IDFC First Bank Personal Loan
Is it true that you are looking for an ideal bank that can offer you an personal loan to satisfy your requirements? On the off chance that truly, everything you require to think about IDFC First Bank Personal loan. Truly, you can profit loan from this moneylender for a wide assortment of reasons, for example, weddings, occasions, instruction, home redesign, and for crises. The moneylender offers the credit to both salaried just as independently employed people, which accompanies adaptable residency choices and high disbursal amount.
IDFC First Bank Personal Loan Details
|Interest Rates||10.99% – 22.00%|
|Loan Amount||INR 1 Lakh – INR 40 Lakh|
|Tenure||1 to 5 Years|
|Processing Fee||₹10,000 – 2.50% of the loan amount|
|Foreclosure Charges||5% on the principal outstanding amount|
IDFC First Bank Personal Loan Eligibility Criteria:
IDFC First Bank provides instant personal loans subject to a nominal credit score and required eligibility norms. Your net take-home salary and the company employed with determine your loan eligibility.
For Salaried Individuals:
Minimum Age: 23 years;
Maximum Age: 58 years, at the time of loan maturity. Minimum net take-home salary to be 25,000 per month
For Self-employed Individuals:
Minimum Age: 25 years; Maximum Age: 65 years, at the time of applying for a loan.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|LOAN AMOUNT||INTEREST RATE||TENURE||MONTHLY INSTALMENT||TOTAL INTEREST AMOUNT||TOTAL AMOUNT|
|₹ 2,00,000||14%||1||₹ 17,957||₹ 15,489||₹ 2,15,489|
|₹ 2,00,000||14%||2||₹ 9603||₹ 30,462||₹ 2,30,462|
|₹ 2,00,000||14%||3||₹ 6836||₹ 46,079||₹ 2,46,079|
|₹ 2,00,000||14%||4||₹ 5465||₹ 62,334||₹ 2,62,334|
|₹ 2,00,000||14%||5||₹ 4654||₹ 79,219||₹ 2,79,219|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|LOAN AMOUNT||INTEREST RATE||TENURE||MONTHLY INSTALMENT|
|₹ 2,00,000||14%||1||₹ 17,957|
|₹ 2,00,000||14%||2||₹ 9603|
|₹ 2,00,000||14%||3||₹ 6836|
|₹ 2,00,000||14%||4||₹ 5465|
|₹ 2,00,000||14%||5||₹ 4654|
IDFC First Bank Personal Loan Documents Required
IDFC Bank requires a set of documents for authentication purposes for your personal loan:
- Photo Identity Proof: – (Self-attested copy of any one document) Passport, PAN Card, Voter Identity Card, Driving License, Aadhaar Card
- Address Proof:- (Self-attested copy of any one document) Ration Card, Passport, Bank Account Statement, Aadhaar Card, Driving License, Electricity Bill, Telephone Bill, Sale Deed/ Property Purchase Agreement (for owned properties)
- Income Proof – (Self-attested copy of any one document)
For Salaried Individuals: Last 3 months/6 months bank statement (dependent on scheme) showing salary credits, Latest 3 months Salary Slip
For Self-Employed Individuals: 2 years ITR, P&L and Balance Sheet for the last 2 years, Last 3 Months Bank Statement
- Ownership Proof
- Business Proof (Self-attested copy of any one document)
For Self-Employed Individuals: Qualification Certificate/Certificate of Practice (COP), Shop Act License/ MOA & AOA/ Sales Tax/ Vat registration/ Partnership Deed
How to Apply
- Online Application: – You can apply for a personal loan online by filling a form on the website. By applying for a personal loan online you can get your eligible loan amount instantly.
- Document Submission: The relationship manager will fix up an appointment to come to your premises and collect the requisite documents for quick personal loans.
- Verification: After your documents have been collected, your personal loan application will be verified; this may involve a personal discussion with you.
- Approval & Disbursal: If the reports are satisfactory after verification, your loan will be approved and the money will be deposited in the same bank account for which the statement has been provided.
Check your Eligibility
|Home Loan Interest Rates October 2020|
|Axis Bank||7.75% – 8.55%|
|Bank of Baroda||7.00% – 8.40%|
|HDFC||6.90% – 7.65%|
|ICICI Bank||6.95% – 8.05%|
|Indiabulls Housing Finance Limited||8.80% – 11.05%|
|Kotak Bank||7.20% – 9.30%|
|LIC Housing||6.90% – 7.90%|
|Piramal Capital & Housing Finance||9.00% – 9.10%|
|PNB Housing Finance||7.90% – 9.20%|
|Reliance Home Finance||8.75% – 14.00%|
|State Bank of India/SBI||6.95% – 7.60%|
|Tata Capital||9.20% – 9.35%|
Minimum annualized percentage rate is 13% and maximum annualized percentage rate is 26% with a flexible repayment period of 12 to 60 months. Also full repayment in 30 days or less is not allowed.