IDFC Bank Personal Loan Interest Rate Calculator - Jan 2017

IDFC Bank Personal Loan Interest Rates

Last Updated 18th Nov 2016
Interest Rate 11.99% - 19.50%
Lowest EMI Rs. 2,224 per lakh
Loan Tenure From 3 months to 60 months
Loan Amount Min Rs. 100,000 and Max Rs. 2,000,000
Processing Fee 1.50%
Age Min 25 years and Max 60 years
Prepayment Charges Allowed after 3 EMI's, Nil charges for part payment upto 40% in a year for Smart Personal Loans
Foreclosure Charges Allowed after 3 EMI's, 3% of outstanding amount
Apply Personal Loan Online @11.29%*
 Salaried   Self Employed - Professional   Self Employed - Business 

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IDFC Bank Personal Loan

IDFC Bank gives the facility of personal loan to the people who want money to achieve their urgent requirements. There are some features and benefits of taking personal loan from IDFC Bank:
  • Quick disbursal of loan
  • Flexible repayment options
  • Competitive interest rates
    • IDFC Bank has been rated 4.6/5.0 by customers for its service quality on MyLoanCare
    • IDFC Bank has over 82 branches in India where you can avail service
    • IDFC Bank offers special schemes and discounts for employees of large companies.
    Personal Loan interest rates in IDFC Bank depends upon
    • Loan amount: Personal loan rate in IDFC Bank depends upon the amount you apply for. Higher the loan amount, lesser will be the interest rate
    • Company where you work: IDFC Bank has a list of companies to which they lend personal loan. Interest rate will be less if your company is listed
    • Your Salary: Income helps you in determining your rate of interest. IDFC Bank interest rate varies with your monthly income. Higher the income, less will the rate of interest

    IDFC Bank Personal Loan Eligibility

    Eligibility of personal loan in SBI relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
    • Age: Age plays an important role to know your eligibility and repayment capacity. IDFC Bank offers personal loan to salaried individuals who are atleast 25 years old at the time of loan approval and maximum 60 years at the time of loan maturity.
    • Income: IDFC Bank Loan eligibility significantly depends upon your income. Usually bank set minimum levels of income to apply for personal loan. IDFC Bank asks for net monthly income of minimum Rs. 0.
    • Job stability and Profession: Job stability is important to improve your status and eligibility for personal loan from IDFC Bank. In case you are salaried, you must be in a full time job for at least 0 months of which not less 0 months must be with your current company. In case you are self-employed, you must be in current profession or business for at least 0 years and should preferably own either your office or your place of residence. Minimum turnover and minimum net income criteria may apply. Other than job stability, profession is also an important factor which can affect your IDFC Bank eligibility. If you are working with a reputed company, probability of getting personal loan from IDFC Bank increases as the income is considered to be more stable and bank offers low interest personal loan to the employees of reputed companies
    • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your personal loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your personal loan eligibility.
    • Loan Amount: IDFC Bank gives you personal loan depending upon your income. IDFC Bank gives you an amount ranging from Rs. 100,000 to Rs. 2,000,000. To improve chances of approval, apply for a loan amount that you can comfortably service.

    IDFC Bank Personal Loan EMI

    Personal Loan EMI of IDFC Bank is a fixed amount that you pay each month towards the repayment of your personal loan till the end of tenure. Lowest EMI offered by IDFC Bank is Rs. 2,224 per lakh loan amount at lowest personal loan interest rate of 11.99%. Personal Loan EMI of IDFC Bank depends on factors like:
    • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
    • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
    • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount

    Documents Required for IDFC Bank Personal Loan

    Personal loan IDFC Bank documents for Salaried employees

    • Filled up loan application form
    • 1 Passport Size Photo
    • Copy of Income Tax PAN
    • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Income Documents – 2 months payslip, 1 years Form 16, 6 months bank statement showing salary credit and any EMI debit

    Fee and Charges on Personal Loan IDFC Bank

    Foreclosure Charges- These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. IDFC Bank allows prepayment of personal loan after paying 3 EMI’s with 3% of outstanding amount
    Processing Fee- IDFC Bank asks for a processing fee of 1.50% of loan amount with applicable service tax

    IDFC Bank Personal Loan Top up, Transfer

    • IDFC Bank offers personal loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of IDFC Bank
    • You can avail additional top-up personal loan from IDFC Bank, subject to your eligibility
    Illustration on Personal Loan IDFC Bank
    Maximum Annual Percentage Rate (APR) 12.39% to 19.9%
    Representative example of the total cost of the loan, including all applicable fees
    Here is an illustration of the total cost of the loan:
    • Total amount borrowed: Rs. 100,000
    • Time period: 3 months to 60 months
    • IDFC Bank Personal Loan Interest Rate: 11.99% to 19.50%
    • Processing Fee payable to IDFC Bank: Upto Rs. 2,000. Current offer for processing fee is 1.50%
    • Fee payable to MyLoanCare: NIL
    • Total Monthly Cost – From Rs. 2,224 for a 60 months Rs. 100,000 loan at 11.99% (lowest rate, longest time period) to Rs. 34,422 for a 3 months Rs. 100,000 loan at 19.50% (highest rate, shortest time period). This is inclusive of principal repayment.
    • Annual Percentage Rate (APR) of charge including all applicable fees: 12.39% to 19.9%
    • Total cost payable over loan tenure: Rs. 5,267 for 3 months loan to Rs. 35,436 for 60 months loan
    IDFC Bank’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure - 3 months. Rate of interest depends upon company categorization, income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of IDFC Bank.

    Compare Personal Loan Interest Rates of IDFC Bank with other banks

    Frequently Asked Questions on IDFC Bank Personal Loan

    How much interest is charged by IDFC Bank on personal loan?

    IDFC Bank offers an interest of 11.99% to 19.50% on personal loan.

    What is the lowest EMI per lakh on IDFC Bank personal loan?

    If you apply for a personal loan from IDFC Bank, your lowest EMI per lakh will be Rs. 2,224.

    What is the minimum and maximum tenure of IDFC Bank personal loan?

    You can repay your personal loan from IDFC Bank in a flexible period of minimum 3 months to maximum 60 months.

    How much personal loan amount I can borrow from IDFC Bank?

    IDFC Bank offers you personal loan if you need a minimum amount of Rs. 100,000 to a maximum amount of Rs. 2,000,000.

    How much processing fee is charged by IDFC Bank on personal loan?

    IDFC Bank charge a processing fee of 1.50% with applicable service tax.

    Is age an eligibility factor to get personal loan from IDFC Bank?

    Yes, age is an important eligibility factor to get IDFC Bank personal loan as you should be at least 25 years old at loan approval time and 60 years old at loan maturity time.

    Are there any prepayment charges on IDFC Bank personal loan?

    You can take personal loan from IDFC Bank with 3% of outstanding amount.

    Can I add my spouse’s income while applying for personal loan from IDFC Bank?

    You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.
IDFC Bank Personal Loan News - Jan 2017
26th Dec 16 IDFC Bank launches Aadhaar linked cashless merchant solution for digital payments
IDFC Bank in collaboration with Unique Identification Authority of India (UDAI) has launched an Aadhaar linked cashless merchant solution for digital payments. With this, merchants can accept payments digitally by using their smart phones. The solution will enable customers to make payments from their Aadhaar seeded bank accounts without installing any digital wallet application. Bank will not charge any transaction fee from customers and merchants. The move is expected to spread the usage of digitisation in a cost effective manner.
07th Dec 16 IDFC Bank cuts fixed deposit rates up to 75 basis points
IDFC Bank has reduced its fixed deposit rates up to ten year tenure by 30 to 75 basis points. The rate for 46 to 90 days has been reduced to 6.5 percent. Similarly, fixed deposit rates for 366 days and two to ten years now stands at 7.5 and 7.20 percent respectively. New rates are effective from 7th December, 2016.
03rd Nov 16 IDFC Bank eyes 6 million customers by March 2020
IDFC Bank is focusing on increasing the number of customers to 6 million by 2020 to come in the list of top four private banks in the country. These can be banking customers or those who have an active account or borrowing from the bank and not merely payments customers. The bank is hoping to acquire 5 million lower income customers and one million affluent customers within three years.
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