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IDFC Bank Personal Loan

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A personal loan is the most helpful when you are in urgent need of money. Whether it is your wedding expenses, medical emergencies, a personal loan is here to meet your needs and you can be able to save your hard earned money for the uncertain future. With the help of an IDFC first bank, you can avail an instant personal loan. The process to apply for an IDFC First Bank Personal loan is easy, paperless and you can have a hassle free loan approval process. If you want to apply for an IDFC personal loan, this article will help you in a great way.

Features of an IDFC personal loan:

  • Interest Rates starting at an affordable rate of 10.49%
  • The procedure for loan approval is completely digital, paperless and online.
  • You can also avail the facility of balance transfer of existing personal loans and credit cards
  • The loan tenure is flexible ranging up from 6 months to 5 years.
  • The maximum loan amount that you can avail from IDFC personal loan is 40 lakhs.
  • You can be entitled to make up to 40% part payment 
  • You also have the option of a top-up loan. 

Eligibility for the IDFC personal loan:

The eligibility criteria for salaried individuals is-

  • Minimum age to avail the loan – 23 years
  • Maximum age should be 60 years at the time of loan maturity, or retirement, whichever is earlier

The eligibility criteria for self-employed borrowers is-

  • Business must have been in existence for at least 3 years.
  • Minimum age to avail the loan is 25 years
  • Maximum age should be 65 years at the time of loan maturity

Documents Required to avail IDFC personal loan

You are required to submit digital documents to get the instant personal loan disbursement. Following are the required documents-

  • Valid KYC
  • Bank statement of three months
  • The details of net banking or debit card quill be set up e-mandate
  • eSign and eStamp facility available 

Why should you avail IDFC Personal loan?

IDFC FIRST Bank offers Personal Loans for a number of reasons, including weddings, vacations, education, home renovations, and emergencies. Personal loans can be utilized to meet immediate financial requirements as well as to borrow money for non-emergency personal expenses. IDFC FIRST Bank offers loans up to 40 lakhs with affordable EMIs starting at 2,149/lakh* and repayment terms of up to 5 years. Personal loans from IDFC FIRST Bank are not secured by any collateral or security and are given at the Bank’s choice, based on the borrower’s credit ratings. There is no requirement for a co-signer or guarantor.

The Bottom Line

IDFC First bank Personal loan interest rates are determined by the borrower’s age, monthly income, job profile, employer’s income, credit score, loan repayment history, and other factors. Personal loan apply candidates must have a credit score of at least 700 with IDFC First Bank. Personal loans from IDFC First Bank can only be prepaid or foreclosed after paying at least 12 EMIs and paying 5% of the outstanding debt. A person who wants to take out an IDFC First personal loan should not have more than two outstanding personal loans.