IDFC First Bank offers personal loans with interest rates starting from 10.49% p.a., providing flexible loan tenures of up to 60 months and loan amounts ranging from Rs. 1 lakh to Rs. 40 lakh. These loans are designed to meet various personal financial needs, such as medical emergencies, weddings, travel, or debt consolidation.
IDFC First Bank personal loans feature quick approval, minimal documentation, and no collateral requirement. Additionally, the bank provides flexible repayment options, ensuring borrowers can manage their finances comfortably while addressing their immediate personal needs.
IDFC Personal Loan Highlights
Interest Rate
10.49% p.a. onwards
Loan Amount
Up to ₹25 Lakhs
Tenure
Up to 5 years
Processing Fees
Up to 2% of loan amount
Minimum Monthly Income
For Corporate Borrowers: Rs 25,000For Non-corporate Salary Borrowers: Rs 30,000Employee of HDFC Bank: Rs 20,000
Types of IDFC Personal Loans
Type of Loan
Purpose
LTV Ratio
Tenure
Special Features
Standard Loan
Covering personal expenses
85%
5 years
Flexible repayment options
Marriage Loan
Funding wedding expenses
85%
5 years
Quick disbursal within 24 hours
Education Loan
Covering education costs
85%
5 years
Lower interest rates for students
IDFC Personal Loan Features & Benefits
Zero Collateral: No need to mortgage property.
Loan Amount Tenure: Maximum up to ₹25 Lakhs can be availed for up to 5 years.
Interest Rates: Attractive rate of interest starting at 10.49% p.a.
Digital KYC: Easy documentation with video KYC using Aadhar Card.
Flexible Repayment Options: Tailor the repayment schedule to fit your financial situation.
IDFC Personal Loan Interest Rate
Customer Type
Effective Rate Of Interest
For Salaried
10.49% – 18% per annum
For Self-employed
12% – 20% per annum
IDFC Personal Loan Processing Fees and Charges
Fee Type
Details
Processing Charges
Up to 2% of loan amount
Stamping Charges
As per respective State’s Stamp Act
Overdue Interest
2% per month
Credit Appraisal Charges
Up to ₹5,000 + GST
Credit Administration Charges
Up to ₹3,000 + GST
Collection Charges
1% + GST of cheque/instrument dishonor charges + overdue interest
Dishonor Charges per instance
₹500 + GST
Foreclosure Charges
4% + GST
Part Pre-payment Charges
₹500 + GST per instance
No Due
NIL
Duplicate Issue of NOC
NIL
Copy of CIBIL
₹50 + GST
Copy of Records
₹100 + GST
Eligibility Criteria for IDFC Personal Loan
Requirements
Salaried
Self-Employed
Residency
Indian/NRI
Indian/NRI
Age
21-60 years
21-65 years
CIBIL Score
700 and above
700 and above
Minimum Net Income
₹25,000 per month
₹30,000 per month
Documents Required for IDFC Personal Loan
ID Proofs: Passport, Aadhar card, driving license, voter ID, PAN card
Residential Proofs: Passport, utility bill, leave and license agreement
Bank Statement: Past 3 months
Salary Slip: Last 3 months
Photographs: 2-3 passport size
IDFC Personal Loan EMI Calculator Calculate your EMI using IDFC’s online EMI calculator. Simply enter the loan amount, tenure, and interest rate to get an estimate of your monthly payments. [Link to EMI Calculator]
Tips to Improve Loan Approval Chances
Improve Credit Score: Maintain a CIBIL score of 700 and above.
Reduce Existing Debt: Lower your existing debt before applying.
Stable Income: Ensure consistent and stable income to meet eligibility criteria.
How to Apply for a Personal Loan at IDFC?
Visit the IDFC website or nearest branch.
Click on ‘Apply Now’.
Provide your personal and income details.
Select ‘IDFC’ from the list of lenders.
Choose your preferred loan amount and repayment tenure.
Submit the application.
Following the verification of your application, an IDFC executive will contact you for further proceedings.
Types of IDFC Personal Loans
Standard Loan: Cover unexpected personal expenses with quick processing.
Marriage Loan: Manage wedding expenses with customizable repayment options.
Education Loan: Get immediate financial assistance with lower interest rates for students.
Why Apply for Personal Loans through Grow Associate?
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IDFC’s personal loan is an ideal solution for anyone in need of quick funds to meet financial needs. With competitive interest rates, flexible repayment options, and a hassle-free application process, IDFC ensures you have the financial support you need when you need it most.
