IDFC Bank Personal Loan Interest Rate

Last Updated 23rd May 2018

IDFC Bank Personal Loan Interest Rate May 2018

IDFC Bank Personal Loan Interest Rates start from 11.25% with lowest rates for salaried borrowers working with reputed companies. Personal Loan rates for self employed are higher. Check Best Offers

IDFC Bank Personal Loan Details
SalariedSelf Employed
Lowest Interest Rate11.25% 14.00%
Processing FeeStarting from 0.75%, Up to 2%Up to 2%
Loan Tenure3 months to 60 months6 months to 60 months
Loan AmountRs. 1 Lakh to Rs. 25 Lakh Rs. 3 Lakh to Rs. 40 Lakh
Part Prepayment Charges Allowed after 3 EMI's, Nil charges on Smart Personal Loan Not allowed
Preclosure ChargesAllowed after 1 EMI's, 2 - 2.5% Allowed after 1 EMI's, 2 - 2.5%

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IDFC Bank Personal Loan

IDFC Bank gives personal loan to borrowers who need funds to meet their urgent requirements. Benefits of taking personal loan from IDFC Bank are:

  • Excellent customer service
  • Low processing fee of 0.75%
  • Simple and Smart Personal Loan offers
  • Flexible part payment facility
  • IDFC Bank has been rated 4.4/5.0 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

IDFC Bank Personal Loan Rates

In addition to its regular loan products, bank also offers customized loans for special categories of borrowers.Interest rates on key products of IDFC Bank have been tabulated in the table below

Product Interest Rate
A+ Simple11.50% - 11.50%
A+ Smart12.50% - 12.50%
A Simple11.50% - 11.50%
A Smart12.50% - 12.50%
B Simple12.50% - 12.50%
B Smart13.50% - 13.50%
C Simple14.00% - 14.00%
C Smart15.00% - 15.00%
Simple Hi Ticket11.25% - 11.25%
Smart Hi Ticket12.00% - 12.00%

IDFC Bank Personal Loan Details

  • Purpose of Loan: IDFC Bank personal loan can be used for any personal expenses which include travel, vacation, education, medical and other personal finance requirements. Bank does not allow speculative use of personal loans.
  • Key Features
    • Loan available for both salaried and self employed.
    • Borrowers within the age group of 25 and 60 years.
    • Loan amount of minimum Rs. 1 Lakh to Rs. 25 Lakh.
    • Loan Tenure 3 to 60 months.
    • IDFC Bank personal loan rate of interest is in the range of 11.25% to 19.50%.
    • Lowest EMI of Rs. 2,187 per lakh.
  • Processing Fees: Starting from 0.75%, Up to 2%.
  • Preclosure charges: Preclosure of IDFC Bank personal loan is Allowed with 2 - 2.5%
  • Part payment charges: Allowed at Nil charges on Smart Personal Loan
  • Other Charges: Late EMI payment charges, EMI bounce charges, loan cancellation charges which are disclosed by the bank at the time of signing the loan agreement.
  • Special schemes: IDFC Bank offers customised personal loan interest rates and schemes for special category of borrowers including borrowers working in reputed companies, banks or government employees etc. Some of the special personal loan schemes of IDFC Bank are:
    • Simple Personal Loan
    • Smart Personal Loan
    • Balance Transfer

IDFC Bank Personal Loan Top Up

Top up on personal loan is an additional loan that can be availed from your existing bank on your running loan or at the time of balance transfer of your loan to a new bank. You can get top up on personal loan from IDFC Bank if you have a regular repayment track record on your existing personal loan. Top up loans are available at similar interest rates as that on your existing personal loan. Current interest rate on IDFC Bank personal loan top up starts at 11.25%.

IDFC Bank Personal Loan Interest Rate Calculator

You can get the best personal interest rates from IDFC Bank subject to an assessment of your loan amount, salary, other obligation company you work with and loan tenure. The following factors determine the personal loan rate of interest you can expect to get from IDFC Bank:

  • Loan Amount - This is the amount borrowed by a borrower from the bank. Generally banks offer lower interest rates for higher amount. IDFC Bank offers loan between Rs. 1 Lakh and 25 Lakh.
  • Salary - Income defines your capacity to repay the loan. Higher salary bracket individuals are offered loans at lower interest rates. Interest rate of the bank varies with your net monthly income.
  • Employer Category - IDFC Bank has an internal list of companies falling into categories that are ranked from high to low company categories based on company’s size, reputation and existing relationship with the bank. Employees who belong to companies in higher company categories get attractive discounts and low interest rate loans.
  • Relationship with the Bank - Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get the benefit of low IDFC Bank loan interest rate.
  • Loan Tenure - Personal loans are of shorter tenure ranges from 3 months to 60 months as they are taken to meet their immediate requirements.
  • Repayment Capacity - Before giving loan to the borrower, IDFC Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has the repayment track record of previous loans taken. CIBIL also captures information of credit card bills payment.

IDFC Bank also offers loan to defence, armed forces and government employees. Personal loan interest rate for government employee and defence personnel varies from private salaried employees

IDFC Bank Personal Loan Charges

In addition to IDFC Bank’s personal loan interest rate, you need to compare other charges on the bank’s personal loan before taking a decision to borrow from the bank include:

  • Part Payment Charges - Part Prepayment on IDFC Bank’s personal loans is Allowed after 3 Months at Nil charges on Smart Personal Loan
  • Preclosure Charges - These are to be paid in case you want to repay your entire loan amount before the end of tenure period. IDFC Bank allows preclosure of personal loan after 1 EMI's at preclosure charges of 2 - 2.5%.
  • Processing Fee - IDFC Bank charges a processing fee of Starting from 0.75%, Up to 2% of loan amount with applicable tax. The processing fees is non-refundable for most of the banks.
  • Other charges: Once your loan application is sanctions, IDFC Bank will provide you a statement of other charges applicable on your personal loan account. Some of these charges are interest charged on late payment, EMI cheque bounce charges and loan cancellation charges, which are payable only if you delay in EMI payments, cheque bounces or you decide to cancel your loan after sanction

IDFC Bank Personal Loan Products

IDFC Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

Simple Personal Loan
  • Simple Personal Loans offered by IDFC are quick and easy loans for salaried employees at attractive rates
Description:
  • Also comes with an round the clock assistance from bankers on call.
  • Flexible loan tenure that range from 3 months to 60 months.
  • This loan is available at competitive terest rates.
  • This product offers multiple insurance covers including Critical Illness Cover, Personal accident insurance, Death Cover and Job Loss Cover.
  • Salary slips of 2 months, bank statements of 6 months, ID proof and address proof for KYC are the mandatory documents for a salaried employee availing this loan.
Key Loan Terms
  • Loan available at the age of 25 - 60 years
  • Loan amount that you can borrow ranges from Rs. 100,000 to Rs. 2,500,000
  • Loan for a maximum period of 60 months
  • Minimum income to get this loan should be Rs. 40,000
Smart Personal Loan
  • Smart Personal Loan from IDFC offers quick and easy loans, which allows you to prepay or fore close your loan account without any charges when you have surplus cash available.
Description:
  • The loan tenure is flexible, ranging from 3 months to 60 months.
  • There is round the clock assistance from bankers on call.
  • This loan allows part prepayment without any charges.
  • This product offers multiple insurance covers including Critical Illness Cover, Personal accident insurance, Death Cover and Job Loss Cover.
  • Salaried employees can avail this loan. Need to submit salary slips of 2 months, bank statements of 6 months, ID proof and address proof for KYC to get the loan
Key Loan Terms
  • Loan available at the age of 25 - 60 years
  • Loan amount that you can borrow ranges from Rs. 100,000 to Rs. 2,500,000
  • Loan for a maximum period of 60 months
  • Minimum income to get this loan should be Rs. 25,000
Balance Transfer
  • Balance transfer is a new consolidated loan account wherein, any of your existing (unsecured) loans can be consolidated into one IDFC Bank loan account.
Description:
  • This facility helps you transfer your current loan from other banks to IDFC and reduce your overall interest cost. You pay one consolidated EMI to just one loan account, thereafter.
  • While structuring your balance transfer, you may choose any of Simple or Smart personal loan offered by IDFC.
  • Salaried individuals stand eligible for this loan. Previous loan agreement documents, ID proof and address proof for KYC are mandatory documents required.
Key Loan Terms
  • Loan available at the age of 25 - 60 years
  • Loan amount that you can borrow ranges from Rs. 100,000 to Rs. 2,500,000
  • Loan for a maximum period of 60 months
  • Minimum income to get this loan should be Rs. 25,000

IDFC Bank Personal Loan: How to Apply

If you want to get a loan from IDFC Bank, the process to get the loan is fairly easy. All you need to do is to apply for a personal loan at MyLoanCare. We are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, Citibank. Your loan application will be processed online and IDFC Bank’s representatives will get in touch with you instantly to take the loan process forward. You will also get the free services of MyLoanCare’s personal loan advisor who will ensure that the lending process is quick and you get the best personal loan from IDFC Bank.

You can also do a comparison of IDFC Bank Personal Loan Interest rates and other charges using MyLoanCare comparison tool. Click here to go to the comparison tool. Once you apply online, you can check the real time status of your personal loan application in your customer account section of MyLoanCare.

Documents Required

For salaried employees
  • Filled up loan application form
  • 2 Passport Size Photo
  • Income Tax PAN Copy
  • Identity Proof - Driving License/ PAN/ Passport/ Voter ID
  • Residential Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill (upto 3 months old)
  • Income Documents - 2 years Form 16, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit
Illustration on Personal Loan IDFC Bank
Maximum Annual Percentage Rate (APR) 11.25% to 19.50%
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. 1 Lakh
  • Time period: 3 months to 60 months
  • IDFC Bank Personal Loan Interest Rate: 11.25% to 19.50%
  • Processing Fee payable to IDFC Bank: Upto Rs. 2,000. Current offer for processing fee is Starting from 0.75%, Up to 2%
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From Rs. 2,187 for a 60 months Rs. 1 Lakh loan at 11.25% (lowest rate, longest time period) to Rs. 34,422 for a 3 months Rs. 1 Lakh 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: 11.25% to 19.50%
  • Total cost payable over loan tenure: Rs. 5,267 for 3 months loan to Rs. 33,220 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 time will the IDFC Bank take to take a decision on my personal loan?

Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers which can be approved within a few hours to 2-3 days. The turnaround time for a IDFC Bank personal loan can be 5 to 7 days.

Why to take personal loan from IDFC Bank ?

IDFC Bank offers loan at 11.25% rate with the lowest EMI of Rs. 2,187 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to IDFC Bank.

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

Personal loan interest rates in IDFC Bank are 11.25% to 19.50%. IDFC Bank personal loan interest rate for salary account holders are comparatively lower than that for other customers.

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

If you apply for loan from IDFC Bank, your lowest EMI per lakh will be Rs. 2,187.

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

You can repay your personal loan 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 loan if you need a minimum amount of Rs. 1 Lakh to a maximum amount of Rs. 25 Lakh

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

IDFC Bank charges a processing fee of Starting from 0.75%, Up to 2% 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 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 personal loan from IDFC Bank?

You can take personal loan from IDFC Bank with Prepayment charges 2 - 2.5%

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 - May 2018
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.