Thinking of a quick loan to pay off your debts?

Take a look at the IDFC First Bank Personal Loan

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

Loan Amount

  • The maximum loan amount offered under this loan scheme is up to Rs. 40 lakh

Interest

  • As of October 2020, the interest rate applicable to this loan is not mentioned on the bank’s website. Please talk to a bank representative to get more details

Repayment


  • This loan must be repaid within 5 years

Eligibility

  • Salaried employees of Public Sector Undertakings, Central Government or State Government units, reputed corporate entities, educational institutions of national repute, etc. with at least one year of work experience at the current organisation are eligible for this loan
  • Self-employed individuals with at least 2 years of business experience are eligible for this loan

Security Needed

  • This is a collateral-free loan

Processing Charges


  • The bank charges 3.50% of the loan amount for processing this loan

Documents Needed

  • 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 Individuals: 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.

Reference Facts

  • IDFC First Bank Website: www.idfcfirstbank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Toll-Free Number: 1860 500 9900