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IDFC FIRST Bank Personal Loan Details

Along with IDFC FIRST Personal Loan Interest Rates, the borrower also has to bear the following expenses for the loan:

Rate of interest10.49%
Tenure12 to 60 months
Lowest EMI possibleRs. 2149 Per Lakh
Processing feeRs. 4999/-
Part prepayment fee
  • Part Prepayment Facility is not available for Simple Personal Loans.
  • Smart Personal Loans: Up to 40% of principal outstanding is allowed as part payment once in a financial year only after initial 3 EMIs are paid. 2% part payment charges will be levied partial payment.
Foreclosure charges5% of principal outstanding for Simple Personal Loans as well as Smart Personal Loans.
Overdue interest2% of the unpaid EMI or Rs. 300, whichever is higher
Repayment instrument swap chargesRs. 500 per change request
EMI bounce chargesRs. 400 for each bounce
Duplicate NOC/ NDCRs. 500 per request
Statement of Account (Adhoc/ Duplicate)Rs. 500
Cancellation or rebooking charges1% of the loan quantum + interest from the date of disbursal till receiving the cancellation request 
Document retrieval charges Rs. 500 per retrieval
Physical repayment scheduleRs. 500
EMI pick-up/ collection chargesRs. 350
Stamping chargesAs per actual

Note: IDFC is powered by https://www.idfcfirstbank.com/ and the information mentioned here is provided by IDFC FIRST Bank Ltd.

IDFC FIRST Bank Personal Loan Features 

The attractive features of IDFC Personal Loan are mentioned below:

  • Loan amount: Minimum Rs. 1 Lakh and maximum up to Rs. 40 Lakhs
  • The IDFC First personal loan interest rates vary between 10.49% per annum
  • Repayment tenure: Maximum up to 60 months
  • Lowest EMI possible: Rs. 2149 Per Lakh
  • Flexibility to make up to 40% part payment
  • Digital paperless loan sanction
  • IDFC FIRST Bank pre-approved personal loan facility

IDFC FIRST Bank Personal Loan Eligibility Criteria

Keeping IDFC Loan processing transparent for the customers, the bank has outlined straightforward an IDFC personal loan eligibility criteria for the borrowers.

Personal Loan Eligibility for Self-Employed Professionals and Businesses

  • For IDFC FIRST Bank Personal Loan for self-employed individual, the business must be in operation from a minimum of 3 years.
  • The company’s profit after tax or PAT for the last 2 years should be positive
  • The applicant must be at least 25 years of age and a maximum of 65 years (before the loan maturity).
  • Accepting repayment from Savings Account
  • No ITR is required
  • Loan eligibility is based on the latest 3 months’ bank statement

Personal Loan Eligibility for Salaried Employees

Minimum:
for loan amount <15 lakhs : 23 years.
for loan amount >15 lakhs: 28 years (25 - 28 years allowed with NCM deviation)
Maximum:
60 years or Retirement whichever comes first at loan maturity.
 

  • Loan eligibility is based on the latest 3 months’ bank statement

Documents Required for IDFC FIRST Bank Personal Loan

IDFC FIRST Bank Personal Loan Documents requirement is mentioned below in details:

Verification ofDocuments (Self-attested copy of any one required)
Photo Identity Proof

Self-attested copy of any one of the below: 

Aadhaar Card/ Passport/ Pan Card/ Voter's ID/ Driving License 

Address Proof

Self-attested copy of any one of the below:

Aadhaar Card/ Passport/ Bank Account Statement/ Driving License/ Latest Utility Bills (Electricity Bill, Telephone Bill etc.)/ Sale Deed/ Property purchase agreement.

Proof of Income (Self-attested copy of relevant documents)

For Salaried employees: 

  • Bank statements of last 3 months, not older than 10 days from the date of login

For Self-Employed:

  • Bank statements of last 3 months, not older than 10 days from the date of login
Additional Documents

Business Proof (Self-attested copy of relevant documents):

Municipal tax bill/ Gram Panchayat/ GST Certificate/ Certificate Shop & Establishment Certificate/ ITR with Computation of income of last 2 years/ Udyog Aadhaar/ SSI Certificate/ FSSAI license/ Utility Bill.

For Balance Transfer Cases:

Repayment Schedule, Loan Foreclosure Letter, and Statement of Accounts

PAN/Form 60

How to Calculate IDFC FIRST Bank Personal Loan EMI?

You can conveniently calculate the exact IDFC FIRST Personal Loan EMI load on your shoulders using an online Personal Loan EMI Calculator by MyMoneyMantra. It is a hassle-free and easy-to-use financial tool designed to extend convenience to the borrowers.

All you need to do to know your Personal Loan EMI is enter the loan parameters, including loan amount, interest rate, and tenure.

The tool will instantly provide the break-up of how much you are required to repay as a monthly instalment. A visual representation will help you understand the total repayments as the loan interest and total repayments.

You can calculate different combinations of Loan tenure and rate of interest to find the best loan deal. The tool is absolutely free to use.

The other MyMoneyMantra financial tools that you can use include: Personal Loan Balance Transfer Tool, Prepayment Amount Calculator, and Foreclosure Amount Calculator.

How to Apply For IDFC First Personal Loan with MyMoneyMantra

It is very easy to apply for a Personal Loan and get an IDFC Bank Loan Statement online through MyMoneyMantra. Just follow the steps mentioned below:

  • Visit MyMoneyMantra.
  • Click on the Personal Loan tab under the Loans section.
  • Click on Compare & Apply.
  • Fill the required details.
  • Enter the OTP and click on the Verify button.
  • Choose the employment type.
  • Enter your date of birth and provide PAN card details.
  • Enter your employer’s name.
  • Enter your net monthly income.
  • Enter the loan amount required.
  • Select the bank name where salary is credited.
  • Enter your address.
  • A list of offers will be displayed for you to compare.
  • Click on the EConnect button of the lender with whom you wish to apply.
  • Fill the form & submit your application.
  • Our representatives will get in touch with you for loan processing. 

Additional Info: Check IDFC Bank Personal Loan Application Status Easily.

IDFC FIRST Bank Personal Loan Verification Process

  • Online application: Apply for IDFC FIRST Personal Loan online by filling up a form on the bank’s website. The bank will inform you about your eligibility immediately.
  • Document submission: Relationship manager of IDFC FIRST Bank will fix up an appointment to collect your documents from the doorstep.
  • Verification: After collecting your documents, verification of your personal loan application will be done by the bank.
  • Approval & disbursal: If the bank is satisfied with the verification, your personal loan will be approved and the amount will be disbursed into your bank account.

IDFC FIRST Bank Personal Loan Statement

You can access your personal loan statement through IDFC First Bank in the following ways:

  • Through IDFC First Bank’s online banking portal
  • By calling IDFC First customer care on the phone to request your loan statement’s copy

By making a request at your nearby IDFC First Bank branch in-person

IDFC FIRST Bank Personal Loan Customer Care

If your Personal Loan is not approved yet, you can track your application status by calling IDFC FIRST bank Toll Free Helpline.

Customer Support mobile number for IDFC First Bank Loans: 1860 500 9900

Email - Banker@Idfcfirstbank.Com

Registered Office:

IDFC FIRST Bank Ltd

KRM Tower, 7th Floor, No. 1, Harrington Road,

Chetpet, Chennai - 600031, Tamil Nadu, India

Corporate Office:

IDFC FIRST Bank Ltd, Naman Chambers, C-32, G-Block, Bandra-Kurla Complex, Bandra East, Mumbai - 400051, India

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Navi Personal Loan @9.9% p.a

Now get Navi personal loan of Rs. 10,000 to Rs. 20 Lakhs at lowest interest rate starting from just 9.9% 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.

IDFC First Personal Loans FAQs

✅ Do I need a loan security to get approved for IDFC FIRST Bank Personal Loan?

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You do not need any security or collateral for IDFC FIRST Bank Personal Loan. The loan is approved based on your credit profile. There is no requirement for any guarantor or co-signer to avail a Personal Loan.

✅ Do I need to visit the physical branch at any step?

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No. You do not need to visit the IDFC FIRST Bank branch at any step for approval of a Personal Loan. After you fill the online application, the loan is processed online. After you apply for the loan, the amount is directly disbursed after the verification of documents and sanction of the loan.

✅ Is it possible to change my EMI due date?

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No, IDFC FIRST Bank doesn't allow you to change the EMI due date for Personal Loan.

✅ What are the available modes for Personal Loan repayment?

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You can repay your Personal Loan online from the mobile application. Choose electronic clearing service (ECS) or post dated cheques (PDC).

✅ How do I check my due EMI and Loan Status?

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The Personal Loan EMI is due on the 2nd or 5th of every month. You must ensure enough balance to ensure the success of the ECS mandate.

Log in to the customer portal to check the loan status. You can download Loan Account Statement, applicable charges and repayment schedule there itself.

✅ What happens when my loan repayment fails?

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When your ECS mandate fails, you are charged with Bounce Charge (on the unpaid instalment) and Late Payment Fee.

✅ How do I update my email, address, and phone number?

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To update your personal data, all you need to do is contact the helpline at 1860-500-9900 (Capital First Customers) or 1800 419 4332 (IDFC Bank Customers).

Write an email at customer-care@capitalfirst.com or Banker@Idfcfirstbank.com. The demographics will be formally updated in the system.

✅ Can I make an advance EMI payment?

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A Personal Loan customer can make an advance payment for 1 month online or by visiting the branch. However, please make sure you also call customer care and share payment transaction ID, so that ECS is not processed next month and no bounce charges are credited from your account.

✅ How to foreclose my Personal Loan?

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To foreclose the Personal Loan, visit the nearest IDFC FIRST Bank Branch and pay via cash, cheque, or Debit Card. The e-receipt of the payment will be mailed to the registered email id. Please note that the maximum limit on cash repayment is 50,000.

✅ Can I cancel my IDFC FIRST Bank loan application if I do not want to raise it any longer?

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Yes, you can certainly cancel your Personal Loan application if you do not want to borrow it any longer. The Personal Loan cancellation is free of cost for approved loan applications. You can request a cancellation by contacting customer care online or by a call.