IDFC First Bank Personal Loan

Highlights

  • Avail IDFC First Bank Personal Loan for a Maximum Loan Amount of up to INR 40 Lakhs

  • Apply Online and Get Approved in 2 Minutes

In the latest monetary policy meet held on March 24-27 2020, the RBI has decided to give a 3-month moratorium period for all outstanding loans as on March 1, 2020. Remember, this is not an EMI WAIVER. The move is in line with the economic pressures induced by the Coronavirus outbreak. So, this could mean some savings for you on your loan and help you deal with the likely situation of less or no income. Your credit score will not reduce if you don't pay the EMI. But doing so can raise your interest liability as banks would like to cover their losses, which is likely to be the case on deferred EMI payments, by increasing the interest component of the EMI after the moratorium period gets over. So, if you have the money, keep paying to reduce your interest liability. The moratorium, which was ending on May 31, 2020, has been extended till August 31, 2020.

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.

Personal Loan

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    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

    Particulars
    Details
    Interest Rates14.00% - 36.00%
    Loan AmountINR 1 Lakh - INR 25 Lakh
    Tenure1 to 5 Years
    Processing Fee2.00% - 2.50% of the loan amount
    Foreclosure Charges5% on the principal outstanding amount

    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: 58 years, at the time of loan maturity

    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
    • Minimum Age: 25 years; Maximum Age: 65 years, at the time of applying for loan
    • Minimum Age: 28 years; Maximum Age: 68 years, at the time of loan maturity

    IDFC First Bank Personal Loan EMI Calculator

    If you want to know the exact and accurate calculations of your monthly installments 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
    • Tenure
    • 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 AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 2,00,00014%1₹ 17,957₹ 15,489₹ 2,15,489
    ₹ 2,00,00014%2₹ 9603₹ 30,462₹ 2,30,462
    ₹ 2,00,00014%3₹ 6836₹ 46,079₹ 2,46,079
    ₹ 2,00,00014%4₹ 5465₹ 62,334₹ 2,62,334
    ₹ 2,00,00014%5₹ 4654₹ 79,219₹ 2,79,219

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

    YearPrincipalInterestBalance Amount
    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)
    • 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

    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 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 84 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 installments. 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
    • Loan foreclosure letter

    Smart Loan Facility

    As we told you that a longer tenure can make you pay a higher interest amount. So if you want to reduce your interest amount at any point in your tenure, you can opt for the IDFC First Bank Smart Loan facility. With this facility, you can easily prepay upto upto 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.

    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.

    Foreclosure / Pre-payment Facility

    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.

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