IDFC First Bank Personal Loan
- Interest Rate starting from 11.69%
- Loan Amount up to Rs.25 lakhs
- Loan Tenure up to 5 years
- Processing Fee up to 3.5% of loan amount + GST
IDFC offers customers Personal Loans from Rs.1 lakh up to Rs.25 lakhs for a tenure extending up to 5 years. Borrowers can use the funds to meet financial needs related to wedding expenses, medical emergencies, vacation costs, etc. IDFC also offers the top-up facility to its personal loan customers.
|IDFC First Bank Personal Loan Summary|
|Interest Rate||11.69% onwards|
|Loan Amount||Up to Rs.25 lakhs|
|Loan Tenure||Up to 5 years|
|Processing Charges||Up to 3.5% of loan amount + GST|
Note : The above rates are subject to change at the discretion of the banks or on the basis of RBI directives.
IDFC Personal Loan Eligibility
To be eligible for an IDFC Bank Personal Loan,
- Salaried or self-employed with self-employed applicants meeting the required minimum 3-year business continuity criteria. If self-employed, the applicant’s profit after tax (PAT) should be positive for the previous two years.
- Between the ages of 23 and 58 if Salaried or between the ages of 28 and 68 if self-employed.
Find out how much IDFC Personal Loan amount you are eligible for!
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IDFC Personal Loan Interest Rates
Once a borrower applies for an IDFC personal loan, the lender will assess the borrower’s eligibility based on a number of criteria such as their credit score, age, income and repayment history before finalizing on the interest rate available to them. Their personal loan interest rate starts at 11.69% per annum.
Note :The above rates are subject to change at the discretion of the banks or on the basis of RBI directives.
IDFC Bank Personal Loan Processing Fees & Charges
Here’s a list of the processing and other fees charged by IDFC Bank when you apply for a Personal Loan.
|EMI Bounce charges per presentation||
|Late payment/Penal charges/ Default interest/Overdue (per month)||
2% of the unpaid EMI or Rs.300 whichever is higher
|Cheque Swap charges (per swap)||
|Cancellation & Rebooking charges||
Rs.10,000 within 30 days of disbursement or 1st EMI presentation whichever is earlier. Post 30 days or 1st EMI presentation request for cancellation will be treated as foreclosure
|Foreclosure / Prepayment charges||
5% of principal outstanding.
|Duplicate No Objection Certificate Issuance Charges||
|Physical Repayment Schedule||
|Physical Statement of Account||
|Document retrieval charges (per retrieval)||
Up to 3.5% of the loan amount
|Part Payment charges||
Applicable only for PL Smart Cases. Maximum 40% of current Principal Outstanding is allowed for part payment once in a FY. This option is available only post initial 3 EMI payments. For availing this option 2% part payment charges is applicable on partial payment.
|EMI Pickup/ Collection Charges||
Note :The above rates are subject to change at the discretion of the banks without prior notice.
IDFC Bank Personal Loan EMI Calculation
The best way to find out the right loan scheme for you is to calculate the EMI amount applicable for each shortlisted scheme. Enter a few details like the loan amount, interest and tenure into the Fincity Personal Loan EMI calculator and have access to the approximate EMI instantly.
IDFC Personal Loan Documents Required
Here are the main documents individuals will need while applying for an IDFC Personal Loan.
Photo Identity Proof: PAN Card, Passport, Voter ID Card, Aadhaar Card, Driving License
Address Proof: Passport, Ration Card, Aadhaar Card, Bank Account Statement, Driving License, Sale Deed/Property purchase agreement (for owned properties). Telephone Bill
For Salaried Individuals
Income Proof: Latest Salary Slip, 3 or 6 month’s bank statement showing credit of salary (depending on loan scheme)
For Self- Employed Individuals
Business Proof: Shop Act License/ Qualification Certificate/ Certificate of Practice (COP)/Sales Tax, MOA & AOA/ Partnership Deed/ GST registration
Income Proof: ITR for past 2 years, Last 6 months’ bank account statement, Balance Sheet and Profit & Loss statement for the past 2 years
Note : Required documents must be self-attested and may slightly differ.
IDFC Bank Personal Loan Scheme Benefits
IDFC Bank personal loans come with the top-up facility, allowing customers the option of extra funds over and above the sanctioned amount. It requires minimum documentation and the processing is quick as well. The loan tenure is flexible – starting from 12 months going up to 60 months.
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