idfc first bank personal loan

IDFC First Bank Personal Loan Starts @ 10.50%*


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IDFC First Bank Personal Loan in Bangalore

IDFC First Bank formerly known as IDFC Bank is an Indian finance company with 600 branches across the country and this is the first bank to launch an Aadhar linked cashless merchant solution. If you are staying in Bangalore, it is necessary to take a personal loan for important expenditures like marriages, vacations, home renovation, and medical expenses. IDFC First Bank offers personal loans at a competitive interest rate and they have made the personal loan available to the borrows easy and hassle-free.

IDFC First Bank Personal Loan Details

*Loans less than 1 lakh will have a flat Processing Fee of Rs 2999/-

All fees/charges to be paid shall be exclusive of goods and services tax (GST), as may be applicable. The pre-payment/foreclosure/part payment of the loan has to be done using customer’s own funds The Services accounting code would be provided by IDFC FIRST Bank and shall be binding on customer. In case customer is related person to IDFC FIRST Bank, GST, as may be applicable, needs to be paid by customer. The above stipulated Schedule of Charges is subject to be revised from time to time by the Bank as will be updated on the official website of the Bank

Rate of Interest 10.5% Onwards
Loan Amount Up to 40 Lakhs
Loan Processing Charges / Origination Charges (Non-Refundable) 6999% to 2% + GST
Tenure Up to 60 Months
Prepayment Charges 5% on principal outstanding + GST
EMI bounce charges ₹400
Repayment instrument swap Charges ₹500
Stamping Charges As per actuals
Physical Repayment Schedule ₹500
Foreclosure charges 5% of loan amount
Foreclosure/Prepayment of the loan is possible anytime during the loan tenure after payment of 12 or more EMIs. Foreclosure to be made from customers own funds.

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Eligibility criteria for IDFC First Bank personal loan

Following are basic eligibility criteria for IDFC First Bank personal loan

For Salaried

  • Minimum Age: 21 years
  • Minimum Monthly Income: 30,000/-
  • Work Experience: Minimum work experience should be 1+ years & with current employer minimum 1 month

For Self Employed Professionals

  • Minimum Age: 25 years
  • Minimum Annual Income: 5,00,000/- per year
  • Work Experience: Minimum 3 years in business with proper Certification & Licence

Documents Required for Personal Loan

For Salaried

  • Identity & Age Proof: Pan Card, Aadhar Card, Voter ID, Passport
  • Address proof: Passport, driving licence, Voter ID, utility bills (electricity/water/gas), Registered Rental Agreement
  • Bank statements for the last 3 months
  • Salary Slips along with latest Form 16 or ITR or your company offer letter
  • Bank Statements Latest 3 months or 6 Months Bank Passbook

Personal Loan Eligibility Calculator


For Self-Employed Professionals

  • Identity & Age Proof: Pan Card, Aadhar Card, Voter ID, Passport
  • Residence proof: Passport, Driving licence, Voter ID, Utility bills (electricity/water/gas), Registered Rental Agreement
  • Date of Birth proof: Passport, Driving licence, Pan Card, Birth Certificate, 10 th or 12 th Marks Card, or Aadhar Card
  • Bank Statements: Latest 3 months or 6 Months Bank Passbook
  • Latest Income Tax Returns
  • Last 2 years Balance Sheet and Profit & Loss Account and duly certified by a Chartered Accountant

why to choose IDFC First Bank for personal loan?

  • We help to get the loan at the lowest interest rate offers by multiple Banks and NBFCs
  • We allow you to compare loan interest rates
  • Easy loan Process
  • We assist you with documentation until the loan disbursal.
  • We guide you in loan Repayment & Pre-payment
  • Our support is available even post loan disbursement

How to apply for a personal loan with IDFC First Bank?

  • Submit your details
  • You will get a call from our customer support team
  • Our Executive will come and collect required documents
  • Loan Approval and disbursement

Things to keep in mind while applying for a personal loan in Bangalore

  • Firstly, try with the branch of your bank, if you have any prelateship with the bank such as a salary or savings account or if you have taken any loan as it is easier to verify your KYC
  • Compare personal loan interest rates, processing charges, the penalty for pre-payment/foreclosure, etc. with various banks and decide
  • You should have maintained a high credit score as it increases the chances of your loan getting approved. Remember, this is only of the conditions for eligibility. The bank will evaluate it along with other conditions while reviewing your loan application to approve the loan
  • If you have existing loans ensure the repayments are on time. As it is also an important factor to improve your chances of getting the loan