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IDFC First Bank Personal Loan

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.

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


Salaried or Self-employed

Key Features: IDFC First Bank Personal 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.

Common Documents and guidelines for Salaried and Self-Employed Applicants

Type of Documents


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


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


Document retrieval charges


EMI Pick-up/ Collection Charges


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.

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.

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.

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.



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.


IDFC First Bank



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.


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


Number of App Downloads

50 Lakhs+

Number of Users Review 


Content rating


App Size

66 MB

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