IDFC First bank personal loan

IDFC FIRST Bank Limited is an Indian private bank formed in December 2018 by merging of two banks IDFC and Capital first Ltd. It is the first bank in India to accept to link to launch Aadhar-linked cashless merchant solution. It is headquartered in Mumbai.

IDFC First bank serves both Corporates and private customers and specializes in Infrastructure development in India. It also provides services to serve rural people in India by providing unsecured loans.

IDFC First Bank has invested in many companies like Flipkart and entered a strategic with MobiKwik for digital payments. It is endorsed by Amitabh Bachan.

apply for IDFC First bank personal loan in easy steps

IDFC First Bank features

Very quick disbursal of loans ranging from 1 Lakh to 40 Lakhs
Flexible repayment options from 1 year to 7 years
You can easily top up your loan amount
High disbursal rate compared
Paperless process
No ITR required for Self-employed

Documents required for IDFC First bank

PAN card
Address proofs like AAdhar card/Passport/Voter ID
A canceled cheque
Three months salary slip for salaried employees
Self-attested copies of bills for businesses

Eligibility of IDFC First bank

Should be an Indian citizen
Age should be above 23 years to 58 years for Employed, and for Self-Employed 28 to 68 years
Salaried employees should have a salary above 20,000. and experience above 3years
Self-employed should have a profit for more than 3 years.

IDFC First bank Interest rates and Fees

Interest rates vary from 15 to 22%
The processing fee varies from 0 to 3.5% plus GST
Pre-closure charges vary up to 5% of the principal amount
Late payment up to Rs. 300 on EMI

Personal loan EMI calculator

IDFC FIRST Bank offers individual advances (Personal loans) at a decreasing loan fee. These credits are helpful on the off chance that you have an individual crisis or a family need to meet. An individual advance is adaptable enough to try and store a family get-away.

Utilizing our own credit EMI adding machine, essentially fill in the individual advance loan fee and compute the EMI in a split second. IDFC FIRST Bank individual advance mini-computer is basic; it expects you to include the credit sum, loan cost, and residency and discover the amount you should reimburse every month so you can obtain with certainty.

Example of IDFC First bank

If we take 1,00,000(that's the minimum they provide) with an interest rate of 10.7%(that's the minimum they provide) for 12 months (min), then we need to pay a monthly EMI of 8,824.18 rupees and the total interest that for entire amount would be 5,888(*taxes extra), Shown below

If we take the max amount(i.e 25 lakhs) for 12 months, with the minimum interest of 10.7% then we would be paying a monthly EMI of 2,20,604 and the total interest for the personal loan we will be paying is 1,47,248(*without taxes)