Description

IDFC First Bank personal loan is offered at attractive lowest interest rates of 10.75%* loan amount up to 25 lakh. Flexible repayment tenure up to 5 Years. Completely Digital Process suitable for all immediate monetary needs, Required Documents KYC, Income Proof, Employment Proof.

This bank offers personal loans online with minimal documentation and less paperwork. The interest rate charged by the bank starts from 10.75%* p.a. options for all your immediate monetary needs. The loan amount is offered from Rs. 1 lakh up to Rs. 25 lakh and the tenure is flexible too.

Salaried professionals aged between 23 years and 58 years and self-employed individuals aged between 28 years and 68 years can apply for IDFC First Bank personal loan for their various financial requirements.

IDFC Bank Personal Loan Interest Rate

IDFC First Bank interest rate start from 10.75% 

  • Interest rate: 15% up to 22% p.a. 
  • Processing fee: Up to 3.50%
  • Loan amount: Maximum Rs. 25 lakh 
  • Tenure: 1 year up to 5 years 

Types of IDFC First Personal Loan Interest Rate

There are mainly two types of interest rates applied on a personal loan by IDFC First Bank, as listed below: 

  • Fixed rate of interest: In this case, the rate of interest remains constant throughout the loan tenure. The monthly EMI amount also remains fixed throughout the loan repayment term. This may help the user to plan the monthly expenditure easily. 
  • Floating rate of interest: It depends on the internal benchmark set by the lender or current market conditions. Floating interest rate changes periodically which will also increase or decrease the loan tenure or monthly EMI amount. 

IDFC First Bank Interest rates for different applicant types

IDFC First Bank personal loan interest rates vary from applicant to applicant as under: 

  • Salaried and self-employed applicants: Generally, salaried employees with a stable employment record working with reputed organizations tend to get a personal loan at low-interest than self-employed individuals. 
  • Women: Certain banks and NBFCs offer preferential rates of interest to women, IDFC First Bank is one of them. The bank offers loans to self-employed women, entrepreneurs, and professionals to fulfil their dreams and be financially stable. 
  • Pensioners: Pensioners can avail of special personal loan specifically at a low rate of interest from many banks. 

How to get a low-interest rate on a personal loan?

Here are some following tips to get a low-interest rate on your loan: 

  • Maintain a high credit score. 
  • Keep a low credit utilization ratio. 
  • Do not apply for a personal loan with multiple lenders at the same time. 
  • You need to opt for your loan from a bank/NBFC where you already have an account. 

Factors affecting personal loan interest rates

  • Credit history and credit score: The user must have a credit history and credit score is reflective of their creditworthiness. The higher the credit score, the greater chances of getting approval for a personal loan at a low-interest rate. 
  • Credit utilization ratio: This refers to the ratio of credit used to the total credit available to the applicant. However, the applicant must not exceed 30% of credit limit on a credit card that indicates the user is not credit hungry. 
  • Income: If the user has a higher income, indicates higher repayment capacity which often translates into a preferentially lower rate of interest for the personal loan user. 
  • A pre-existing relationship with the bank: Having a previous relationship with the bank also impacts the personal loan interest rate. For example: if you already have a savings account or a fixed deposit with the bank, you will get a lower rate of interest on your loan. 

Compare IDFC First Bank personal loan interest rate with other banks

Lenders

Interest Rates

Loan Amount

Maximum Tenure

Processing Fee

SBI

Starting from 11.45% up to 14.90% p.a.

Maximum loan amount Rs. 20 lakhs

5 Years

1% of the loan amount

ICICI Bank

Starting from 11.25% up to 22% p.a.

50,000-20 lakh

5 Years

Up to 2.25% + GST

HDFC Bank

Starting from 10.75% up to 21.30% p.a.

Maximum loan amount Rs. 15 lakhs

5 Years

Up to 2.50% 

Bajaj Finserv

Starting from 12.99% onwards p.a. 

Up to 25 lakh

5 Years

Up to 4.13% + GST

Kotak Mahindra Bank

Starting 10.99% p.a. 

Rs.50,000-15 lakh

5 Years

Up to 2.5% + GST 

Axis Bank

Starting from 12% up to 24% p.a.

Rs.50,000-15 lakh

5 Years

1.50%-2.00% + GST

Punjab National Bank

Starting from 9.95% up to 14.50% p.a.

Up to 4 lakh

5 Years

1.80% + GST

Punjab & Sind Bank

12.45% p.a. -12.70% p.a.

Maximum loan amount Rs. 3 lakhs

5 Years

1% of the loan amount

Yes Bank

Starting 10.99% p.a.

Rs.1 lakh-Rs. 40 lakh

5 Years

Up to 2.50% +GST

Citi Bank

10.50% - 17.99% p.a.

Rs.50,000- Rs.30 lakh

5 Years

Up to 3% 

IDFC First Bank

10.75% - 22.00% p.a.

Up to 25 lakh

5 Years

Up to 3.5% 

Induslnd Bank

11.25% onwards

Rs.50,000-Rs.15 lakh

5 Years

Up to 2.50% + GST

Aditya Birla

As low as @14% 

Rs.50,000-Rs.50 lakhs

5 Years

2% of the loan amount

Fullerton India

12.99%-36%

Up to Rs.25 lakh

5 Years

Up to 3% 

How to apply for IDFC First personal loan?

  • Open the official website of IDFC First Bank and apply for a personal loan by duly filling the application form online. 
  • If the user meets the eligibility criteria, the bank will appoint a relationship manager who will come to your correspondence address to collect the necessary documents of the applicant. 
  • After the submission of the documents, it will be verified by the bank. 
  • If the documents provided by you will satisfy the bank, the loan amount will be approved and disbursed directly to your bank account.

IDFC First Bank Corporate Address

IDFC FIRST Bank Ltd Naman Chambers,
C-32, G-Block,
Bandra-Kurla Complex, Bandra East,
Mumbai - 400051, India

The bottom line

As the above-mentioned information will help you to understand the IDFC First Bank personal loan interest rate and provide complete details regarding the same. 

Apart from this IDFC First Bank offers personal loans starting from Rs. 1 lakh up to Rs. 40 lakh at the competitive interest rate. Therefore, if you want to get more information about IDFC First Bank personal loan, visit the official site of the bank or directly contact the customer support team.