Among private banks in India, IDFC FIRST Bank has become a popular choice for personal loans because of its competitive interest rates, quick digital approval, and flexible repayment options. You can borrow up to ₹10 lakh from IDFC Bank.
IDFC FIRST Bank Personal Loan Recap
| Loan Amount | Up to ₹10 lakh |
| Interest Rate | Starting from 9.99% per year |
| Loan Tenure | 9 months to 60 months |
| Processing Fee | 0% – 3.5% of loan amount |
| Foreclosure Charges | Nil |
| Disbursal Time | Within minutes to a few hours |
| Loan Type | Unsecured personal loan |
Features of IDFC FIRST Bank Personal Loan
1. Competitive Interest Rates
Borrowers can get personal loans at interest rates starting from 9.99% per annum, making it one of the most competitive loan options available.
2. Quick Loan Approval
Many customers receive loan approval and disbursal within 30 minutes, depending on verification and eligibility.
3. No Foreclosure Charges
One of the biggest advantages is that borrowers can close the loan early without paying foreclosure charges.
4. Flexible Repayment Tenure
The bank offers flexible repayment tenure from 9 months to 60 months, allowing borrowers to choose an EMI suitable for their budget.
5. Completely Digital Process
Applicants can apply online with minimal documentation and complete the process digitally.
IDFC FIRST Bank Personal Loan Interest Rate
Interest rates vary depending on the borrower’s profile.
| Salaried Employees | 9.99% – 20% p.a. |
| High Credit Score Applicants | Lower interest rates |
| Lower Credit Score Applicants | Higher interest rates |
The bank uses a reducing balance method, meaning interest is charged only on the remaining loan amount after each EMI payment.
IDFC Personal Loan Fees and Charges
Understanding loan charges is important before applying.
| Processing Fee | 0% – 3.5% of loan amount |
| Late Payment Penalty | Up to 2% of unpaid EMI |
| EMI Bounce Charges | ₹400 – ₹1000 |
| Stamping Charges | As per state laws |
| Duplicate NOC | ₹500 |
| Statement of Account | ₹500 |
Processing fees depend on the loan amount and customer profile.
Eligibility Criteria
To apply for an IDFC FIRST Bank personal loan, applicants must meet the following requirements.
Age
- Minimum: 21 years
- Maximum: 60 years
Income Proof
- Salaried or self-employed customer eligibile for a loan.
Minimum Income
- Usually around ₹20,000 per month (may vary by location)
Credit Score
- A CIBIL score above 700 improves approval chances.
Work Experience
- Minimum 6 months to 1 year of work experience.
Documents Required
Applicants usually need to provide the following documents.
Identity Proof
- Aadhaar Card
- PAN Card
Address Proof
- Aadhaar / Passport / Utility bill
Income Proof
- Salary slips for Salaried customers (last 3 months)
- Trade Licence / IT File / GST File (For Self-Employed person)
- Bank statement (last 3–6 months)
In some cases, pre-approved customers may get loans with minimal documentation.
IDFC FIRST Bank Personal Loan EMI
Let’s understand EMI calculation with an example.
Loan Amount: ₹5,00,000
Interest Rate: 12% per year
Loan Tenure: 5 years
| Monthly EMI | ₹11,100 approx |
| Total Interest | ₹1.6 lakh approx |
| Total Repayment | ₹6.6 lakh approx |
Using an EMI calculator helps borrowers estimate monthly payments before applying.
Top NBFC Company Offering Personal Loan
| Lenders | Interest Rate (p.a.) | CIBIL Score | Salary | |
| WeRize | 16% to 18% p.a. | -1/ 700+ | Rs. 12,000 | Apply Now |
| MoneyView | 1.33% per month | 720+ | Rs. 13,500 | Apply Now |
| InCred | 11.49% to 18% p.a. | -1/ 700+ | Rs. 15,000 | Apply Now |
| Fibe | 24% to 30% p.a. | -1/ 680+ | Rs. 18,000 | Apply Now |
| Prefr | 18% to 36% p.a. | 730+ | Rs. 18,000 | Apply Now |
| Finnable | 16% to 22% p.a. | -1/ 700+ | Rs. 15,000 | Apply Now |
| IDFC | 12.50% to 18% p.a. | 700+ | Rs. 15,000 | Apply Now |
| PaySense | 1.4% to 2.3% per month | 720+ | Rs. 18,000 | Apply Now |
| mPokket | 1% to 6% per month | 680+ | Rs. 9,000 | Apply Now |
Benefits of IDFC FIRST Bank Personal Loan
Quick Loan Processing
An online application allows faster approval compared to traditional banks.
No Collateral Required
Borrowers do not need to pledge property or assets.
Transparent Charges
Loan terms and charges are clearly disclosed.
Flexible Repayment Options
Borrowers can choose a loan tenure based on their financial comfort.
Early Loan Closure
No foreclosure charges allow borrowers to repay early without penalties.
Also Read: How to Get 1 Lakh Loan Without Salary Slip?
How to Apply for IDFC FIRST Bank Personal Loan Online
Follow these simple steps to apply for the loan.
Step 1: Visit the official website or loan application platform.
Step 2: Click on “Apply for Personal Loan”.
Step 3: Enter personal and employment details.
Step 4: Upload required documents.
Step 5: Submit the application for verification. After approval, the money will transfer directly to your bank account.
FAQs
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What is the interest rate for IDFC FIRST Bank personal loan?
Interest rates start from around 9.99% per annum, depending on credit profile and loan eligibility.
-
What is the maximum loan amount offered?
Borrowers can get personal loans up to ₹10 lakh, depending on eligibility.
-
How quickly can the loan be approved?
Some applicants may receive loan approval and disbursal within 30 minutes, subject to verification.
-
Is collateral required for an IDFC personal loan?
No. Personal loans are unsecured loans and do not require collateral.
-
Can I close the loan early?
Yes, IDFC FIRST Bank allows loan foreclosure without additional charges.
