IDFC First Bank Personal Loan

  • Interest Rate starting from 10.75%
  • Loan Amount up to Rs.25 lakhs
  • Loan Tenure up to 5 years
  • Processing Fee up to 3.5% of loan amount + GST
Get IDFC Bank Personal Loan

IDFC offers customers Personal Loanfrom 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 10.75% 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,

An Applicant must be:
  • 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!

Type in a few details in the Fincity Personal Loan Eligibility Calculator and know now.

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 10.75% 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.

Particulars Charges
EMI Bounce charges per presentation

Rs.400 

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)

Rs.500 

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 principle outstanding amount 

Duplicate No Objection Certificate Issuance Charges

Rs.500 

Physical Repayment Schedule

Rs.500 

Physical Statement of Account

Rs.500 

Document retrieval charges (per retrieval)

Rs.500 

Processing fees

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

Rs.350 

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.

Common Documents:  

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 

Specific Documents: 

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.

With Fincity, get the best personal loan deals without wasting any of your personal time.

Connect with our expert advisors at pl@fincity.com for free - we help you secure your loan match with the lowest rate that stay low throughout the loan tenure.