IDFC FIRST Bank Personal Loan Interest Rates
IDFC FIRST Personal Loan Interest Rate is 10.99%, it will depend upon the type of loan you are applying for. IDFC FIRST Bank offers four types of personal loans, viz., Personal Loan, Cross Sell – Personal Loan, Cross Sell Personal Loan (Personal Loan to existing customers), and Consumer Durable Loans & Consumption Loans.
IDFC FIRST Bank Personal Loan Charges
Apart from the IDFC FIRST Personal Loan Interest Rate, you will have to bear the following expenses on the loan:
| Processing fee | Upto 1.5%-2% of Loan Amount |
| Foreclosure charges | 5% of principal outstanding |
| Part prepayment fee |
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| Charges for overdue interest | 2% of the EMI unpaid or Rs. 300, whichever is higher |
| Charges for repayment instrument swap | Rs. 500 per change request |
| EMI bounce | Rs. 400 for each bounce |
| Duplicate NOC/ NDC | Rs. 500 per request |
| Statement of Account (Adhoc/ Duplicate) | Rs. 500 |
| Charges for cancellation or rebooking of loan | 1% of loan amount + interest from the disbursal date till receiving the cancellation request |
| Charges for document retrieval | Rs. 500 per retrieval |
| Physical repayment schedule | Rs. 500 |
| Charges for EMI pick-up/ collection | Rs. 350 |
| Stamping charges | As per actual |
IDFC FIRST Bank Personal Loan Details
- Loan quantum Up to Rs. 1 Cr
- Interest rate 10.99%
- Repayment tenure is 12 to 60 months
- Lowest EMI Rs. 2149 Per Lakh
- Processing fee to 1.5%-2% of Loan Amount
Factors Affecting IDFC FIRST Personal Loan Interest Rate
The assessment of the loan amount, the company you work with, obligation, loan tenure, salary, and other factors can help you get the best personal loan interest rates from IDFC FIRST. Below mentioned factors help to determine the Personal Loan rate of interest from IDFC FIRST:
- Loan Amount: The loan amount is the amount borrowed from an individual from the bank. IDFC First Personal Loan rate of interest is lower for the higher loan amount. One can avail loan of up to Rs. 1 crore from IDFC Bank as a personal loan.
- Salary: The capacity of an individual to repay the loan is defined by their salary. The higher your salary bracket the lower your interest rates. The interest rate of the bank may vary as per your net monthly income.
- Employer Category: Based on the company's size, reputation, growth, and financial position the companies are ranked by IDFC FIRST from High to Low. This internal list of companies helps the bank to decide the interest rates. Individuals belonging to large and good companies can get maximum discounts and other special benefits from the bank.
- Relationship with the Bank: The existing account holders get special rates, offers, and charges from the bank. Individuals having a good track record of making payments on time get the benefit of IDFC First Personal Loans With The Lowest Interest Rates.
- Loan Tenure: Usually, the tenure of personal loans ranges from 1 year to 5 years, depending upon the loan requirements. However, IDFC FIRST offers tenure of up to 60 months. The longer the tenure is, the higher will be the interest rate.
- Repayment Capacity: The repayment capacity of the borrower is checked thoroughly by the bank before sanctioning the loan to the borrower with the help of CIBIL Score and report. If an individual has previously taken a loan or has made credit card payments, everything is mentioned in the CIBIL report. The Personal Loan is also offered to defense personnel, government employees, and private company employees. To avail lower interest rate, make sure you have a credit score of above 750.
Why IDFC FIRST Bank Personal Loan?
- Longer repayment tenure
- Flexibility to make part payment of up to 40%
- Option to prepay after 6 months
- Digital paperless loan sanction
- Pre-approved personal loan facility
- Facility to apply for IDFC FIRST Personal Loan online
- Eligibility check in just 2 minutes
- Existing customers can avail top-up loan
- Loans are available for self-employed and salaried individuals both
IDFC Personal Loan Interest Rates FAQs
The decision on a loan is conveyed to the borrower within 15 days of the loan application. Some banks may offer instant loan offers and schemes, which can be approved within a few hours to 2-to 3 days.
IDFC FIRST offers loans at interest rates starting from as low as 10.99% with the lowest EMI of Rs. 2,149 Per Lakh. In case one is paying EMI more than this then one can think of a balance transfer and relocate the loan to IDFC FIRST.
IDFC First Personal Loans rates are between 10.99%. The Personal Loan interest rates for salary account holders are comparatively lower than those for other customers at IDFC FIRST.
If you apply for a loan from IDFC FIRST, your lowest EMI per lakh will be Rs. 2149.
The repayment of the Personal Loan can be done in a flexible period of a minimum of 12 months to a maximum of 60 months.
IDFC FIRST offers a minimum amount of Rs. 1 Lakh to a maximum amount of Rs. 1 Crore.
IDFC FIRST charges a processing fee of 1.5%-2% of the sanctioned loan amount with applicable service tax.
Yes, age is an important eligibility factor to get a Personal Loan the minimum age of 23/28 (salaried/self-employed) years is required to get the loan approved and a maximum 58/68 (salaried/self-employed) years at the time of loan maturity.
The prepayment charges for prepaying the IDFC FIRST Personal Loan are up to 5%.
You can apply with your spouse as a co-applicant and can combine your income with the income of your spouse in order to get a higher loan amount and increase your loan eligibility.