IDFC Bank Personal Loan Interest Rate
IDFC Bank Personal Loan Interest Rates Apr 2017
|Interest Rate||11.49% - 19.50% Check Best Offers|
|Lowest EMI||Rs. 2,199 per lakh|
|Loan Tenure||From 3 months to 60 months|
|Loan Amount||Min Rs. 100,000 and Max Rs. 2,000,000|
|Processing Fee||Upto 2.5%|
|Age||Min 25 years and Max 60 years|
|Prepayment Charges||Allowed after 3 EMI's, Nil charges for part payment upto 25% in a year for Smart Personal Loans|
|Foreclosure Charges||Allowed after 1 EMI's, 2 - 2.5% of outstanding amount|
IDFC Bank Personal Loan
IDFC Bank Personal Loan Interest rate calculator works on various inputs like:
- Loan Amount - Generally banks offer lower interest rates for higher amount. However IDFC Bank offers loan between Rs. 100,000 and 2,000,000.
- Salary - Higher salary bracket individuals are offered loans at lower interest rates. IDFC Bank interest rate varies with your net monthly income.
- Employer Category - Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. IDFC Bank has a list of company categories of salaried individuals to which they avail personal loan. So, higher company category leads to low rate of interest.
- Relationship with the Bank - IDFC 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 benefit of low IDFC Bank personal loan interest rate.
- Loan Tenure - IDFC Bank Personal loans are of shorter tenure ranges from 3 months to 60 months and carry high rate of interest compared to longer term loans.
- 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 all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.
IDFC Bank also offers loan to defence, armed forces and government employees. IDFC Bank personal loan interest rate for government employee and defence personnel varies from private salaried employees
Eligibility of personal loan in IDFC Bank 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: personal Loan calculator calculates your eligibility based 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. 30,000.
- 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 month must be with your current company. 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.
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. 2,199 per lakh loan amount at lowest personal loan interest rate of 11.49%. Personal Loan EMI of IDFC Bank depends on factors like:
- Personal Loan IDFC Bank 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
- 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
|Maximum Annual Percentage Rate (APR)||11.89% 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:
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
- Allahabad Bank
- Andhra Bank
- Axis Bank
- Bajaj Finserv
- Bank of Baroda
- Bank of Maharashtra
- Canara Bank
- Corporation Bank
- Dena Bank
- Federal Bank
- Fullerton India
- HDFC Bank
- ICICI Bank
- IDBI Bank
- IDFC Bank
- Indian Bank
- Indian Overseas Bank
- IndusInd Bank
- Karur Vysya Bank
- Kotak Bank
- RBL Bank
- Standard Chartered Bank
- Syndicate Bank
- Tata Capital
- Union Bank of India
- Vijaya Bank
- Yes Bank
Frequently Asked Questions on IDFC Bank Personal Loan
IDFC Bank personal loan interest rates today are 11.49% to 19.50%.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. 2,199.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 charges a processing fee of Upto 2.5% 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 Prepayment charges vary by year: 2nd year - 4%; 3rd year - 3%, after 3 years - 2%.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.