- Home »
- Personal Loan Apply Online »
- IDFC First Bank Personal Loan
IDFC First Bank Personal Loan
Are you searching for an ideal lender that can offer you a personal loan to fulfill your varied needs? If yes, all you need to know about the IDFC First Bank personal loan. Yes, you can avail of a loan from this lender for a wide variety of reasons, such as weddings, holidays, education, home renovation, and emergencies. The lender offers the loan to both salaried as well as self-employed individuals, which comes with flexible tenure options and a high disbursal amount with a low personal loan interest rate.
Want to know more about the credit facility being offered by IDFC First Bank's personal loan? Just go through the page below.
IDFC First Bank Personal Loan Details 2025
Here are the IDFC First Bank Personal Loan Interest Rate and some important details of the personal loan -
| Particulars | Details |
|---|---|
|
Interest Rates |
from 10.99% p.a. Up to 23.99% p.a. |
|
Loan Amount |
Loan up to Rs 10 Lakhs |
|
CIBIL Score |
730 and above |
|
Loan Tenure |
From 2 months to 60 months. |
Types of IDFC First Bank Personal Loans
Here are the types of IDFC First Bank Personal loans for different purposes, read them to understand better -
- Marriage Loan: Covers wedding-related expenses, with loan amounts up to Rs 10 lakh.
- Travel Loan: Funds travel-related costs.
- Emergency Loan: Provides financial aid during unexpected situations, with a tenure of up to 5 years.
- Medical Loan: Covers medical expenses like hospitalization and treatment.
- Debt Consolidation Loan: Helps repay multiple debts efficiently.
- Personal Loan Balance Transfer: Allows borrowers to transfer existing loans from other banks/NBFCs to IDFC First Bank at lower interest rates, with a tenure of 6 months to 5 years.
- Small Personal Loan: Supports minor financial needs.
IDFC First Bank Personal Loan Eligibility Criteria
In order to avail of a personal loan, you must meet the required eligibility norms set by the IDFC First Bank. However, your credit score and existing borrowings are also assessed to determine your repayment capacity.
For Salaried Applicants
- Age: 21 to 60 years (or retirement age, whichever is earlier)
- Minimum CIBIL Score: 730 with a good credit history
For Self-Employed Applicants
- Age: 25 to 60 years (at loan maturity)
- Business Experience: At least 3 years
The bank also evaluates factors like credit score, monthly income, and EMI/NMI ratio when assessing loan eligibility.
IDFC First Bank Personal Loan Documents Required
IDFC First Bank Personal Loan Documents that are common documents for both Salaried & Self-Employed Applicants -
- Identity Proof (Any one):
- PAN Card or Form 60
- Passport / Aadhaar Card / Voter ID / Driving License
- Job card issued under NREGA and authenticated by a State Government official.
- Address Proof (Any one):
- Latest Bank Passbook / Bank Statement
- Rent agreement with the latest utility bills in the owner's name
- Property or Municipal Tax receipt
- Latest utility bills (electricity, water, gas, post-paid mobile) – not older than 2 months
- Other Documents:
- Pension or Family Pension Payment Orders (for retired employees)
- Employer-issued Letter of Allotment for official accommodation
For Salaried Applicants -
- Banking & Income Proof:
- The last 3 months' Bank Statement
- Last 3 months' Salary Slips
- For Balance Transfer (Any one):
- Loan Foreclosure Letter / Account Statement / Repayment Schedule
- SOA/FCL is required if the loan is not reflected in the credit bureau, and RTR cannot be verified
- Proof of Ownership (Anyone):
- Latest Water / Electricity / Property Tax bill
- Sales deed with the latest utility bill in the owner's name
- Latest Maintenance bill
For Self-Employed Applicants -
- Business Proof (Any one):
- Municipal Tax bill / Utility bill in the business name
- GST Certificate
- Gram Panchayat Certificate (filed at least 6 months before CPA login)
- Shop & Establishment Certificate (Gumasta)
- ITR with income computation for the last 2 years (minimum 6 months gap between filings)
- Udyog Aadhaar / FSSAI License / SSI Certificate (filed at least 6 months before CPA login)
Caluclate your IDFC First Bank Personal Loan EMI Monthly
If you want to know the exact and accurate calculations of your monthly installments before going for this loan, the Wishfin IDFC First Bank Personal Loan EMI Calculator is a tool you should be aware of. This online magical tool, with its well-designed algorithms, allows you to know the accurate values of not only your EMIs but also Interest Outgo as well.
This device works on a simple phenomenon, wherein it takes into account-
- Loan Amount
- Tenure
- Interest Rate
Soon after feeding these values into the device, it will fetch the values for you in the shortest time frame. Thus, it helps borrowers to make a calculated decision in the future. Let’s just have a better understanding of the same with the help of an example below:
Suppose, Akash Verma, a 30-year-old Interior Decorator, is looking for a personal loan of Rs 5 lakh to renovate his home. Thus, he applied for the same loan amount in IDFC First Bank, and the lender, once checking his eligibility, agreed to offer the loan at an interest rate starting from 10.99% p.a. and going up to 23.99% p.a. for a tenure of 5 years.
So, let’s just know the exact calculation of the monthly EMIs for the different tenures, which are given below:
| TENURE | INTEREST RATE (10.99% p.a.) | INTEREST RATE (23.99% p.a.) |
|---|---|---|
|
1 |
Rs.44,188.50 |
Rs.47,277.38 |
|
2 |
Rs.23,301.60 |
Rs.26,433.05 |
|
3 |
Rs.16,366.99 |
Rs.19,613.80 |
|
4 |
Rs.12,920.33 |
Rs.16,298.15 |
|
5 |
Rs.10,868.72 |
Rs.14,381.08 |
Fees/Charges of IDFC First Bank Personal Loan
| Standard Personal Loan Charges | |
|---|---|
| Charge Type | Amount / Rate |
|
Processing Fees |
Up to 2% of the loan amount + GST |
|
EMI Bounce Charges |
Rs.500 |
|
Penalty on Overdue EMIs |
2% of the unpaid EMI |
|
Stamping Charges |
As per actuals |
|
Part-Prepayment |
Not allowed |
|
Payment Swap Charges |
Rs.500 |
|
Cancellation/Rebooking Charges |
1% of the loan amount + interest from disbursal till cancellation request |
|
Physical Repayment Schedule |
Rs.500 |
|
Foreclosure Charges |
NIL |
|
EMI Pickup/Collection Charges |
Rs.350 |
|
Document Retrieval Charges |
Rs.500 |
|
Overdue Interest |
2% of the unpaid EMI or Rs 300, whichever is higher |
|
Cooling-Off Period |
3 days (Loan can be canceled without penalty within this period) |
| Pre-Approved Personal Loan Charges | |
|---|---|
| Charge Type | Amount / Rate |
|
Processing Fees |
Up to 3.49% of the loan amount |
|
Penal Interest |
2% per month of the unpaid EMI or Rs 300, whichever is higher |
|
Bounce Charges |
Rs.500 |
|
Cheque/Mandate Swap Charges |
Rs.500 |
|
Foreclosure / Prepayment Charges |
Allowed after 12 EMIs or 12 months, whichever is later |
|
Prepayment Charges |
5% on outstanding principal after 12 months |
How to Apply for an IDFC First Bank Personal Loan from Wishfin?
It is 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 personal loan site and filling out 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 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 installments. 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 the following documents
- Repayment schedule
- Statement of accounts (SOA)
- Loan foreclosure letter
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.
IDFC First Personal Loan FAQs
1. How to get a personal loan from IDFC first bank?
Following is the process how you can apply for a personal loan:
- – 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.
- – Doorstep Service- 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 your bank account.
2. How much time does IDFC First Bank take to approve a personal loan?
Generally, IDFC First Bank takes less than 48 hours to approve a personal loan application and transfer the money into the applicant’s bank account.
3. How long does it take to get a personal loan from IDFC First Bank?
IDFC First Bank takes less than 48 hours to transfer the loan amount into the borrower’s bank account.
4. What is the minimum personal loan amount in IDFC First Bank?
IDFC First Bank’s loan amount depends on the salary of the applicant. The applicant can apply for a maximum of 15 times of his monthly income. Moreover, the minimum monthly income to apply for a personal loan is INR 20,000.
5. Can I take 2 personal loans from IDFC First Bank?
Yes, you can take more than one personal loan from IDFC First Bank. However, similar to the first loan an individual will have to meet the eligibility requirements of the second loan set by the lender.
6. What are the documents required to apply for an IDFC personal loan?
To apply for an IDFC First Bank personal loan you would need to have a PAN card with an Identity proof or address proof like valid passport, Aadhaar card, driving license, etc.
7. Who is eligible to take IDFC First bank personal loan?
An individual who fulfills the following eligibility criteria can apply for an IDFC First Bank Personal Loan:
- – The applicant must work for a private or public company with at least one year of work experience (six months with the present employer).
- – The applicant should be between the age of 21 years to 60 years.
- – In Mumbai and Delhi, the salary should be at least INR 20,000, whereas in other regions of India, it must be at least INR 15,000.
- – A self-employed person who has been in business for at least 5 years and has a profit after tax, depending on the industry, can apply for a loan.
8. What documents are required for IDFC First Bank personal loan?
A PAN card with an Identity proof or address proof like valid passport, Aadhaar card, driving license, etc is required to apply for an IDFC First Bank personal loan.
9. How to check my personal loan status in IDFC first bank?
You can use the IDFC First Bank mobile application to check the status of your personal loan. All you need to do is Download the IDFC First Bank mobile app and log in using your credentials. Once you have logged in you can click on ‘Product and Services’, and select the option to ‘Check Application Status’. Enter your personal loan details and click on ‘Submit’.
10. Who can be your co-borrower in IDFC First Bank personal loan application?
Generally, only your spouse or parents can function as your co-borrowers. However, in some cases your siblings can be co-borrowers. However, your co-borrower should also have to fulfill the eligibility criteria of the bank.
11. What is the minimum CIBIL score required for IDFC First Bank personal loan in India?
IDFC First Bank requires a minimum CIBIL score of 750 to be eligible for a personal loan.
12. How to close IDFC First bank personal loan?
For regular loan closures, you can pay your last EMI of your personal loan and contact the bank branch to complete all the formalities and completely close your personal loan.
13. How to foreclose IDFC First Bank Personal Loan?
You could opt to foreclose your IDFC First Bank personal loan at any point, depending on your financial situation. However, an unsecured loan usually comes with a lock-in period of about a year. After this period, you can prepay the total outstanding amount to save a good amount on your interest. Moreover, you might have to pay interest on prepayment too. The rates can range from 3% to 5%.
14. How to pay IDFC personal loan?
You can either pay using online repayment or walk into the nearest IDFC First Bank branch to pay your IDFC personal loan.
15. How to check Personal Loan Balance in IDFC First Bank?
To check your personal loan balance you can check your loan statement. The loan statement that your bank issues after your loan is sanctioned will have all the details regarding your loan, including your loan account number. Moreover, you can log in to your bank’s website or app, call on the bank’s toll-free customer care number, or visit your nearest bank branch.
