IDFC First Bank Personal Loan: Interest Rate, Loan Amount and Eligibility Criteria

Today, having access to quick and affordable personal loans can be a lifesaver. If you are in search of a reliable financial partner, IDFC First Bank has got you covered. In this article, we will explain about IDFC First Bank personal loan, including interest rate, eligibility criteria, and the various types of personal loan.

IDFC First Bank Personal Loan Interest Rate

One of the primary factors to consider when applying for a personal loan is the interest rate. IDFC First Bank offers personal loans with competitive interest rate, making them an attractive option for borrowers.

IDFC First Bank Personal Loan Interest Rate: Starting at Just 10.75% p.a.: IDFC First Bank provides personal loans at an interest rate starting as low as 10.75% per annum. This competitive rate ensures that you can access the funds you need without breaking the bank.

Maximum Loan Amount of Rs 1 Crore: Whether you need a small amount to cover immediate expenses or a larger sum for a significant financial goal, IDFC First Bank has you covered. They offer personal loans of up to Rs 1 crore, giving you the flexibility to choose the loan amount that suits your needs.

Flexible Repayment Terms: IDFC First Bank understands that every borrower has unique financial circumstances. Therefore, they offer repayment terms of up to 5 years, allowing you to select a tenure that aligns with your financial capacity.

Low Processing Charges: To make the borrowing process even more convenient, IDFC First Bank charges a processing fee of just 3.5%. This means you can access the funds you need with minimal additional costs.

IDFC First Bank Personal Loan scheme

• Paperless Approval: IDFC First Bank offers a hassle-free application process with paperless approval. Say goodbye to cumbersome paperwork and lengthy documentation requirements.
• No Need for a Guarantor: Unlike some lenders that require a guarantor for personal loans, IDFC First Bank does not mandate this condition. This simplifies the application process and makes personal loans more accessible.
• Foreclosure Fee Waiver: If you decide to close your loan account within six months of approval, IDFC First Bank offers a foreclosure fee waiver. However, please note that closing your account after this period will incur a foreclosure fee of 5% of the outstanding principal amount.

IDFC First Bank Types of Personal Loan

• IDFC First Bank caters to a wide range of financial needs through their diverse personal loan schemes. Here are some of the key options:
• IDFC First Bank Personal Loan for Marriage: This loan is designed to cover the expenses associated with weddings. You can borrow a maximum of Rs 40 lakh with a processing fee of up to 3.5% of the loan amount.
• Personal Loan for Emergency: Life is full of unexpected circumstances, and this online paperless personal loan is tailored to help you during those times. You can choose a loan duration of up to 5 years.
• Travel Personal Loan: Planning a vacation? IDFC First Bank’s online rapid personal loan is here to assist you in financing your dream getaway.
• IDFC Balance Transfer: If you have existing personal loans from other banks or NBFCs, IDFC First Bank offers a balance transfer facility with attractive interest rates. You can opt for a tenure ranging from six months to 5 years.

IDFC First Bank Personal Loan Eligibility Criteria

To be eligible for an IDFC Bank Personal Loan, you must meet the following criteria:

• If you are a salaried individual, you must have a minimum of 3 years of continuous employment. For self-employed applicants, a positive profit after tax (PAT) for the past two years is required.
• Age eligibility: Between 23 and 58 years for employed individuals, and 28 to 68 years for self-employed individuals.

Documents Required for Personal Loan Application

When applying for an IDFC First Bank personal loan, you will need to provide the following documents:

• Identification: Aadhaar Card, Passport, PAN Card, and other valid forms of identification.
• Proof of Address: Aadhaar card, utility bills, passport, bank account statement, etc.
• Income Documentation: For salaried employees, bank statements from the last three to six months and the most recent salary slip are required. Self-employed individuals must provide their income tax returns for the last two years, a balance sheet for the past two years, and the bank statement for the last six months.
• Business Proof: Self-employed individuals must provide proof of their business, such as a Qualification Certificate/Certificate of Practice (COP), Shop Act License/MOA & AOA/Sales Tax/VAT registration/Partnership Deed.

Comparing with Other Banks Interest Rate

To help you make an informed decision, here’s a comparison of IDFC First Bank’s personal loan interest rates with those of other banks and NBFCs:

Banks/ NBFC	Interest Rate
Axis Bank:	10.25% onwards
IndusInd Bank:	10.49% onwards
ICICI Bank:	10.75% onwards
SBI:	10.30% – 15.10% p.a.
Kotak Mahindra Bank:	10.99% onwards
Bajaj Finserv:	13.00% onwards
Tata Capital:	10.99% onwards
HDFC Bank:	11.00% onwards

IDFC First Bank offers a range of personal loan options tailored to meet your diverse financial needs. With competitive interest rates, flexible repayment terms, and minimal processing charges, they make borrowing easy and affordable. Whether it’s for a wedding, emergency expenses, travel, or loan balance transfer, IDFC First Bank has a solution for you.

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