Are you in search of a lender that fulfills your diverse financial needs at the best interest rates in times of financial emergencies? If yes, for all your financial shortcomings, apply for IDFC First Bank Personal loan. Be it a wedding, education, holidays, home renovation, or any medical emergencies, it proves to be one of the best financing options. The lender is offering loan assistance to both salaried as well as self-employed individuals, which comes with flexible tenure options and a high disbursal amount.
Features of IDFC First Bank Personal loan:
No Need for a Collateral
The best part of applying for an IDFC First bank personal loan is that it is a collateral-free loan. There is no need to submit any collateral or security against the loan amount. It is an unsecured loan, the only required is a good credit score and repayment history.
Easy repayment facility:
There is no need to worry about the repayment of the loan amount. It comes with easy personal loan EMIs option. The tenure of a personal loan ranges from 12 months to 60 months. You can select the loan tenure based on your monthly income and repayment capacity. You must remember that if you go with a long tenure, it will make you pay a higher interest amount and vice-versa.
Balance Transfer option:
If you are finding it hard to pay EMI on an existing personal loan? The IDFC First bank is also offering you’re a balance transfer facility through which you can easily transfer higher interest outstanding loan amounts to the IDFC First Bank at lower interest rates. It will help you in paying lower personal loan EMI and add more to your savings. This is one of the most amazing features of this loan facility.
The personal loan eligibility criteria
For salaried
The minimum age to apply for a loan is 23 years and the maximum is 60 years.
No cap on minimum residence stability
Must be in a stable job from the past 6 months of applying for a loan
The minimum monthly income requirement is Rs 25000
The minimum work experience in the current organization should be 6 months. The total work experience should at least be 2 years.
Must be having a good credit score of 750, or above.
The Personal loan eligibility criteria for self-employed:
The minimum age to apply for an IDFC First Bank Personal loan is 25 years and the maximum is 65 years at loan maturity.
Must be in a stable business for a minimum period of 3 years.
The last two years company profit should be positive.
Average Bank Balance (ABB) should be more than or equal to INR 5000
No cap on minimum residence stability – Owned residence or business premises are mandatory, and one has to submit proof for the same. Business in same premises for >=1 year.
Documents required to apply for IDFC First Bank Loan
One must have a valid KYC document such as a Voter Id card, Aadhaar Card, Passport, Driving License, etc.
Permanent Account Number (PAN) card or Form 60 if PAN is unavailable.
Income proof such as salary slips and income tax returns.
Bank or credit card statements.
A good credit score of 750, or above
For Self-employed individuals
Latest 2 years ITR,
P&L and Balance Sheet for the last 2 years
Last 3 Months Bank Statement
Ownership Proof
Business Proof (Self-attested copy of any one document)
For Self-Employed Individuals: Qualification Certificate/Certificate of Practice (COP), Shop Act License/ MOA & AOA/ Sales
Tax/ Vat registration/ Partnership Deed
IDFC FIRST partnered with IndiaLends, an online marketplace that offers low-interest personal loans for your needs and gets you a step closer to your dreams and goals. If you are willing to Personal Loan with IDFC FIRST, you can simply fill up an online loan application form after checking your IDFC FIRST Personal Loan Eligibility.
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