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IDFC First Personal Loan Eligibility Calculator

IDFC First Bank Personal Loan Eligibility 2021

Last Updated 28th May 2021

Eligibility CriteriaSalaried
Profession that are eligible for IDFC First Bank Personal LoanSalaried people working in government, private or MNCs companies
Applicant Age23 - 60 years
  • High credit score and better financial stability lead to high personal loan eligibility from IDFC First Bank.
  • IDFC First Bank requires you to meet certain eligibility factors related to age, number of years of work experience and type of residence you live in to be able to get a personal loan.
  • IDFC First Bank calculates the amount of personal loan you are eligible for using a formula that includes your net take home salary and your existing loans or EMIs you have to pay currently.
Personal Loan Eligibility Calculator
IDFC First Bank Personal Loan Eligibility

IDFC First Bank offers various personal loan schemes and offers, at affordable rates to eligible customers. IDFC First Bank Personal loan eligibility is based on factors like age, salary, occupation and cibil score. You can avail personal loan from IDFC First Bank, even if you are salaried or self-employed. The eligibility criteria, however may be slight different for self employed. A detail information on these factors is mentioned in the further sections.

IDFC First Bank Personal Loan Eligibility based on Age
  • Age: The minimum age requirement for availing a IDFC First Bank personal loan is 23 years and the maximum age is 60 years.If you are aged below 23 years, you are considered as ineligble borrower as you might not fulfil the income criteria for the loan.
IDFC First Bank Personal Loan Eligibility based on Salary
  • Net Income : Your eligibility is determined by your net monthly income to understand so that your loan EMI’s are not affecting your living standards. IDFC First Bank asks for a minimum net income of ₹ 20,000 per month to avail a personal loan.
  • FOIR : FOIR (Fixed Obligation to Income Ratio) is an important parameter that is used to determine your IDFC First Bank personal loan eligibility. IDFC First Bank takes all your fixed obligations (like rent or current EMIs) into account while estimating your eligibility. Minimum FOIR required to be eligible for personal loan from IDFC First Bank is 0.50. Use IDFC First Bank personal loan eligibility calculator to estimate your eligibility and apply online for the eligible loan amount hassle-free.

Illustration- Mr. A who is 25 years old has a net income of ₹ 20,000. He wants to take a personal loan of ₹ 1 Lakh for 60 months. IDFC First Bank allows a maximum FOIR of 0.50.

Based on the information provided by the applicant, IDFC First Bank will calculate his eligibility using the eligibility calculator. With a salary of ₹ 20,000, the maximum amount he is eligible for is ₹ 4.65 Lakh. The interest he has to pay for this amount for 60 months is 10.49%.

IDFC First Bank Personal Loan Eligibility based on CIBIL Score

  • CIBIL Score: When checking eligibility for a personal loan, IDFC First Bank will check the your complete Credit report, including all past running loans and your payment track record on loans and credit cards. Higher credit score increases your the chances that your loan application from IDFC First Bank will get approved. However, a low CIBIL score decreases your eligibility to get a personal loan. IDFC First Bank requires a minimum credit score of 650 to be eligible for a personal loan.

IDFC First Bank Personal Loan Eligibility based on Occupation

There are other factors related to you occupation which are responsible for the approval of the loan by IDFC First Bank, as listed below:

  • Job stability and profession - Job stability is important to improve your eligibility to get a personal loan from IDFC First Bank. Your total work experience and current work experience are assessed to evaluate your job stability and profession. IDFC First Bank looks for a minimum total experience of 12 months and also looks for applicants who have been employed in the current job for a minimum of 6 months.
  • Residence place and stability – Banks are very particular about your place of residence. IDFC First Bank has a pre-decided list of areas where the bank will lend the loan. The bank also has a negative list of area of locations in which it will not lend depending on the past credit behavior of borrowers from such localities. IDFC First Bank also gauges your residential stability by checking on the number of years since when you have been staying in your current residence. If you are staying in your own residence, it improves your chance of getting a loan from IDFC First Bank. Minimum residence stability to be considered by the bank is 12 months.
  • Industry Type – IDFC First Bank has a negative list of professions and type of industry, defined as customer or industry segments to which they will not give the loan. So, your chances of getting a loan approval also depends on your profession and industry you are employed in.
  • Salary Mode – IDFC First Bank considers salary transferred to the bank account as a secure and stable income with adequate income proofs. If you are earning well but getting salary through cash or cheque,the bank will not give you the loan because the bank needs concrete evidence of your salary to support your loan amount. So, salary transfer mode of payment is preferred by IDFC First Bank if you apply for a personal loan.

How can I Check my IDFC First Bank Personal Loan Eligibility?

To check IDFC First Bank personal loan eligibility you need to follow these steps:

  • Login to IDFC First Bank website
  • Go to IDFC First Bank personal loan
  • Now, check the eligibility criteria using the Personal Loan Eligibility Calculator. For this fill the required details such as Name, loan requirements, salary, age, etc.

In Addition to this, you can also contact the bank at their customer care number, 1860-500-9900.

IDFC First Bank Personal Loan Eligibility for Self Employed

IDFC First Bank personal loan eligibility criteria for self employed is as follows:-

  • You must be an Indian citizen with a professional degree holder like CA, CS, Doctor, Architect etc with degree registration.
  • You must be minimum of 23 years at the time of loan application.
  • You must have filed ITR for atleast months to get a personal loan from IDFC First Bank.
  • You must have a gross annual reciept of more than .
  • IDFC First Bank checks your credit history to estimate your creditworthiness and your credit score must be above 650 to get a IDFC First personal loan.

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FAQs

What are the eligibility criteria to avail IDFC First Bank personal loan?

The minimum age of the applicant required to get a personal loan from IDFC First Bank is 23 year as the chances of meeting income eligibility criteria are very less below this age. The maximum age for salaried employees can go up to 60 years.

Is age an eligibility criteria to apply for a IDFC First Bank personal loan?

Yes, age is an eligibility criteria to apply for a IDFC First Bank personal loan. You should be of minimum 23 years to avail a loan from IDFC First Bank.

Am I eligible for IDFC First Bank personal loan if my CIBIL score is less than 300?

It is unlikely that you will be able to avail IDFC First Bank personal loan if your CIBIL score is less than 300. If you have a credit score less than 300 then it is considered bad and to avail a personal loan from IDFC First Bank, you must have a credit score above 650.

How can I improve my eligibility for IDFC First Bank personal loan?

To improve your IDFC First Bank personal loan eligibility you can add a co-applicant, maintain a high credit score, pay EMI’s and credit card bills on time and reduce your existing debts. These steps will help improve IDFC First Bank personal loan eligibility.

What should be my income to secure a personal loan from IDFC First Bank?

The minimum income for a salaried employee should be at least ₹ 20,000 per month to secure a personal loan from IDFC First Bank.However, the income criteria of IDFC First Bank may vary for metro cities, tier-1 or tier 2 locations.

How much work experience is required for personal loan from IDFC First Bank?

To get a personal loan from IDFC First Bank, you must be an earning individual working in a central/state government, private company or MNC.You must have a minimum work experience of 6 months for IDFC First Bank personal loan.

What is the maximum loan amount an applicant can get?

The maximum loan amount an applicant can get under a personal loan from IDFC First Bank is up to ₹ 40 Lakh.However, the eligibility criteria for every borrower is different as it is based on various factors like age, employment etc.

Will CIBIL Score affect my personal loan from IDFC First Bank?

Yes, CIBIL Score does have an impact on your personal loan. A good score indicates a good repayment record and hence most banks avoid giving loans if you have a low credit score. The minimum CIBIL score for personal loan is 650 and above.

Does adding a co-applicant increase personal loan eligibility?

Yes, adding a co-applicant increases your eligibility for a IDFC First Bank personal loan as it increases your repayment capacity. While availing loan from IDFC First Bank ensure that you add a co-borrower who has good income flow, limited fixed obligations and a strong credit score.

Do I need to have a guarantor to apply for Personal Loan from IDFC First Bank?

Personal loan is an unsecured loan, so IDFC First Bank assure that the amount gets repaid on time. However, if your credit score is good and there is no default in your past repayment history, then you do not need a guarantor to get a loan from IDFC First Bank .

Where can I get the company list which is eligible for IDFC First Bank personal loan?

IDFC First Bank does not prefer lending personal loans to companies identified under customer or industry segments. For details you can contact IDFC First Bank or can use the personal loan eligibility calculator.


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IDFC First Personal Loan News - Jun 2021
  • 2021-05-21 : IDFC First Bank profit surged 78% to Rs 128 crore
    IDFC First Bank reported a 78% jump in net profit at Rs 128 crore for the fourth quarter ended March 2021. The bank had posted a profit of Rs 72 crore during the corresponding January-March quarter a year ago. Total income during the fourth quarter rose to Rs 4,834 crore backed by Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan.
  • 2021-01-22 : IDFC First Bank retail loan surges 100%
    IDFC First Bank reported that its retail deposits which includes home, personal, car, two wheeler, gold and LAP increased 100% Y-o-Y. In addition to this, Customer Deposits of the Bank which includes FD and RDs increased to Rs. 77,289 Cr as on 31 December 2020 from Rs. 54,631 Cr as on 31 December 2019 . CASA ratio on outstanding deposits as on 31 December 2020 was 48.4%.
  • 2020-07-31 : IDFC First Bank Ltd Q1FY21 consolidated net profit at Rs. 100.07 crore
    IDFC Bank posted a net profit of Rs.100.07 crores for the period ended June 30, 2020, as against Rs.76.36 crores for the period ended March 31, 2020. The company bolstered by retails loans like home, personal, gold, car and two-wheeler loans along with the Business and mudra loans has reported total income of Rs.4413.19 crores during the period ended June 30, 2020 as compared to Rs.4553.07 crores during the period ended March 31, 2020.
  • 2020-01-30 : IDFC First Bank reported a net loss of Rs. 1639 crores for Q3
    IDFC First Bank reported a net loss of Rs. 1639 crores for Q3 ending 31 December. Net Interest Income hiked by 34% to Rs. 1534 crores which was Rs. 1145 crores in the same quarter a year ago. Further, Retail Loan surged by 49% to Rs. 51,506 crores driven by an increase in the sale of Home Loans and Personal Loans.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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