idfc first bank personal loan details - idfc first bank review

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)

IDFC First bank Personal loan

  • You can take a loan from 1Lakh to up to 25 Lakhs.
  • Duration ranging from 1 year to 5 years
  • Interest rates vary from 15 to 22%
  • The processing fee is up to 3.5%
  • There is a pre-closure fee of 5% of the principal.

Steps to Apply for IDFC First bank 

  • Visit the Official website or app
  • Register and verify your mobile number 
  • Upload the required documents 
  • The company will review and show you the eligible amount
  • The amount will get credited into your account within minutes after conformation 
  • Repayment can be done through the app itself 

IDFC First bank customer care details 

   Customer care number of IDFC First bank for 24*7: 1800 419 4332.

To apply for an instant personal loan in IDFC First bank "click here"

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Topics covered: Idfc first bank personal loan eligibility, interest rate, customer care no, documents required, EMI calculator.