IDFC First Bank strives to offer personal loans to people who need money. IDFC offers unsecured personal loans that can be used to pay for a long-awaited vacation, medical bills, or wedding expenses. The online and paperless application method has simplified the entire process. Depending on their reliability, IDFC personal loans have different interest rates that range from 12.5% to 18%. Check out Bank of India (boi).
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IDFC Personal Loan Benefits and Features
IDFC First Bank offers a wide range of options, making it easier to get a personal loan to cover all your expenses. Apart from providing personalized services, the following features attract customers to apply for IDFC personal loans:
- Offers competitive interest rates between 10.49% and 25%.
- Offers working women customized and personalized financing offers. They can apply for a ₹3 lakh pre-approved loan.
- Attractive and special deals for the bank’s clients.
- A quick and simple approach for handling loans.
- It offers both a personal finance plan and insurance coverage. There is ₹8 lakh for accidental coverage and ₹1 lakh for critical illness coverage.
- All loan applications must be submitted online.
- A useful and effective strategy for client support.
IDFC Personal Loan Overview
In times of financial difficulty, when you cannot meet your basic needs, financial assistance can be of great help. IDFC First Bank strives to provide its customers with the most favorable loan offers and attractive interest rates. To get one step closer to your goals, apply for an IDFC Personal Loan. IDFC First Bank strives to offer personal loans practically to those needing money.
You can pay for a long-awaited trip, medical costs, or wedding expenses with the help of an unsecured personal loan from IDFC. An online application method that eliminates the need for paperwork has simplified the overall process. Depending on the creditworthiness, interest rates for IDFC personal loans vary, starting from 10.49% and going up to 23%. Must read Axis Bank Business Loan.
Qualifications for an IDFC Personal Loan
Every person asking for a loan for personal use must meet certain IDFC eligibility requirements.
| Criteria | Salaried Individuals | Self-Employed Individuals |
| Minimum Age | 23 years | 25 years |
| Maximum Age | Retirement age or 60 years, whichever comes first | 65 years at the time of loan maturity |
| Business Experience | N/A | The business should be up and running for at least 3 years. |
Factors Affecting IDFC Personal Loan Eligibility
The interest rate greatly impacts a personal loan’s affordability. The amount of the loan installments increases with the interest rate. Different people’s IDFC personal loan interest rates are subject to change based on a variety of factors that influence lenders and specific institutions. Before making a judgment, the banks consider the following factors:
Income
Your income is one of the main things that determines whether your loan application will be approved or not. The higher your income, the more the bank trusts you and the lower the interest rate you will pay as the bank needs to be sure that you can pay back the loan amount.
Organization’s Reputation
Bank interest rates are generally lower for salaried employees working in reputed companies. These employees are assumed to have solid employment and can make their payments on time.
Loan payment history
Before determining your interest rate, banks will carefully review your payment record history in addition to your CIBIL score. If you have made your repayments on time, you may have to pay a lower interest rate. Most banks prefer lending to customers who have not defaulted in the past year. Banks usually rejects most loan applications or come with exorbitant interest rates.
Banking Partnerships
The more accounts you open with your bank, the more loyal a customer you are considered. By being loyal, you build a personal rapport with your bank and may be able to get attractive interest rates on IDFC Personal Loans. As a friend and customer of the bank, you will have more influence.
Credit History
Credit History Before processing your loan application, banks or NBFCs check your CIBIL score. These three digits represent your loan worthiness. A high credit score reflects financial responsibility and timely repayment capacity.
IDFC First Bank Fees & Charges
IDFC Bank charges are minimal and affordable. Please take a look at the terms and conditions of the IDFC Personal Loan, including fees and charges, below.
Primary Fee
| Category | Charges | Comments |
| Processing fee | Up to 3.5% processing fee will be charged from the loan during disbursal. | It is charged during disbursal. |
Other Charges
| Category | Charges (Upto) | Comments |
| EMI bounce charges | For every dishonored presentation | For every dishonoured presentation |
| Swap charges for repayment instrument | ₹500 | For each request |
| Account statement (Duplicate/Ad Hoc) | ₹500 | — |
| 1% of the loan amount + calculated interest from the disbursal date till the cancellation request receipt | ₹500 | On each request along with the Bank’s issued letter |
| Rebooking/Cancellation charges | Collection charges/EMI pick-up | The cancellation request must be made within 30 days of the loan booking date or the first EMI presentation, whichever is earlier. Afterward, it will be treated as 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 can be done anytime after 12 or more EMIs have been paid, using the owner’s funds. |
Charges for Defaults/Delayed Payments
| Category | Charges | Comments |
| Overdue interest | ₹300 or 2% of the overdue EMI (whichever is greater) | — |
| Disclaimer | Loans less than ₹1 lakh have a direct processing fee of ₹2999. | — |
Documents Required for IDFC Personal Loan
Providing the right paperwork makes it easier for you to get a personal loan. For different people seeking a personal loan, different documents are required. Let’s take a look at them in the section below. Check out Bank of Baroda Personal Loan.
| Documents Required for Self-Employed Individuals | Documents Required for Salaried Individuals |
| Proof of identity (PAN Card/Voter’s ID/Passport/Driver’s Licence) | Proof of identity (PAN Card/Voter’s ID/Passport/Driver’s Licence) |
| Proof of Address (Aadhaar card/Utility bill/Passport/Ration card) | Proof of Address (Aadhaar card/Utility bill/Passport/Ration card) |
| Proof of Home Ownership (Utility bills/Documents which prove ownership) | Proof of Home Ownership (Utility bills/Documents which prove ownership) |
| Office address (Property documents/Maintenance bill) | Proof of income (six-month bank statement/three months salary slips with Form 16) |
| Proof of office ownership (Property documents/Maintenance bills) | Proof of job stability (Certificate of experience/employment certificate from current employer) |
| Proof of business authenticity (Shop establishment proof) | One passport size picture (coloured) |
| Form 16 or proof of income tax returns | – |
| Previous year’s bank statement | – |
| One passport size picture (coloured) | – |
How is IDFC Personal Loan EMI calculated?
You can check your monthly EMI using the IDFC First Bank online EMI calculator. Loan amount, tenure, and interest rate are the three parts of the calculator. You can calculate the EMI by entering the required personal loan amount, loan tenure, and applicable interest rate.
How does IDFC Compare with Other Lenders?
| Banks or NBFCs | Personal Loan Interest Rate |
| IDFC First Bank | 10.49% – 23% |
| HDFC Bank | 11% – 21% |
| SBI | 8.55% onwards |
| PNB | 8.9% – 14.45% |
| ICICI Bank | 10.75% – 19% |
| Kotak Mahindra Bank | 10.99% onwards |
| IndusInd Bank | 6.7% onwards |
| Axis Bank | 12% onwards |
| Bajaj Finserv | 11% onwards |
| Tata Capital | 10.99% onwards |
IDFC Personal Loan Customer Care Number
| Bank Accounts | 1800-419-4332 |
| Credit Card | 1860-500-1111 |
| Loans | 1860-500-9900 |
| Rural Banking | 1800-419-8332 |
| NRI Number | 022-6248-5152 |
