IDFC FIRST BANK Personal Loan:

• Get IDFC First Bank personal loan in a few simple steps.

  • Your IDFC First Bank personal loan offer is just a few clicks away.

• Key Loan Features:

  • Loan amount up to Rs. 1 Crore
  • Interest rate starting at just 10.90% p.a.
  • Repayment tenure up to 84 months
  • Lowest EMI starting at Rs. 1,707 Per Lakh
  • Zero prepayment charges

• Details:

  • Interest Rate: 10.99% - 23.99% p.a.
  • Tenure: Up to 84 months
  • Processing Fee: 2% of the loan amount
  • Loan Amount: Up to Rs. 1 Crore
  • Turnaround period: Up to 7 days
  • Minimum Income: Rs. 20,000 per month in Mumbai & Delhi, Rs. 15,000 per month in other regions
  • Eligible Age: 23 to 60 years
  • Lowest EMI possible: Rs. 1,707 Per Lakh
  • Part Prepayment Charges: Up to 5% on partial payment made from the customer's own funds
  • Foreclosure Charges: Up to 5% of the principal loan outstanding (after 6 or more EMIs or 6 months, whichever is later)

• IDFC First Bank Personal Loan EMI Calculation:

  • Loan amount: Rs. 3 Lakhs
  • Tenure: 5 years
  • Rate of interest: 10.99% p.a.
  • EMI: Rs. 6,521
  • Total interest: Rs. 91,274
  • Total amount payable: Rs. 3,91,274

• Documents Required:

  • Identity Proof: Valid Passport, Aadhaar Card, Voter’s Identity Card, Driving License, Job Card issued by NREGA, or National Population Register containing name & address
  • Address Proof: Valid Passport, Aadhaar Card, Voter’s Identity Card, Driving License, Job Card issued by NREGA, National Population Register containing name & address, Registered Sales Deed + Latest Utility Bill, RBI Approved Account Aggregator Process, Bank Statement, Passbook of scheduled commercial bank, Rent Agreement + Utility Bill, Property or Municipal Tax Receipt, Pension or Family Pension Payment Orders, or Letter of Allotment of Accommodation from Employer
  • Income Proof: RBI Approved Account Aggregator Process, Bank Statement, or Latest 3 months Salary Slip
  • Other Documents: PAN Card, duly filled & signed application form with recent passport-size photo

• Advantages of a Personal Loan:

  • No Collateral: No need to mortgage any asset for the loan.
  • No End-Use Requirement: The loan can be used for any purpose, with a declaration that it won't be used for speculative purposes.
  • Quick Processing: Available without security. If eligible, approval can be quick, with online approvals offered by some banks.
  • Fixed Rate of Interest: The interest rate remains fixed throughout the loan tenure, ensuring stable EMIs.
  • Repayment Flexibility: Loan tenure can range from 12 to 84 months. Longer tenures lower the EMI, and some institutions allow interest-only payments with principal repayment at the end of the year.