IDFC First Bank Personal Loan: Get a Loan of Up to ₹10 Lakh by Doing This Simple Step

Looking to cover unexpected expenses, plan a dream vacation, or manage medical bills? IDFC First Bank Personal Loan can be a quick and hassle-free solution. With a simple digital process and minimal documentation, you can get a loan of up to ₹10 lakh directly in your account.

This article will guide you through everything you need to know about the IDFC First Bank Personal Loan. Whether you’re a salaried professional or just looking for financial flexibility, this step-by-step guide will help you make an informed decision.

IDFC First Bank Personal Loan

An IDFC First Bank Personal Loan is a fast, flexible, and secure option for those in need of immediate funds. With a user-friendly digital process, competitive interest rates, pre-approved offers, and no hidden charges, it’s an excellent choice for salaried professionals looking for financial support.

What is an IDFC First Bank Personal Loan?

An IDFC First Bank Personal Loan is an unsecured loan, meaning you don’t have to pledge any collateral or asset. It provides financial assistance for a range of personal needs, such as:

• Medical emergencies
• Home renovation
• Debt consolidation
• Wedding expenses
• Higher education
• Travel or vacation
• Gadget or appliance purchase

Unlike traditional loans, the application process here is entirely digital, making it easier and faster to access funds.

Why Choose IDFC First Bank Personal Loan?

1. Easy Digital Process

You can apply for the loan from your smartphone in just a few minutes. No need to visit a branch.

2. Flexible Repayment Options

Repay your loan in 9 to 60 months. Choose what works best for your financial comfort.

3. Attractive Interest Rates

Interest rates start at 10.99% per annum, making it a competitive option in the market.

4. No Hidden Charges

Zero foreclosure charges mean you can close your loan early without paying extra.

5. Safe and Secure

The entire process is encrypted and follows strict banking protocols to protect your data.

6. Pre-approved Offers

Existing customers may get pre-approved personal loan offers with instant disbursal and minimal documentation.

7. Customer Support

24/7 customer care support available via call, chat, and email.

Step-by-Step Guide to Apply for IDFC First Bank Personal Loan

Step 1: Visit the Official Website or App

Head over to the IDFC First Bank personal loan page or download their mobile app.

Step 2: Register with Mobile Number

Provide your active mobile number to start the application. You’ll receive an OTP to verify your identity.

Step 3: Fill in Personal Details

Submit details like name, address, PAN number, and employment information.

Step 4: Check Loan Eligibility

The system will check your eligibility based on your income and CIBIL score.

Step 5: Select Loan Amount and Tenure

Choose the amount you need (up to ₹10 lakh) and select a comfortable repayment term.

Step 6: Link Bank Account

Enter the account where you want the funds to be credited.

Step 7: Complete Video KYC

Use your PAN card to verify identity through a video call with a bank representative.

Step 8: Loan Disbursal

Once verified, the loan amount is credited directly to your account.

Eligibility Criteria

To ensure a smooth process, make sure you meet the following requirements:

• Age: 21 to 60 years
• Employment: Salaried with stable income
• Credit Score: Minimum 730 CIBIL score
• Income: Minimum monthly income as per bank norms
• Work Experience: At least 6 months in current job and 1 year total employment

Documents Required

• PAN Card
• Aadhaar Card or any valid address proof
• Latest salary slips or bank statements (last 3 months)
• Passport-size photograph (if requested)

Fees and Charges (Apart from Interest Rate)

• Processing Fee: 1% to 2% of the loan amount
• Late Payment Charges: ₹300 + applicable taxes
• Cheque Bounce Charges: ₹500 per instance

Note: Always check the latest fee details on the official website.

Tips to Improve Loan Approval Chances

• Maintain a high CIBIL score (above 750 preferred)
• Keep existing EMIs low or paid off
• Apply only if you meet the eligibility criteria
• Ensure all submitted documents are accurate and up-to-date
• Avoid multiple loan applications at the same time

Real-Life Example

Ritika Sharma, a 29-year-old marketing executive in Mumbai, needed ₹4 lakh for her sister’s wedding. She applied through the IDFC First Bank app, submitted her PAN and salary slip, completed the video KYC, and received the loan within 24 hours. She opted for a 36-month tenure with an EMI of ₹13,300 at 11.25% interest.

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Benefits of Personal Loan over Credit Cards

• Lower interest rates than credit cards
• Fixed EMIs for easier budgeting
• Larger loan amount availability (credit cards usually have lower limits)
• No usage restrictions
• Faster approval and disbursal

Frequently Asked Questions (FAQs)

Q1: How long does it take to get the loan amount?

A: If eligible, you can receive the funds within 24 hours of application.

Q2: Is there any prepayment penalty?

A: No, IDFC First Bank does not charge any foreclosure fee.

Q3: Can self-employed individuals apply?

A: Currently, the loan is targeted at salaried professionals only.

Q4: Is a guarantor needed?

A: No, the loan is unsecured and does not require a guarantor.

Q5: What happens if I miss an EMI?

A: Missing EMIs can impact your credit score and attract penalties. Always try to maintain timely repayments.

Q6: How can I contact customer support?

A: You can reach out via their toll-free number, in-app chat, or through the support section on the website.