IDFC Bank Personal Loan @ 10.49% to 18% | Concept, Requirements, Purpose, Documents Required, Interest Rates and Charges

IDFC Bank Personal Loan: Personal loans are a perfect alternative if you need funds immediately or have personal financial responsibilities to meet. There are a variety of banks that provide instant personal loans.

These loans are an attractive substitute since they are simple to get and have a straightforward application process.

IDFC Bank personal loans are a great option if you are looking to opt for them. The Idfc bank personal loan interest rate is very flexible with enough time to repay.

Want to compare IDFC Bank Personal Loan with other bank personal loans for lowest interest rates and extra offerings? Just keep an eye on our Complete Guide on Personal Loan & choose the suitable bank to apply for the loan.

They also have the added benefit of being very accessible. The Idfc bank personal loan customer care number is publicly available, and they are always glad to help you with your financial commitments.

IDFC Bank

  • IDFC Bank Overview
  • IDFC Bank Features
  • How to Apply for a Personal Loan in the IDFC Bank?
  • IDFC Bank Personal Loan Eligibility Criteria
  • IDFC Bank Personal Loan Documents Required
  • Reasons for Rejection of loan
  • IDFC Bank Personal Loan Features
  • Types of Personal Loan offered by the IDFC Bank
  • Myths about the IDFC Personal Loan
  • Takeaways from the Article
  • IDFC Bank Overview

    The IDFC First Bank refers to a private sector Indian bank. It constructs a fragment of an integrated, infrastructure finance company, or IDFC. The bank was founded on 1st October, 2015 and has headquarters at Maharashtra, Mumbai. It has more than 600 branches till date. On July, 2015 RBI granted the bank received its universal banking license.

    IDFC Bank Features

    • The bank provides monthly interest credit on savings.
    • The bank has Know Your Customer videos, using which one can open their bank accounts. The KYC videos make account opening easy, paperless, and digital.
    • The ATM withdrawals of the bank are unlimited. They are easy to do and free to use as well.
    • The ATM has a daily withdrawal limit of two lakhs. The purchase limit is of rupees six lakhs.
    • The IDFC Bank provides consumer banking, home loans, personal loans, private banking, loans against property, wholesale banking, corporate banking, etc.

    How to Apply for a Personal Loan in the IDFC Bank?

    • At first, the applicant must check the Bank’s official website to register for a personal loan by completing the online application form with the required information.
    • If the applicant matches the Bank’s qualifying conditions, a relationship manager will be designated to them and will contact their communication address to obtain the relevant paperwork.
    • The Bank will verify the provided documentation after they have been received. The procedure may also include a discussion with the lender about their interest and the reason for obtaining a personal loan from them.
    • The loan amount will be confirmed and then sent to the provided bank account if all of the credentials are submitted, and the Bank is satisfied with the assessments.

    Another way to apply for a loan is the offline method. On can also carry the relevant paperwork to the closest IDFC First Bank branch. A bank representative will guide the applicant with the registration process for a personal loan.

    However, applying for a loan online is strongly suggested because it requires considerably less effort and saves time and human resources.

    IDFC Bank Personal Loan Eligibility Criteria

    To be approved for a personal loan from IDFC First Bank, you must comply with the following requirements:

    • Self-employed employees must be at least 28 years old and no older than 68 years old when the loan settles.
    • At the time the loan ends, salaried persons must be at least 23 years old and no older than 58 years old.
      • There are two additional criteria for self-employed individuals:
    • The firm must be in operation for a minimum of three years.
    • The profit after tax (PAT) of the company must be positive overall.

    IDFC Bank Personal Loan Documents Required

    The following is a checklist of documentation you’ll need to furnish in order to get an IDFC First Bank personal loan:

    • The PAN card must be submitted. If a PAN card is not available, FORM 60 must be filled out correctly.
    • Aadhaar Card, Passport, PAN Card, as well as other identification documents are eligible.
    • An Aadhaar Card, energy bills, valid passport, bank account statement, and other types of proof of residence are allowed.
    • The credentials required to demonstrate income for salaried and self-employed persons differ.
    • For salaried employees, a bank statement from the previous three or six months and also the most recent salary slip is expected.
      • Income tax return documents from the previous two years, a balance sheet from the preceding two years, and a bank statement from the previous six months are essential for self-employed persons.
    • Self-employed persons must additionally provide documentation of business, such as a Qualification Certificate/Certificate of Practice (COP), Shop Act License/ MOA & AOA/ Sales Tax/ Vat registration/ Partnership Deed.

    Reasons for Rejection of loan

    • Invalid documents: Before approving the personal loan application of an individual, banks or lenders verify their details or documents. If it happens that the provided information is incorrect or the submitted document is incorrect, the bank will automatically reject the loan application. This will have a negative impact on the individual’s future CIBIL score as well.
    • Low income: Before granting a personal loan, banks evaluate the income of the applicant just to determine their repayment ability. If the EMI of the bank’s personal loan is more than a certain percentage of the applicant’s monthly income, then the loan application will be rejected. In such cases, one can apply for a lower loan amount, and can also add a borrower to increase their loan eligibility.
    • Credit score: One of the main reasons for rejecting a personal loan is having a bad credit history. This is because a bad credit history negatively affects the credit score of an individual. Therefore, when banks look at the profile of the individual, it will show a default. This is extremely risky and as a result the loan application will get rejected.

    IDFC Bank Personal Loan Features

    • Personal loans from IDFC First Bank come with low-interest rates and versatile and adaptable payback terms.
    • Loans are available with next to no documentation and no mountains of paperwork!
    • IDFC First Bank personal loans are ideal solutions for all your emergency financial requisites, with interest rates beginning at 10.49 per cent.
    • Furthermore, if you satisfy all of the conditions, the time it takes to obtain permission is comparatively brief, making it the perfect answer for your current financial commitments.
    • Another intriguing feature is that you do not require a guarantor in order to qualify for this arrangement. The loans are offered at the Bank’s sole discretion, dependent on the borrower’s creditworthiness. There is no obligation for a co-signer or guarantor.
    • The tenure period is long, lasting up to 60 months.

    Types of Personal Loan offered by the IDFC Bank

    • Personal loan for marriage
    • Personal loan for emergency
    • Personal loan for travel

    Myths about the IDFC Personal Loan

    Only a bank can avail personal loan: This is a misconception that many people have. They tend to believe that banks are the sole financial institution that provides personal loans. This is absolutely incorrect since there are many non-banking financial companies as well that grant personal loans.

    A good credit score ensures loan approval: A good credit score is not the only factor that the bank considers while approving personal loans. A good score may increase the chances of the loan application getting accepted, but it does not ensure loan approval.

    Personal loans cannot be granted if one has an existing loan: This is a myth that many people believe. It is absolutely wrong since one can apply for a second loan even if they have an existing loan. Factors like income of the borrower, and their repayment capacity is taken into consideration. Having existing loan does not affect the bank’s approval decision for a second loan.

    Takeaways from the Article

    This article covers the central methods that one has to follow to apply for a loan. There are certain vital things that needs to be remembered and maintained. Therefore, before applying for a loan, one must be well aware about the terms and conditions of the specific bank under which they are applying for the personal loan.

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