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IDFC First Personal Loan, Interest from 10.99% p.a

IDFC First offers personal loan interest rates start from 10.99%. Get a loan amount upto 10 Lakh with tenures upto 5 years.

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IDFC First Personal Loan

IDFC First personal loans are designed to support you at every stage of your lives whether it is funding an emergency hospitalization, renovating your home, or accomplishing your dreams. Get personal loans with lowest interest rates starting from 10.99%.

Features of IDFC First Personal Loan

Loans upto 10 Lakh Instantly: Get Instant loans upto ₹ 10L to fulfil all your commitments or realize your dreams
No Collateral Required: Do not need any collateral while applying for a Personal Loan
Low interest & Flexible Tenure: Choose flexible repayment tenures up to 60 months at competitive interest rates
Balance Transfer facilities: Transfer your personal loans and credit card outstanding at flat 1% Lower ROI
EMI from ₹2149 per lakh: EMIs begin from ₹2149 per one lakh rupees loan disbursed
No Physical documentation: Complete e-verification of documentations eliminating all hassles with physical documentation
Insure your loan: Benefit from options to insure your loan with a low premium than the market rate
Debt Consolidation: Consolidate all your existing debts and repay at a comfortable tenure of 6-60 months

Eligibility criteria for IDFC First Personal Loan

To apply for IDFC First Personal loan, you would need the following

Criteria	Details
Age	21 to 60 years
Employment Type	Salaried individuals or self-employed professionals/business owners
Minimum Income	₹20,000 per month (may vary based on location and employment type)
Work Experience	Salaried: Minimum 1 year; Self-employed: Minimum 2 years in current business
Credit Score	730 and above (a higher score increases chances of approval)
Loan Amount	₹1 lakh to ₹10 lakh
Loan Tenure	12 to 60 months
Nationality	Indian citizens
Residential Stability	Should have a stable residence; rental agreements may be required
Existing Debt	Debt-to-income ratio should be within acceptable limits

Charges in IDFC First Bank personal loan

Interest rates	From 10.99% – 36%
Loan Processing Charges	Upto 3.5% of Loan amount + taxes
Part payment charges	2% part payment charges are applicable on partial payment
Late Cancellation charges	Upto 1% of the loan amount + interest from date of disbursal if applied for cancellation within 30 days of availing the loan or 1st EMI presentation date For Pre-approved loans, cancellation can be done at no charge. Post freelook up period, a 5% charge would be applicable *Digital personal loans can be cancelled within first 3 days at no charge after which a 5% charge would be applicable
Loan Tenure	6 – 60 months
Document Retrieval charges	Upto INR 500 per instance
Foreclosure charges	Upto 5% of the principal outstanding amount
Duplicate NOC	Upto INR 500 per instance

Documents required for IDFC First Personal Loan

Document Type	Details
Identity Proof	Aadhaar Card, PAN Card, Passport, Voter ID, or Driving License
Address Proof	Aadhaar Card, Passport, Utility Bills (Electricity, Water), Rent Agreement, or Voter ID
Income Proof	Salary Slips (last 3 months) for salaried individuals, Income Tax Returns (ITR) for self-employed
Bank Statements	Bank statements for the last 3 to 6 months
Employment Proof	Offer letter, Employment ID card, or Certificate from employer for salaried individuals
Photographs	Recent passport-sized photographs
Signature Proof	PAN Card, Passport, or any document with a signature
Business Proof (for Self-Employed)	Business Registration Certificate, GST Registration, or ITR for the last 2 years

IndusInd Bank Customer Care

Customers can reach their helpline at 1800 10 888
Email Support – banker@idfcfirstbank.com

How to Apply for a Loan at IDFC First Bank?

Get your loan approved in 4 simple steps,

Check if you have a pre-approved loan offer from them or apply through here
Visit https://www.fincover.com/banking/loan/personal/and select IDFC First Bank
Enter all the required information as requested and Submit your personal loan application
Check if your personal loan is approved with the reference no provided
If approved and verified, the loan will disbursed in few days

What is the maximum amount of loan that I can get from IDFC First?

The maximum loan amout that you can take from IDFC First bank is INR 1 crore.

How much is the interest for a Personal Loan at IDFC First?

The interest rate given for personal loan varies on customer’s credit profile. It generally begins from 10.49%.

Do I need have to visit a branch of IDFC first for document verification?

No, you do need to visit the branch for personal loan sanctioning. Since, the entire process is digitalized; you can upload the documents required from the comfort of your own places.

How much time will it take for funds from IDFC First personal loans to reach me?

IDFC First follows an instant approval and decisioning process. After the submission of loan application, you can expect the funds to hit your account in two days. In the event of additional verification being required, it would further take a couple of days.

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