IDFC First Bank Personal Loan

Highlights

  • Avail IDFC First Bank Personal Loan for a Maximum Loan Amount of up to Rs.25 Lakh

  • Apply Online and Get Approved in 2 Minutes

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

Particulars
Details
Interest RatesAs applicable by the lender
Loan AmountRs.1 Lakh-Rs.25 Lakh
Tenure1 to 5 Years
Processing FeeAs applicable by the lender
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: 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 12% 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
₹ 2,00,00012%1₹ 17,770₹ 13,237₹ 2,13,237
₹ 2,00,00012%2₹ 9415₹ 25,953₹ 2,25,953
₹ 2,00,00012%3₹ 6643₹ 39,143₹ 2,39,143
₹ 2,00,00012%4₹ 5267₹ 52,805₹ 2,52,805
₹ 2,00,00012%5₹ 4449₹ 66,933₹ 2,66,933

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

YearPrincipalInterestBalance Amount
1₹ 31,058₹ 22,329₹ 1,68,941
2₹ 34,996₹ 18,390₹ 1,33,944
3₹ 39,435₹ 13,951₹ 94,509
4₹ 44,436₹ 8950₹ 50,072
5₹ 50,116₹ 3314₹ 0

IDFC First Bank Personal Loan Documents Required

Capital 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 Salary Slip

For Self-Employed Individuals: 2 years’ ITR, P&L and Balance Sheet for the last 2 years, Last 6 Months’ Bank Statement

  • 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.
  • 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, we will verify your personal loan application; 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.

Features & Benefits

  • Easy Application
  • Flexible Tenures
  • High Disbursal Amount
  • Borrow More If You Need

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