An IDFC FIRST Bank Personal Loan can help you manage different financial needs through a simple and paperless application process. You can get instant online loans of up to ₹15 lakh with disbursement in 10 minutes, while general personal loans can go up to ₹1 crore.
Interest rates start from 9.99% p.a., and the repayment tenure can go up to 60 months. The loan also comes with minimal documentation and digital approval.
IDFC FIRST Bank Personal Loan Details
You can apply for an IDFC FIRST Bank Personal Loan online from the comfort of your home. Here are the main loan details:
| Particulars | Updated Loan Details |
| Interest Rate | Starts at 9.99% p.a. |
| Loan Amount | ₹20,000 to ₹1 Crore (instant loans up to ₹15 Lakh) |
| Tenure | 6 to 60 Months |
| Minimum Salary | ₹20,000 per month |
| Lowest EMI | ₹2,124 per month per ₹1 Lakh loan |
| Processing Fee | Up to 3.5% of the loan amount |
IDFC FIRST Bank Personal Loan Interest Rates & Charges
IDFC FIRST Bank personal loan interest rates start from 9.99% p.a. A processing fee of up to 3.5% of the loan amount may also apply.
The final interest rate can depend on factors such as your income, credit score, eligibility, and selected loan tenure.
| Particulars | Fees & Charges |
| Interest Rate | 9.99% p.a. onwards |
| Processing Fee | Up to 3.5% of the loan amount |
| Loan Amount | Up to ₹1 Crore |
| Minimum Income | Minimum salary of ₹20,000 per month |
| Lowest EMI | ₹2,124 per month for a ₹1 Lakh loan amount |
| Stamp Duty Charges | As per actuals |
Note: The current rates may vary marginally and are inclusive of other charges.
Uses of IDFC FIRST Bank Personal Loan
An IDFC Bank Personal Loan can be used for different personal expenses such as travel, marriage, medical needs, emergencies, and debt consolidation.
IDFC Small Loans
- Get funds quickly during a financial emergency.
- Interest rates start at 9.99%.
- Repayment tenure of up to 60 months.
IDFC Personal Loan For Travel
- The personal loan for travel can be used to pay for your vacation expenses.
- Loan tenure ranges from 6 months to 60 months.
- The interest rate is 9.99% p.a.
IDFC Personal Loan For Marriage
- The IDFC Bank Personal Loan for weddings can help cover marriage-related expenses.
- Loan amount ranges from ₹20,000 to ₹1 crore.
- Interest rate starts from 9.99% p.a.
IDFC Personal Loan For Medical Expenses
- You can apply for an IDFC medical loan during a medical emergency.
- Loan amounts of up to ₹1 Crore are available for medical expenses.
IDFC Personal Loan For Emergency
- The loan can be used for unexpected expenses such as medical bills or vehicle repairs.
- Minimum age is 21 years and maximum age is 60 years.
IDFC Debt Consolidation Loans
- You can combine multiple debts into one loan.
- No collateral or security is required.
IDFC FIRST Bank Personal Loan EMI Calculation
You can use the IDFC First Bank personal loan EMI calculator to estimate your monthly EMI.
Simply enter:
- Loan amount
- Interest rate
- Loan tenure
The calculator will show your estimated monthly instalment and help you understand your repayment amount before applying.
IDFC FIRST Bank Personal Loan Vs Other Banks
The table below compares IDFC FIRST Bank Personal Loan interest rates and processing fees with other lenders:
| Lender | Interest Rates (p.a) | Processing Fees |
| IDFC First Bank | 9.99% onwards | Up to 3.5% |
| Canara Bank | 14.25% onwards | Up to 0.5% |
| SBI | 10% onwards | Up to 1.5% |
| HDFC | 9.99% onwards | Up to ₹6,500 |
| ICICI | 9.99% onwards | Up to 2.5% |
| Axis | 9.99% onwards | Up to 2% |
| IndusInd | 10.49% onwards | Up to 3.5% |
| Yes Bank | 10.85% onwards | Up to 2.5% |
| Shriram City | 11% onwards | Up to 5% |
IDFC FIRST Bank Personal Loan Eligibility
Your eligibility for an IDFC FIRST Bank Personal Loan depends on factors such as your age, income, employment, credit history, and residential status.
The eligibility requirements differ for salaried and self-employed applicants.
IDFC Personal Loan Eligibility for Salaried Individuals
| Factors | Eligibility Criteria |
| Age | Between 23 and 60 years old |
| Monthly Income | Minimum ₹20,000 per month |
| Work Experience | Should be employed for minimum 1 years |
IDFC Personal Loan Eligibility for Self-Employed Individuals
| Factors | Eligibility Criteria |
| Age | Between 25 and 60 years old |
| Work Experience | Business must have been in existence for at least 3 years |
Features of IDFC FIRST Bank Personal Loan
Here are some of the main features and benefits of an IDFC Personal Loan:
- 100% Digital Process: Experience completely paperless application, digital verification, and instant video KYC.
- Instant Approval & Fast Disbursal: Get loan approvals in 5 minutes and funds credited to your bank account within 10 minutes.
- Flexible Repayment Tenures: Select comfortable repayment periods ranging from 6 to 60 months.
- Zero Foreclosure Charges Option: Enjoy customer-friendly repayment policies and foreclosure flexibility.
- No Collateral Needed: Obtain quick unsecured funds without pledging assets or property.
IDFC FIRST Bank Personal Loan Documents Required
You need to submit certain documents while applying for an IDFC personal loan.
- Identity Proof: PAN Card, Aadhaar Card, Voter ID, Driving Licence, Passport.
- Income Proof: Last 3 months’ salary slips, Form 16, and income tax returns.
- Address Proof: Aadhaar Card, Passport, Voter ID Card, Electricity Bill, Telephone Bill, Credit Card Statement.
- Other Documents: Employment certificate from the current employer, salary mandate from employer, and co-applicant documents if applicable.
Apply for IDFC FIRST Bank Personal Loan with Buddy Loan
Steps to Apply for a Personal Loan with Buddy Loan
- Step 1: Visit buddyloan.com or download and install the Buddy Loan app on Android or iOS.
- Step 2: Open the Personal Loan Application Page. Enter your mobile number and verify it using the OTP received.
- Step 3: Enter the loan amount you need and your personal email address. Then choose the Personal Loan option.
- Step 4: Select your employment type — Salaried, Self-Employed, or Student — and choose your salary mode as bank or cash.
- Step 5: Enter your work details, including company name, years of service, and designation.
- Step 6: Enter your personal details, including full name, PAN, address, date of birth, and gender.
- Step 7: Enter your communication address and income details, and click the Submit button.
Ready to take the next step? Apply for a Personal loan now!
IDFC FIRST Bank Personal Loan Prepayment & Preclosure
IDFC FIRST Bank allows borrowers to close or partly repay their loan before the end of the tenure, subject to applicable charges.
- Foreclosure Charges: Up to 5% of the outstanding loan balance after completing 6 EMIs.
- Part-Prepayment Charges: Up to 2% of the part-prepayment amount plus applicable GST.
- Full Settlement: Full preclosure charges are up to 5% of the principal loan amount plus interest up to the date of disbursal and applicable GST.
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