IDFC Personal Loan
Loan Details
| Interest Rate | 12.5% p.a. – 18% p.a. |
| Processing Fee | Upto 3.50% of the loan amount + GST |
| Loan Tenure | Upto Rs.5 years |
| Loan Amount | Upto Rs.5 lakh |
Key Features of IDFC Bank Personal Loan
- When you enquire about this loan on BankBazaar.com, you will get an e-approval within just 30 minutes while you sit comfortably at home. You will also receive door-step service.
- You can enjoy paperless approval.
- You do not have to get any guarantor to apply for this loan.
- No foreclosure charges if you foreclose your account within 6 months of the sanctioning of the loan. If you foreclose your account after 6 months of the availing a loan, then you will have to pay a foreclosure fee of 5% of the outstanding principal amount.
Eligibility Criteria for IDFC Personal Loan
The eligibility criteria you will have to fulfil in order to avail a personal Loan from IDFC First Bank are:
Self-employed individuals
- Minimum age of 28 years, and maximum age of 68 years at the time when loan matures.
- The business must be in existence for at least 3 years.
- The company’s Profit after Tax (PAT) must be positive.
Salaried individuals
- Minimum age of 23 years, and maximum age of 58 years at the time when loan matures.
Documents Required to Apply for IDFC Personal Loan
Given below is the list of documents you will have to submit in order to avail a personal loan from IDFC First Bank:
- Proof of identity such as Aadhaar Card, Passport, PAN Card, etc.
- Proof of address such as Aadhaar Card, utility bills, Passport, bank account statement, etc.
- Proof of income
- For salaried individuals: Bank statement for the last 3 months/6 months, latest salary slip
- For self-employed individuals: Income Tax Returns for the last 2 years, balance sheet for the last 2 years, bank statement for the last 6 months
- Proof of business applicable for self-employed individuals such as Qualification Certificate/Certificate of Practice (COP), Shop Act License/ MOA & AOA/ Sales Tax/ Vat registration/ Partnership Deed
Fees and Charges for IDFC First Bank Personal Loan
The foreclosure fee is 5% of the outstanding loan amount (plus GST) if you decide to foreclose your account after six months of the availing of the loan. You will not be required to pay any foreclosure fees if you foreclose your account within six months of the availing of the loan.
Other Fees and Charges
| Particulars | Fees |
|---|---|
| EMI bounce charges | Rs.400 (For each dishonoring of the presentation) |
| Repayment instrument swap charges | Rs.500 (As per change request) |
| Statement of Account (Adhoc/Duplicate) | Rs.500 |
| Cancellation/Rebooking Charges | 1% of the loan amount + interest availed from the date on which the loan amount was disbursed till the date of the cancellation of loan request. The request for cancellation will have to be submitted within a month of either loan booking date or 1st EMI presentation date, whichever is earlier. Post which cancellation will be treated as foreclosure |
| Duplicate No Objection certificate / No Dues Certificate | Rs.500 |
| Stamping Charges | As per actuals |
| Physical Repayment Schedule | Rs.500 |
| EMI Pick up/ Collection Charges | Rs.350 |
| Document retrieval charges (per retrieval) | Rs.500 |
| Overdue interest | 2% of the unpaid EMI or Rs.300 whichever is higher |
| Part-prepayment Loan | Maximum 40% of current outstanding amount is allowed for part payment once in a fiscal year. This option is available only post initial payments of 3 EMIs. For availing this option 2% part-payment charges is applicable on partial payment |
GST and other government taxes, levies, etc. as per prevailing rates will be applied over and above the fees and charges.
How to Apply for a Personal Loan from IDFC First Bank?
- Visit the official website of the bank and apply for a personal loan by duly filing the application form online.
- If you meet the eligibility criteria, the bank will appoint a relationship manager who will come to your communication address to collect the necessary documents.
- Once your documents have been submitted, it will be verified by the bank. The process may also involve the lender having a discussion regarding your interest in availing a personal loan from them.
- If all the documents provided by you and the bank is satisfied with the reports provided, the loan amount will be approved and disbursed to your bank account.
You can also visit the nearest branch of IDFC First Bank along with the necessary documents. A representative from the bank will help you with the process of applying for a personal loan from IDFC First Bank.
Grievance Redressal:
If you are not satisfied with the response received from access channels, you can escalate your concern by contacting the nodal office via email or phone.
Nodal Desk Details:
Nodal officer email – nodaldesk@idfcfirstbank.com or call 022-41652700 between 09:30 am and 6:00 pm (Monday to Saturday, excluding bank Holidays).
For any further escalation, write in to Mr. Vipul Raj , PNO, IDFC FIRST Bank Ltd. Building No.2, Raheja Mindspace, MIDC Industrial Area, Shiravane, Juinagar, Nerul, Navi Mumbai 400706, Maharashtra, India or call 1800 209 9771 between 09:30 am and 6:00 pm (Monday to Saturday, excluding bank Holidays).
| Name | Mr. Vipul Raj |
| Designation | PNO |
| Address | IDFC FIRST Bank Ltd. Building No.2, Raheja Mindspace, MIDC Industrial Area, Shiravane, Juinagar, Nerul, Navi Mumbai 400706, Maharashtra, India |
| Customer Care Number | 1800 209 9771 |
| Email ID | pno@idfcfirstbank.com |
IDFC First Bank Corporate Address
IDFC FIRST Bank Ltd Naman Chambers,
C-32, G-Block,Bandra-Kurla Complex,
Bandra East,
Mumbai – 400051, India
With an array of personal loan products offered by IDFC First Bank, you can choose a loan that best fits your financial requirement.
| A GST rate of 18% will be applicable on banking services and products from 01 July, 2017. |
FAQs on IDFC Bank Personal loan
- Will I have to provide any collateral or security in order to avail a personal loan from IDFC First Bank?
Personal Loans are unsecured loans. The bank will offer you a personal loan based on factors such as income, age, credit score, etc. You will not be required to pledge any security in order to avail a personal loan from IDFC First Bank. - How much time will it take for the lender to approve my loan and disburse the loan amount?
The lender will take around 7 days to review the documents submitted by you and disburse the loan amount to your bank account. - How can I repay my IDFC bank personal loan?
Repayment of IDFC Personal Loans will be done in EMIs (Equal Monthly Instalments) through EFT (Electronic Fund Transfer) from another bank account of your choice. You also have the option of repaying the loan through Standing Instruction to debit the EMI from your IDFC Bank account. - How can I calculate the EMI payable before availing a personal loan from IDFC First Bank?
You can check the EMI payable by using the EMI Calculator available on the official website of the lender. You can put in the necessary details and check the EMIs payable. You can also use the EMI calculator facility offered by BankBazaar by visiting its official website. You will have to enter the necessary details and find the EMIs you will have to pay. - How to check IDFC Bank personal loan status?
Visit our IDFC bank personal loan status page to get more details. You can also visit the link https://www.idfcfirstbank.com/loanTracking.html. Enter the application number, followed by your registered mobile number and enter the captcha given. Click on continue. - How to contact IDFC Bank personal loan customer care?
Visit our IDFC bank personal loan customer care page for more details. You can also call on the number 1860-500-9900 in case of any loan related query. If your query is yet to be resolved and wish to escalate the issue, you can call on the number 1800 10 888. You can also get your queries answered by sending a mail to customercare@idfcfirstbank.com.
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