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The IDFC First Bank aims at providing personal loans to individuals in financial need in the most convenient way. An unsecured personal loan from IDFC can help you meet your wedding expenses, medical bills, or a long awaited vacation. The entire process has been made easier with an online and paper free application process. The interest rates for IDFC personal loans are distinct staring ranging from 12.5% to 18% based upon the credibility.
Financial help works wonders when you are in a cash crunch and cannot fulfil your immediate personal needs. IDFC First Bank strives towards providing its customers with the best loan offers with attractive interest rates. Apply for an IDFC personal loan to move a step closer to your dreams.
The IDFC First Bank aims at providing personal loans to individuals in financial need in the most convenient way. An unsecured personal loan from IDFC can help you meet your wedding expenses, medical bills, or a long-awaited vacation. The entire process has been made easier with an online and paper-free application process. The interest rates for IDFC personal loans are distinct staring ranging from 10.49% to 23% based upon the credibility.
IDFC First bank provides a variety of services that helps you avail of a personal loan with ease to meet all your financial requirements. Besides providing customised services, the following features lure the customers to apply for IDFC personal loans:
The IDFC personal loan eligibility criteria are different for every individual applying for a personal loan.
| The minimum age for applying is 23 years. | The maximum age for applying for a personal loan at the time of maturity of the loan is retirement or 60 years, whichever comes first. |
| The business should be up and running for at least 3 years. | The maximum age for applying is 65 years at the time of loan maturity. |
| The minimum age for a loan application is 25 years. |
The interest rate influences the affordability of a personal loan significantly. The higher the interest rate, the more is the loan EMI amount. There are many factors that sway the lender and individual banks in altering the IDFC personal loan interest rate for different individuals. These are the factors that the banks keep in mind before making the decision:
Income is one of the foremost factors that decide the fate of your loan application. Since the bank needs to be sure that you can repay the loan amount, the greater your income, the more the bank will trust you and the lower the interest rate charged.
Banks or NBFCs examine your CIBIL score before approving your loan application. This credit score is a 3-digit representation of your creditworthiness. Having a good credit score means that you are responsible for managing your finances and will be able to repay on time.
The interest rate charged by a bank will be lower for salaried employees who work in a reputed organisation. It is believed that they have a stable career and will be able to make payments on time.
Along with the CIBIL score, the banks will scrutinise your payment record history before deciding your interest rate. If you have been regular with your repayments, you will probably be charged a lower interest rate. Most banks prefer lending to customers who have not defaulted in the past 12 months. Usually, the banks reject most loan applications or charge a massive interest rate.
The more accounts you open with your bank, the more you are considered a loyal customer. This loyalty develops a personal relationship with your bank, which can help you attract favourable IDFC personal loan interest rates. You will be able to gain leverage with the bank as a customer and friend.
The fees charged by the IDFC bank are meagre and pocket-friendly. Have a look at the IDFC personal loan requirements like fees and charges below.
| Category | Charges | Comments |
| Processing fee | Upto 3.5% processing fee will be charged from the loan during disbursal. | It is charged during disbursal. |
| Category | Charges (Upto) | Comments |
| EMI bounce charges | ₹400 | For every dishonoured presentation |
| Swap charges for repayment instrument | ₹500 | For each request |
| Account statement (Duplicate/Ad Hoc) | ₹500 | — |
| No Dues Certificate/No Objection certificate (Duplicate) | ₹500 | On each request along with the Bank’s issued letter |
| Rebooking/Cancellation charges | 1% of loan amount + calculated interest from the disbursal date till the cancellation request receipt | The cancellation request has to be obtained within 30 days of the loan booking date or the first presentation date of EMI, whichever comes early. After this the cancellation will be seen as a closure. |
| Stamping charges | According to actuals | — |
| Repayment schedule (Physical) | ₹500 | — |
| Retrieval charges for documents | ₹500 | Per retrieval |
| Collection charges/EMI pick up | ₹350 | — |
| Foreclosure charges | 5% of the loan amount | Foreclosure has to be made through the owner’s funds. Foreclosure of the loan is possible anytime during the tenure of the loan after payment of 12 EMIs or more have been made. |
| Overdue interest | ₹300 or 2% of the overdue EMI (whichever is greater) |
Disclaimer: Loans lesser than ₹1 lakh are bound to have a direct processing fee of ₹2999.
Furnishing the correct documents helps you avail of the personal loan hassle-free. Different documents are required for different individuals applying for a personal loan. Let’s look at what those are below.
You can check your monthly EMI with the help of the IDFC First Bank online EMI calculator. The calculator is segregated into three parts: tenure, rate of interest, and loan amount. You can calculate the EMI by entering the applicable interest rate of the personal loan, the amount of personal loan needed, and the tenure for which you need the loan.
Mentioned below is the comparison of IDFC First Bank with the other prevalent lenders of personal loans in India. This comparison has been made based on the interest rate provided.
| Banks or NBFCs | Personal Loan Interest Rate |
| IDFC First Bank | 10.49% – 23% percent |
| HDFC Bank | 11 percent to 21 percent |
| SBI | 8.55% onwards |
| PNB | 8.9% to 14.45% percent |
| ICICI Bank | 10.75% to 19% percent |
| Kotak Mahindra Bank | 10.99 percent onwards |
| IndusInd Bank | 6.7 percent onwards |
| Axis Bank | 12 percent onwards |
| Bajaj Finserv | 11 percent onwards |
| Tata Capital | 10.99 percent onwards |
To contact the IDFC First Bank, you can call the below-given numbers. These numbers have been differentiated according to different products/services.
| Bank Accounts | 1800-419-4332 |
| Credit Card | 1860-500-1111 |
| Loans | 1860-500-9900 |
| Rural Banking | 1800-419-8332 |
| NRI Number | 022-6248-5152 |
The personal loan repayment begins from the next month of loan disbursement. For example, if the loan amount was given to the borrower on 5th May, the repayment will begin from June, as per the repayment cycle.
Yes, you can switch to a floating interest rate anytime during the loan tenure by paying a small fee.
The minimum salary required to apply for IDFC personal loan is ₹25,000 per month.
The IDFC personal loan interest rate varies from 10.49% - 25% percent.
Yes, IDFC First Bank will check your entire CIBIL/credit report while evaluating your application for a personal loan.