Upto Rs.40 Lakh – IDFC First Bank Personal Loan

IDFC Bank is also known as IDFC First Bank which is a part of IDFC, a private sector bank. This bank was incorporated in October 2015 after getting verified by RBI-Reserve Bank of India. Currently, IDFC has over 600 branches in India.

In this post, I’ll cover how to avail Personal Loan in IDFC, its details, features, eligibility, and many more.

Table of Contents

Loan Details

Sl. No.	Category	Data
1	Loan amount	Up to 40 Lakhs
2	Tenure	Up to 5 years
3	Rate interest	10.4-20% (for salaried), 19-23% (for self-employed)
4	Processing charge	3.5%
5	Lowest EMI	Rs 1,686 per Lakhs
6	Cancellation charge	1% from loan + interest
7	Minimum Age	23 years
8	Re-payment fees	Rs 500
9	EMI pick-up fee	Rs 350
10	Interest Overdue charge	2% of the EMI that is unpaid

Steps to apply for personal loan at IDFC

Step-1: Complete the online application from official website by entering your personal details correctly.

Step-2: Relationship manager at IDFC will book and fix an appointment to collect your relevant documents.

Step-3: After submission of documents, verifying all of them will be done by IDFC.

Step-4: If after seeing your application and documents, the bank is satisfied then they’ll approve your personal loan and the amount of loan will be disbursed into your bank account.

Features

Pre-approved personal loan facility
Repayment tenure is flexible till 5 years or 60 months
Paperless procedure
Attractive loan amount up to 40 Lakhs
Lowest EMIs

Types of IDFC Personal loan

There exist various types of personal loans at IDFC and they are mentioned as:

For weddings
- Help for marriage expense
- Loan amount: Up to 40 Lakhs
For Emergency
- Help during any type of emergencies
- Total paperless process
- Tenure: Up to 5 years
- Loan amount: Up to 40 Lakhs
For Travel
- Help financially for travel expense
- Tenure: 5 years
- Loan amount: Up to 40 Lakhs
For Transfer
- Help in transferring your existing personal loan to any other banks
- Tenure: 6 months to 5 years

Eligibility Criteria

Eligibility criteria are of two types of personal loan at IDFC Bank. These criteria are as follows:

IDFC For Salaried applicants

Age: 23 years or above
Income: Rs 20,000 per month or more

For self-employed or Business applicants

Age: 25 years or above
Work experience: Minimum 3 years
Accept the re-payment through his/her savings account

Required Documentation

Documents that are required to verify also are of 2 types based on the profession of a person same as eligibility. They are:

IDFC For Salaried applicants

Identity proof (Passport/Aadhar card/Driving license)
Residential proof (Voter ID/Ration card/Passport)
Income proof (Income slips)
Bank statements (past 3 or 6 months)
Passport sized photographs

For Self-employed or Business applicants

Identity proof (Passport/Aadhar card/Driving license)
Residential proof (Voter ID/Ration card/Passport)
Income proof (ITR/Bank statements)
Certificate of practice/Shop act license/Sales Tax
Municipal Tax Bill/GST proof certificate
Passport sized photographs

Comparison of IDFC Bank with other banks

Sl. No.	Bank Name	Loan amount	Interest rates
1	Axis	Up to 15 Lakhs	12-21%
2	HDFC	Up to 25 Lakhs	10.25%
3	SBI	Up to 20 Lakhs	1.5%
4	BOI	Up to 10 Lakhs	8.35-10.35%
5	Bajaj	Up to 25 Lakhs	13%

Check Status

You can instantly check the status of your IDFC personal loan by clicking on the following button:

Check Status

Contact Details

IDFC Customer care number: 1860-500-9900

Toll-free number: 1800 419 4332

Mail-id: Banker@Idfcfirstbank.com or Customer.Care@Capitalfirst.Com

FAQs

1]. How much time IDFC takes for a personal loan approval?

IDFC take up to 5 working days to completely approve your application of personal loan.

2]. When can I expect the due of my personal loan EMI?

Every 2^nd or 5^th of the month is the time for EMI dues.

3]. Do I need to visit IDFC bank branch physically for any procedure?

No, IDFC Bank’s services are totally digital.

4]. Am I able to cancel my personal loan application at IDFC?

Yes, you can cancel it if not needed. You can cancel it by calling customer care or mailing the bank.

5]. Do I get benefit in my personal loan application if I have an existing salary account at IDFC?

Yes, the customers who have their existing salary account and are asking for personal loans, IDFC charges them less for procedure. In other words, processing fees are lower.