|Interest rate||11% p.a.- 21% p.a.|
|Processing Fee||Up to 3.50% of the loan amount + GST|
|Loan tenure||1 to 5 years|
|Loan amount||Up to Rs.25 lakh|
- When you enquire about this loan on Creditupchar.com, you will get an e-approval within just 30 minutes while you sit comfortably at home. You will also receive door-step service.
- You can enjoy paperless approval.
- You do not have to get any guarantor to apply for this loan.
- No foreclosure charges if you foreclose your account within 6 months of the sanctioning of the loan. If you foreclose your account after 6 months of the availing a loan, then you will have to pay a foreclosure fee of 5% of the outstanding principal amount.
The eligibility criteria you will have to fulfil in order to avail a personal Loan from IDFC First Bank are:
- Minimum age of 28 years, and maximum age of 68 years at the time when loan matures.
- The business must be in existence for at least 3 years.
- The company’s Profit after Tax (PAT) must be positive.
- Minimum age of 23 years, and maximum age of 58 years at the time when loan matures.
Given below is the list of documents you will have to submit in order to avail a personal loan from IDFC First Bank:
- Proof of identity such as Aadhaar Card, Passport, PAN Card, etc.
- Proof of address such as Aadhaar Card, utility bills, Passport, bank account statement, etc.
- Proof of income
- For salaried individuals: Bank statement for the last 3 months/6 months, latest salary slip
- For self-employed individuals: Income Tax Returns for the last 2 years, balance sheet for the last 2 years, bank statement for the last 6 months
- Proof of business applicable for self-employed individuals such as Qualification Certificate/Certificate of Practice (COP), Shop Act License/ MOA & AOA/ Sales Tax/ Vat registration/ Partnership Deed
Fees and charges for IDFC First Bank Personal Loan
- The foreclosure fee is 5% of the outstanding loan amount (plus GST) if you decide to foreclose your account after six months of the availing of the loan. You will not be required to pay any foreclosure fees if you foreclose your account within six months of the availing of the loan.
Other fees and charges
|EMI bounce charges||Rs.400||For each dishonoring of the presentation|
|Repayment instrument swap charges||Rs.500||As per change request|
|Statement of Account (Adhoc/Duplicate)||Rs.500|
|Cancellation/Rebooking Charges||1% of the loan amount + interest availed from the date on which the loan amount was disbursed till the date of the cancellation of loan request. The request for cancellation will have to be submitted within a month of either loan booking date or 1st EMI presentation date, whichever is earlier. Post which cancellation will be treated as foreclosure|
|Duplicate No Objection certificate / No Dues Certificate||Rs.500|
|Stamping Charges||As per actuals|
|Physical Repayment Schedule||Rs.500|
|EMI Pick up/ Collection Charges||Rs.350|
|Document retrieval charges (per retrieval)||Rs.500|
|Overdue interest||2% of the unpaid EMI or Rs.300 whichever is higher|
|Part-prepayment Loan||Maximum 40% of current outstanding amount is allowed for part payment once in a fiscal year. This option is available only post initial payments of 3 EMIs. For availing this option 2% part-payment charges is applicable on partial payment|
GST and other government taxes, levies, etc. as per prevailing rates will be applied over and above the fees and charges.
How to apply for a personal loan from IDFC First Bank?
- Visit the official website of the bank and apply for a personal loan by duly filing the application form online.
- If you meet the eligibility criteria, the bank will appoint a relationship manager who will come to your communication address to collect the necessary documents.
- Once your documents have been submitted, it will be verified by the bank. The process may also involve the lender having a discussion regarding your interest in availing a personal loan from them.
- If all the documents provided by you and the bank is satisfied with the reports provided, the loan amount will be approved and disbursed to your bank account.
You can also apply for a personal loan by visiting the Creditupchar website and apply for a personal loan from IDFC First Bank.
You can also visit the nearest branch of IDFC First Bank along with the necessary documents. A representative from the bank will help you with the process of applying for a personal loan from IDFC First Bank.
With an array of personal loan products offered by IDFC First Bank, you can choose a loan that best fits your financial requirement.