IDFC First Personal Loan Interest Rates
Interest Rate

Starting @ 10.49%

Check Best Offers
Processing Fee

Upto 1.5%

Loan Tenure

1-5 years

Lowest EMI Per Lakh

₹ 2,149 for 5 years

Prepayment Charges

Nil charges for floating rates loans

check your eligibility


IDFC First Personal Loan Interest Rates

IDFC First offers a Personal Loan to individuals to meet their urgent requirements. Following are the advantages of opting for a Personal Loan from IDFC First:

  • Loans at competitive rates
  • Valid for top companies employees
  • Quick loan disbursal
  • IDFC First proposes special schemes and discounts for employees working with large and reputed companies

  • Option to prepay after 6 months

Details About IDFC First Personal Loan

IDFC First Personal Loan Salaried Individuals

Lowest Interest Rate

10.99%-16.99% per annum

Loan Tenure

1-5 years

Processing Fee

1% of loan amount

Loan Amount

1 Lakh to 25 Lakhs

Pre-closure Charges

Pre-closure is allowed after 6 EMIs, 5% foreclosure charges

Purpose of Loan: The Personal Loan from IDFC First can be used to meet any personal expenses such as a wedding, travel, education, medical expensed or any other personal finance needs. The speculative use of the Personal Loan is not allowed by IDFC First.

Key Features

  • The loan can be availed by salaried and self-employed individuals.

  • You should be minimum 23 year old if you are salaried and 28 year old if you are self-employed to apply for the loan.

  • Your age at the time of loan maturity should be maximum 58 years (for salaried) and 68 years (for self-employed).

  • Loan amount of minimum 1 Lakh to Maximum 25 Lakhs can be borrowed.

  • Loan duration is of minimum 1 year and maximum 60 months.

  • The Personal Loan rate of interest is between 10.99% to 16.99%.

  • The minimum loan EMI is of 2,327 per lakh.

  • Processing Fees: 1% of loan amount

  • Preclosure charges:The foreclosure charges are 5% if you are willing to pre-close the loan with IDFC First.

  • Part payment charges:Not allowed

  • Other Charges:The EMI Bounce Charges, Late Payment Charges, Loan Cancellation Charges, and so on, are discussed with borrowers at the time of signing the loan agreement.

  • Special schemes: Customised Personal Loan interest rates are offered to the special category of borrowers including those borrowers working with large and reputed companies, government employees, and others.

IDFC First Personal Loan Top Up

Top up on a Personal Loan is an additional loan that can be availed from your existing bank on your running loan or at the time of balance transfer of your loan to a new bank. You can get top up on a Personal Loan from IDFC First if you have a regular repayment track record on your existing Personal Loan.

Top up loans are available at similar interest rates as that on your existing Personal Loan. The current interest rate on IDFC First Personal Loan top-up starts at 14%.

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. Mostly the bank offers lower interest rates for the higher loan amount. One can avail loan between 1 Lakh and 25 Lakhs.

  • 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 lower interest rate from IDFC First.

  • Loan Tenure: The tenure of the Personal Loans ranges from 1 year to 5 years depending upon the loan requirements and interest rates.

  • Repayment Capacity: The repayment capacity of the borrower is checked thoroughly by the bank before sanctioning the loan to the borrower. The repayment capacity of an individual is verified 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.

IDFC First Personal Loan Charges

It is very essential to compare Personal Loan interest rate of various banks, other charges levied by the banks, and so on before selecting a bank to borrow loan form. Some other factors that are very important are as follows:

  • Part Payment Charges: IDFC First's Personal Loan does not allow part payment of the loan.

  • Pre-closure Charges: In case one decides to repay the entire loan amount before completing the tenure of the loan, they will have to pay pre-closure charges. IDFC First allows pre-closure of the entire loan amount after 6 EMIs with 5% foreclosure charges.

  • Processing Fee: A processing fee of 1% of loan amount is charged by IDFC First. The processing fee charged by the bank is non-refundable.

  • Other Charges: A complete list of other charges is provided by the bank after the loan is sanctioned from the bank. This statement includes all the extra charges that are levied by the bank such as delay in EMI payment charges, interest charged on late payment, cheque bounce charges, loan cancellation charges after sanction, and so on.

IDFC First Personal Loan: How to Apply

The process to apply for the Personal Loan from IDFC First is very easy. You can apply for the loan online at MyMoneyMantra. We are the channel partner of all the leading banks and financial institutions such as Citibank, HDFC Bank, ICICI Bank, Axis Bank, and so on. IDFC First's representatives will process the loan application. They will get in touch with you to get all the necessary details and take the loan process forward.

You will also get free services from MyMoneyMantra, which includes a Personal Loan advisor who will make sure the lending process is instant and you get the desired Personal Loan from IDFC First.

You can also use MyMoneyMantra's comparison tool to do a comparison of IDFC First loan interest rates and other charges as well.

Documents Required to Apply for IDFC First Personal Loan

For salaried employees

  • Filled up loan application form
  • 2 recent passport size photographs of the applicant (and co-applicant if any)

  • Residential proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill (up to 3 months old)

  • Income Tax PAN Copy
  • Identity Proof - Driving License/ PAN/ Passport/ Voter ID
  • Income Documents - 2 years Form 16, 3-month payslip, 3 months bank statement showing salary credit and any EMI debit

Frequently Asked Questions on IDFC First Personal Loan

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 14% rate with the lowest EMI of 2,327 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?

Personal Loan interest rates in IDFC First are 14% to 16%. 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 2,327.

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 60 months.

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

IDFC First offers a minimum amount of 1 Lakh to a maximum amount of 25 Lakhs.

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

IDFC First charges a processing fee of 1% 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 5% foreclosure charges are levied by IDFC first in case of prepayment of the Personal Loan.

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.

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