IDFC FIRST Bank personal loan interest rates start at 9.99% p.a. The rate offered to you can vary based on factors such as your credit profile, income, employment and existing financial obligations. The interest rate is only one part of the total borrowing cost. Your loan amount, tenure, EMI, processing fee and other applicable charges also affect the total amount you repay.
This guide explains the IDFC FIRST Bank personal loan interest rate, EMI, eligibility, processing fee, foreclosure charges and application process, so you can assess the loan before applying.
What are the Types of Personal Loans Offered by IDFC FIRST Bank?
IDFC FIRST Bank offers different personal loan options based on what you need the money for and how you want to use the loan. Depending on your eligibility, you may see options such as instant, digital, flexi, pre-approved, and profession-based personal loans.
The loan amount, interest rate, repayment period and other terms can vary depending on your profile and the option available to you.
Instant Personal Loan
If you need money quickly, an instant personal loan can help you get funds without a lengthy application process. IDFC FIRST Bank says eligible customers can get a personal loan disbursal within 10 minutes, subject to verification and the applicable terms.
Flexi Personal Loan
A flexi personal loan gives you more flexibility in how you use the approved loan amount. The exact features, including how you can use and repay the facility, depend on the terms offered by the bank.
Pre-approved Personal Loan
If you already have a relationship with IDFC FIRST Bank, you may receive a pre-approved personal loan offer. These offers are available only to eligible customers and can make the application process quicker. Before accepting one, check the interest rate, fees, loan amount and repayment terms.
Profession-based Personal Loan:
Some personal loan options may consider your profession or employment profile when assessing your eligibility. Your income, credit history, occupation and other details can affect the loan amount and terms offered to you.
How Much EMI Will You Pay on an IDFC FIRST Bank Personal Loan?
Your EMI depends on the loan amount, interest rate and repayment tenure. A higher loan amount increases the EMI when the interest rate and tenure remain unchanged. A longer tenure can reduce the monthly EMI, but it can also increase the total interest paid over the loan period.
For example, if you take a ₹15 lakh personal loan at 9.99% p.a., the approximate EMI would vary with the repayment tenure:
| Loan Amount | Interest Rate | Tenure | Approx. EMI |
|---|
| ₹15 lakh | 9.99% p.a. | 1 year | ₹1,31,867 |
| ₹15 lakh | 9.99% p.a. | 2 years | ₹69,210 |
| ₹15 lakh | 9.99% p.a. | 3 years | ₹48,394 |
| ₹15 lakh | 9.99% p.a. | 4 years | ₹38,037 |
| ₹15 lakh | 9.99% p.a. | 5 years | ₹31,863 |
Note: These are illustrations based on the 9.99% starting rate. Your actual EMI will depend on the rate, loan amount and tenure in your final loan offer.
How Is IDFC FIRST Bank Personal Loan Interest Calculated?
IDFC FIRST Bank states that its applicable personal loan interest rate is calculated on a monthly reducing balance basis. This means the interest component is calculated on the outstanding principal, which reduces as you repay the loan through EMIs.
You can estimate your monthly EMI using the standard reducing-balance EMI formula:
EMI = P × R × (1 + R)ⁿ ÷ [(1 + R)ⁿ − 1]
Where:
- P = Principal loan amount
- R = Monthly interest rate, calculated as annual interest rate ÷ 12 ÷ 100
- N = Total number of monthly instalments
Example of IDFC FIRST Bank Personal Loan Interest Calculation:
Suppose you borrow ₹15 lakh at 9.99% p.a. for 5 years.
- Loan amount (P) = ₹15,00,000
- Annual interest rate = 9.99% p.a.
- Monthly interest rate (R) = 9.99 ÷ 12 ÷ 100 = 0.008325
- Tenure (N) = 5 × 12 = 60 months
Using the EMI formula, the estimated EMI is approximately ₹31,862 per month.
Over 60 months:
- Total repayment: approximately ₹19.12 lakh
- Total interest: approximately ₹4.12 lakh
These figures are illustrations based on the starting rate of 9.99% p.a.* Your actual EMI and total interest will depend on the interest rate, loan amount and tenure in your final IDFC FIRST Bank loan offer. Processing fees, stamp duty and other applicable charges are not included in this calculation.
IDFC FIRST Bank Personal Loan Interest Rate for ₹1 Lakh
The interest payable on a ₹1 lakh personal loan depends on the applicable interest rate and repayment tenure. There is no single interest amount for every borrower because the final rate can vary based on the applicant's profile and loan terms.
For example, at an illustrative rate of 9.99% p.a. for 5 years, a ₹1 lakh loan would have an estimated EMI of approximately ₹2,124. The total interest over 60 months would be approximately ₹27,455, excluding applicable fees and charges.
IDFC FIRST Bank Personal Loan Interest Rate for ₹5 Lakh
At an illustrative rate of 9.99% p.a. for 5 years, a ₹5 lakh personal loan would have an estimated EMI of approximately ₹10,621. The total interest over the tenure would be approximately ₹1.37 lakh, excluding applicable fees and charges.
IDFC FIRST Bank Personal Loan Interest Rate for ₹10 Lakh
At an illustrative rate of 9.99% p.a. for 5 years, a ₹10 lakh personal loan would have an estimated EMI of approximately ₹21,242. The total interest over the tenure would be approximately ₹2.74 lakh, excluding applicable fees and charges.
These examples are intended to help you understand how the loan amount, interest rate and tenure affect your repayment. Use the rate actually offered to you by IDFC FIRST Bank when calculating the final EMI and total repayment.
What is the Eligibility for an IDFC FIRST Bank Personal Loan?
IDFC FIRST Bank states the following eligibility criteria for its personal loan:
| Eligibility Criterion | Requirement |
|---|
| Age | 21 to 60 years |
| Employment | Salaried or self-employed |
| Minimum monthly income | ₹10,000 |
| CIBIL score | 710+ for salaried applicants; 760+ for self-employed applicants |
Meeting these criteria does not guarantee loan approval. The bank also considers factors such as repayment capacity, existing financial obligations, income and credit history when assessing an application.
What Documents Are Required for an IDFC FIRST Bank Personal Loan?
Applicants may need to provide documents to verify their identity, address, income and employment details. The exact documents can vary based on the applicant’s employment type and the bank’s requirements.
Commonly required documents include:
- Identity and address proof: Aadhaar Card, PAN Card, passport or other valid KYC documents
- Income proof for salaried applicants: Recent salary slips and bank statements
- Income proof for self-employed applicants: Income Tax Returns and relevant financial documents
- Bank statements: Recent statements showing income and financial transactions
- Photograph: Recent passport-size photograph, where required
The bank may ask for additional documents during the application or verification process. Applicants should keep their KYC and income documents ready to avoid delays in processing.
What Are the Processing Fees and Other Charges?
| Type of Charge | Fee or Charge |
|---|
| Processing fee | 0% to 3.5%* of the loan amount, inclusive of GST |
| Stamp charges | As per the applicable State Stamp Act |
| Penalty on overdue EMIs | 12% p.a. (1% p.m.) or Rs. 300, whichever is higher. No GST will be applicable. |
| EMI bounce charges | 12% of the bounced EMI amount with a minimum charge of ₹400 and a maximum of ₹1000 (excluding GST).0 |
| Payment swap charges | NIL only if you complete the loan payment completely and not in instalments. Also, older offline loans or different loan products might have a closure fee of up to 5% or a waiting period. |
| EMI pickup or collection charges | ₹500 |
| Duplicate No Objection Certificate | ₹500 |
| Physical Statement of Account | ₹500 |
| Document retrieval charges | ₹500 |
| Cooling-off period | 3 days; the loan can be cancelled without penalty within this period |
The IDFC FIRST Bank personal loan processing fee ranges from 0% to 3.5% of the loan amount, inclusive of GST. The bank states that the 0% processing fee is available on select loan amounts.
*Note: GST applies to applicable service charges. Check the charges applicable to your loan before accepting the offer.
What are the IDFC FIRST Bank Personal Loan Foreclosure Charges?
IDFC FIRST Bank currently lists zero foreclosure charges for its FIRSTmoney Digital Personal Loan. This means you can pay off your loan early and close your account without paying a penalty fee. However, foreclosure charges can differ for other loan products or loan agreements, so borrowers should check the applicable sanction letter and schedule of charges.
- Full Foreclosure Only: The 0% fee only applies if you pay off the entire loan and close it completely. You cannot make smaller, partial payments to just lower your EMI.
- Broken Period Interest: You must pay interest for the exact number of days between your last EMI and the day you close the loan. For example, if you close it 10 days after your last EMI, you pay 10 days of interest.
- Outstanding Default Clearance: The bank only waives the closure fee. If you have any missed EMIs, late fees, or bounce charges, you must pay them off before you can close the loan.
- Foreclosure via Own Funds: This free closure is for borrowers using their own savings. If you shift your loan to another bank (balance transfer) or use another commercial lender, IDFC may charge you a fee.
- Legacy Loan Terms: Newer digital loans have zero fees. However, older offline loans or different loan products might have a closure fee of up to 5% or a waiting period. Therefore, borrowers should check their sanction letter, loan agreement and applicable schedule of charges rather than assume that zero foreclosure charges apply to every IDFC FIRST Bank personal loan.
Can You Make a Part Prepayment on an IDFC FIRST Bank Personal Loan?
Part prepayment means paying a portion of your outstanding principal before the scheduled due date without closing the loan completely. IDFC FIRST Bank's published personal loan terms state that part payment is not allowed for the applicable personal loan product.
If you want to repay the loan before the original tenure ends, check whether your specific loan allows foreclosure and review the applicable terms before making the payment.
What is the Minimum and Maximum Tenure for a Personal Loan?
IDFC FIRST Bank offers personal loan repayment tenures based on the loan product and the terms approved for the borrower. The tenure you choose affects both your monthly EMI and the total interest you pay over the loan period.
Key Takeaways
- Shorter loan tenures can reduce the total interest paid but usually result in higher monthly EMIs.
- Longer tenures can lower the monthly EMI but may increase the total interest paid over the loan period.
- IDFC FIRST Bank personal loans offer repayment tenures ranging from 9 months to 60 months (5 years).
- Choose a tenure based on your monthly repayment capacity and the total interest you are comfortable paying.
How to Apply for an IDFC FIRST Bank Personal Loan?
You can apply for an IDFC FIRST Bank personal loan through the bank's digital application process. Here are the steps you need to follow:
Step 1: Enter your basic personal and financial details.
Step 2: Check your eligibility and available loan offer.
Step 3: Select the loan amount and repayment tenure.
Step 4: Provide the required information and documents.
Step 5: Complete the required verification and Video KYC.
Step 6: Review the loan terms before accepting the offer.
Step 7: After approval and completion of the required formalities, the bank disburses the loan amount.
IDFC FIRST Bank states that eligible applicants can receive loan disbursal in as little as 10 minutes after approval and completion of the required verification.
IDFC Personal Loan Customer Care Number & Contact Details
You can contact IDFC FIRST Bank for personal loan queries, loan repayment assistance, foreclosure requests and other loan-related services through its customer care channels. The bank provides 24x7 customer support, while its Retail Assets or Loans team operates from 9:30 AM to 6:00 PM every day, including bank holidays.
| Service | Contact Details/ Availability | Availability |
|---|
| Customer Care | 1800 10 888 (General Customer Care (Accounts, Credit Cards, and General Banking): Available 24/7. | 24x7 |
| WhatsApp Support | 95555 55555 | Available through WhatsApp |
| Retail Assets / Loans Team(Home Loans, Personal Loans, Consumer Durable Loans) | Available daily from 9:30 AM to 6:00 PM, including bank holidays on primary Toll-free number: 1800 10 888 | 9:30 AM to 6:00 PM, all days including bank holidays |
| Branch Support | Visit your nearest IDFC FIRST Bank branch | |
What Should You Check Before Accepting the Loan?
Do not compare the starting interest rate alone. Before accepting an IDFC FIRST Bank personal loan, check:
- Interest rate: Confirm the rate offered to you.
- EMI: Check the monthly repayment amount.
- Tenure: Check how long you will make repayments.
- Total repayment: Compare the total amount payable over the full tenure.
- Processing fee: Check the fee applicable to your loan.
- Other charges: Review overdue EMI, bounce and service charges.
- Foreclosure terms: Confirm the foreclosure process and charges stated in your loan documents.
- Part prepayment: Check the applicable restriction before planning an early partial repayment.
The starting rate is useful for comparison, but your final loan offer gives you the terms that determine what you will actually repay.
How Does IDFC FIRST Bank Handle Your Personal Data?
Applying for a personal loan requires you to share personal and financial information so that IDFC FIRST Bank can verify your identity, assess your loan application and provide the applicable banking services.
Depending on your application and customer relationship, this information may include your name, contact details, PAN, KYC information, employment and income details, bank account information and other information required for processing and servicing the loan.
- Use an official channel: Apply through IDFC FIRST Bank's official website, app or an authorised channel.
- Check the information requested: Provide only the details and documents required for the loan application and verification.
- Read the disclosures: Review the applicable privacy notice, loan terms and other disclosures before accepting the loan.
- Protect your credentials: Do not share OTPs, passwords, PINs or other confidential authentication details with anyone claiming to process your loan.
- Review the final offer: Check the interest rate, EMI, processing fee, tenure, foreclosure terms and other applicable charges before accepting the loan.
Before submitting your information, review the bank's latest privacy policy and the disclosures shown during the loan application process. You should understand what information is being collected and why it is required.
How Can NoBroker Help You with Personal Loans?
NoBroker InstaCash lets you apply for a personal loan digitally without visiting a branch. You can apply for ₹5,000 to ₹10 lakh for 3 months to 5 years, with an APR of 12.99% to 29.99% p.a. and a processing fee of 2% to 4% of the loan amount plus GST. InstaCash's rates typically run higher than IDFC FIRST's starting rate of 9.99% p.a., so it suits borrowers prioritising speed and accessibility over the lowest possible rate.
The platform is available to both salaried and self-employed individuals aged 21 to 65 years, subject to eligibility. The stated credit criteria include a CIBIL score above 700 or an Experian score above 750. KYC, documentation and e-signing can be completed digitally, with disbursal after approval and verification. Compare the interest rate, fees, EMI, tenure and total repayment amount before accepting any personal loan offer.
Disclaimer: NoBroker facilitates the InstaCash loan app and does not provide the loan directly. Read our privacy policy →
Frequently Asked Questions
Q. What is the starting interest rate for an IDFC FIRST Bank personal loan? Ans: The starting interest rate is 9.99% p.a. The rate offered to an individual borrower can vary based on the bank's assessment of the applicant's profile.
Q. Is 9.99% the interest rate for every borrower? Ans: No. 9.99% p.a. is the starting rate, not a guaranteed rate for every applicant. The applicable rate can vary based on the borrower's profile and the bank's assessment.
Q. What is the processing fee for an IDFC FIRST Bank personal loan? Ans: The processing fee ranges from 0% to 3.5% of the loan amount, inclusive of GST. The 0% processing fee applies to select loan amounts.
Q. What is the minimum CIBIL score for an IDFC FIRST Bank personal loan? Ans: IDFC FIRST Bank states a CIBIL score of 710 or above for salaried applicants and 760 or above for self-employed applicants as part of its eligibility criteria.
Q. Does IDFC FIRST Bank charge foreclosure fees on personal loans? Ans: The published charges for this personal loan state NIL foreclosure charges. Foreclosure requires a sanction letter.
Q. Can I make a part prepayment on my IDFC FIRST Bank personal loan? Ans: No. The published charges state that part prepayment is not allowed.
Q. What is the maximum tenure for an IDFC FIRST Bank personal loan? Ans: The repayment tenure ranges from 9 to 60 months, subject to the applicable eligibility and loan terms.
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Krishnan grew up in the libraries of Thiruvananthapuram. As an engineer turned writer, Krishnan is fascinated by the stories told by cities through their buildings, culture and music. His blogs are aimed at breaking down the most relevant and actionable insights on the Indian realty sector.
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