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When Should I Borrow An IDFC Bank Personal Loan?

You can buy a personal loan from IDFC FIRST Bank. and the advantage of this is that you don’t have to submit the assets. The loan can be borrowed solely on your personal loan eligibility. For this the bank will take your income, credit history and monthly obligations into account. Read this post and know more about the IDFC Bank personal loan.

What is the IDFC Bank Personal Loan Eligibility?

You can get a personal loan from IDFC FIRST Bank if you are self-employed or salaried. Check out the below mentioned eligibility criteria. 

For Self Employed Individuals:

  • The business must be in existence for 3 years minimum

  • The company’s profit after tax (PAT) for the last two financial years should be positive

  • Age of the applicant should be between 28 and 68 years

For Salaried Individuals:

  • Age of the applicant should be between 23 and 58 years

  • Must be working in private or public sector company

So, if you met the above criteria, that means you are eligible for IDFC Bank personal loan.

List of Documents Required for IDFC Bank Personal Loan!

The borrower must submit the following documents for verification when they are applying for a IDFC Bank personal loan.

  • Photo Identity Proof such as Passport, Pan Card, Voter Identity Card, Driving License, or Aadhaar Card.

  • Address Proof such as Ration Card, Passport, Bank Account Statement, Aadhaar Card, Driving License, Electricity Bill, Telephone Bill, Sale Deed or the Property purchase agreement (for self-owned properties).

  • Income Proof for instance last 3 or 6 month's bank statement, salary credits, current Salary Slip (For Salaried Individuals only), 2 year ITR, P&L and balance sheet for the last 2 years, Business proof (For Self-Employed Individuals only).

  • Qualification Certificate, the Certificate of Practice (COP), Shop Act License, MOA & AOA, Sales Tax, Vat registration, Partnership Deed for self-employed applicants only.

So, take a look at the list above if you are interested in IDFC Bank personal loan.

Why to Apply for IDFC Bank Personal Loan?

You should apply for the IDFC FIRST Bank loan, because it provides you the following benefits:-

  • IDFC Bank Personal Loan can help you meet your dreams of having a perfect wedding, a dream of going to the best holiday destination. And can also help in meeting unexpected expenses like medical emergencies too.

  • You can apply for this personal loan online instantly; and you will get a call if you are eligible for the loan within just 2 minutes. You can also use the IDFC Bank personal loan eligibility calculator if you want, to make sure your application won’t get rejected.

  • You can borrow from INR 1 to 25 Lakhs 

  • You can repay the IDFC Bank Personal Loan in tenures ranging between 1 and 5 years

  • If you are an exciting customer, you can borrow more money from IDFC  FIRST Bank by using the top up facility of the personal loan.

  • IDFC Bank Personal Loan interest rates are reducing which means that your outstanding principal amount and payable interest reduces if you pay the EMI on time

  • IDFC First Bank charges an interest rate from 10.99-22.00% on personal loans

  • Also before the loan disbursal, the bank will deduct the processing charge from your loan amount that can be 2.00-2.50% of the loan amount.

  • You can foreclose the loan anytime during the tenure of your loan for which the bank charges a foreclosure fee of 5% on the principal outstanding amount.
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