Is it true that you are looking for an ideal bank that can offer you an personal loan to satisfy your requirements? On the off chance that truly, everything you require to think about IDFC First Bank Personal loan. Truly, you can profit loan from this moneylender for a wide assortment of reasons, for example, weddings, occasions, instruction, home redesign, and for crises. The moneylender offers the credit to both salaried just as independently employed people, which accompanies adaptable residency choices and high disbursal amount.
IDFC First Bank Personal Loan Details
|Interest Rates||10.99% - 22.00%|
|Loan Amount||INR 1 Lakh - INR 40 Lakh|
|Tenure||1 to 5 Years|
|Processing Fee||₹10,000 - 2.50% of the loan amount|
|Foreclosure Charges||5% on the principal outstanding amount|
IDFC First Bank Personal Loan Eligibility Criteria:
IDFC First Bank provides instant personal loans subject to a nominal credit score and required eligibility norms. Your net take-home salary and the company employed with determine your loan eligibility.
For Salaried Individuals:
Minimum Age: 23 years; Maximum Age: 58 years, at the time of loan maturity. Minimum net take-home salary to be 25,000 per month
For Self-employed Individuals:
Minimum Age: 25 years; Maximum Age: 65 years, at the time of applying for a loan.
IDFC First Bank Personal Loan Documents Required
At IDFC First Bank, you can avail a personal loan if you are salaried or self-employed. Simply help us with the basic documents,
For Self-employed Individuals:
Note: Requirement of documents might vary according to the scheme chosen.
IDFC First Bank Personal Loan EMI Calculator
The Equated monthly installment (EMI) calculator works the same for all bank personal loans easily available on google. The calculations are based upon the loan amount, tenure, and interest rates. The more the tenure the less the emi, the less the tenure the more the emi. The interest will be calculated on the principal amount, and the installments would contain principle and interest
Let's have a better understanding with the help of an example below:
Suppose you take a loan amount of 2,00,000 at the rate of 14% per annum with the tenure of 5 years. Below is a table showing EMI, Interest, and Total Amount Payable towards the loan.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|LOAN AMOUNT||INTEREST RATE||TENURE||MONTHLY INSTALMENT||TOTAL INTEREST AMOUNT||TOTAL AMOUNT|
|₹ 2,00,000||14%||1||₹ 17,957||₹ 15,489||₹ 2,15,489|
|₹ 2,00,000||14%||2||₹ 9603||₹ 30,462||₹ 2,30,462|
|₹ 2,00,000||14%||3||₹ 6836||₹ 46,079||₹ 2,46,079|
|₹ 2,00,000||14%||4||₹ 5465||₹ 62,334||₹ 2,62,334|
|₹ 2,00,000||14%||5||₹ 4654||₹ 79,219||₹ 2,79,219|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|LOAN AMOUNT||INTEREST RATE||TENURE||MONTHLY INSTALMENT|
|₹ 2,00,000||14%||1||₹ 17,957|
|₹ 2,00,000||14%||2||₹ 9603|
|₹ 2,00,000||14%||3||₹ 6836|
|₹ 2,00,000||14%||4||₹ 5465|
|₹ 2,00,000||14%||5||₹ 4654|
IDFC First Bank Personal Loan Features
IDFC First Bank's personal loan can help you realize your dreams of having that perfect wedding to buying your dream car. The loan can also help in meeting unexpected expenses and medical emergencies too. Following are some of the key features:
Easy Application: You can apply for our instant Personal Loans online; we let you know if you are eligible within just 2 minutes. You can also make use of our personal loan eligibility calculator and find out if you qualify for a loan.
High Disbursal Amount: Our quick Personal Loan is available for salaried individuals and self-employed professionals. You can borrow from Rs 1 Lakh to Rs 25 Lakhs basis your eligibility.
Flexible Tenures:You can repay your Personal Loan in tenures ranging between 1 and 5 years.*
Borrow more if you need: You can borrow more money by using the top-up facility available for existing users.