Consolidation Loans from IDFC First Bank (IDFC First Bank)
Different loan schemes for debt consolidation.
Headquartered in the financial capital of the country, IDFC First Bank (formed after the recent merger of Capital First Bank and IDFC Bank) offers a range of financial products to different segments of its customer base. IDFC First Bank offers a range of loans that are specifically suited for your different needs.
IDFC First Bank Consolidation Loans
An IDFC First Bank consolidation loan helps customers pay off all their debts and consolidate them into one by choosing suitable terms and repay it easily. These can be unsecured loans like personal loans or secured loans like loans against property, gold, time deposits, or securities. Balance of transfer loans and top-up loans can also be considered to be consolidation loans if they are used to repay/consolidate relatively high-interest debts.
Consolidation loans help customers make their lives easier since they only have to think of making one repayment per month instead of worrying about making multiple repayments during a month. The overall debt burden may also reduce since consolidation loans are usually chosen by comparing interest rates and repayment periods.
The important thing to note here is that the IDFC First Bank does not label a specific loan as a consolidation loan. Instead, a few schemes can be used for the purpose of consolidating debts even if they are not directly labelled so. Here are some of the loan schemes offered by IDFC First Bank that you can avail as a consolidation loan:
- IDFC First Bank Personal Loan
- IDFC First Bank Loan Against Property
- IDFC First Bank Home Loan – Balance of Transfer Facility
We give you a brief introduction to each of these consolidation loans below. In addition, you have the option to click further and read in detail about each loan (the link takes you to another page on our website). This specific page has been specifically designed so that you can get all the information you need on that loan in an uncluttered and easy-to-read format.
IDFC First Bank Personal Loan
This loan is specifically designed for salaried employees of govt. organisations, public sector undertakings and reputed private organisations and self-employed individuals to help them get funds to meet their urgent financial needs. Borrowers can also repurpose this personal loan into a consolidation loan to pay off their high-interest credit card debts and loans.
Features of IDFC First Bank Personal Loan
Why this Loan?
- The IDFC First Bank Personal Loan is meant for salaried employees of government units/institutions, public sector undertakings and self-employed individuals who need funds to meet their personal needs. This loan can also be used to pay off high-interest debts, thereby consolidating debt
- Interest is levied on daily reducing balance which means that as the outstanding principal amount reduces after each repayment, the interest payable on the loan also reduces
IDFC First Bank Loan Against Property
This loan helps borrowers get access to funds by mortgaging their property to the bank to meet their urgent financial needs such as wedding expenses, travel expenses, medical exigencies, higher education and so on. This loan can also be repurposed into a consolidation loan to pay off high-interest debts
Features of IDFC First Bank Loan Against Property
Why this Loan?
- The IDFC First Bank Loan Against Property is meant for borrowers who want to avail financial assistance by mortgaging their property to the bank to meet their urgent financial needs such as travel expenses, medical expenses, debt consolidation, etc.
- Borrowers can increase their loan eligibility by adding the income of other family members
IDFC First Bank Home Loan Balance of Transfer Scheme
This top-up loan helps IDFC First Bank home loan borrowers get access to funds for meeting their personal needs. In addition to being used to meet financial expenses directly related to the house, this loan can also be used as a consolidation loan to pay off debts.
Features of Home Loan Balance Transfer
Why this Loan?
- The IDFC First Bank Home Loan Balance of Transfer Facility scheme is meant for IDFC First Bank home loan borrowers who want to transfer their home loan from another bank or financer to IDFC First Bank
- If the borrower can choose the terms correctly, this loan can easily be repurposed as a consolidation loan
Important Note: IDFC First Bank may offer more consolidation loan options that are not yet published on the website. If you prefer we suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, strategic premium, etc. may be decided on a case-to-case basis.
Interest Rate for IDFC First Bank Consolidation Loans
- The applicable interest rate on these loans is defined as the sum of two factors namely, one-year Marginal Cost of Funds Based Lending Rate (MCLR) and (Strategic) Spread. As of October 2020, the MCLR of IDFC First Bank is 8.70%. The Spread factor is decided by the bank based on the loan type, quantum of loan and credit score of the borrower
Documents Needed for Individuals (Salaried and Self-employed)
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
- Income/Banking Proof for Self-employed Professionals/Self-employed Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.
- IDFC First Bank Website: www.idfcfirstbank.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Toll-Free Number: 1860 500 9900