IDFC FIRST Bank Personal Loan Details
IDFC FIRST Bank Personal Loan Details
Along with IDFC FIRST Personal Loan Interest Rates, the borrower also has to bear the following expenses for the loan:
| Rate of interest | 9.99% p.a. |
| Tenure | 7 years |
| Processing fee | 3.5% of Loan Amount |
| Part prepayment fee |
|
| Foreclosure charges | NIL (Foreclosure requires a sanction letter) |
| 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. 500 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. 500 |
| Stamping charges | As per actual |
IDFC FIRST Bank Personal Loan Features
The attractive features of the IDFC Personal Loan are mentioned below:
- Loan amount: Minimum Rs. 20000 and maximum up to Rs. 1 Crore
- The IDFC First personal loan interest rates vary between 9.99% per annum
- Repayment tenure: Maximum up to 7 Years
- Flexibility to make up to 40% part payment
- Digital paperless loan sanction
- IDFC FIRST Bank pre-approved personal loan facility
- Both BT and Non BT can apply.
IDFC Personal Loan Interest Rates & Charges
You can access your personal loan statement through IDFC First Bank in the following ways:
- Through IDFC First Bank’s online banking portal
- By calling IDFC First customer care on the phone to request your loan statement’s copy
By making a request at your nearby IDFC First Bank branch in-person
Compare IDFC Bank Personal Loan with Other Banks
Below is the comparison of HSBC Bank personal loan interest rate with other lenders:
| Lenders | Loan Amount | Interest Rate | Tenure |
|---|---|---|---|
| HSBC Bank | ₹1 Lakh to ₹50 Lakhs | 9.99%% to 14% p.a. | 6 to 60 months |
| Axis Bank | ₹50,000 to ₹40 Lakhs | 9.99% to 22.00% p.a. | 12 to 84 months |
| Unity Small Finance Bank | Up to ₹5 Lakhs | 16.00% to 30.00% p.a. | 6 to 36 months |
| IDFC First Bank | Up to ₹10 Lakhs | 9.99% to 23.99% p.a. | 9 to 60 months |
| IndusInd Bank | ₹50,000 to ₹50 Lakhs | 10.49% p.a. | 12 to 84 months |
| Kotak Mahindra Bank | ₹50,000 to ₹35 Lakhs | 10.99% to 16.99% p.a. | 12 to 72 months |
| Yes Bank | ₹1 Lakh to ₹40 Lakhs | 11.25% to 21.00% p.a. | 12 to 60 months |
| DBS Bank | ₹50,000 to ₹50 Lakhs | 10.99% to 30.00% p.a. | 12 to 72 months |
| ICICI Bank | ₹50,000 to ₹50 Lakhs | 10.85% to 16.65% p.a. | 12 to 72 months |
| Federal Bank | Up to ₹25 Lakhs | 11.49% to 14.49% p.a. | Up to 48 months |
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 25 years of age and a maximum of 65 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
Personal Loan Eligibility for Salaried Employees
- Minimum Net Take Home (NTH) should not be less than Rs. 20,000 per month
- The personal loan for salaried employees should have
Minimum:
for loan amount <15 lakhs : 23 years.
for loan amount >15 lakhs: 28 years (25 – 28 years allowed with NCM deviation)
Maximum:
60 years or Retirement whichever comes first at loan maturity.
- Loan eligibility is based on the latest 3 months’ bank statement
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/ 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:
For Self-Employed:
|
| Additional Documents | 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 Accounts PAN/Form 60 |
How to Apply For IDFC First Personal Loan
- On our website, under the ‘Loans’ section, select ‘Personal Loan’ and then choose the ‘IDFC Personal Loan’ option
- Provide all the important details such as your name, mobile number, email ID, and other details.
- Based on these details, jmrfinserv will assess your eligibility to provide the best personal loan options with their interest rate, tenure, and other important information.
- Choose the most suitable option and submit your application.
- Our team will get in touch with you.
- Once you have applied for the loan with us, you can also check your IDFC application status online