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Product Details
Bank Name
IDFC First Bank
Minimum Loan Amount
Up to ₹1 crore
Interest Rate
Starting 10.75% to 23%
Minimum CIBIL Score
Minimum Loan Tenure
84 months
Small personal loans
Fees and Charges
Processing Fees of upto 3.5% will be deducted from the loan amount at the time of disbursal
Late payment fees
2% of the unpaid EMI or Rs 300 whichever is higher. The late payment fees might be applicable from the date of default to the date of payment.
Eligibility
For Salaried Individuals:
Minimum Age: 23 years
Maximum Age: at the time of loan maturity - 60 years or retirement, whichever comes first
For Self-Employed Individuals:
The business must have been in existence for a minimum period of 3 years
Minimum Age: 25 years
Maximum Age: 65 years at the time of loan maturity
Special Concession
Fees, Eligibility and Concession
Pros
Quick and hassle-free digital application process; Competitive interest rates; Balance transfer of existing loans and credit cards at affordable rates
Cons
High processing fees and foreclosure charges; Minimum income requirement of ₹25,000 per month
Pros and Cons
Purpose
IDFC First Bank offers Small Personal Loans to meet the small capital needs of the applicants.
Special Features
Flexibility to make up to 40% part payment
Purpose and Features
How to Apply?
Documents Required
Account Opening and Procedures
IDFC First Bank
Overall, the IDFC First Bank's personal loan is convenient and easy to apply, for and is sanctioned without any hassle. The interest rate is also low as compared to other Banks. However, the processing fees is high which might be a drawback for some customers.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
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