?
IDFC First Bank’s loan amount depends on the salary of the applicant. The applicant can apply for a maximum of 15 times of his monthly income. Moreover, the minimum monthly income to apply for a personal loan is INR 20,000.
5. Can I take 2 personal loans from IDFC First Bank?
Yes, you can take more than one personal loan from IDFC First Bank. However, similar to the first loan an individual will have to meet the eligibility requirements of the second loan set by the lender.
6. What are the documents required to apply for an IDFC personal loan?
To apply for an IDFC First Bank personal loan you would need to have a PAN card with an Identity proof or address proof like valid passport, Aadhaar card, driving license, etc.
7. Who is eligible to take IDFC First bank personal loan?
An individual who fulfills the following eligibility criteria can apply for an IDFC First Bank Personal Loan:
– The applicant must work for a private or public company with at least one year of work experience (six months with the present employer).
– The applicant should be between the age of 21 years to 60 years.
– In Mumbai and Delhi, the salary should be at least INR 20,000, whereas in other regions of India, it must be at least INR 15,000.
– A self-employed person who has been in business for at least 5 years and has a profit after tax, depending on the industry, can apply for a loan.
8. What documents are required for IDFC First Bank personal loan?
A PAN card with an Identity proof or address proof like valid passport, Aadhaar card, driving license, etc is required to apply for an IDFC First Bank personal loan.
9. How to check my personal loan status in IDFC first bank?
You can use the IDFC First Bank mobile application to check the status of your personal loan. All you need to do is Download the IDFC First Bank mobile app and log in using your credentials. Once you have logged in you can click on ‘Product and Services’, and select the option to ‘Check Application Status’. Enter your personal loan details and click on ‘Submit’.
10. Who can be your co-borrower in IDFC First Bank personal loan application?
Generally, only your spouse or parents can function as your co-borrowers. However, in some cases your siblings can be co-borrowers. However, your co-borrower should also have to fulfill the eligibility criteria of the bank.
11. What is the minimum CIBIL score required for IDFC First Bank personal loan in India?
IDFC First Bank requires a minimum CIBIL score of 650 to be eligible for a personal loan.
12. How to close IDFC First bank personal loan?
For regular loan closures, you can pay your last EMI of your personal loan and contact the bank branch to complete all the formalities and completely close your personal loan.
13. How to foreclose IDFC First Bank Personal Loan?
You could opt to foreclose your IDFC First Bank personal loan at any point, depending on your financial situation. However, an unsecured loan usually comes with a lock-in period of about a year. After this period, you can prepay the total outstanding amount to save a good amount on your interest. Moreover, you might have to pay interest on prepayment too. The rates can range from 3% to 5%.
14. How to pay IDFC personal loan?
You can either pay using online repayment or walk into the nearest IDFC First Bank branch to pay your IDFC personal loan.
15. How to check Personal Loan Balance in IDFC First Bank?
To check your personal loan balance you can check your loan statement. The loan statement that your bank issues after your loan is sanctioned will have all the details regarding your loan, including your loan account number. Moreover, you can log in to your bank’s website or app, call on the bank’s toll-free customer care number, or visit your nearest bank branch.