Convenience & customer-first aptly describe IDFC First Bank’s Personal Loan. Whether you are self employed/ business owner or a salaried individual, you can apply for Personal Loan from IDFC First Bank without any hassle. Some of the key USPs are- instant online in-principal approval, hassle-free contactless processing, video KYC, minimal documentation, high loan amount, extended tenure option, and competitive interest rate & repayment flexibility for customers.
Let’s review the IDFC First Bank Personal Loan below and seek out answers to frequently asked questions. We will also compare Personal Loan from IDFC bank with other leading Personal Loan offers in the Indian lending space.
Effective July 8, 2020 Marginal Cost of Funds based Lending Rates are as below:
Tenure | MCLR |
Overnight | 8.80% |
1 Month | 8.80% |
3 Month | 8.90% |
6 Month | 9.05% |
1 Year | 9.15% |
2 Year | 9.50% |
3 Year | 9.70% |
The base rate is 9.50%
Thus, IDFC First Personal Loan Interest Rates start from 10.75% per annum. The effective rates may vary as per the eligibility fulfillment by the applicant.
Now, let’s compare IDFC Bank First Personal Loan with other leading bank offers:
IDFC Bank Personal Loan vs. Other Leading Personal Loan offers | ||||
Bank/ NBFC | Loan Amount | Rate of Interest* | Processing Fee* | Tenure |
IDFC Bank | Up to Rs. 25 lakh | Starting from 11.50% | Up to 3.5% | 12 to 60 months |
HDFC Bank | Up to Rs. 40 lakh | 10.75% to 21.30% | Up to 2.5% (Rs 2999 – Rs 25000) | 12 to 60 months |
SBI Bank | Up to 20 Lakhs | 9.60% to 15.65% | Up to 1.5% (Rs 1000-Rs 15000) | 6 months to 72 months |
Axis Bank | Rs. 50,000 to Rs. 15 lakh | 12% to 24% | Up to 1.75 % | 12 to 60 months |
Citi Bank | Upto Rs. 30 lakh | 10.50% to 18.99% | Up to 3% | 12 to 60 months |
ICICI Bank | Upto Rs. 20 lakh | Starting from 11.25% | Up to 2.25% | 12 to 60 months |
*The rates are exclusive of GST, as applicable.
For Self Employed / business-owners:
For Salaried Individuals:
No. The IDFC First Bank Personal Loan is an unsecured offering and you do not need collateral, guarantor or co-signer for approval.
Yes. You do not need to visit the bank branch to avail of Personal Loan from IDFC First Bank. Each step is completed online. After disbursal you can even manage your loan online through customer dashboard. It is fast and hassle free.
You can repay through laptop or mobile as per your convenience.
You can update your personal data by calling on IDFC First helpline at 1860-500-9900 (Capital First) or 1800 419 4332 (IDFC Bank).
Yes you can foreclose the loan. Visit the nearest IDFC FIRST Bank Branch. Make payment through cash, cheque, or Debit Card.
Applying for IDFC First Personal Loan is an instant process and you do not need to visit bank at any step. The approval can be availed the same day, within few minutes/ hours varying as per your eligibility. Also, the disbursal should not take more than 2 working days after approval.