If you are looking for reasonable interest rates and flexible repayment tenure, then go for IDFC Bank First personal loan. It comes with zero paperwork and minimal documentation.
The IDFC Bank First personal loan interest rates start from 15%. The quantum of loan ranges from 2 Lakh to 25 Lakh with the add-on feature of flexible tenure.
Main features of IDFC Bank First Personal loan that make them the most viable option:
It is one of best online personal loan which comes with doorstep service.
You can enjoy paperless approval.
No guarantor to apply for this loan.
There are no foreclosure charges within the 6 months of the sanctioning of the loan. If you foreclose your account after 6 months of availing of a loan, then you will have to pay a foreclosure fee of 5% of the outstanding principal amount.
Eligibility criteria to apply for a personal loan with IDFC First Bank:
For Self-employed individuals
The minimum age to apply for a personal loan with IDFC is 28 years, and the maximum age of 68 years at the time when the loan matures.
Your business existence must be at least 3 years at the time you are filing a loan application.
The company’s Profit after Tax (PAT) must be positive.
Salaried individuals
Minimum age of 23 years, and the maximum age of 58 years at the time when the loan matures.
What is the document required to apply for a loan?
Identity proof such as Aadhaar Card, Passport, PAN Card, etc.
Address proof such as Aadhaar Card, utility bills, Passport, bank account statement, etc.
Income Proof
For salaried individuals: Bank statement for the last 3 months/6 months, latest salary slip
For self-employed individuals:
Latest 2 years ITR, the balance sheet for the last 2 years, bank statement for the last 6 months
If you are self-employed individuals then you are liable to give proof of business which comes in the form of Qualification Certificate/Certificate of Practice (COP), Shop Act License/ MOA & AOA/ Sales Tax/ Vat registration/ Partnership Deed.
The Process to apply for a loan with IDFC First bank:
There are mainly two ways to apply for a personal loan with the IDFC First Bank or you can also take the help of FinTech organization to get a personal loan with the best IDFC First bank personal loan interest rates.
Apply through Bank’s Site
Log on to the official website of the bank and apply for a personal loan by duly filling the application form online.
If you meet the eligibility criteria, the relationship manager of the bank will communicate with you to collect the required documents for getting a loan approved.
After the document’s submission, it will be verified by the bank. The process may also involve the lender discussion regarding the interest rate you are eligible for.
Post verification of all the documents by the bank, the loan amount will be approved and disbursed to your bank account in a maximum of 2 to 3 days.
How to apply IDFC Bank first personal loan using FinTech’s Platform
Log on to the website or download the app of the ‘Fintech Organization’( you are willing to file a loan application)
Click on ‘Personal Loan’
After that, you need to fill in the required details as a first step to knowing your eligibility for a Personal Loan.
Need to fill in details such as name, e-mail address, residence, employment type, name of the current company, monthly-in-hand salary, and contact details. After filling in the details, you will get an OTP on your registered mobile number to verify the contact details.
Once the contact details get verified by providing the required OTP, then you will be provided with another form to fill which include details such as:
How much money do you need?
Gender
Date of Birth
PAN Number
Through which mode you are getting a salary
Current residential address
Locality
City and State to which you belong.
Once you fill in the above-required details, you get to know your loan amount eligibility along with the best loan offers after checking your credit score and credit history.
After that you calculate your EMI, you can also make use of the IDFC personal loan EMI calculator by entering the loan amount, the interest rate offered, and tenure.
After you agreed on the IDFC Bank First loan offer, you need to upload the required documents.
Post verification of the documents, the loan will get disbursed within a few hours.
Endnote…
To get a successful loan application, it is wise to make use of a Personal loan EMI calculator before finalizing the loan amount. It is one of the best financial planning tools that will help you in calculating the monthly amount payable to the lender against the loan borrowed. All you need to do is enter the amount of EMI that you can pay every month, the interest rate offered by your lender, and the preferred tenure.
IDFC Bank has made a collaboration with IndiaLends, it is an online marketplace that is known for offering low-interest personal loans best suited for your needs.