IDFC FIRST Bank Personal Loan Interest Rates

IDFC First Bank offers personal loans with low-interest rates and flexible repayment terms. Loans are available with little to no documentation and no paperwork!

IDFC First Bank personal loans are excellent solutions for all of your short-term financial needs, with the personal loan interest rate in IDFC Bank starting at 12.5%. You could also get a personal loan of up to Rs.5 lakh with a repayment period of up to 5 years.

Details of the Personal Loan Scheme from IDFC Bank

 

IDFC First Bank Personal Loan Interest Rates

10.75% p.a. onwards

Maximum Amount

Rs 1 crore

Term

5 years

Processing Charges

3.5%

Characteristics of the IDFC Personal Loan Scheme

  • You can benefit from paperless approval.
  • To apply for this loan, you do not need a guarantor.
  • There are no foreclosure fees if you close your account within six months of the loan's approval. If you shut your account within six months of receiving a loan, you must pay a foreclosure fee of 5% of the outstanding principal amount.

IDFC Bank Personal Loan Interest Rate

Here is the table to show the IDFC Personal Loan Interest Rate-

IDFC Personal Loan Interest

12.5% - 18% p.a.

Types of Personal Loan Schemes from IDFC First Bank

There are varied types of personal loans that are offered by the IDFC First Bank-

1) IDFC First Bank Personal Loan for Marriage

  • The purpose of a wedding loan is to cover the financial needs of a wedding.
  • Maximum loan amount: Rs 40 lakh
  • Up to 3.5% of the loan amount is charged as a processing fee.

2) Personal Loan for Emergency

  • The purpose of this online paperless personal loan is to cover financial needs during unexpected circumstances.
  • Duration: up to 5 years.

3) Travel Personal Loan

The purpose of this online rapid personal loan is to cover the financial needs of a vacation.

4) IDFC Balance Transfer

A personal Loan Balance is a goal. Transfer facility for existing personal loans transferred from other banks/NBFCs to IDFC First Bank at cheaper interest rates. Six months to 5 years tenure.

Who is Eligible for the IDFC Bank Personal Loan?

To be qualified for a Personal Loan from IDFC Bank,

  • A salaried or self-employed applicant must meet the requisite minimum 3-year company continuity criteria. If the applicant is self-employed, his or her profit after tax (PAT) should have been positive for the past two years.

  • Between the ages of twenty-three and fifty-eight if employed, or 28 and 68 if self-employed.

Documents Needed to Apply for the Loan

The following documents are required to be provided in order to obtain a personal loan from IDFC First Bank-

  • Aadhaar Card, Passport, PAN Card, and other forms of identification
  • Aadhaar card, utility bills, passport, bank account statement, etc. as proof of address
  • Income documentation
  • For salaried employees, provide a bank statement from the last three months/6 months, as well as the most recent salary slip.
  • ITR for the last 2 years - a balance sheet for the last two years, and the bank statement for the last six months are required for self-employed individuals.
  • Self-employed individuals must provide proof of business, such as a Qualification Certificate/Certificate of Practice (COP), Shop Act License/MOA & AOA/Sales Tax/Vat registration/Partnership Deed.

Other Bank's Interest Rates for Personal Loan Comparison

 

Banks/NBFCs

Interest Rates (p.a.)

SBI

10.30%-15.10%

ICICI Bank

10.75% onwards

Kotak Mahindra Bank

10.99% onwards

IndusInd Bank

10.49% onwards

IDFC First Bank

10.75% onwards

Bajaj Finserv

13.00% onwards

Tata Capital

10.99% onwards

Axis Bank

10.25% onwards

HDFC Bank

11.00% onwards

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