IDFC First Bank Personal Loan

IDFC First Bank offers personal loans with competitive interest rates and flexible repayment options. These loans start at an interest rate of 9.99% and are a good option when you need money urgently. Enjoy hassle-free approval with minimal documentation and no paperwork required. You can take a loan of up to ₹1 crore and pay it back over a period of up to 7 years.

IDFC First Bank
Quick Loan Disbursal
100% Paperless Approval
✖
Loan Amount
Up to ₹1 crore
Interest Rate
9.99%
Tenure
1 - 5 Years
Processing Fee
Up to 3.50%
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Fees & Eligibility
Fees & Charges
  • Pre-closure fee: 5% of the outstanding principal.
  • Late payment fee: 2% of the unpaid EMI or ₹300, whichever is higher.
Eligibility Criteria
  • Salaried: Age between 23 and 58 years.
  • Self-employed: Age between 28 and 68 years.
  • If you're self-employed, your business should be running for at least 3 years, and it should have made a profit after tax in the last 2 years.
Documents
  • KYC - PAN, current address and ID proof
Features
What you'll love
  • Contactless process: Get your loan disbursed within 1 working hour with no physical meetings or document signing.
  • No income documents required.
  • Flexible and convenient repayment plans.
  • Fast loan disbursal.
  • Top-up facility available for existing customers.
Loan Benefits
- Get online approval in just 30 minutes while sitting at home.
- Enjoy doorstep service for your loan process.
- Benefit from paperless approval.
- No need for a guarantor to apply.
- If you repay the full loan within 6 months, there are no extra charges.
- If you close the loan after 6 months, you'll have to pay 5% of the remaining loan amount as a fee.
Proof of identity
Aadhaar Card, Passport, PAN Card, etc.
Proof of address
Documents like Aadhaar card, electricity or water bills, passport, bank statement, and similar ones.
Other documents
- For salaried individuals: Bank statement for the last 3 or 6 months and the latest salary slip.
- For self-employed individuals: Income Tax Returns for the last 2 years, balance sheet for the last 2 years, and bank statement for the last 6 months.
- Documents like a qualification certificate or practice certificate, shop license, company registration papers (MOA & AOA), tax registration (like Sales Tax or VAT), or a partnership agreement.
  • Get e-approval in just 30 minutes.
  • Receive doorstep service for your loan process.
  • Enjoy paperless approval.
  • No guarantor required to apply for the loan.
  • No foreclosure charges if you close the loan within 6 months.
  • If you close the loan after 6 months, a foreclosure fee of 5% on the outstanding principal applies.
Fees and Charges for this Personal Loan
DetailsApplicable Charges
Late EMI payment interest2% of the pending EMI amount or Rs. 300, whichever is higher
EMI collection or pick-up feeRs. 350 per collection
Change in repayment methodRs. 500 for each request
EMI cheque or mandate bounce feeRs. 400 for every failed payment attempt
Duplicate account statementRs. 500 per copy
Loan cancellation or rebooking1% of the loan value plus interest from disbursal date till cancellation request. Cancellation must be done within one month from loan booking or first EMI, otherwise it will be treated as foreclosure.
Duplicate NOC or No Due CertificateRs. 500
Stamp duty chargesCharged as per actual cost
Printed repayment scheduleRs. 500
Document retrieval feeRs. 500 for each request
Partial loan prepaymentUp to 40% of the outstanding loan can be prepaid once per year after 3 EMIs. A 2% prepayment fee applies.

Eligibility Criteria for IDFC Personal Loan

To be eligible for a personal loan from IDFC First Bank, you need to meet the following criteria:

For Self-Employed Individuals
  • The borrower must be at least 28 years old and not more than 68 years old when the loan ends.
  • The business should be active for a minimum of 3 years.
  • The company should be making a profit after paying taxes.
For Salaried Individuals
  • You must be at least 23 years old to apply, and your age should not be more than 58 years when the loan ends.
Frequently Asked Questions

Do I need to give any security or collateral for an IDFC First Bank personal loan?

No. IDFC First Bank personal loans are unsecured. You do not have to pledge any property or asset. The loan is approved based on your income, age, credit score, and repayment capacity.

How long does IDFC First Bank take to approve and disburse the loan?

After submitting all required documents, the bank usually takes up to 7 days to approve the loan and credit the amount to your bank account.

How can I repay my IDFC First Bank personal loan?

You need to repay the loan in monthly EMIs. EMIs can be paid through Electronic Fund Transfer from another bank account or by setting up standing instructions from your IDFC First Bank account.

How can I check my EMI amount before applying for a loan?

You can calculate your EMI using the personal loan EMI calculator available on the official IDFC First Bank website. You can also use RatingOK EMI calculators by entering the loan amount, interest rate, and tenure.

How can I check the status of my IDFC First Bank personal loan application?

You can track your loan status by visiting the IDFC First Bank loan tracking page. Enter your application number, registered mobile number, and captcha to see the current status.

How can I contact IDFC First Bank personal loan customer care?

For any loan-related help, you can call customer care at 1860-500-9900. If the issue is not resolved, you can escalate it by calling 1800 10 888 or by emailing customercare@idfcfirstbank.com