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

IDFC bank personal loan interest rates

General -Interest Rates

For salaried & self-employed

 11.5 % to 14.5 %

Loan tenure

From 12 to 60 months (from 3 to 60 months for IDFC Simple and IDFC Smart personal loans)

Processing Fee

Up to 1% of the loan amount – For loans up to Rs 7.5 lakhs + applicable GST

Less than 1 % - For loans above 7.5 lakhs+ applicable GST

Preclosure fee

3% of the outstanding balance + applicable GST

Loan Amount

Up to Rs 40 lakhs

Prepayment charges

No pre-payment charges for prepayment of 40% of the amount on a given year

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? 

Lender

Loan Amount

Interest Rate

Personal Loan EMI for Different Tenures

For 1 Year

For 3 Year

For 5 Year

SBI personal loan

Rs. 1,00,000

11%

Rs. 8,838

Rs. 3,274

Rs. 2,174

IDFC Personal Loan

Rs. 1,00,000

11.5%

Rs. 8861

Rs. 3298

Rs. 2199

HDFC Bank

Rs. 1,00,000

15.50%

Rs. 9,049

Rs. 3,491

Rs. 2,405

ICICI Bank

Rs. 1,00,000

11.25%

Rs. 8,850

Rs. 3,286

Rs. 2,186

Bajaj Finserv

Rs. 1,00,000

12.99%

Rs. 8,931

Rs. 3,369

Rs. 2,275

Citibank

Rs. 1,00,000

10.99%

Rs. 8,838

Rs. 3,273

Rs. 2, 174

IDFC Bank

Rs. 1,00,000

11.50%

Rs. 8,862

Rs. 3,298

Rs. 2,199

Axis Bank

Rs. 1,00,000

15.75%

Rs. 9,061

Rs. 3,503

Rs. 2,419

Tata Capital

Rs. 1,00,000

11.25%

Rs. 8,850

Rs. 3,286

Rs. 2,186

Fullerton India

Rs. 1,00,000

20%

Rs. 9,263

Rs. 3,716

Rs. 2,649

IndusInd Bank

Rs. 1,00,000

11.99%

Rs. 8,884

Rs. 3,321

Rs. 2,224

Kotak Bank

Rs. 1,00,000

11.25%

Rs. 8,850

Rs. 3,286

Rs. 2,186

RBL Bank

Rs. 1,00,000

14.5%

Rs. 9,002

Rs. 3,442

Rs. 2,353

IIFL

Rs. 1,00,000

13%

Rs. 8,932

Rs. 3,369

Rs. 2,275

HDB Financial

Rs. 1,00,000

13.99%

Rs. 8,978

Rs. 3,417

Rs. 2,326

Karur Vysya Bank

Rs. 1,00,000

13.90%

Rs. 8,974

Rs. 3, 413

Rs. 2,322

Punjab National Bank

Rs. 1,00,000

12%

Rs. 8,885

Rs. 3,321

Rs. 2,224

Vijaya Bank

Rs. 1,00,000

12.90%

Rs. 8,927

Rs. 3,365

Rs. 2,270

Union Bank of India

Rs. 1,00,000

12.60%

Rs. 8,913

Rs. 3,350

Rs. 2,255

Syndicate Bank

Rs. 1,00,000

14.20%

Rs. 8,988

Rs. 3,427

Rs. 2,337

Standard Chartered Bank

Rs. 1,00,000

11.99%

Rs. 8,884

Rs. 3,321

Rs. 2,224

Indian Overseas Bank

Rs. 1,00,000

12.45%

Rs. 8,906

Rs. 3,343

Rs. 2,247

Andhra Bank

Rs. 1,00,000

12.85%

Rs. 8,925

Rs. 3,362

Rs. 2,268

Bank of Baroda

Rs. 1,00,000

11.60%

Rs. 8,866

Rs. 3,302

Rs. 2,204

Bank of Maharashtra

Rs. 1,00,000

12.95%

Rs. 8,929

Rs. 3,367

Rs. 2,273

Canara Bank

Rs. 1,00,000

14.10%

Rs. 8,983

Rs. 3,423

Rs. 2,332

Corporation Bank

Rs. 1,00,000

12.90%

Rs. 8,927

Rs. 3,365

Rs. 2,270

Dena Bank

Rs. 1,00,000

11.60%

Rs. 8,866

Rs. 3,302

Rs. 2,204

Federal Bank

Rs. 1,00,000

10%

Rs. 8,791

Rs. 3,227

Rs. 2,125

IDBI Bank

Rs. 1,00,000

12.50%

Rs. 8,908

Rs. 3,345

Rs. 2,250

Allahabad Bank

Rs. 1,00,000

12.80%

Rs. 8,922

Rs. 3,360

Rs. 2,265

Indian Bank

Rs. 1,00,000

14.20%

Rs. 8,988

Rs. 3,427

Rs. 2,337

Yes Bank

Rs. 1,00,000

10.75%

Rs. 8,826

Rs. 3,262

Rs. 2,161

FAQs

Q1How much can I borrow?
You can borrow an IDFC loan ranging from Rs. 1,00,000 to Rs. 40, 00,000 -depending on your monthly income and repayment capacity.
Q2How can I repay my IDFC Bank Personal Loan?
You can easily repay your IDFC Bank personal loan in equal monthly installments (EMIs). The EMI can be paid through post-dated cheques (PDCs), ECS or a standing instruction (SI) to debit your Bank account with the EMI amount.
Q3Will a Salary Account help me get an IDFC personal loan?
If you have a Salary Account with IDFC Bank, you are more likely to get a special interest rate and minimal documentation.
Q4How long will the IDFC Bank take to process my Personal loan?
Once you submit the required documents in addition to your loan application form to the satisfaction of the IDFC Bank, you can expect the loan disbursal within 5 working days. Please note that all loan disbursals are matters of the sole judgment of the IDFC bank.
Q5How do I know if am eligible for an IDFC personal loan?
It’s simple! You can check your IDFC personal loan eligibility by using the personal loan eligibility calculator at afinoz.com
Q6How much interest is charged by the IDFC Bank on a personal loan?
The IDFC personal loan interest rates vary in the range of 11.5% to 14.5%
Q7What is the minimum and maximum tenure of IDFC Bank personal loan?
You can conveniently repay an IDFC personal loan within a period of a minimum of 12 months to a maximum of 60 months (from 3 to 60 months for IDFC Simple and IDFC Smart personal loans)
Q8How much processing fee is charged by IDFC Bank on a personal loan?
A processing fee of Up to 1% of the loan amount is charged for loans up to Rs 7.5 lakhs (plus applicable GST). The processing fee is less than 1% for loans above 7.5 lakhs (plus applicable GST).