IDFC First Bank Personal Loan: Review, FAQs & Market Comparison

IDFC First Bank Personal Loan: Review, FAQs & Market Comparison

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.

 

Covid 19 Emergency Loan Calculate Personal Loan EMI

 

Features and Benefits:

Multiple purpose loan:

You can avail of IDFC First Personal Loan for multiple uses. It processes like an instant loan and thus you can use it for any of the financial emergencies, including medical contingency without any fail. You can check IDFC FIRST Personal Loan Eligibility instantly using an online calculator.

Loan Quantum:

The loan can be borrowed from Rs 1 Lakh to Rs 25 Lakhs, subject to meeting eligibility criteria.

Tenure:

You can choose the loan tenure in a range of 1 to 5 years. The extended tenure is also available on case-to-case basis.

Top Up:

In case you come across a financial gap during the loan tenure, you can opt for top-up facility.

Interest Rates:

The interest rates are competitive.

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%

Base rate is 9.50%

 

Contactless Emergency Loan

 

Thus, IDFC First Personal Loan Interest Rates start from 10.75% per annum. The effective rates may vary as per the eligibility fulfilment 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.

Eligibility Criteria:

For Self Employed / business-owners:

  • Existing business should be in operations for at least 3 years.
  • The company should be profitable in the last 2 years.
  • The applicant should be 28 to 68 years at the time of loan maturity.
  • Documents required:
    • ITR of last 2 years
    • P&L and balance sheet for 2 years
    • Last 6 months’ bank statements
    • Business proof (Self-attested copy)
    • For professionals/ self employed: Qualification Certificate/ Certificate of Practice (COP), Shop Act License/ MOA & AOA/ Sales Tax/ Vat registration/ Partnership Deed

For Salaried Individuals:

  • The applicant should be 23 years to 58 years at the time of loan maturity.
  • Documents required– Self-attested copy of any one of the documents for each of the following aspects:
    • Photo Identity Proof: Passport/Pan Card/ Voter Identity Card/ Driving License/Aadhaar Card
    • Address Proof: Ration Card/ Passport/ Bank Account Statement/ Aadhaar Card/ Driving License/ Utility bills/ Sale Deed/ Property purchase agreement (for owned properties)
    • Income Proof: Last 3 months/ 6 month’s bank statement, Latest Salary Slip

Pros of applying for IDFC First Personal Loan

  • Fast, Online Approval
  • High Sanction Amount
  • All purpose loan
  • No collateral required
  • Easy to meet loan eligibility requirements
  • Customised offers to match CIBIL score
  • Flexible terms of repayment
  • Choose tenure up to 5 years
  • Affordable EMIs

FAQs

Do I need a loan security for IDFC FIRST Bank Personal Loan?

No. The IDFC First Bank Personal Loan is an unsecured offering and you do not need collateral, guarantor or co-signer for approval.

Can I avail of IDFC Personal Loan Online, without visiting branch?

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.

What are Personal Loan repayment modes for IDFC First Bank?

You can repay through laptop or mobile as per your convenience.

How do I update my contact details for Personal Loan?

You can update your personal data by calling on IDFC First helpline at 1860-500-9900 (Capital First) or 1800 419 4332 (IDFC Bank).

Can I prepay IDFC First Personal Loan?

Yes you can foreclose the loan. Visit the nearest IDFC FIRST Bank Branch.  Make payment through cash, cheque, or Debit Card.

How long does it take to process my loan application?

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.

 

Also Read: A Borrower’s Guide to Choosing the Best Personal Loan

 

To apply online for Home Loan, Personal Loan, Credit Card, Business Loan & LAP visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served 4 million+ happy customers since 1989.

 

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Category: Personal Loan