IDFC First Personal Loan Eligibility
Age of the Applicant 18 to 70 years
Eligible Salary 25,000 per month and above
Work Experience for Salaried 3 years and above
Business Stability for Self Employed 5 years and above
Minimum CIBIL Score 650
Maximum Loan on Property Value Up to 90%
Maximum EMI as percent of income 65%
Eligibility with Co-applicant Up to 3 earning family members may be added to get higher loan eligibility

check your eligibility

rupee-icn
rupee-icn
rupee-icn
Years
+91

IDFC First Personal Loan Eligibility

IDFC First is a financial institution in India that is primarily in the business of providing debt financing to entrepreneurs, especially in the medium, small and microscale sector. It is one of the country's leading non-banking financial companies (NBFCs) that cater to customers nationwide by providing Personal Loans that can be used for various purposes like children's education, wedding, vacation, debt consolidation, and so on.

About IDFC First Personal Loan

Personal Loans play an important part in the life of an individual especially when there is an unplanned need for lump sum money. IDFC First provides Personal Loans for a variety of needs at attractive interest rates. For any kind of medical emergency or for a family vacation or for children's education, IDFC First has flexible loans designed to suit the needs of an individual.

Why Choose IDFC First Personal Loan?

Here are some factors that make IDFC first Personal Loans lucrative:

  • Instant online approval - within 2 minutes
  • Convenient, doorstep service requiring minimum documentation

High disbursal - up to 25 Lakhs

IDFC First Personal Loan Eligibility

Any salaried or a self-employed professional who meets the criteria mentioned in the table below is eligible to apply for a Personal Loan with IDFC First. They generally prefer borrowers who are state or central government employees or salaried employees of reputed private organisations. They also offer loans to self-employed professionals like CAs, Doctor, and so on, if they meet eligibility criteria.

IDFC First reviews each borrower on a case to case basis and the Personal Loan amount that is offered to each borrower differs based on their income and repayment ability. They check the past credit history of each client by referring to their CIBIL report before approving loans. The table below lists some eligibility factors along with their eligibility criteria.

Eligibility Factors Eligibility Criteria

Age

For Salaried: 23 - 58 years

For Self-employed: 28 - 68 years

Business Existence

Minimum 3 years

Profit After Tax

Should be in positive for the last 2 years

Key Features Of IDFC First Personal Loan

IDFC First Personal Loan

Interest Rate

14% onwards

Loan Amount

Minimum 1 Lakh to Maximum up to 25 Lakhs

Processing Charges

1% of the loan amount

Foreclosure Charges (permitted after 6 months)

5% of Principle loan outstanding

Repayment Tenure

1 Year - 5 Years

Details of IDFC First Personal Loan

    • Eligible Salaried and self-employed individuals can easily get IDFC First Personal Loan.

    • IDFC First Personal Loan is provided to employees between the age of 23 and 68 years.

    • The minimum Personal Loan amount by IDFC First is 1 Lakh while the maximum loan amount is 25 Lakhs depending on repayment capacity.

    • The tenure of a IDFC First Personal Loan is between 1 to 5 years.

    • IDFC First has attractive interest rates on Personal Loans. The current interest rate on the Personal Loan starts at 14% per annum.

    • EMI on Personal Loans by IDFC first starts at 2,327 per Lakh.

    • The Processing Fee is 1% of the sanctioned loan amount.

    • In case you wish to preclose your loan, the foreclosure charges are 5% of the outstanding principal amount.

    • IDFC First does not allow part payment of loans.

    • There are other charges like EMI Bounce Charges, Late Payment Charges, Loan Cancellation Charges etc on Personal Loans. These charges are discussed with borrowers at the time of signing the loan agreement.

    • There are special, customised schemes on Personal Loans to a special category of borrowers who work for large and reputed organisations and government employees.

Documentation Required for IDFC First Personal Loan

You need to submit the following documents while applying for a loan with IDFC First:

For Salaried Applicants:

  • Photo Identity Proof - Driving License/ PAN Card/ Aadhaar Card/ Passport/ Voter ID Card

  • Residential Address Proof - Passport/ Sale Deed/ Property Purchase Agreement (for self-owned properties)/ Electricity Bill/ Bank Account Statement/ Ration Card/ Aadhaar Card

  • A duly filled and signed loan application form by the customer

  • Passport Size Photographs - 2
  • Income Proof: Bank statement of last 3 months/6 months (dependent on the scheme) of the account where salary has been credited, latest salary slip

For Self Employed Professionals:

  • Photo Identity Proof - Driving License/ PAN Card/ Aadhaar Card/ Passport/ Voter ID Card

  • Residential Address Proof - Passport/ Sale Deed/ Property Purchase Agreement (for self-owned properties)/ Electricity Bill/ Bank Account Statement/ Ration Card/ Aadhaar Card

  • A duly filled and signed loan application form by the customer
  • Passport Size Photographs - 2
  • Income Proof: ITR of the last 2 years, Balance Sheet and P&L for the last 2 years, and last 6 months' bank statement

  • Business Proof: Certificate of Qualification/ Certificate of Practice (COP), MOA & AOA/ Shop Act License/ Sales Tax/ Partnership Deed/ Vat registration

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 behavior 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.

  • Place of Residence and Individual's Stability: IDFC First considers the place of residence of a loan applicant an important factor in considering whether to sanction a loan. There are some areas/ regions where IDFC First has had negative borrower behavior experience. IDFC First has a negative list of such localities where it prefers not to lend money. Any applicant residing in areas mentioned in the negative list has declined a loan. IDFC First prefers borrowers who have a stable place of residence. An applicant who owns a home has greater chances of loan sanction when compared to a person doesn?t reside in their own home. Generally, IDFC First prefers applicants with residence stability of having been living in the same place for more than 12 months.

  • Type of Industry One is Working in: Based on previous experience, IDFC First has prepared a negative list of certain industries and professions. Certain industries are considered risky and do not have stability. Hence, applicants working in industries that belong to this negative list are not sanctioned loans. Thus, the profession and industry type is also a factor for loan assessment.

  • Mode of Salary: IDFC First looks favorably at applicants who receive salary directly credited to their bank account. Such a mode of salary transfer is considered secure and legitimate. An applicant who gets the salary in the form of cash or cheque is generally looked by IDFC First with suspicion because of the possibility of it being unaccounted money.

Ways to Increase IDFC First Personal Loan Eligibility

Here are some ways to improve your eligibility when applying for a Personal Loan from IDFC First:

Clean Credit History: An applicant who has a higher CIBIL score and a favorable 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 favorably 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.

Reasons to Apply for IDFC First Personal Loan through MyMoneyMantra

MyMoneyMantra offers a fast and convenient method to apply for a Personal Loan from IDFC First. The easy to use interface of the website allows users to easily compute EMI on different combinations of the loan amount, interest rates and tenures so that a loan applicant can decide on the EMI that he is comfortable with.

Using data analytics and intelligence, MyMoneyMantra has the ability to pre-screen a loan application so that you can instantly know whether you are eligible for a IDFC First Personal Loan.

Following the guidelines on the website help you increase your chances of getting a Personal Loan.

What is EMI or 'Equated Monthly Instalment?

MyMoneyMantra Personal Loan Eligibility Calculator 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.

FAQs on IDFC First Personal Loan Calculator

Question - What types of Personal Loans does IDFC First offer?

Answer - 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.

Question - What are the uses of the Personal Loan from IDFC First?

Answer - 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.

Question - Can any individual of any age apply for a IDFC First Personal Loan?

Answer - 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 eligibility criteria 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.

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

Answer - Individuals can apply and avail a maximum loan amount of up to 25 Lakhs.

Question - Does the CIBIL score required for availing the Personal Loan?

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

Question - What documents are required for getting the Personal Loan sanctioned?

Answer - 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.

Question - What is the IDFC First Personal Loan interest rate?

Answer - 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.

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

Answer - 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 a 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.

Question - What is the tenure within which the loan availed from IDFC First?

Answer - 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.

Question - How is the loan repaid?

Answer - 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.

OTP is sent to your mobile number

Enter OTP

Resend OTP

×

Get Personal Loan up to 40 Lakh Chat
& get instant approval