IDFC FIRST Bank provides personal loan to salaried as well as self-employed professionals who are aged between 23 to 68 years. To apply for the loan, borrowers have to meet the IDFC FIRST Bank eligibility criteria set by the bank.
|Net Take Home (NTH)||Minimum Rs. 20,000 per month|
|Minimum age||23 years when applying for the loan|
|Maximum age||58 years when the loan matures|
|Bank statement required to determine eligibility||For 3 months|
|Business must be in operation||For a minimum of 3 years|
|Company’s profit after tax or PAT||Should be positive for the last 2 years|
|Minimum age||28 years when applying for the loan|
|Maximum age||68 years when the loan matures|
The key features of IDFC FIRST Bank Personal Loan are mentioned below:
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.
Here are some ways to improve your IDFC FIRST Personal Loan eligibility:
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 IDFC Personal loan 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.
|Personal Loan Eligibility by Banks|
Now get Navi personal loan of Rs. 10,000 to Rs. 20 Lakhs at lowest interest rate starting from just 9.99% per annum. Repay in easy instalments of 3 to 72 months. The processing fee ranges from 2.5% to 6% of the sanctioned limit + GST.
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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.
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.
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.
Individuals can apply and avail a maximum loan amount of up to Rs. 40 Lakhs.
Yes, IDFC FIRST offers Personal Loan only to individuals who have a CIBIL Score of at least 700 and above.
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.
IDFC FIRST gives a Personal Loan on different interest rates for a different category of applicants. Customers are charged an interest rate of 10.75% onwards by IDFC FIRST for Personal Loans.
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.
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.
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.