IDFC Bank Personal Loan

Description

IDFC Bank (presently known as IDFC First Bank) is an Indian banking organization having its Head-Quarters in Mumbai. It is a part of IDFC, the integrated infrastructure finance company.

IDFC Bank personal loan

IDFC bank offers personal loan products that are quick, transparent, competitive, and yet are customized to address every need of yours. It provides loans for varied purposes such as travelling, wedding, business expansion, education abroad to name a few!  These loans are available with flexible tenures, highly competitive interest rates, nominal charges, and simple documentation.  

IDFC Bank offers 3 distinct personal loan products, and you can choose the one as per your distinct needs. These personal loan products are as follows:

• Simple Personal Loan
• Smart Personal Loan
• Personal Loan Balance Transfer

Interest Rates & Charges - IDFC personal loan

Features and Benefits - IDFC personal loan

Here are some general features& benefits of an IDFC personal loan-

• IDFC Bank offers highly competitive interest rates on personal loans. The IDFC interest rates are in the range of 11.5% to 14.5 %. It follows the fixed rate of interest for its personal loans. The APR is kept in the range of 12 % to 19 %. 
• The Completely transparent loan procedure
• Flexible repayment period ranging from 12 to 60 months. Your EMI will be fixed depending on your eligibility and tenure.
• Simplified documentation. You can even enjoy paperless approval on select IDFC First products.
• Low prepayment charges of 3% of the outstanding balance, if you decide to pay your IDFC loan early
• You do not need any guarantor to avail an IDFC personal loan
• Optional loan protect/insurance covers  are provided to protect your IDFC personal loan

Features of the IDFC Simple Personal loan

• Applicable only for salaried individuals
• You can avail the ‘Banker-call-on- assistance service’ 24 by 7
• You can enjoy a flexible loan tenure starting from as low as 3 months to 60 months.
• Multiple insurance covers such as critical illness cover, personal accident insurance, death cover, and job loss cover are provided on an optional basis.

Features of the IDFC Bank Smart Personal loan

• A free part-payment facility is offered with this IDFC First loan. You can pre-pay your loan either in full or part without incurring any extra charges.
• You can avail the ‘Banker-call-on- assistance service’ 24 by 7
• You can enjoy a flexible loan tenure starting from as low as 3 months to 60 months.
• Multiple insurance covers such as critical illness cover, personal accident insurance, death cover and job loss cover are provided on an optional basis. 

Features of the IDFC Bank Personal loan Balance Transfer

• You can consolidate and transfer all the balance of your existing unsecured personal loans to a single IDFC loan account.
• Thus, you can repay all your loans in one single place, with a single EMI 
• You can enjoy a better interest rate than you had in your previous loans
• You can choose anyone between the simple and smart loans while availing the balance transfer facility.

Eligibility Criteria - IDFC personal loan

Eligibility for an IDFC personal loan is decided depending on certain parameters. An applicant must fulfill the below-mentioned loan eligibility criteria:

• Both the salaried and self-employed individuals are eligible for an IDFC personal loan
• individuals must be in the age bracket of 23 to 58 years
• IDFC Bank offers a minimum Loan Amount of Rs 1 lakh and a maximum amount of Rs 40 lakh 
• IDFC Bank takes into account the repayment capacity, employment status credit history, and credit score and of the customer for deciding on the eligibility of the customer.

Document Required - IDFC personal loan

Documents Required for a salaried person -

• 6 months bank statement/3 months’ salary slips
• PAN card is mandatory.
• Basic KYC (ID Proof & address proof). 
• ID Proof may include Aadhar Card, Voter ID, and Driving License
• Address proof may consist of Electricity Bill/Landline phone bill/ Registered rental deed
• 2 Passport size photographs

Additional Documents Required for a Self-employed person -

Last 2 years’ Income Tax Returns (ITR) and 1 Year Bank Statement (Business Certificate)

Why Afinoz?

Why should you apply for an IDFC Bank Personal Loan through Afinoz.com?

Afinoz.com has simplified and digitized the procedures related to the application of a personal loan.  Its efficient platform enables you to choose the best loan offer from the multiple options available. All the possibilities are shortlisted by considering your specific needs.

• A Bonanza offer is up for grabs- A cashback of up to Rs 5000 is up for grabs when an IDFC personal loan is disbursed to you through Afinoz. 
• Secure Environment - Your personal information is stored in a highly secured environment inside the Afinoz system. This information is communicated to your lender in a digitally encrypted format.
• Instant Approval – Once you correctly fill your application and submit it along with other prescribed documents, your e-approval will be accorded within just a couple of days.
• Online eligibility check – You do not need to visit the IDFC branch to check your loan eligibility and can do all your dealings online. Provide some basic information to the Afinoz personal loan eligibility calculator, and it will tell you the loan amount you are eligible to avail from IDFC bank within a minute!
• Real-time application tracking – A unique transaction id will be generated for you when you submit your IDFC personal loan application. With this ID, you can keep track of your application status in real-time. All the applicants are also kept informed about their application process at every stage through SMS and emails.
• 24/7 Customer Service – All the queries you have at any stage of the loan application process will be addressed by our experienced and well-trained customer service team 24*7. No need for you to make multiple trips to the IDFC bank to discuss loan details.
• No third-party agent – Through Afinoz you can directly approach the bank online without the need of an agent. Thus you can save money and avoid unnecessary hassles and delays.
• Free quotations – Afinoz has established exclusive tie-ups with the IDFC Bank. Thus, you can have access to the attractive online deals from IDFC bank personal loans and get free unbiased quotes for the best loan rates. You just need to select the personal loan amount and the loan tenure. You will receive a customised online quote within minutes.

How IDFC Personal Loan is different from its competitors? 

Compare IDFC Bank Personal loan with other banks