IDFC FIRST Bank Personal Loan Interest Rates

IDFC FIRST Personal Loan Interest Rates vary depending upon the type of loan you are applying for. IDFC FIRST Bank offers four types of personal loans, viz., Personal Loan, Cross Sell – Personal Loan, Cross Sell Personal Loan (Personal Loan to existing customers), and Consumer Durable Loans & Consumption Loans.

IDFC FIRST Bank Personal Loan Charges

Apart from IDFC FIRST Personal Loan Interest Rate, you will have to bear the following expenses on the loan:

Processing feeUp to 3.5% of the loan amount
Foreclosure charges5% of principal outstanding 
Part prepayment fee
  • Part Prepayment not allowed for Simple Personal Loans.
  • Smart Personal Loans: 2%. The bank allows part prepayment up to 40% of principal outstanding (once in a financial year) after 3 EMIs are paid.
Charges for overdue interest2% of the EMI unpaid or Rs. 300, whichever is higher
Charges for repayment instrument swap Rs. 500 per change request
EMI bounce Rs. 400 for each bounce
Duplicate NOC/ NDCRs. 500 per request
Statement of Account (Adhoc/ Duplicate)Rs. 500
Charges for cancellation or rebooking of loan1% of loan amount + interest from the disbursal date till receiving the cancellation request 
Charges for document retrieval Rs. 500 per retrieval
Physical repayment scheduleRs. 500
Charges for EMI pick-up/ collection Rs. 350
Stamping chargesAs per actual

IDFC FIRST Bank Personal Loan Details

  • Loan quantum Up to Rs. 40 Lakhs
  • Interest rate 10.49%-24%
  • Repayment tenure is 12 to 84 months
  • Lowest EMI  Rs. 1,686 Per Lakh
  • Processing fee Up to 3.5% of the loan amount

Factors Affecting IDFC FIRST Personal Loan Interest Rate

The assessment of the loan amount, the company you work with, obligation, loan tenure, salary, and other factors can help you get the best Personal Loan interest rates from IDFC FIRST. Below mentioned factors help to determine the Personal Loan rate of interest from IDFC FIRST:

  • Loan Amount: Loan amount is the amount borrowed from an individual from the bank. IDFC First Personal Loan rate of interest are lower for the higher loan amount. One can avail loan up to Rs. 40 Lakhs from IDFC Bank as Personal Loan.
  • Salary: The capacity of an individual to repay the loan is defined by their salary. Higher your salary bracket the lower is your interest rates. The interest rate of the bank may vary as per your net monthly income.
  • Employer Category: Based on the company's size, reputation, growth, financial position the companies are ranked by IDFC FIRST from High to Low. This internal list of companies helps the bank to decide the interest rates. Individuals belonging to large and good companies can get maximum discounts and other special benefits from the bank.
  • Relationship with the Bank: The existing account holders get special rates, offers and charges from the bank. The individuals having the good track record of making payments on time get the benefit of IDFC First Personal Loans With The Lowest Interest Rates.
  • Loan Tenure: Usually, the tenure of the Personal Loans ranges from 1 year to 5 years, depending upon the loan requirements. However, IDFC FIRST offers tenure up to 84 months. The longer the tenure is, the higher will be the interest rate.
  • Repayment Capacity: The repayment capacity of the borrower is checked thoroughly by the bank before sanctioning the loan to the borrower with the help of CIBIL Score and report. If an individual has previously taken the loan or has made Credit Card payments, everything is mentioned in the CIBIL report. The Personal Loan is also offered to defense personnel, government employees, and private company employees. To avail lower interest rate, make sure you have a credit score of above 750.

Why IDFC FIRST Bank Personal Loan?

  • Longer repayment tenure
  • Flexibility to make part payment of up to 40%
  • Option to prepay after 6 months
  • Digital paperless loan sanction
  • Pre-approved personal loan facility
  • Facility to apply for IDFC FIRST Personal Loan online
  • Eligibility check in just 2 minutes
  • Existing customers can avail top up loan
  • Loan available for self-employed and salaried individuals both

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 Personal Loan Interest Rates

How much time does it take for IDFC FIRST to decide on my Personal Loan request?

The decision on a loan is conveyed to the borrower within 15 days of the loan application. Some banks may offer instant loan offers and schemes, which can be approved within a few hours to 2-3 days.

Why should I take a Personal Loan from IDFC FIRST?

IDFC FIRST offers loan at interest rate starting from as low as 9.20% with the lowest EMI of  Rs. 2,086 Per Lakh. In case one is paying EMI more than this then one can think for balance transfer and relocate the loan to IDFC FIRST.

What is the interest rate charged by IDFC FIRST on a Personal Loan?

IDFC First Personal Loans rates are between 9.20% and 40%. The Personal Loan interest rates for salary account holders are comparatively lower than that for other customers at IDFC FIRST.

What is the lowest EMI for a lakh of rupees I borrow from as Personal Loan from IDFC FIRST?

If you apply for a loan from IDFC FIRST, your lowest EMI per lakh will be Rs. 2,086.

What are the minimum and maximum tenures for Personal Loans from IDFC FIRST?

The repayment of the Personal Loan can be done in a flexible period of minimum 12 months to maximum 84 months.

What is the amount of Personal Loan that I can borrow from IDFC FIRST?

IDFC FIRST offers a minimum amount of Rs. 1 Lakh to a maximum amount of Rs. 40 Lakhs.

How much processing fee does IDFC FIRST charge on a Personal Loan?

IDFC FIRST charges a processing fee of up to 3.5% of the sanctioned loan amount with applicable service tax.

Does my age affect my eligibility to borrow a Personal Loan from IDFC FIRST?

Yes, age is an important eligibility factor to get a Personal Loan the minimum age of 23/28 (salaried/self-employed) years is required to get the loan approved and maximum 58/68 (salaried/self-employed) years at the time of loan maturity.

Does IDFC FIRST charge any prepayment charges on a Personal Loan?

The prepayment charges for prepaying the IDFC FIRST Personal Loan are up to 5%.

Can I add my spouse's income while applying for a Personal Loan from IDFC FIRST?

You can apply with your spouse as a co-applicant and can combine your income with the income of your spouse in order to get a higher loan amount and increase your loan eligibility.