If you have a job, getting a loan is super easy with just a few papers. IDFC First Bank doesn’t charge you a lot when you start, and you can use the money for emergencies, education, weddings, or holidays. The interest rate of all these loans may differ, so you must always check before applying.
As you pay back, the amount you owe becomes less. They even let you choose how long you want to take to pay back – from 6 months to 5 years. Moreover, no papers are needed, and you get the money fast, up to Rs 40 lakh. So, you can sort out your debts, have the wedding you dream of, or take that much-needed vacation without waiting.
IDFC FIRST Bank also has different types of online personal loans to tackle your life’s expenses. Some of these include small personal loans, balance transfers, debt consolidation, and more.
Prime Features & Benefits of IDFC First Bank Personal Loan
IDFC First Bank comes with prime features and benefits. Whether it’s a dream wedding, a sudden medical expense, or a well-deserved vacation, this loan has you covered. Let’s explore the key reasons why their loans can be your reliable companion in managing your finances.
1] Get A Loan of INR 1 Cr
Get a fast personal loan of up to ₹1 Cr from IDFC FIRST Bank. Use it for your dreams or if something unexpected comes up. It’s like having a financial backup to help with whatever you need. IDFC FIRST Bank is reliable and helps you to handle your goals and any surprises that come your way.
2] Easy EMI Options
You can pay back your loan in monthly instalments, and it starts from as low as INR 1699 for every lakh of loan you get. It’s a small and manageable amount you need to give back every month.
3] Balance Transfer
You can move all the money you owe from other personal loans and credit cards to a new personal loan with IDFC FIRST Bank. It will consolidate your existing balances into one simple personal loan.
4] Paperless Process
You don’t need to deal with any physical papers. This makes the whole application process quick and simple, saving you from a lot of paper and document work.
5] Fixed Interest Rate
With IDFC FIRST Bank’s loans, you get fixed interest rates. This means the interest you pay stays the same throughout, making it predictable and stable. You always know how much you need to repay.
6] 24/7 Customer Support
Access round-the-clock customer support for any queries or assistance you might need. Whether it’s a question about your loan, repayment options, or banking services, IDFC FIRST Bank is here to help anytime, anywhere.
7] Flexible Loan Tenure
Choose a loan tenure that suits your financial situation, with options ranging from 12 months to 60 months. This flexibility allows you to plan your finances better and choose a repayment period that aligns with your ability to pay.
With such features, applying for this loan is going to be a very fine decision.
Best Digital Personal Loan, Best Instant Personal Loan, Best Personal Loan in India
Online Application Process for IDFC First Bank Personal Loan
No need for papers or long processes if you get a digital personal loan from IDFC FIRST Bank. You can do it all online, with just a few clicks on your computer or phone. Let’s see how simple it is with the following steps.
Step 1: Open the IDFC First Bank personal loan website
Begin by going to IDFC FIRST Bank’s loan website using your web browser, like Opera, Chrome, or Firefox. Once you’re on the home page, look for the tab that says “personal loan.”
Step 2: Choose Loan Type and Complete Eligibility Verification
In the IDFC FIRST Bank app, find the loan section and choose the personal loan type you want. Then, share some important info like your age, income, and personal details to check if you’re eligible.
Step 3: Input Loan Amount & Get KYC
Once you pass the eligibility checks, go ahead and start the application. You’ll see the highest loan amount you can get, and you can check your monthly instalments by entering the amount and how long you want to take to pay it back. The last step is KYC verification.
Step 4: Loan Customization Options
Take a look at the extra options to customize your loan further. This step lets you adjust the loan features to fit exactly how you want them. You can also check the details of some customized options in the next step of the process.
Once done and approved, you will be able to get the amount disbursed quickly.
Eligibility of IDFC First Bank Personal Loan Personal Loan
You just need to meet some basic requirements, such as an age range and a certain income level. You need to also share your info and check your credit using your PAN. Here are the other essential criteria you must fulfil for this fast personal loan.
Age Requirement: The age limit is 21 to 60 years to apply for this personal loan.
Income Criteria: The minimum monthly income should be INR 15,000 and INR 20,000 for people living in Mumbai.
Employment: As of now, this loan is available for salaried individuals only.
Credit Score: A minimum credit score of 70 or above should be your go-to move.
Mandatory Identification: Prepare your Residence Proof, PAN, and Aadhaar card.
Financial documents: Submit salary slips and bank statements for the last 3 months.
IDFC First Bank Personal Loan Personal Loan Fees & Charges
In this section, we’ll look at the fees linked with IDFC FIRST Bank personal loans. We’ll also delve into detailed explanations of major fees that apply to this digital personal loan.
1] Processing Fees
When getting an IDFC FIRST Bank personal loan, there’s a processing fee, which is non-refundable. This fee is up to 3.5% of the loan amount. This fee is a one-time charge and is deducted from the loan amount before it is disbursed to you.
2] EMI Bounce Charges
If your EMI bounces, this bank may charge you up to INR 400 per bounce. An EMI bounce happens when there’s not enough money in your account when they try to collect your monthly instalment. It’s a penalty for missed payments. Also, it helps you stay on top of your payments and avoid extra costs.
3] Cheque or ECS Swap Charges
Swapping a cheque or ECS from another bank to IDFC FIRST Bank may incur a fee, going up to INR 500 per transaction. However, there’s no charge if you’re switching the mandate from another bank to IDFC FIRST Bank. This fee is essentially for adjusting how your loan payments are collected.
4] Foreclosure Fees
You can close your online personal loan with this bank after paying 6 or more EMIs or waiting for 6 months, whichever is later. If you decide to close it earlier, a 5% charge on the remaining amount is applied. This is a fee for settling your loan before the agreed-upon time.
5] Part Payment Charges
Smart Personal Loans may charge up to 2% for partial payments. This fee is applied when you repay a portion of the loan before the agreed-upon time, and it’s essential to use your own funds. Note that customers with Simple or Pre-approved Personal Loan options cannot make partial payments.
Important Insurance to Take with IDFC Bank Personal Loan
When you’re getting a loan, it’s smart to think about unexpected things that might happen. Now, let’s talk about these important insurances you can get with your online personal loan.
EMI Protection Insurance
If you get sick, EMI protection insurance might cover a part of your EMIs. Also, it could help with extra costs for things like legal fees or paperwork. It comes with extra perks like handling unexpected situations.
Life Insurance
Life insurance guarantees a sum for your family if something happens to you. They can use part of it to settle your digital personal loan. The remaining amount will help your family to handle life without financial stress.
Critical Illness Insurance
This insurance takes care of various expenses that arise after your treatment. Moreover, it might include a feature that allows for partial payments when you’re diagnosed with certain less severe but impactful illnesses.
Disability Insurance
Disability Insurance provides a benefit for modifying your home for disabled persons. It may also include coverage for training caregivers. This means it helps financially if family members need to learn skills to assist the disabled person.
Enjoy Balance Transfer To IDFC FIRST Bank Account
High-interest rates can strain your finances and disrupt your budgeting. Fortunately, IDFC FIRST Bank offers a solution – the Personal Loan Balance Transfer. With this option, you can save money by securing extended repayment terms, lower interest rates, and more manageable EMIs. So, apply for a personal loan Balance Transfer on the IDFC FIRST Bank website or mobile app.
