IDFC FIRST Personal Loan
Secure your financial needs with IDFC FIRST Bank Personal Loan with competitive interest rates starting at 10.49%
Loan Details
Interest Rate
10.49% onwards
Processing Fee
Upto 1.50%
Prepayment
Charges
1% of loan amount
Tenure
Up to 60 Months
- Eligibility Factors
- Documents Required
- Loan Verification Process
- Rate of Interest
a. Age – For Salaried - 23-60 years
For Self-employed – 25-65 years
b. Credit score: 650 or above
c. Employment Type: Salaried and self-employed
d. Minimum net income (monthly): Rs 25,000
e. Work experience: For salaried- 3 years of job stability
For self-employed- 3 years of business stability
All the applicants are required to submit the below-listed documents with IDFC FIRST Bank
- Any valid digital ID proof for KYC
- 3 months’ bank statement
- Net Banking or Debit Card details to set up e-Mandate
- eSign/eStamp for faster disbursal
Self-employed candidates are required to submit the documents listed below along with the ones mentioned above –
- Proof of business establishment
- Address proof of Business
- Income Tax Returns
- Proof of Business continuity of the past 3 years
- Copy of bank statement of the past 90 days
- Proof of earnings of the last 6 months
Salaried applicants are required to upload a copy of the following documents besides along with the ones mentioned above -
- Last 3 months of bank statement showing your income or salary details
- Copy of salary slip of past 90 days
- Previous 2 years’ Form 16
- Employer’s ID
- Proof of work experience
Identity Proof (for all borrowers)
● Driving License
● Aadhar Card
● Valid Passport
● PAN Card
● Voter ID
Proof of Residential Address (for all borrowers)
● Utility Bill
● Approved Building Plan
● Valid Passport
● Voter ID
● Registered Rent Agreement
Birth Date Proof (for all borrowers)
● Driving License
● Valid Passport
● Voter ID
● Aadhar Card
Income documents (for salaried borrowers)
● Last 3 months Pay Slip.
● Form 16 of the past 2 years
● Bank statement of past 6 months showcasing EMI debit/ salary credit
The loan verification proceeds in the following stages:
1. Fill the IDFC Personal Loan application form and upload it on the official website or wherever required. Submit copies of all the relevant documents required for application verification. It can be quickly done by signing up on apnapaisa.com.
2. One of our customer care representatives will get back to you within 24 hours and schedule visits for collecting document copies (in case you chose offline submission of documents).
3. The concerned officials at IDFC FIRST Bank verify the documents and the details there. They may visit the property if necessary.
4. Once your application for a personal loan is approved, the loan amount will be disbursed to your account, and you will get a copy of the duly signed loan agreement containing details of loan interest, tenure, loan amount, charges, and penalties.
IDFC FIRST Bank provides affordable and convenient personal loans with EMIs as low as Rs. 2,149 per lakh for a 60-month term and a rate of interest as low as 10.49%. The interest rate is fixed and charged on a monthly basis. It is calculated on the amount overdue, i.e., the amount to be repaid after the EMI and interest are paid.
Other Charges for IDFC First Bank Personal Loan
Charges
Up to Rs.
Remarks
Repayment instrument swap charges
Rs. 500
For each presentation dishonoured.
Statement of Account (Adhoc/Duplicate)
Rs. 500
per change request
Duplicate No Objection certificate / No Dues Certificate
Rs. 500
Cancellation/Rebooking Charges
1% of the loan amount + interest from the disbursal date till the receipt of the cancellation
request
Per request, in addition to Bank's issued letter
Stamping Charges
As per actuals
Physical Repayment Schedule
Rs. 500
Document retrieval charges (per retrieval)
Rs. 500
EMI Pick up/ Collection Charges
Rs. 350
Foreclosure charges
Up to 5% of the loan amount
After paying 12 or more EMIs, the loan may be foreclosed or prepaid at any point within the loan
term.
EMI bounce charges
Rs. 400
Both fees/charges must be charged in full, except for any relevant goods and services tax (GST). The
debt
must be prepaid, foreclosed, or partially paid from the customer’s assets. IDFC FIRST Bank will
include
the Facilities accounting code, which will bind on the customer. If the customer is an IDFC
FIRST
Bank-related individual, the customer is responsible for paying any relevant GST. The
above-mentioned
Schedule of Charges is subject to modification by the Bank from time to time and will be revised
on the
Bank’s official website.