IDFC First Bank Personal Loan Eligibility Criteria 2022

It is best to know the eligibility requirements and the variables that influence your loan application to ensure that your loan is not denied as it will negatively affect your credit score any time your loan is rejected. If your credit score drops a lot, obtaining a loan will become very complicated or the loan will have a very high-interest rate.

Salaried	Self-Employed
An applicant should be a salaried person working in government, private or MNCs companies	The business must be operating for past 3 years.
An applicant’s age should be between 23 years to 60 years	An applicant’s minimum age should be of 28 years and maximum of 68 years
An applicant’s monthly income should be minimum of Rs. 20,000	The organisation’s PAT (Profit after tax) should be positive for past 2 years.
A maximum loan amount of 15x of monthly income can be acquired by the applicant.

• Age: There is an age requirement for personal loan approval. The minimum age limit is 23 years for the use of a personal loan, and the maximum age is 60 years. For a maximum duration of 60 months, IDFC First Bank provides personal loans.
• Net Income: The net income needed to make use of a personal loan is around Rs. 20,000 per month. Your salary determines your qualifications (Net take-home salary). Your ability to pay EMIs is calculated based on the income received, as the EMI loan does not affect your living standards.
• FOIR: FOIR (Fixed Obligation to Income Ratio) is an important parameter used by IDFC First Bank to assess the IDFC First Bank personal loan eligibility. When calculating your eligibility, IDFC First Bank takes into account all your fixed obligations (like rent or current EMIs). The minimum FOIR required to be eligible for the IDFC First Bank personal loan is 0.50. Calculate and compare your eligibility with the personal loan calculator of IDFC First Bank and apply for the approved loan amount without any hassle online.
• Co-applicant: Adding a co-applicant increases your loan eligibility as it increases your potential for repayment. Ensure that a co-borrower with good revenue flow, minimal fixed obligations, and a solid credit score is added.
• CIBIL Score: Your credit behavior and track record are recorded in your CIBIL score by your previous lenders and credit card providers. It is one of the most significant factors in deciding your personal loan eligibility is the CIBIL ranking. IDFC First Bank will review the full credit report while verifying eligibility for a personal loan, which also includes all previous running loans and the payment track record on loans and credit cards. A higher credit score increases the likelihood that your IDFC First Bank loan application will be accepted. However, your ability to get a personal loan is limited by a low CIBIL ranking. To be eligible for a personal loan, IDFC First Bank demands a minimum credit score of 650. Cut para in 2 paragraphs its too big 
• Job stability and occupation- To improve your eligibility to obtain a personal loan from IDFC First Bank, job stability is necessary. To assess your job security and career, your overall work experience and current work experience are evaluated. IDFC First Bank aims for a minimum total of 12 months of experience and also looks for candidates who have been hired for a minimum of 6 months in the current job.
• Place of residence and stability: Banks are very unique to the borrower's residence. There are just a few places that the bank finds negative. IDFC First Bank has a pre-decided list of areas in which the loan will be lent by the bank. The bank also has a derogatory list of locations where, based on the past credit conduct of borrowers from those locations, it will not lend. By testing the number of years since you lived in your current residence, IDFC First Bank also tests your residential stability. It increases your chance of getting a loan from IDFC First Bank if you are living in your own home. The minimum residence stability that should be taken into account by the bank is 12 months.
• Industry Type – IDFC First Bank has a negative list of professions and types of industry, identified as a customer or industry segment to which they will not offer the loan. So, the chances of getting a loan approval also depend on your occupation and the industry you are working in.
• Salary Mode: Most banks consider the salary transferred to the bank account to be a healthy and secure income with sufficient proof of income. If you earn well but get salaries by cash or cheque, then the bank will not give you the loan because to justify your loan amount, the bank wants concrete proof of your wage. So, if you apply for a personal loan, IDFC First Bank prefers the salary transfer mode of payment.