IDFC FIRST Bank Personal Loan Eligibility

Following are some essential IDFC FIRST Bank Personal Loan Eligibility Criteria that have to be met by the borrower to avail the loan:

Eligibility Criteria for Salaried Employees

Net Take Home (NTH)Minimum Rs. 20,000 per month
Minimum age23 years when applying for the loan
Maximum age58 years when the loan matures
Bank statement required to determine eligibilityFor 3 months

Eligibility Criteria for Self-Employed Professionals and Business Owners

Business must be in operationFor a minimum of 3 years
Company’s profit after tax or PATShould be positive for the last 2 years
Minimum age28 years when applying for the loan
Maximum age68 years when the loan matures
ITR Not required
Other requirements 
  • Bank statement for 3 months required to determine eligibility.
  • Repayment from Savings Account is accepted.

IDFC FIRST Bank Personal Loan – Key Features

The key features of IDFC FIRST Bank Personal Loan are mentioned below:

  • Loan amount is minimum Rs. 1 Lakh and maximum Rs. 40 Lakhs
  • Interest rate varies between 10.49%-24% p.a.
  • Tenure of repayment - Varies between 12 and 84 months
  • Lowest EMI Per Lakh is Rs. 1,686
  • Processing fee  - Up to 3.5% of the sanctioned loan amount
  • You can make part payment of up to 40%
  • The bank sanctions digital paperless loan
  • Availability of IDFC FIRST Bank pre-approved personal loan.
  • Check IDFC FIRST Personal Loan eligibility online in just 2 minutes.
  • Top up loan facility for existing customers
  • The loan comes with a competitive interest rate and flexible repayment term.
  • IDFC FIRST Personal Loan Eligibility Calculator available.

Factors Affecting IDFC FIRST Personal Loan Eligibility

Since Personal Loans are unsecured loans, care has to be taken that a thorough assessment of all applicants are done so that IDFC FIRST is able to get all the loans repaid in a timely manner from its borrowers. IDFC FIRST considers numerous factors before approving a Personal Loan application.

  • CIBIL score of the applicant: This is the most important factor in deciding approval of a Personal Loan and the loan amount sanctioned. Higher the CIBIL score better are the chances that an applicant will get the loan. A CIBIL score and CIBIL report provide the credit history and credit behaviour of an applicant. It shows whether the applicant has paid all the previous loans and Credit Card bills on time and whether there have been any defaults. A person who has not been regular in repayments shall have a lower score.
  • Profession and job stability: IDFC FIRST lays emphasis on the profession of the loan applicant and the job stability while deciding whether to sanction a loan application. A person who has been with a reputed organisation for a long time is considered one with a stable job and has higher chances of loan approval when compared to a person who has recently joined an organisation. They prefer borrowers with a total work experience of more than 24 months and employment stability with the current employer for more than 12 months. The reputation of the organisation where an applicant works also plays a role in loan assessment.

Ways to Increase IDFC FIRST Personal Loan Eligibility

Here are some ways to improve your IDFC FIRST Personal Loan eligibility:

  • Clean credit history: An applicant who has a higher CIBIL score and a favourable CIBIL report is considered to be the one with a clean credit history. If all the previous loans have been paid in full and on time, IDFC FIRST considers that the applicant has higher chances of repaying the new loan as well.
  • Lower EMIs on existing loans: Multiple Personal Loans are generally looked upon as negative by IDFC FIRST. However, in case there is no alternative and the applicant has an existing EMI on a loan, IDFC FIRST prefers applicants with higher tenure and lowers EMI on the current loans so that the applicant has more money to repay the new loan.
  • Prepayment of existing loans: In case an applicant has prepaid an existing loan before applying for a new loan, this is considered a good credit practice. IDFC FIRST highly recommends that existing loans are repaid before taking a new one so that the applicant has a higher repayment capacity.
  • Maintaining a balanced mix of secured and unsecured loans: Since Personal Loan are unsecured loans, IDFC FIRST prefers borrowers who do not have any other unsecured loan. An applicant with a good mix of secured and unsecured loans is looked at favourably by IDFC FIRST.
  • Don't over leverage yourself: IDFC FIRST prefers applicants with few obligations so that the applicant can service a loan comfortably. Avoid over leveraging by adding an additional EMI to your existing EMIs. Try to finish off an existing loan before applying for a new one.

What is EMI or 'Equated Monthly Instalment?

IDFC FIRST Loan Eligibility Calculator available on MyMoneyMantra is a convenient way to check whether you are eligible for a Personal Loan and what is the loan amount that can be sanctioned for your profile. The calculator uses personal information like age, salary, city, place of residence, take-home salary, PAN card details as input and it instantaneously shows you the loan eligibility at the click of a button.

The calculator refers to your take-home salary, expenses, credit history, existing loans, and Credit Card balances to calculate your repayment capacity to calculate the loan eligibility. The Loan Eligibility Calculator is one of the most convenient methods to evaluate your eligibility for a Personal Loan not only at IDFC FIRST but other financial institutions as well.

You can use MyMoneyMantra's Personal Loan EMI (Equated Monthly Instalment) calculator to determine the monthly instalment you have to pay for servicing the Personal Loan. For using the EMI calculator all you have to do is to enter the amount needed, the prevailing Personal Loan interest rates by IDFC FIRST and the tenure. The EMI calculator shall instantly provide you the EMI. Adjust the tenure and principal depending upon what suits your monthly cash flows and budgets.

Kotak Personal Loan Festival Offer 

Ahead of festival season, Kotak Mahindra Bank has announced Rs 999 flat processing fee offer on Personal Loans. Customers can avail of instant approvals on personal loan applications up to Rs. 20 Lakhs at lowest interest rate starting at 10.25% p.a for maximum of 5 years. 

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IDFC First Personal Loan Eligibility FAQs

What types of Personal Loans does IDFC FIRST offer?

IDFC FIRST offers two types of Personal Loans. The first type is a multi-purpose Personal Loan that can be used by the borrower to fund education, wedding, vacation, medical emergency or any other lump sum cash requirement. The other type of loan offered by IDFC FIRST is the consumer durable loan that can be used to buy consumer durables.

What are the uses of the Personal Loan from IDFC FIRST?

IDFC FIRST Personal Loan is a multi-purpose loan which can be used for various reasons like funding your child's education, vacation, providing for any medical emergency or any other expenses.

Can any individual of any age apply for an IDFC FIRST Personal Loan?

These IDFC FIRST Personal Loans are available to individuals aged 23 years or above if they are salaried and 28 years and above if they are self-employed. Other than this, the IDFC FIRST loan eligibility include the maximum age limit, which should not cross 58 years for salaried individuals and 65 years which also includes the loan repayment tenure if the individual is self-employed. 

What is the maximum quantum of loan available under the Personal Loan scheme?

Individuals can apply and avail a maximum loan amount of up to Rs. 40 Lakhs.

Does the CIBIL score required for availing the Personal Loan?

Yes, IDFC FIRST offers Personal Loan only to individuals who have a CIBIL Score of at least 700 and above.

What documents are required for getting the Personal Loan sanctioned?

Some essential documents would be required before the institution sanctions the Personal Loans offered by IDFC FIRST to their applicants. The key documents which are to be submitted are the applicant's identity proof, PAN Card, address proof, photographs, a photo ID card, bank statements, Form 16 for salaried employees, salary slips or the banks statement which shows the credit of the applicant's salary and income proof of any other individual who acts as a co-applicant for the loan.

What is the IDFC FIRST Personal Loan interest rate?

IDFC FIRST gives a Personal Loan on different interest rates for a different category of applicants. Customers are charged an interest rate of 14% onwards by IDFC FIRST for Personal Loans.

How can the applicant apply for a Personal Loan from the institution?

The bank has simplified the process of Personal Loan application because of the advent of the internet. Now, applicants do not have to pay a visit to the institution's branches to apply for a Personal Loan. They can just visit MyMoneyMantra and fill the loan application. Besides applying for an IDFC FIRST Personal Loan, the individual also has multiple facilities to avail on the website. They can calculate loan EMIs using an EMI calculator. Thus, MyMoneyMantra offers a range of services to loan seekers and provides a user-friendly Personal Loan online application platform.

What is the tenure within which the loan availed from IDFC FIRST?

The repayment tenure granted by the financial institution to applicants who avail Personal Loan is limited to a maximum of 5 years within which the applicants are required to pay off their loan liability to prevent default and additional penalty on interest.

How is the loan repaid?

The loan is repaid in equal monthly instalments over the chosen duration of the loan which is called the repayment period. These instalments which are payable for repaying the loan are called Equated Monthly Instalments (EMIs) and they depend on the loan amount, interest rate and loan tenure opted by the applicant.