EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

IDFC First Bank Personal Loan Documents Required

IDFC First provides Personal Loans for both self-employed and salaried individuals based on the assessment of the following documents:

• Photo Identity Proof:(Self-attested copy of any one document) Passport, PAN Card, Voter Identity Card, Driving License, Aadhaar Card
• Address Proof:(Self-attested copy of any one document) Ration Card, Passport, Bank Account Statement, Aadhaar Card, Driving License, Electricity Bill, Telephone Bill, Sale Deed/ Property Purchase Agreement (for owned properties) Please note that rent agreement and bank statement won’t be accepted as address proof.
• Income Proof:(Self-attested copy of any one document)

For Salaried Individuals: Last 3 months/6 months bank statement (dependent on scheme) showing salary credits, Latest 3 months Salary Slip

For Self-Employed Individuals: 2 years ITR, P&L and Balance Sheet for the last 2 years, Last 3 Months Bank Statement

• Ownership Proof
• Business Proof (Self-attested copy of any one document)

For Self-Employed Individuals: Qualification Certificate/Certificate of Practice (COP), Shop Act License/ MOA & AOA/ Sales Tax/ Vat registration/ Partnership Deed

How to Apply for IDFC First Bank Personal Loan from Wishfin?

It is absolutely easy for you to apply for this loan online. You simply need to follow certain steps to get the loan online. Take a look at the steps mentioned below:

• Online Application: You can apply for a personal loan online by visiting Wishfin’s website www.wishfin.com and filling a form on the website. By applying for a personal loan online you can get your eligible loan amount instantly.
• Document Submission: The relationship manager will fix up an appointment to come to your premises and collect the requisite documents for quick personal loans.
• Verification: After your documents have been collected, your personal loan application will be verified; this may involve a personal discussion with you.
• Approval & Disbursal: If the reports are satisfactory after verification, your loan will be approved and the money will be deposited in the same bank account for which the statement has been provided.

IDFC First Bank Personal Loan Features

You can have a look at some of the amazing features of the IDFC First Bank Personal Loan so that you can decide whether it meets your requirements or not.

No Need for a Collateral – The best thing about the IDFC First Bank personal loan is that you don’t need to submit any kind of collateral or security to get the required loan amount. As it is an unsecured loan, you don’t need to worry about this. The bank will approve the loan amount after assessing factors such as your age, employment type, job history, and CIBIL score.

Flexibility in Repayment – If you are worried about how you will be able to repay the loan amount then you must know that you will have a flexible tenure of 12 to 60 months to do the same. You can choose the tenure according to your repayment capacity and monthly income. A tenure when decided upon carefully can help you repay the loan via easy monthly instalments. You must remember that choosing a long tenure will make you pay a higher interest amount and vice-versa.

Balance Transfer Facility – Finding it hard to pay the EMI on your existing personal loan as interest rates are higher? You can easily opt for the IDFC First Bank personal loan balance transfer facility through which you can easily transfer your current outstanding balance to the IDFC First Bank at lower interest rates. By opting for this facility, you can save a substantial amount of money while paying the EMI. This is one of the most amazing features of this loan facility.

For Balance transfer, you should have any one of below document

• Repayment schedule
• Statement of accounts (SOA)
• Loan foreclosure letter

Credit Card Balance Transfer

Now you would be wondering what is this Credit Card Balance Transfer? Well ! We will tell you all about it as this is the new facility that IDFC First bank has now started to provide. Its is about transferring the outstanding balances of your credit card and converting the balance into a personal loan. That helps you in saving a hefty amount. As Credit card company charges higher rates on Credit card outstanding balance. To avoid such situation you can always opt for Credit card balance transfer with IDFC bank. There is no capping on the number of Credit Card to be Balance transferred.

Loan Facilities offered by IDFC Bank

IDFC bank two types of loan facilities –

• Simple Loan Facility – In Simple Loan Facility, IDFC First Bank offers comparatively lower interest rate and also the tenure period is short as compared to Smart Loan.
• Smart Loan Facility – Smart Loan offers you a longer tenure period wherein it can make you a higher interest amount as compared to Simple Loan. But it comes with an advantage, it can help you in reducing your interest amount at any point of time.
• Yes, Smart loan offers you the facility of making part payments that has been proved an advantage in reducing down your interest amount. You can do this once you paid first three EMI’s of your loan.

Suppose you opted for a loan amount of INR 5 lakh for a period of 4 years. So, after paying the initial three EMIs, you can pay INR 2 lakh in one go. Now, the interest will be charged only on the remaining amount of INR 3 lakh for the rest of the tenure.

Foreclosure/Pre-payment Facility

You may want to pay the total outstanding loan amount during the course of your loan when you get surplus funds. If that is the case, you can go for the foreclosure or pre-payment facility of the bank. To avail of this facility, you will need to pay foreclosure or prepayment charges levied at 5% of the total outstanding amount.

Part payment Facility

In case you got any lump sum from any other source of income and want to make a part payment against your Personal Loan with IDFC Bank. You can do the same, subject to below conditions.

• Simple Personal Loan – Not available in case of Simple personal Loans
• Smart Personal Loan – Maximum 40% of the loan amount anytime after paying the first three EMIs. You can use this facility only once in a financial year. The charges for this facility are fixed at 2% of the total partial payment paid by an individual.