At various points in our life, we struggle for money and in that scenario we take various steps like selling investments, borrowing from our friends, or taking loans. When we are talking about loans, you must be aware of various loan providers in India, like Banks, NBFCs, Loan Apps, etc. In this post, we are going to discuss one of the most popular loan providers in India, i.e. IDFC First Bank Loan. Here, we will tell you about the eligibility, benefits, drawbacks, application process, and other information related to this. So, read this post completely before applying for any loan.
IDFC First Bank Personal Loan – An Overview
- IDFC FIRST Bank helps you to achieve your personal dreams. May it be your wedding, any medical situation, an upcoming vacation, or renovation of your home, IDFC First Bank fulfills these diverse financial needs and more with an unsecured personal loan. The loan application and disbursement process are extremely easy, paperless, and hassle-free.
Eligibility of IDFC First Bank Personal Loan
- The eligibility criteria for availing of IDFC First Bank Personal Loan are as below.
For Salaried Individuals
- To avail personal loan from IDFC First Bank, your minimum age should be 23 years and the maximum age at the time of loan maturity should be 60 years or retirement, whichever comes first.
For Self-Employed Individuals
- The business or occupation in which the applicant is in must have been in existence for a minimum period of 3 years.
- The applicant’s minimum age should be 25 years and the maximum age should be 65 years at the time of loan maturity.
Benefits of IDFC First Bank Personal Loan
- Following are the benefits of IDFC First Bank Personal Loan
- IDFC FIRST Bank offers loans up to ₹40 lakhs.
- The EMI is starting at ₹2,149/lakh.
- The repayment tenure is up to 5 years.
- Flexibility to make up to 40% of part payment.
- Top-Up Facility
- You can transfer your existing Personal Loan/Credit Card, and enjoy amazing benefits, including affordable rates and flexible loan tenure ranging from 6 months to 60 months.
- The application and disbursement process is completely digital, paperless, and online.
Interest Rates of IDFC First Bank Personal Loan
- The interest rates of IDFC First Bank Personal Loan start at 10.49%.
Drawbacks of IDFC First Bank Personal Loan
- The processing fee for IDFC First Bank Personal Loan is slightly higher at 3.5%. However, loan amounts up to 1,00,000 have a processing fee of Rs. 2,999.
- The foreclosure charge is also high at 5% of the loan amount.
How to apply for IDFC First Bank Personal Loan
- If you want to apply for a Personal Loan from IDFC First Bank, follow the steps described below.
- First, click here to download the IDFC First Bank: Instant Loans Application.
- Now open the application and enter 7030246805 as the referral code.
- Now go to the loan section in the application and click on ‘Personal Loan‘.
- Then click on the ‘Start a new Application‘ option. Now the application will search for your area pin code.
- After checking the availability of IDFC Loan service in your area it will verify your SIM Card.
- After that enter your Date of Birth and agree to the terms and conditions.
- Now you have to enter your email id.
- Then choose the appropriate option for you – salaried or self-employed and enter your Net Monthly Income.
- After that, you will be asked to upload a picture of your PAN Card. If you do not have PAN Card at the time of applying, enter the PAN number.
- Now, in this step, you will have to verify your details via Aadhaar e-KYC. This process is very simple. Just follow the instructions.
- After Aadhaar e-KYC verification, you will need to fill few details, like your residential address. After entering these a loan application number will be generated. Note down that number.
- Now enter your permanent address and then your employment details. you can choose any company from the list if the name of your company is not listed there.
- Then you have to choose the loan amount and then click on Submit button.
- Wow! You have successfully applied for IDFC First Bank Personal Loan.
How to track IDFC First Bank Personal Loan Application Status
- After submitting your personal loan application to IDFC First, you can track your application status. To do that go to the loan section application and enter your loan application number and search.
IDFC First Bank Personal Loan Contact Details
- For any queries regarding a personal loan from IDFC First Bank, you can reach customer care by dialing 1860 500 9900
IDFC First Bank provides personal loans at very attractive rates. However, while applying, you should check all the details carefully and decide.