IDFC First Personal Loan
Apply online for IDFC FIRST Bank personal loan up to 1 Crore at interest rate starting from 10.49%-24% p.a. and processing fee with 2%. Ready for easy EMIs within 84 months.
IDFC FIRST Bank Personal Loan Details
| Rate of interest | 10.49%- 24% |
| Tenure | 12 to 84 months |
| Lowest EMI possible | Rs. 1.686 Per Lakh |
| Processing fee | Rs. 6999/- |
| Part prepayment fee | Part Prepayment Facility is not available for Simple Personal Loans.Smart Personal Loans: Up to 40% of principal outstanding is allowed as part payment once in a financial year only after initial 3 EMIs are paid. 2% part payment charges will be levied partial payment. |
| Foreclosure charges | 5% of principal outstanding for Simple Personal Loans as well as Smart Personal Loans. |
| Overdue interest | 2% of the unpaid EMI or Rs. 300, whichever is higher |
| Repayment instrument swap charges | Rs. 500 per change request |
| EMI bounce charges | Rs. 400 for each bounce |
| Duplicate NOC/ NDC | Rs. 500 per request |
| Statement of Account (Adhoc/ Duplicate) | Rs. 500 |
| Cancellation or rebooking charges | 1% of the loan quantum + interest from the date of disbursal till receiving the cancellation request |
| Document retrieval charges | Rs. 500 per retrieval |
| Physical repayment schedule | Rs. 500 |
| EMI pick-up/ collection charges | Rs. 350 |
| Stamping charges | As per actual |
IDFC FIRST Bank Personal Loan Features
- Loan amount: Minimum Rs. 1 Lakh and maximum up to Rs. 40 Lakhs
- The IDFC First personal loan interest rates vary between 10.49%-24% per annum
- Repayment tenure: Maximum up to 84 months
- Lowest EMI possible: Rs. 1,686 Per Lakh
- Flexibility to make up to 40% part payment
- Digital paperless loan sanction
- IDFC FIRST Bank pre-approved personal loan facility
IDFC FIRST Bank Personal Loan Eligibility Criteria
Keeping IDFC Loan processing transparent for the customers, the bank has outlined straightforward an IDFC personal loan eligibility criteria for the borrowers.
Personal Loan Eligibility for Self-Employed Professionals and Businesses
- For IDFC FIRST Bank Personal Loan for self-employed individual, the business must be in operation from a minimum of 3 years.
- The company’s profit after tax or PAT for the last 2 years should be positive
- The applicant must be at least 28 years of age and a maximum of 68 years (before the loan maturity).
- Accepting repayment from Savings Account
- No ITR is required
- Loan eligibility is based on the latest 3 months’ bank statement
- Minimum Net Take Home (NTH) should not be less than Rs. 20,000 per month
- The personal loan for salaried employees should have minimum age of 23 years, and the maximum should be 58 years before the loan maturity.
- Loan eligibility is based on the latest 3 months’ bank statement
Personal Loan Eligibility for Salaried Employees
Documents Required for IDFC FIRST Bank Personal Loan
| Verification of | Documents (Self-attested copy of any one required) |
| Photo Identity Proof | Self-attested copy of any one of the below: Aadhaar Card/ Passport/ Pan Card/ Voter's ID/ Driving License |
| Address Proof | Self-attested copy of any one of the below:Aadhaar Card/ Ration Card/ Passport/ Bank Account Statement/ Driving License/ Latest Utility Bills (Electricity Bill, Telephone Bill etc.)/ Sale Deed/ Property purchase agreement. |
| Proof of Income (Self-attested copy of relevant documents) | For Salaried employees: Bank Statement for last 3 months or 6 months with details of salary creditedLatest salary slipFor Self-Employed:ITR of last 2 yearsFinancial statements such as P&L account and Balance Sheet for the last 2 yearsBank Statement for the last 6 months |
| Additional Documents | For Self-Employed Individuals: Proof of qualification such as Graduate/Post Graduate degree or professional certificate /Certificate of Practice (COP), Shop Act License/ MOA & AOA/ Sales Tax/ Vat registration/ Partnership Deed.Business Proof (Self-attested copy of relevant documents):Municipal tax bill/ Gram Panchayat/ GST Certificate/ Certificate Shop & Establishment Certificate/ ITR with Computation of income of last 2 years/ Udyog Aadhaar/ SSI Certificate/ FSSAI license/ Utility Bill.For Balance Transfer Cases:Repayment Schedule, Loan Foreclosure Letter, and Statement of AccountsPAN/Form 60 |
How to Calculate IDFC FIRST Bank Personal Loan EMI?
You can conveniently calculate the exact IDFC FIRST Personal Loan EMI load on your shoulders using an online Personal Loan EMI Calculator by ravikash It is a hassle-free and easy-to-use financial tool designed to extend convenience to the borrowers.
All you need to do to know your Personal Loan EMI is enter the loan parameters, including loan amount, interest rate, and tenure.
The tool will instantly provide the break-up of how much you are required to repay as a monthly instalment. A visual representation will help you understand the total repayments as the loan interest and total repayments.
You can calculate different combinations of Loan tenure and rate of interest to find the best loan deal. The tool is absolutely free to use.
The other MyMoneyMantra financial tools that you can use include: Personal Loan Balance Transfer Tool, Prepayment Amount Calculator, and Foreclosure Amount Calculator