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Key Features of IDFC FIRST Bank Personal Loan

  • Loan Amount and Tenure Flexibility: Borrow from ₹20,000 up to ₹1 crore, catering to both small and large financial requirements. Repayment tenure ranges from 6 months to 7 years (84 months), offering flexibility to suit your needs.
  • Competitive Interest Rates: Interest rates start at 10.99% per annum and vary based on your credit score, income, and loan amount. These fixed interest rates ensure consistent EMIs throughout the tenure.
  • Paperless and Digital Process: Enjoy a fully digital application process with minimal documentation. Only a physical PAN card is needed for Video KYC verification. Quick approval and disbursal through the FIRSTmoney portal or mobile app.
  • No Collateral Required: IDFC FIRST Bank personal loans are unsecured, meaning there's no need to pledge assets like property or vehicles. Approval is based on your credit score, income, and repayment history.
  • Instant Approval and Disbursal: Eligible applicants can receive instant approval and quick disbursal, sometimes within minutes, especially for pre-approved customers.
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    • Instant Line of Credit: Available for customers with a credit score above 730, offering a credit limit up to ₹10 lakh with instant access.
    • Flexible Withdrawals: Unlimited withdrawals allowed, with interest applicable only on the amount used—similar to a credit card, but at lower rates.
    • Multipurpose Usage: Ideal for weddings, travel, medical emergencies, home renovation, education, debt consolidation, or purchase of consumer durables.
    • Balance Transfer Facility: Transfer existing personal loans or high-interest credit card balances to enjoy reduced EMI burden with lower interest rates.
    • Quick Disbursal: Funds disbursed in as little as 30 minutes for pre-approved customers, and within 3–7 working days after document verification.
    • Flexible Repayment Options: Choose EMI plans that align with your budget using the bank's EMI calculator. Prepayment is allowed after 12 EMIs with minimal charges.
    • No Foreclosure Charges: Enjoy zero foreclosure fees if the loan is closed within the first 6 months in certain cases.
    • Eligibility Criteria: Age 21–60 years for salaried (up to 68 for self-employed); minimum monthly income ₹20,000–₹25,000; credit score 730+ preferred.
    • Minimal Documentation: Required: PAN card, Aadhaar/passport/voter ID (for identity), address proof, income proof (salary slips, bank statements, or ITR).
    • Transparent Fees: Processing fee up to 3.5% of the loan amount. Foreclosure or part-prepayment charges range from 2–5%, all clearly disclosed upfront.
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Benefits of Personal Loans from IDFC FIRST Bank

  • Quick and Hassle-Free Access to Funds: Loans are disbursed swiftly—within 30 minutes for pre-approved customers or 3–7 days post-document verification. Ideal for emergencies like medical needs or urgent travel.
  • Fully Digital Application Process: Apply through the IDFC FIRST Bank mobile app or website with minimal paperwork. Requires only PAN, Aadhaar, and income proof.
  • No Collateral Required: Being unsecured, personal loans don’t require pledging any assets. Approval is based on credit score, income, and repayment history.
  • Flexible Loan Amounts and Tenures: Borrow between ₹20,000 to ₹1 crore based on your needs. Choose repayment tenures from 6 months to 7 years to suit your financial capacity.
    • FIRSTmoney Smart Credit Line: Ideal for individuals with a credit score above 730, offering instant credit up to ₹10 lakh with interest charged only on the withdrawn amount.
    • Unlimited Withdrawals & Zero Foreclosure: Enjoy complete flexibility to withdraw funds as needed with no foreclosure charges, similar to a credit card but at lower rates.
    • Balance Transfer Facility: Transfer high-interest personal loans or credit card balances to IDFC FIRST Bank to save on interest and reduce EMIs.
    • Custom EMI Planning: Use the bank’s EMI calculator to select repayment tenure and amount that best suits your monthly budget.
    • Prepayment Flexibility: Make prepayments after 12 EMIs with a nominal fee of up to 5%, with no foreclosure charges in some early closure cases.
    • Transparent Charges: Processing fees up to 3.5% of the loan amount and all other charges are clearly disclosed with no hidden costs.
    • Financial Flexibility & Top-up Option: Maintain your savings by using personal loans for expenses, with top-up options for existing customers in need of additional funds.
    • Credit Score Improvement: Timely EMI payments boost your credit score, and debt consolidation reduces your credit utilization ratio.
    • Digital Loan Management: Manage EMIs, download statements, or apply for foreclosure through the IDFC FIRST Bank mobile app or net banking.
    • Convenient Support & Pre-approved Offers: Get doorstep document collection and 24/7 support (1800-10-888). Existing customers may receive instant pre-approved loan offers.
    • Diverse Applicant Support: Salaried applicants enjoy lower rates and faster processing; self-employed individuals benefit from flexible criteria based on business stability.
    • Minimal Documentation: Requires only PAN, Aadhaar, utility bill/rent agreement for address proof, and income proof like salary slips or ITR for self-employed.
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How to Apply for IDFC FIRST Bank Personal Loans

  • 1. Check Eligibility:
    • Ensure you meet the basic criteria:
      • Age: 21–60 years for salaried, up to 68 years at loan maturity for self-employed.
      • Income: Minimum ₹20,000–₹25,000 per month, depending on applicant type and location.
      • Credit Score: Preferably 730+ (minimum 650 acceptable in some cases).
      • Employment: Stable job for salaried individuals, or 3+ years of business continuity for self-employed.
  • 2. Choose Application Method:
    • Online: Visit www.idfcfirstbank.com and navigate to “Personal Loans” section.
    • Mobile App: Apply via the IDFC FIRST Bank Mobile Banking app available on iOS/Android.
    • FIRSTmoney Portal: Use the portal for instant Smart Credit Line application.
    • Branch: Visit your nearest IDFC FIRST Bank branch for in-person support.
    • Partners: Apply through platforms like IndiaLends or MyMoneyMantra.
  • 3. Fill Application Form:
    • Provide personal and financial details such as name, DOB, employment type, monthly income, PAN, Aadhaar, loan amount (₹20,000–₹1 crore), and tenure.
  • 4. Submit Documents:
    • Identity Proof: PAN (mandatory), Aadhaar, Passport, or Voter ID.
    • Address Proof: Aadhaar, utility bill, rent agreement, or Passport.
    • Income Proof:
      • Salaried: Last 3 salary slips and 3–6 months' bank statements.
      • Self-employed: ITRs (2 years), 6 months’ bank statements, GST or business proof.

Eligibility Criteria for IDFC FIRST Bank Personal Loans

  • Age:
    • 21–60 years for salaried applicants.
    • Up to 68 years at loan maturity for self-employed applicants.
  • Income:
    • Minimum ₹20,000–₹25,000 monthly income depending on profile and location.
  • Employment:
    • Salaried: Stable job with at least 1 year of total experience.
    • Self-employed: Minimum 3 years of business continuity.
  • Credit Score:
    • Preferably 730+ for best rates.
    • Minimum 650 may be accepted based on profile.
  • Residency: Must be a resident Indian with valid address proof.
  • Documents Required:
    • Identity Proof: PAN Card (mandatory for Video KYC), Aadhaar, Passport, or Voter ID.
    • Address Proof: Aadhaar, utility bill, rental agreement, or Passport.
    • Income Proof:
      • Salaried: Last 3 months’ salary slips and 3–6 months' bank statements.
      • Self-employed: ITRs for 2 years, 6 months’ bank statements, and business proof like GST registration or license.
  • Special Categories:
    • Existing IDFC FIRST Bank customers may qualify for relaxed eligibility and pre-approved offers.
    • Women and professionals may get customized schemes based on profile.
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Documents Required for IDFC FIRST Bank Personal Loans

  • Identity Proof: PAN Card (mandatory for Video KYC), Aadhaar Card, Passport, or Voter ID.
  • Address Proof: Aadhaar Card, utility bill (electricity/gas), Passport, or rental agreement.
  • Income Proof:
    • Salaried: Last 3 months’ salary slips and 3–6 months’ bank statements showing salary credits.
    • Self-employed: ITR for 2 years, 6 months’ bank statements, and business proof (e.g., GST registration, Shop Act License).
  • Employment/Business Proof:
    • Salaried: Employment certificate or appointment letter showing work history (1–3 years preferred).
    • Self-employed: Business continuity documents for at least 3 years (e.g., registration certificates, licenses).
  • Photograph: Recent passport-size photo (if required during processing or for offline submission).
  • Additional for Special Cases:
    • FIRSTmoney Smart Loan: Requires credit score above 730 and income proof for ₹30,000+ monthly income.
    • Existing IDFC FIRST Bank Customers: May require minimal documentation due to pre-verification.
    • Balance Transfer: Existing loan statement and foreclosure letter may be required.

Factors Affecting IDFC FIRST Bank Personal Loans

  • Credit Score: A score of 730+ is preferred for quicker approval, lower interest rates (starting at 10.99% p.a.), and access to higher loan amounts (up to ₹1 crore). Scores as low as 650 may still qualify but with stricter terms and higher rates.
  • Income Level: ₹20,000–₹25,000 monthly income required for salaried individuals, based on city tier. Self-employed applicants should show stable income of at least ₹2.4 lakh annually (post-tax). Higher income leads to larger loan eligibility and better repayment terms.
  • Debt-to-Income Ratio (DTI): Should ideally be below 40–50% to qualify. A lower DTI improves chances of approval and may result in better EMI terms.
  • Employment/Business Stability: Salaried: 1–3 years total experience, with at least 6 months in the current job. Self-employed: Minimum 3 years of business continuity with valid registration (e.g., GST, Shop Act, or ITR proof).
  • Age: Salaried: 21–60 years at time of application. Self-employed: 21–68 years at loan maturity. Younger applicants benefit from longer tenures (up to 7 years).
  • Credit History: Clean repayment record, low credit utilization, and minimal recent loan inquiries improve eligibility. Defaults or multiple inquiries can negatively impact approval or increase interest rates.
  • Loan Amount and Tenure: Loan range is ₹20,000 to ₹1 crore, with tenures from 6 months to 7 years. Higher amounts and longer terms require a strong credit score and income profile.
  • Existing Relationship with IDFC FIRST Bank: Existing customers (with savings, salary, or loan accounts) may receive pre-approved offers, quicker disbursal (as fast as 30 minutes), and relaxed documentation requirements.

Frequently Asked Questions (FAQs)

What is the maximum loan amount I can get?
You can borrow from ₹20,000 up to ₹1 crore, depending on your credit score, income, and eligibility. For the FIRSTmoney Smart Personal Loan, the credit line is up to ₹10 lakh for those with a credit score above 730.
What are the interest rates for personal loans?
Interest rates start at 10.99% per annum, varying based on your credit score, income, loan amount, and type (standard loan or FIRSTmoney). Rates are fixed, ensuring consistent EMIs.
What is the loan tenure available?
Repayment tenure ranges from 6 months to 7 years (84 months), allowing flexibility to choose a term that suits your repayment capacity.
Who is eligible for an IDFC FIRST Bank personal loan?
Salaried: Age 21–60 years, minimum monthly income of ₹20,000–₹25,000, at least 1–3 years of work experience (6 months in current job).
Self-Employed: Age 21–68 years at loan maturity, 3+ years of business continuity, stable income (e.g., ₹2.4 lakh annual profit after tax).
Credit score: Preferably 730+ (minimum 650 in some cases).
Must be an Indian citizen residing in India.
What documents are required to apply?
  • Identity Proof: PAN Card (mandatory), Aadhaar, Passport, or Voter ID
  • Address Proof: Aadhaar, utility bill, rental agreement, or Passport
  • Income Proof:
    • Salaried: 3 months’ salary slips, 3–6 months’ bank statements
    • Self-Employed: 2 years’ ITR, 6 months’ bank statements, business proof (e.g., GST registration, Shop Act License)
  • Recent photograph (for branch applications)
  • Aadhaar OTP for Video KYC or e-signing
How long does it take to get the loan disbursed?
Pre-approved customers can get funds in as little as 30 minutes. For others, disbursal takes 3–7 days after document verification and approval.
Can I apply for a personal loan online?
Yes, apply via:
  • IDFC FIRST Bank website www.idfcfirstbank.com
  • Mobile Banking app (iOS/Android)
  • FIRSTmoney portal (for Smart Personal Loan)
The process is paperless with Video KYC. Alternatively, visit a branch or use partner platforms like IndiaLends.
What is the FIRSTmoney Smart Personal Loan?
It’s a line of credit up to ₹10 lakh for those with a credit score above 730. Features include unlimited withdrawals, interest only on the amount used, zero foreclosure charges, and instant access via the FIRSTmoney portal or app.
Do I need collateral for a personal loan?
No, IDFC FIRST Bank personal loans are unsecured, requiring no assets like property or vehicles. Approval depends on credit score, income, and repayment history.
Can I use the loan for any purpose?
Yes, the loan is multipurpose, covering expenses like weddings, travel, medical emergencies, home renovation, debt consolidation, education, or gadget purchases.
What are the fees and charges?
  • Processing Fee: Up to 3.5% of the loan amount (e.g., ₹4,999 for some loans)
  • Foreclosure Charges: 2–5% of outstanding principal if prepaid after 12 EMIs; no charges if closed within 6 months in some cases
  • Part-Prepayment Fee: Similar to foreclosure charges, based on loan terms
  • All fees are disclosed upfront with no hidden costs
Can I prepay or foreclose the loan?
Yes, prepayment is allowed after 12 EMIs with a fee of 2–5%. Foreclosure within 6 months may have no charges in certain cases. FIRSTmoney Smart Loan has zero foreclosure charges.
How is my EMI calculated?
EMIs depend on loan amount, interest rate, and tenure. Use the EMI calculator on the IDFC FIRST Bank website or app to estimate monthly payments. For example, a ₹5 lakh loan at 10.99% for 5 years has an EMI of ~₹11,219.
Can I transfer my existing loan to IDFC FIRST Bank?
Yes, transfer high-interest loans or credit card dues for lower rates (from 10.99%). Provide the current loan statement and repayment history. Approval depends on eligibility.
What happens if I miss an EMI?
Missing an EMI incurs a late payment fee (varies by loan agreement) and may impact your credit score. Contact the bank immediately to discuss solutions like restructuring or grace periods.

List of IDFC FIRST Bank Personal Loans

  • IDFC FIRST Bank FIRSTmoney Smart Personal Loan
  • IDFC FIRST Bank Small Personal Loan
  • IDFC FIRST Bank Simple Personal Loan
  • IDFC FIRST Bank Marriage Loan
  • IDFC FIRST Bank Travel Loan
  • IDFC FIRST Bank Medical Loan
  • IDFC FIRST Bank Home Renovation Loan
  • IDFC FIRST Bank Debt Consolidation Loan
  • IDFC FIRST Bank Secured Personal Loan
  • IDFC FIRST Bank Personal Loan Balance Transfer
  • IDFC FIRST Bank Credit Card Balance Transfer to Personal Loan