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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

ParticularsDetails
Interest Rates10.99% – 22.00%
Loan AmountINR 1 Lakh – INR 40 Lakh
Tenure1 to 5 Years
Processing Fee₹10,000 – 2.50% of the loan amount
Foreclosure Charges5% 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

Check your eligibility

Home Loan Interest Rates October 2020
Axis Bank 7.75% – 8.55%
Bank of Baroda 7.00% – 8.40%
Citibank 8.20%
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.
 
Consider a salaried customer avails a Personal Loan of ₹1 Lakh at an interest rate of 14%. The lenders also charge a processing fee, that needs to be paid to get the loan processed and is usually 0-3% of the loan amount. Consider the processing fee to be ₹2250 for a tenure of 60 months. Then, the total interest payable is ₹39,609 and total amount payable is ₹1,41,859. The EMI will be ₹2,326 per month.
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