IDFC First Bank Personal Loan

IDFC First Bank offers personal loans with competitive interest rates and flexible repayment options. With interest rates starting at 10.99%, these loans are an ideal choice for your urgent financial needs. Enjoy hassle-free approval with minimal documentation and no paperwork required. You can borrow up to Rs. 1 crore with repayment terms of up to 7 years.

IDFC First Bank
Quick Loan Disbursal
100% Paperless Approval
✖
Loan Amount
Up to ₹5L
Interest Rate
10.49%
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.
  • For self-employed individuals, the business must be operational for at least 3 years, and the profit after tax (PAT) for the last 2 years should be positive.
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 e-approval within 30 minutes from the comfort of your home.
- Enjoy doorstep service for your loan process.
- Benefit from paperless approval.
- No need for a guarantor to apply.
- No foreclosure charges if you close the loan within 6 months.
- Foreclosure fee of 5% on the outstanding principal if closed after 6 months.
  • 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.
Proof of identity
Aadhaar Card, Passport, PAN Card, etc.
Proof of address
Aadhaar Card, utility bills, Passport, bank account statement, etc.
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.
- Qualification Certificate or Certificate of Practice (COP), Shop Act License, MOA & AOA, Sales Tax/VAT registration, or Partnership Deed.
Fees and Charges for this Personal Loan
ParticularsFees
EMI bounce chargesRs. 400 (For each dishonoring of the presentation)
Repayment instrument swap chargesRs. 500 (As per change request)
Statement of Account (Adhoc/Duplicate)Rs. 500
Cancellation/Rebooking Charges1% of the loan amount + interest from the loan disbursement date until the cancellation request. Cancellation request must be submitted within a month of loan booking or 1st EMI presentation date. After that, it will be treated as foreclosure.
Duplicate No Objection Certificate / No Dues CertificateRs. 500
Stamping ChargesAs per actuals
Physical Repayment ScheduleRs. 500
EMI Pick-up/Collection ChargesRs. 350
Document Retrieval Charges (per retrieval)Rs. 500
Overdue Interest2% of the unpaid EMI or Rs. 300, whichever is higher
Part-Prepayment LoanMaximum 40% of the current outstanding amount allowed for part payment once a year. Available after 3 initial EMI payments. 2% part-payment charge 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
  • Minimum age: 28 years, Maximum age: 68 years at the time of loan maturity.
  • The business must have been running for at least 3 years.
  • The company's Profit after Tax (PAT) must be positive.
For Salaried Individuals
  • Minimum age: 23 years, Maximum age: 58 years at the time of loan maturity.