In Today’s Fast-Paced World, Quick Financing Matters
Whether you’re planning a wedding, covering travel expenses, funding education, or facing an unexpected emergency, quick access to funds is essential. IDFC FIRST Bank offers a fast and user-friendly personal loan process that allows you to apply directly online—no agents, no paperwork hassles. This guide walks you through everything you need to know about IDFC Bank Personal Loans, including features, eligibility, and how to apply.
What is a Personal Loan from IDFC Bank?
IDFC FIRST Bank’s personal loan is an unsecured credit facility available to eligible salaried and self-employed individuals. It requires no collateral and can be used for a variety of purposes—medical bills, home upgrades, debt consolidation, education, or travel. With fast disbursal and flexible repayment terms, it’s one of the most accessible loan options in India
Key Features of IDFC FIRST Bank Personal Loan
- Loan Amount: ₹20,000 to ₹40 lakhs
- Interest Rate: Starting from 10.49% per annum
- Tenure: 1 to 5 years
- Processing Time: Disbursal within 24 to 48 hours after approval
- Collateral: Not required (unsecured)
- Application Mode: Fully digital with paperless documentation
- Prepayment Option: Available (subject to terms)
Who Can Apply? Eligibility Criteria
For Salaried Individuals:
- Age: 21 to 60 years
- Minimum Monthly Income: ₹20,000
- Employment: Must be employed with a recognized private, public, or multinational company
- Work Experience: At least 6–12 months with the current employer
- Credit Score: Preferably 700 or higher
For Self-Employed Individuals:
- Age: 25 to 65 years
- Annual Income: As per business or profession
- Business Continuity: Minimum 3 years of stable income
- Credit Score: 700+ recommended
- Business Proof: Valid registration or trade license
Required Documents
To apply for a personal loan, you’ll typically need:
- Identity Proof – Aadhaar, PAN, Passport, or Voter ID
- Address Proof – Utility bill, Passport, Driving License, or Rent Agreement
- Income Proof
- Salaried: Last 3 salary slips and 6 months’ bank statements
- Self-Employed: Last 2 years’ ITRs, business proof, and 6 months’ bank statements
- Photograph – Passport-size
- PAN Card – Mandatory for processing
Note: The bank may request additional documents based on internal policies.
How to Apply Directly for IDFC Bank Personal Loan (Online)
Applying online with IDFC FIRST Bank is quick and fully digital. Here’s how:
Step 1: Visit the Official Website
Go to www.idfcfirstbank.com and navigate to the “Personal Loans” section.
Step 2: Check Eligibility
Use the online calculator to verify your eligibility based on income, age, and other details.
Step 3: Fill Out the Application Form
Enter your personal, employment, and financial details, including your PAN and mobile number.
Step 4: Upload Documents
Submit scanned copies of your ID, address, and income proofs.
Step 5: Choose Loan Amount and Tenure
Select your preferred loan amount and repayment duration based on eligibility.
Step 6: Complete e-KYC and Submit
Use your Aadhaar-linked mobile number for e-KYC and digitally sign the agreement.
Step 7: Get Approval and Disbursal
Once verified, the loan is approved and credited to your bank account—often within hours.
Benefits of Applying Directly
- No Middlemen – Apply directly without agents
- Faster Processing – Quick approval and disbursal
- Transparent Terms – Clear interest rates and charges
- Paperless Journey – 100% digital process
- Pre-approved Offers – Available for eligible existing customers
Tips Before You Apply
- Compare interest rates and terms across lenders
- Review prepayment and foreclosure clauses
- Check your CIBIL score and update any discrepancies
- Avoid applying to multiple lenders at once to protect your credit score
Frequently Asked Questions (FAQs)
1. Is a credit score required?
Yes, a minimum score of 700 is typically needed for approval.
2. How quickly will I receive the loan?
If documents are valid, disbursal usually happens within 24–48 hours.
3. Can I repay the loan early?
Yes, prepayment is allowed after a lock-in period. Charges may apply.
4. What’s the maximum loan amount I can get?
You can borrow between ₹20,000 and ₹40 lakhs, depending on your eligibility.
Conclusion
IDFC FIRST Bank has made personal borrowing simple and efficient through its direct online platform. With competitive rates, flexible repayment options, and minimal documentation, it’s a smart choice for anyone needing quick, unsecured credit. If you’re looking for a fast, transparent, and paperless loan experience, IDFC FIRST Bank is a dependable option.