Description

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.

IDFC Bank Personal Loan Eligibility Criteria

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.

 

Factors affecting Personal Loan Eligibility Criteria

  • 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.

FAQs

Q1 To get a personal loan from IDFC First Bank, would I have to provide some collateral or security?
Personal loans are unsecured loans. The bank will provide you with a personal loan based on variables such as earnings, age, credit score, etc. To receive a personal loan from IDFC First Bank, you would not be allowed to pledge any collateral.
Q2How much time would the lender take to authorize my loan and disburse the amount of the loan?
To review the documents submitted by you and disburse the loan sum to your bank account, the lender will take about 7 days.
Q3How do I get my loan repaid?
IDFC Personal Loans will be repaid in Equivalent Monthly Instalments (EMIs) from another bank account of your choosing via EFT (Electronic Fund Transfer). To debit the EMI from your IDFC Bank account, you also have the option to repay the loan via Standing Instruction.
Q4How can I measure the EMI payable before IDFC First Bank's loan is used?
You can verify the amount of EMI payable by using the EMI calculator available on the lender's official website. You may enter the information required and check the payable EMIs. By visiting its official website, you can also use the EMI calculator facility provided by Afinoz. You will have to enter the information you need to find the EMIs you are going to have to pay for.
Q5 How to verify the status of an IDFC Bank personal loan?
To obtain more information, visit our IDFC bank personal loan status page. The https://www.idfcfirstbank.com/loanTracking.html link can also be visited. Enter the number of the application, followed by your registered mobile number, and enter the given Captcha. Click the continue button.
Q6How to contact customer service for personal loans from IDFC Bank?
For more info, visit our IDFC bank personal loan customer care page. In the event of any loan-related questions, you can also dial 1860-500-9900. If your question has yet to be answered and you want the problem to escalate, you can call 1800-419-2332. By sending an email to customercare@idfcfirstbank.com, you can also get your questions answered.