IDFC First Bank Personal Loan : A Review

IDFC First Bank offers personal loans for loan amounts up to Rs.1 crore to meet all your multiple financial needs, they provide you with an unsecured personal loan with starting interest rate of 10.75% p.a. onwards including flexible loan tenure ranging from 6 months to 5 years.  

IDFC Bank also facilitates the balance transfer of existing personal loans availed from another lender to IDFC First Bank at attractive interest rates. You can also get quick and hassle-free personal loans through the digital process.

• Loan top-up facility is available.
• Flexibility to make up to 40% part payment (part payment is allowed after 3 EMIs).

IDFC First Bank Overview
Loan Amount	Up to Rs.1 crore
Loan Repayment Tenure	Up to 60 months
Interest Rate	10.75% to 22% per annum
Processing Fees	Up to 3.5% of the loan value
Age Limit	23 to 65 years
Occupation	Salaried or Self-employed

Key Features: IDFC First Bank Personal Loan

• Loan amount up to Rs.1crore- You can get a higher amount of personal loan through IDFC Bank up to Rs.1crore.
• No collateral required- You don’t need to provide any collateral or security while applying for a personal loan.
• Balance transfer for external personal loans- Get a flawless transfer of all your existing personal loans and credit card outstanding balances.
• EMI starts from Rs.2162 per lakh- EMI starts at a lower amount of Rs.2162 per lakh of the disbursed personal loan amount.
• No physical documents required- Applying for IDFC first bank is a digital process. You can easily spend more time calculating your needs instead of spending time on physical documentation.
• Insurance- Borrowers can get benefit from the option to insure their personal loans with a low premium than provided in the market.
• Debt consolidation- With the help of a debt consolidation loan provided by IDFC first bank you can easily manage your finances. You can easily focus on a single loan.

IDFC First Bank Eligibility Criteria

IDFC First Bank provides personal loans to salaried or self-employed professionals. Both have different eligibility criteria to avail of loans from them.

Salaried Applicants	Self-employed Applicants
Minimum Age- 23 years	Minimum Age- 25 years
Maximum Age- At the time of loan maturity - 60 years or retirement, whichever comes earlier	Maximum Age- 65 years at the time of loan maturity
Minimum Income- Rs.20,000 per month	The operating business must have been in existence for a minimum period of 3 years.

Furthermore, IDFC First Bank may also consider the credit score, monthly income, EMI/NMI ratio, etc. while evaluating the personal loan eligibility of applicants.

Mandatory Documents Required for IDFC First Bank Personal Loan

A Borrower needs to upload documents when applying for a personal loan through a digital platform.

• Valid KYC (upload mandatory documents for KYC).
• 3 months bank statement.
• Net Banking or Debit Card details required to set up e-Mandate.
• eSign or eStamp for faster disbursal.

Common Documents and guidelines for Salaried and Self-Employed Applicants

Type of Documents	Details
PAN Card/Form 16	PAN Card/Form 60 (To be submitted if PAN card is not available).
Identity Proof	Any one of the following: Passport/ Aadhar Card/ Voter ID/ Driving License/ Job Card issued by NREGA signed by an officer of the State Govt/ National population register (details of name and address).
Address Proof	Any one of the following: Registered sales deed + Latest utility bill in the name of the applicant Latest Bank Statement Latest Passbook Rent Agreement+ Latest utility bill in the name of the current owner. Utility Bill- Latest or not more than 2 months from the date of CPA Login (Electricity bill, Telephone bill, Piped gas or Cylinder, Water Bill, Post-paid Mobile Bill). Property/Municipal Tax Receipt.
Other Documents	Pension or Family PPOs issued to retired employees by Government Departments or Public Sector Undertakings (must contain the address). Letter of Allotment of Accommodation from Employer (issued by State Govt. or Central Govt./ statutory or regulatory bodies/ public sector undertakings/ scheduled commercial banks/ financial institutions and listed companies and leave and license agreements with such employers allotting official accommodation.

Specific Documents and guidelines for Salaried and Self-employed Applicants

Type of Documents	Details
Banking/Income Proof	3 months Bank Statement (Latest) 3 month’s salary slip to be submitted for schemes (latest)
Balance Transfer (anyone)	Foreclosure letter Statement of account Repayment schedule SOA or FCL is required where the proposed balance transfer loan is not reflected in Bureau and RTR cannot be ascertained.
Ownership Proof (anyone)	Sales Deed + utility bill in the name of the current owner (latest). Latest water tax bill, property tax bill, electricity bill, or maintenance bill.

Additional Specific Documents and guidelines for Self-Employed Applicants

Business Proof (anyone)

Bill of Municipal tax Gram panchayat certificate filed (at least 6 months) before CPA login date Shop/Establishment Certificate (Gumasta) GST Certificate ITR with income computation of the Last 2 years with at least 6 month’s gap between the 2 ITR filing dates. Udyog aadhar filed (at least 6 months) before CPA login date. FSSAI license filed before the CPA login date (minimum 6 months). Utility bill in the name of the borrower/owner. SSI Certificate issued by the Indian Government minimum 6 months before the CPA login date.

Steps to Apply for IDFC First Bank Personal Loan

You need to follow these steps to avail of an instant personal loan from IDFC First Bank.

1. Download App- First you need to download IDFC First Bank Mobile Banking App through google playstore and create your account and login.

2. Fill in Basic Details- First you need to fill in your basic details to check your loan eligibility. You need to pass the eligibility check before further processing. Apply for the loan amount you required.

3. Upload Documents- To complete the KYC and verification process you need to upload all documents required by the IDFC First Bank.

4. Online Personal Loan Disbursal- After the verification of all your information, the loan amount will be transferred within less time to your bank account.  

IDFC First Bank: Interest Rate, Processing Fees, and Other Charges

Interest Rate	Starts at 10.75% per annum
Processing Fees	Up to 3.5% will be deducted from the loan amount
EMI Bounce Charge	Rs.400 for each presentation
Repayment Instrument Swap Charges	Rs.500 (applicable per change request)
Account Statement	Rs.500 (Adhoc/Duplicate)
Duplicate No Objection certificate / No Dues Certificate	Rs.500 (Per request, in addition to Bank's issued letter)
Cancellation or Rebooking charges	1% of the loan amount + interest from the disbursal date till receipt of the cancellation request, cancellation request to be received within 30 days of loan booking date or 1st EMI presentation date (whichever is earlier).
Stamping Charges	As per actuals
Physical Repayment Schedule	Rs.500
Document retrieval charges	Rs.500
EMI Pick-up/ Collection Charges	Rs.350
Cheque swap charges	Rs.500 per swap
Overdue Interest	2% of the unpaid EMI amount or Rs.300 whichever is higher
Foreclosure or prepayment charges	5% on the outstanding amount, prepayment of the loan is possible anytime during the loan tenure after payment of 6 or more EMIs.
Part-payment charges	Part Payment is allowed after early 3 EMIs. A maximum of 40% of the current Principal Outstanding is allowed as part of the payment in a financial year

For Example- Radhika avails a personal loan for Rs.20 Lakhs, the interest rate is 12% and the repayment period is 3 years. Calculate EMIs, total interest payable, and the total amount.

• Monthly EMIs of Rs.66,429, the total interest payable will be Rs.3,91,430 and the total amount repayable in 3 years will be Rs.23,91,430 (principal + interest).

Also Read- Bank of Baroda Personal Loan: A Review

Types of IDFC First Bank Personal Loan

1. Personal Loan for Marriage

Purpose- IDFC Bank offers wedding loans to salaried or self-employed individuals to meet the urgent financial requirements for wedding expenses.

• Loan Amount- Borrower can avail of the loan amount up to Rs.40 lakhs.
• Processing Fee- Up to 3.5% of the disbursed loan amount.
• Interest rates start at 10.49% p.a.

2. Personal Loan for Travel

Purpose- Online personal loan for travel is a type of loan that can be used for funding all travel activities. A loan for travel is sometimes called a holiday loan, tour loan, or tourist loan.

• Interest rates start at 10.49% per annum.
• Foreclosure amount- 5% of the personal loan for travel amount.
• Additional document required- Travel itinerary and booking information.
• Loan tenure- up to 5 years.
• Travel loan amount credited within 24 hours.

3. Personal Loan for Emergency

IDFC First Bank provides online paperless personal loans for up to 5 years to meet urgent financial requirements. You don’t need to submit collateral to get emergency funds.

Also Read- Federal Bank Personal Loan : A Review

Pros and Cons of IDFC First Bank Personal Loan

Following are the pros and cons of availing of a loan from the IDFC First Bank including a review of the users.

PROS	CONS
Functions are user friendly	Technical problems and problems of slow speed
The affordable loan amount is high	Not supporting all android phones
Interest rates and charges are reasonable	The list of charges is quite large
Balance transfers for external loans are available
Easy and paperless process

IDFC First Bank Personal Loan Comparison with Other Banks

Here is the comparison chart of IDFC First Bank with the top lenders based on the interest rate, loan amount, processing fees, and all other applicable charges.

Particulars	IDFC First Bank	ICICI Bank	PNB
Interest Rate	Starts at 10.75% p.a.	10.75% to 19% p.a.	9.80%-16.35% p.a.
Maximum Loan Amount	Up to 1 crore	Up to 50 Lakhs	Up to 20 Lakhs
Loan Tenure	Up to 5 years	1 to 6 years	Up to 7 years
Age Limit	23 to 65 years	23 to 65 years	Up to 70 years
Processing Fees	Up to 3.5%	Up to 2.50% of loan value + taxes	Up to 1% of the loan amount + GST
Prepayment Charges	5% on the outstanding amount, after payment of 6 or more EMIs.	Applicable charges are 3%+taxes on the outstanding amount after payment of the 1st EMI or Nil if 12 or more than 12 EMIs are already paid.	NIL
Late Payment Charges/Penalty	2% of the unpaid amount or Rs.300 whichever is higher	24% per annum	As per Bank’s decision

IDFC First Bank Ratings & Review

The rating given by the customers on the IDFC First Bank app is great on google playstore, More than 50 Lakhs users downloaded their app, and customers are happy with the services you can see the app details below.

Google Playstore Rating	4.6/5*
Number of App Downloads	50 Lakhs+
Number of Users Review	1,12,034
Content rating	3+
App Size	66 MB