Apply IDFC First Bank Personal Loan Now
ABOUT IDFC FIRST BANK
IDFC Bank and a non-banking financial company (NBFC) Capital First have announced finishing their merger, creating a combined loan asset book of Rs 1.03 lakh crore for your merged entity IDFC First Bank. “IDFC Bank and Capital First merged effective 18th December 2018. Merged entity to get referred to as IDFC First Bank, prone to shareholders’ approval,” nokia’s mentioned in the joint statement.
Carrying out a merger, the board of IDFC Bank approved the appointment of V Vaidyanathan, founder and chairman of Capital First Limited, as Md and Chief executive officer in the merged entity, mentioned the statement. His appointment awaits shareholders’ approval. It’s of IDFC Bank and Capital First met yesterday to understand requisite approvals as well as the order from National Company Law Tribunal and approved the program of amalgamation.
Why Choose IDFC First Bank
IDFC First Bank is focused on building an institution on the strong pillars of ethics, values and prompt customer service.
Aided with the latest technology the company aims at giving spending power to the multitudes of our country by a differential model.
It is now possible for the evolving middle class of our country to fulfil their aspirations!: Finance is easily available via a personal loan to cover medical emergencies, home renovation expenses, marriage, higher education costs, and business capital requirements.
Giving focus to a hitherto underpenetrated sector IDFC First Bank has created new models of Financing; with this unique approach, IDFC First Bank has financed more than 4 million customers as of 31 March, 2017.
Eligibility Criteria
An applicant applying for a Personal Loan from IDFC First Bank should be a citizen of India.
Age – IDFC First Bank offers Personal Loans to applicants above the age of 21 years up to the age of 60 years at the time of maturity of the Personal Loan.
Income- Minimum Income should be above 20,000/- net per month. This amount should be transferred to the salary account of the customer account of the customer every month.
Residence Stability – To ensure that the applicant is easily contactable, he must have a vintage of 6 months or more at the current residence address. A physical verification is conducted at the residence of the applicant to confirm the authenticity of the address proof & details submitted.
Educational Qualifications-Applicant should be a graduate.
Prominent Features of the IDFC First Bank personal loan
No Guarantee or Collateral required
Personal Loan from IDFC First Bank is processed solely on behalf of the customer profile. There is no requirement of a co lateral to be given, or a guarantor who will validate your ability to pay back the Loan.
Rate of Interest
The Interest Charged by IDFC First Bank on the loan amount sanctioned is varies from 15% to 22%.Interest charged is at a monthly reducing balance. The instalment established will remain fixed for the entire tenure of the Loan.
Processing fees
IDFC First Bank levies a 2% (plus taxes) for the process & decision making of the Personal Loan Application. This amount is normally deducted from the Loan amount, so the applicant need not pay anything upfront.
Tenure
The tenure is the period of time for which the Loan is sanctioned. The tenure for which IDFC First Bank will issue the personal loan is from 12 months to 60 months.
Pre Closure
The Pre closure is a charge which the customer has to pay in addition to the existing principal balance, if he wishes to pay back the Loan before the tenure has been completed. An applicant is allowed to pre close the loan after 6 months.
Loan Insurance
The applicant has an option to insure his Personal Loan from IDFC First Bank, the insurance can be opted for at the time of processing; the insurance charges will be deducted from the Loan amount.
Personal Loan Amounts Offered by IDFC First Bank
Personal loan amount offered by IDFC First Bank range from ₹ 50,000/- up to ₹ 100, 0000/-
The loan amount is sanctioned as per the following criteria:
The Loan amount applied for
The applicant has to specify the Loan amount required while filling in the application form.
It is as per the discretion of the Credit Manager as to the Loan amount approved.
Net Income
The net income of the customer will govern the amount of Loan he can be sanctioned, so that he is able to return the amount borrowed conveniently within the prescribed tenure. Earnings of the spouse & parents can also be added to the Income.
Company Category
IDFC First Bank has established an exhaustive list of companies’ based on their net worth & financial stability. An applicant employed with a company featuring on the list will be funded maximum loan amounts.
CIBIL HISTORY
The Credit Bureau of India Limited (CIBIL) maintains a complete record of all the credit transactions of an Individual in the form of a Loan or credit card.
A high credit score signifies that the applicant is likely to be responsible towards the credit due. Hence forth the Maximum Loan will be forwarded to him by the Institution.
Monthly Instalment to be paid
The applicant should be comfortable in paying the monthly instalment due. Any Previous Loans running or credit card dues to be paid will be taken into account before sanctioning the final Loan amount.
The Personal Loan Process
IDFC First Bank has adapted a new system for the process & decision making of its Personal Loan applications: It ensures a record processing time, with an on principal approval given within 48 hours of the receipt of the application. The process steps are as follows:
The Customer applying for a Personal loan is required to fill in the IDFC First Bank Personal loan application form with all the requisite documents. (Our representative from Your Loan Advisors will be at your service to help you complete the application & submit the file on your behalf)
The details of the applicant are entered into the IDFC First Bank Personal Loan scoring system.
If the score achieved is above the basic minimum score required, the applicant gets a message of a statuary approval or else a decline.
All approved applications are then forwarded for office & residence verification.
Finally the Credit manager will collate all the inputs & give the final decision as to the loan amount sanctioned.
If the applicant is keen on taking the Loan amount sanctioned, a loan agreement will be signed by the applicant.
The applicant is required to submit security cheques as per the tenure decided.
The Loan amount will be then transferred by ECS to the salary account of the customer.
The processing fees & insurance charges will be deducted from the Loan amount.
Advantages of a personal Loan from IDFC First Bank
- A streamlined process ensues a quick turnaround time.
- IDFC First Bank funds to applicants in listed & non listed companies.
- Ease of Minimal documentation requirements.
- Transparent process with the best in class Rates of Interest rates.
- Use of updated technology & systems.
- Efficient & Prompt customer services.
Charges for IDFC First Bank Personal loan
| Rate of Interest | 10.75% -18% @ monthly reducing balance |
|---|---|
| Lowest EMI | ₹. 2,432 per lakh |
| Loan Tenure | From 12 months to 60 months |
| Loan Amount | Min ₹. 50,000 and Max ₹. 25,00,000 |
| Processing Fee | 1.99% |
| Prepayment Charges | Not allowed |
| Foreclosure Charges | Allowed after 24 EMI’s, 5% foreclosure charges |
- Taxes will be levied as per government rules & regulations.
- Your Loan Advisors offers its services to customers completely free of charge.
Documents Required for Process of your Personal Loan application
- Filled up application form
- Passport Size Photo
- Income Tax PAN Copy
- Identity Proof – Driving License/ PAN/ Passport/ Voter ID
- Residential Address Proof – Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill (upto 3 months old)
- Income Documents – 2 years Form 16, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit
Frequently Asked Questions (FAQs)
There are two types of loans offered by IDFC First Bank. General purpose or multipurpose loan that is one of the most popular and other is the consumer durable loan that is taken when you need to buy consumer durable products.
A personal loan is also called a general purpose loan that can be is used at discretion for consolidating debt or paying for an unexpected expense like marriage or children education. Whereas, Consumer Durable Loan is a finance option taken to purchase household items like television or refrigerator.
Eligibility criteria depend upon the age, monthly income, CIBIL score and repayment history of each applicant. Individuals aged 21-58 and having a monthly salary of Rs.20000 and self-employed individuals of age 28-56 years with yearly turn-over of at least Rs. 1000000 with the good CIBIL score are eligible to get a personal loan from IDFC First Bank.
Any eligible salaried applicant can apply for a maximum amount of Rs. 10 lakh whereas Rs. 15 lakh is the maximum quantum of the loan amount for self-employed individuals.
- Pay your outstanding bills on time.
- Taking fewer loans, so there are less chances of being a defaulter. This decrease your chances of loan approval.
- Use your credit card wisely. Try not to use it beyond your credit limit.
- Secured loan such as home loan increases your credit scores whereas, unsecured loans such as credit cards and personal loans puts a negative impact of your scores. Try maintaining a balance between both.
- You should ideally apply for one loan at one time. Not being able to repay the loan at the specified period has a significant negative impact of your credit score.
- You should always maintain an excellent CIBIL score while applying for a loan. If not, you may are charged a high-interest rate, or there are also chances of your application getting rejected.
The interest rate depends upon the applicant’s income, tenure, loan amount, credit report, etc. It also depends on the risk profile and facilities provided to the individual. Usually, salaried applicants are charged 15% to 20% of interest rate whereas; self-employed individuals are charged flat 22% on IDFC First Bank personal loan.
The bank decides the repayment tenure which depends on the applicant’s monthly income and repayment capabilities. Usually, the maximum repayment tenure is between 5 years or 60 months in which the individual has to repay their entire loan liability to prevent defaulter charges.
You can repay your loan each month through equated monthly installments (EMI). The bank decides the EMI depending upon the applicant’s loan amount, loan term and interest rate.
IDFC First Bank’s Registered Branches in Delhi NCR Region
Branch Name: IDFC First Bank Ltd.
Branch Address: Ground Floor, Prem Dohil Sadan, 11, Rajendra Palace New Delhi 110008
Branch Name: IDFC First Bank Ltd.
Branch Address: 2nd floor , NH 131A, Sub division A, opp banke bihari mandir, Railway road , NH-5 , NIT Faridabad-121001, Haryana
Branch Name: IDFC First Bank Ltd.
Branch Address:1st Floor, 113/19, Navyug Market, Ghaziabad – 251001
Branch Name: IDFC First Bank Ltd.
Branch Address: 2nd Floor, Bhagwan Sahai Palace, Main Road, Naya Aawas, Sec-15, Noida-201307
Working Hours:
Monday to Friday – 9:30 AM to 5:00 PM
Working Saturday – 9:30 AM to 2:00 PM
Branches will remain closed on 1st and 2nd Saturday of every month. Also, Branches will remain closed on respective State Holidays.