The IDFC First Bank personal loan is available for both salaried and self employed. The loan is readily available but one will have to be vigilant on the offered rate of interest as it can be as high as 23% (depending on the credit score of the applicant). Applicants with a good credit score can attempt to get the loan at a competitive rate.
IDFC First Bank Personal Loan Amount and Term
Prepayment or Foreclosure charges:
There is a lock-in period of 12 months and one can not close the loan before that. After the lock-in period, one has to pay 3% to 5% of the remaining amount + taxes to close the loan.
- You can pay back 40% of the outstanding principal in a financial year after paying back at least three initial EMIs.
- You can pay this amount as one payment or three payments.
- 2% part payment charges are applicable on partial payment.
- Part payment is only allowed for customers who have opted for “Smart Personal Loan” and is not allowed for customers who have opted for “Simple Personal Loan”.
After submitting the required documents, the bank approval could take up to five working days if it wishes to sanction the loan.
IDFC First Bank Personal Loan Costs
- Loan Processing Fee: 3.5% charged at the time of disbursal of the loan.
- EMI Bounce Charges: INR 400 for every dishonored EMI.
- Repayment Instrument Swap Charges: INR 500 per change request.
- Statement of Account (Adhoc/Duplicate): INR 500
- Duplicate No Objection certificate/No Dues Certificate: INR 500 per request (the bank issued letter will be free of charge).
- Cancellation/Rebooking Charges: 1% of the loan amount + interest from date of disbursal till the date of the cancellation request. The request to be received within 30 days of the booking date or first EMI presentation date, whichever is earlier (any cancellation request after this date will be treated as foreclosure).
- Stamping Charges: Differs from state to state.
- Physical Repayment Schedule: INR 500
- Document retrieval charges (per retrieval): INR 500
- EMI Pick up/ Collection Charge: INR 350
IDFC First Bank Personal Loan Features and Benefits
Eligibility For Salaried Individuals:
- Age: Minimum 23 years and the maximum age at the time of maturity of loan should be 60 years. Only then the loan will be considered for evaluation.
For Self-Employed Individuals:
- Age: 25 years and 65 years at the time of loan maturity.
- The business must have been in existence for a minimum period of three years.
EMIs can be repaid in the following manner:
- Online: Netbanking, debit card, Paytm wallet, other wallets or UPI
- You can personally visit a branch to pay the EMI.
Things Required to Qualify for Insurance:
- Identity Proof: Any one of these may work, namely passport, driving license, voter ID, PAN card.
- Residence Proof: Any one of these documents, leave and license agreement, utility bill (dispatched within three months)
- Bank statement for 3 months
- Net Banking or Debit Card details to set up e-Mandate
How To Apply For IDFC First Bank Personal Loan
You can apply online for it or by visiting a branch of IDFC Bank.
IDFC First Bank Loan Balance Transfer
One can transfer an existing personal loan from a different bank to IDFC Bank at a lowered rate of interest. This requires a little documentation and following are the things required. At this point in time they are offering a rebate of 1% from the existing rate of interest.
IDFC First Bank Loan Insurance
Any borrower can buy a personal loan insurance policy from the bank or a service provider acceptable to the bank to safeguard himself or herself from paying the loan in case coming across any incapability like death, critical illness, permanent disability, job loss etc.
Borrowers pay a separate premium for this insurance and in case they face any of the above issues, the insurance pays the rest of the amount and the balance is paid to the nominee of the account holder.
IDFC First Bank Personal Loan Top Up
Borrowers can get a personal loan top up, enabling them to take out a loan in addition to their existing loan. This is only given to customers with a good credit score. The interest on a top up loan is around 1% higher than the original interest and the total amount of the top up can be upto 80% of the initial amount.
We considered top factors that help consumers decide whether they want to opt for a specific loan offering. We ranked the IDFC First Bank personal loan on the basis of these factors that include:
Ease of Access: 20%
Rate of Interest: 15%
Other Cost and Charges: 20%
Borrowing Limit: 15%
Extra Benefits: 20%
Loan Transfer Facility: 10%