Interest rate start 10.75% * Upto 40 Lacs
Loan Duration: 12 – 60 months*
IDFC Bank Personal Loan
Infrastructure Development Finance Company commonly known as IDFC is an Indian finance company which supports infrastructure projects, investment banking, and asset management with finance and advisory services. On June 24, 2015, IDFC was granted banking license officially from RBI.
IDFC Bank on 1st October 2015 started its banking operations. The headquarter of the bank is located in Mumbai, Maharashtra. IDFC Bank started functioning in MP, Chennai, Delhi, Bengaluru, Mumbai, Ahmedabad, Kolkata, Pune and Hyderabad with its 23 branches. IDFC Bank merged with Capital First Ltd. on December 2018, and came to be known as IDFC First Bank.
To cater to the varied needs of customers, IDFC Bank provides services like- Home loan, Savings Account, Personal Loan, NRI Accounts, Fixed Deposit Account and much more. IDFC Bank Personal loan is one of the most popular product to meet your financial need. IDFC Bank offers personal loan at highly competitive interest rates with minimum documents.
Why should you opt for IDFC Bank Personal Loan?
IDFC Bank Personal Loan provides monetary aid at the time of any immediate financial need. The personal loan of IDFC Bank is an unsecured loan where you need not have to keep any collateral or security with the bank. The bank offers highly attractive interest rates against the personal loan. Very minimum documents you need to submit when you apply for IDFC Bank Personal Loan. To get the details of IDFC Bank Personal Loan eligibility and documents, you can check online. After you apply for personal loan, IDFC Bank approves the loan and disburses the amount very quickly making it convenient on your part.
You can use IDFC Personal loan to fulfill your dream and meet almost any kind of financial obligations. Some of them are- an expensive trip with friends, renovating or reconstructing your house, finance a family wedding, buying an expensive gadget and much more. So, IDFC Bank Personal Loan is your one-stop solution for any kind of financial aid at any point of time.
Here are some important key points as to why you should opt for IDFC Bank Personal Loan.
- IDFC Bank offers the option of online application of personal loan.
- The bank offers a competitive interest rate of 11.5% per annum on the personal loan.
- IDFC Bank offers EMI option to repay the personal loan which does not burden you extensively.
- The loan approval and disbursal process of IDFC Bank is very fast making it easy on your part to use it to meet your financial need.
- IDFC Bank offers unsecured personal loan. So, to avail the loan you do not have to keep any kind of security or mortgage with the bank.
- There is no need of complicated paperwork to apply for IDFC Personal Loan. You need to submit very minimum documents for the personal loan.
Features of IDFC Bank Personal Loan
IDFC Bank provides a personal loan to help you cope up against an immediate financial crunch at any point of time. When you apply online for the personal loan, IDFC Bank analyze many factors such as your net monthly salary, your company details, your current obligations (if any), your repayment capability before approving the loan.
Before applying for the loan, you can check online to get the details of IDFC Bank personal loan interest rates, eligibility criteria, and documents.
Here are some unique features of IDFC Bank Personal Loan-
- The rate of interest charged for IDFC Bank Personal loan is fixed. So, the interest rate do not change throughout the loan tenure.
- The bank requires very minimum documents when you apply for a personal loan.
- IDFC Bank offers personal loan up to Rs. 20 lakhs to meet any of your financial needs.
- The bank provides a flexible loan tenure of 3 months to 60 months.
- IDFC Bank does not take any security or mortgage for a personal loan. You can easily go for IDFC Personal Loan without keeping any mortgage with the bank.
- In order to enjoy low interest on your personal loan, you can change transfer your existing personal loan to IDFC Bank.
- With IDFC Personal loan, you can protect it with insurance and loan protect.
- You can opt for top-up loan option with IDFC Personal loan as per your requirement.
Types of IDFC Bank Personal Loan
There are three types IDFC Bank Personal loan. They are –
IDFC Simple Personal Loan
IDFC Bank offers this loan to the salaried individuals who are in need of loan in a very quick and easy manner.
Here, are some of the key features of Simple Personal Loan-
- Flexible loan tenure from 3 to 60 months
- Minimum interest rate of 11.5% per annum on the personal loan.
- The part-payment benefit for the personal loan is free.
- It offers various insurance coverages like- Personal Accident insurance, Job loss coverage, Critical illness coverage, and Death Coverage.
IDFC Smart Personal Loan
The bank offers this particular loan which is very easy and user-friendly. If there is extra cash, you can make the payments for the loan. Also, the bank offers you to prepay your loan thus helping you to save the interest payments.
Here, are some of the key features of Smart Personal Loan-
- The loan is charged at highly competitive interest rates.
- Under this loan category, you can repay your loan in part or full without paying any extra penny.
- The bank offers flexible loan tenure from 3 to 60 months to repay the loan.
- It offers multiple insurance coverages like- Personal Accident insurance, Job loss coverage, Death Coverage, and Critical illness coverage.
IDFC Bank Personal Loan Balance Transfer
You can transfer all your existing unsecured loan to IDFC Bank and repay all the loans in a single place at attractive interest rates.
- You can pay a single consolidated EMI in one account.
- It offers a competitive interest rate to consolidate all your debt.
- It helps to consolidate all the current loans into a one IDFC Bank loan account.
- To opt for IDFC Bank’s Balance Transfer facility, you can easily choose between the Smart loan and Simple loan product of IDFC.
Eligibility Criteria to apply for IDFC Bank Personal Loan
Before you opt for a personal loan, you can check online for IDFC Bank Personal loan eligibility details. Also, you can check the paperwork needed for IDFC Bank Personal Loan through online mode.
Following are the IDFC Bank Personal Loan eligibility criteria.
- For IDFC Bank Personal loan, your minimum and maximum age limit must reside between 21 and 60 years (at time of loan maturity) respectively.
- To apply for IDFC Bank Personal loan, you must be a salaried individual.
- Your net monthly income must be Rs. 25,000 per month and above.
- You must be an employee of the state, local, central government or private limited companies or public sector undertakings.
- You must reside for a minimum of 1year in the current residential address.
- You can easily apply for IDFC personal loan if you are a salary account holder of the bank or savings account holder.
- Irrespective of whether you are an account holder of the bank or not, you can opt for IDFC Personal loan.
- Your overall job experience must be at least 2 years and with the present employer, it must be at least 1 year.
- Your CIBIL Score must be above 750.
IDFC Bank Personal Loan eligibility is summarized in the tabular format.
|Minimum Salary||Rs. 25,000|
|Current Residence||1 year|
|Job Experience||Minimum 2 years|
|Current Job Emploment||At least 1 year|
|CIBIL Score||750 or above|
Documents Required for IDFC Bank Personal Loan
You need to submit minimum documents when you apply online for IDFC Personal loan. Here is the list of IDFC Bank personal loan documents.
- Duly filled personal loan application form.
- Passport size photographs (at least 2 photos)
- Residential Proof- Any Utility Bill like Gas or Electricclass=”col-12 col-md-3 col-lg-3″ity bill up to 3 months old, Passport, Leave and License Agreement. (you have to submit any one of the above-mentioned documents)
- ID Proof- PAN Card, AADHAR Card, Voter Card, Passport. (you have to submit any one of the above-mentioned documents)
- Salary slip of last 3 months.
- Updated Bank Account Statement of past 3 months (where your monthly income is credited)
- Form 16 of last 2 years
- Copy of IT Return of last 2 years.
IDFC Bank Personal Loan Interest Rates
When you apply for IDFC Bank Personal Loan, the bank offers competitive interest rates. You can check online for IDFC Bank Personal Loan rate details.
Here are the details of IDFC Bank Personal Loan rate. IDFC Bank Personal Loan Details
|Rate Of Interest||11.5% onwards|
|Loan Amount||3-60 months|
|Loan Tenure||Rs. 50,000 – Rs. 20 lakhs|
|Processing Fees||Up to 2.50%|
Types of Charges for IDFC Bank Personal Loan
Along with the rate of interest on the personal loan, IDFC Bank charges some fees. Here, is the list of charges for IDFC Personal loan.
|Types of Charges||Amount Charged|
|Processing Fee||Up to 2% of the personal loan amount.|
It is charged post 3rd EMI payment.
For Simple Personal Loan, it is not charged
For Smart Personal Loan, 40% of the personal loan amount in a year.
|Prepayment Charges||It is charged post 3rd EMI. 3% on the principal outstanding.|
|EMI Bounce Charges||Rs. 500 per EMI bounce|
|No dues certificate||Rs. 500 per event|
|Charges for Repayment Instrument Swap||Rs. 500 per swap request|
|Charges for Cancellation of Disbursement||Rs. 500 per disbursement cancellation|
IDFC Bank Personal Loan EMI Calculator
In order to repay IDFC Bank Personal Loan, you need to pay a certain amount on a monthly basis called EMI which consists of both the interest that is charged on the loan and principal amount. With the help of the online Personal loan EMI calculator, you can easily calculate the EMI to repay your loan. The Personal Loan EMI Calculator saves your time and gives you the exact EMI amount so that you manage your budget accordingly.
When you are evaluating the EMI amount using the online Personal Loan EMI Calculator, you need to keep in mind the following details-
- The loan amount
- Rate of interest on the loan
- Loan tenure
- Fees and other charges
IDFC Personal Loan EMI Calculator benefits you in a number of way such as-
- It gives you an estimate of your monthly expense to repay the loan. So, you can decide the exact loan amount which you can repay easily.
- The estimate of EMI gives you an idea of your ability to repay the loan.
- You can evaluate the EMI with different combinations of the loan amount and interest rates.
- This online EMI calculation process is quite accurate.
Benefits of IDFC Bank Personal Loan
Following are some of the benefits of IDFC Personal loan –
- IDFC Bank offers personal loan at competitive interest rate starting from 11.5% per annum.
- There is no pre-defined usage of IDFC Personal loan. You can use the loan to satisfy almost all kinds of short-term financial emergencies such as- to expand your business, reconstruct your house, buy a car for the family, organize a lavish wedding ceremony for your loved ones, an abroad trip with family and friends and so on.
- The bank offers you loan without taking any security or collateral against it.
- To apply for IDFC Bank Personal loan, you need to submit minimum documents. You do not have to waste your time for lengthy paperwork.
- The bank approves and disburses the loan very quickly which helps you to overcome the financial liability as soon as possible.
- To get IDFC Bank Personal loan eligibility and document details, check online.
- For repaying the loan amount, you can pay a specific amount on a monthly basis which helps to manage your budget accordingly.
- To calculate the EMI amount, you can use online Personal EMI Calculator.
- You can pre-pay your loan amount in part and full as per your convenience.
- You can apply online for IDFC Personal Loan.