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IDFC First Personal Loan

Online IDFC First Bank Personal Loans

Last Updated 09th Nov 2021

  • IDFC First Bank Personal Loan interest rate starts from 10.49%. Check Best Offers
  • The processing fee charged on IDFC First personal loan is Upto 2.00%.
  • IDFC First also offers pre-approved personal loans at low rates for customers with strong credit history and those with an existing account with the bank.
  • The bank has an online application process where the KYC and documents submission can be done digitally.
  • You can easily check the status of your IDFC First personal loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
  • IDFC First has special schemes for different income and occupation groups.
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IDFC First Personal Loan Details

  • Interest Rate on IDFC First personal loan ranges from 10.49% to 22.00%.
  • Lowest EMI per lakh works out to be ₹ 2,149 , as calculated on the lowest rate and longest loan tenure.
  • Personal Loans by IDFC First are available for salaried working with government, private sector, MNCs and self-employed professionals such as doctors within the age group of 23 to 60 years.
  • Loan amount can range from ₹ 1 Lakh to ₹ 40 Lakh
  • IDFC First Personal Loan can be availed for a period of 12 months and can go up to 60 months.
  • Processing Fees charged by IDFC First on personal loan is Upto 2.00%
  • IDFC First Bank allows personal loan foreclosure and part prepayment after 12 months with charges of 5% foreclosure charges. Can foreclose after 3 months in case of smart personal loan.
  • IDFC First Bank also has various other post loan disbursement charges including
    • Cheque Bounce Charges - ₹ 400
    • Loan Cancellation Charges - 1% of the loan amount
    • Additional Repayment Charges - ₹ 500
    • Other Charges - ₹ 500

How to Get the Best Offer on IDFC First Personal Loan?

There are various factors that impact your chances to get the best offers on IDFC First Personal Loan, as listed follows:

  • Loan Amount - IDFC First Bank offers loans between ₹ 1 Lakh and ₹ 40 Lakh and charges lower rates on higher loan amount and vice-versa, so apply accordingly.
  • Salary - IDFC First Bank offers personal loan to all customers with a net take home monthly salary of more than ₹ 20,000. The rate of interest is higher if you fall in the low salary bucket and lower if you fall in higher income bucket.
  • Employer Category - IDFC First Bank has clubbed the companies in a high to low category based on internal assessment of company’s size, reputation, profitability etc. When you apply for IDFC First personal loan, the bank will decide on your interest rate based on the company category you fall in. MyLoanCare can also help you check which category of company you qualify in to help you get the best offer.
  • Relationship with the Bank - IDFC First Bank offers special rates to the existing customer of the bank, who have a high likelihood of getting loans at lowest interest rate starting at 10.49%
  • Credit Score - IDFC First Bank checks the CIBIL score of personal loan customers which has to be minimum of 650. Higher the CIBIL Score, higher is your chance of securing best offer.

IDFC First Personal Loan Documents

You require the following documents to avail personal loan from IDFC First

  • Filled up loan application form or an online form, if you are applying online
  • 2 Passport Size Photo
  • Identity Proof – One of the following: Driving License, PAN, Passport, Voter ID, Aadhaar Card
  • Residential Address Proof – One of the following: Registered Rent Agreement, Passport, Leave and Liceincreasnse, Utility Bill of last three months
  • Income Documents – Copy of Form 16 of last 2 years, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit

How to Apply for IDFC First Personal Loan?

The step-by-step procedure to get a personal loan online from IDFC First Bank is mentioned below:

  • Visit the official website of IDFC First Or contact your nearest IDFC First Bank branch.
  • Now, fill personal, professional and financial details as required by the lender and submit the form.
  • Once you have submitted the application form, IDFC First Bank will check your eligibility and provide you with information about the eligible amount you can avail.
  • If you agree to process the application, then you would be required to submit the essential documents which can also be uploaded online.
  • Finally, your documents will be processed by IDFC First Bank, and on successful approval of the loan, the funds will be disbursed to your IDFC First Bank account immediately.

You can also apply for IDFC First Bank personal loans by visiting their branch or by calling their customer care centre.Offline mode are mentioned below:

  • Visit the nearest IDFC First Bank branch and fill in the application form with the loan amount required, your personal details, occupation information and your contact number.
  • The IDFC First Bank representative will explain about the eligibility of the loan as well as the loan rates, terms as well as processing fees, prepayment and foreclosure clauses.
  • After submitting the application form and required documents, you will be provided with an application reference number. You can use the same number to track the status of your IDFC First Bank Personal Loan application.
  • On successful verification, the loan can get disbursed immediately after loan sanction and signing of the agreement.
Illustration on Personal Loan IDFC First
Maximum Annual Percentage Rate (APR) 10.79% to 22.3%
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: ₹ 1,00,000
  • Time period: 12 Months to 60 Months
  • IDFC First Bank Personal Loan Interest Rate: 10.49% to 22.00%
  • Processing Fee payable to: Upto ₹ 1,500
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 2,149 for 60 Months ₹ 1,00,000 loan at 10.49% (lowest rate, longest time period) to ₹ 9,359 for 12 Months ₹ 1,00,000 loan at 22.00% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 10.79% to 22.3%
  • Total cost payable over loan tenure: ₹ 1,07,273 for 12 Months loan to ₹ 1,30,433 for 60 Months loan

Personal Loan from Other Banks in India


How much time will the IDFC First 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.

Why should I take a personal loan from IDFC First Bank ?

Below-mentioned is the reason why you must avail a personal loan from IDFC First Bank.(1) Smart Loan Offer to Save Interest (2) Part payment facility available (3) Instant Loan Disbursal Process (4) Top up facility available (5) Higher loan amount eligibility

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

Personal loan interest rates in IDFC First Bank are 10.49% to 22.00%. IDFC First 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 First Bank ?

If you apply for loan from IDFC First Bank, your lowest Personal Loan EMI per lakh will be ₹ 2,149 which corresponds to lowest interest rate of 10.49% and longest tenure of 60 years.

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

IDFC First Bank personal loan has a minimum tenure of 12 months to maximum 60 months.

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

IDFC First Bank offers you loan if you need a minimum amount of ₹ 1 Lakh to a maximum amount of ₹ 40 Lakh

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

Yes, you can add the income of your spouse to increase your Personal Loan Eligibility andto get a higher loan amount from IDFC First . In this case, the bank will check the CIBIL score of your spouse and ask for all income and bank statements of your spouse for the purpose of processing your application

How can I get IDFC First Bank personal loan?

You can get a personal loan from IDFC First Bank by directly visiting the nearest branch or can apply online at their website. While these two are the traditional methods of applying, you can easily apply for the loan at MyLoanCare website where you can do a thorough comparison of all loan details, rates and charges before deciding to proceed with IDFC First’s application process.

How can I check my IDFC First Bank personal loan status?

You can check the status of your loan online and offline. Once you have applied for a personal loan from IDFC First Bank, you will be given an application number. You can use that application number and registered mobile number to check the status of your loan online at IDFC First Bank's website. In case you are unable to track your application online, you can get IDFC First Bank loan assistance at IDFC First Bank loan customer care centre and ask them to help you out with the status. If you have applied for the loan through MyLoanCare, you can check the status of your application by logging into MyLoanCare account.

What is the importance of credit score if I wish to avail a IDFC First Bank personal loan ?

It is important to have a good credit score if you wish to apply for a personal loan from IDFC First Bank. A credit score above 750 is considered good for a personal loan. A low credit score increases the chances of rejection of your application.

Is there security or collateral needed to get a personal loan from IDFC First Bank?

No, IDFC First Bank does not require any collateral or security to lend you the personal loan as it is an unsecured loan.

Can I close my IDFC First Bank personal loan after 1 year?

You can close your personal loan from IDFC First Bank after 12 months by paying charges: 5% foreclosure charges. Can foreclose after 3 months in case of smart personal loan

Can I negotiate with IDFC First Bank on the personal loan interest rate?

Yes, as a customer, you should negotiate for a rate discount when you apply. You may end up getting a better rate from the bank if you have applied for a high loan amount and are in a high income range working with a reputed company.

How to pay your IDFC First Bank personal loan EMI?

You can pay your IDFC First Bank personal loan EMI by using ECS facility or through Standing Instruction.IDFC First Bank also provides you the facility to pay your Personal Loan EMI online using net banking and mobile banking.

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IDFC First Bank Personal Loan Reviews 4.6/5  by 40 customers
MyLoanCare Service
Banks Service
Orwill, Pune
Reviewed on 03rd Nov 2021
5 / 5 stars
IDFC First Bank Personal Loan Availed in Nov 2021

Excellent support. From initiating the loan process till disbursement, the process was smooth. Read more...

Rani, Bangalore
Reviewed on 31st Oct 2021
4 / 5 stars
IDFC First Bank Personal Loan Availed in Oct 2021

MyLoanCare is good as it helps take loans. The service is excellent.Read more...

Gunda, Hyderabad
Reviewed on 18th Oct 2021
5 / 5 stars
IDFC First Bank Personal Loan Availed in Oct 2021

Very good service. Very helpful. Worked fast. I am satisfied with this. Best comparison.Read more...

Vishal, Mumbai
Reviewed on 11th Oct 2021
5 / 5 stars
IDFC First Bank Personal Loan Availed in Oct 2021


Rajesh, Noida
Reviewed on 10th Aug 2021
5 / 5 stars
IDFC First Bank Personal Loan Availed in Aug 2021

It is a great place to avail a loan. MyLoanCare team is so caring and always supports and takes initRead more...

Osden, Thane
Reviewed on 21st Jul 2021
4.5 / 5 stars
IDFC First Bank Personal Loan Availed in Jul 2021

It was a smooth transaction and your executive also guided through different options. Thanks. Read more...

Charanjeet, Delhi
Reviewed on 16th Jul 2021
5 / 5 stars
IDFC First Bank Personal Loan Availed in Jul 2021

Nice experience, fast result and good service. Staff behaviour was very nice and comfortable to talkRead more...

Sagar, Mumbai
Reviewed on 03rd Jul 2021
4 / 5 stars
IDFC First Bank Personal Loan Availed in Apr 2021

Fast service and fast communication for all activities.

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IDFC First Personal Loan News - Dec 2021
  • 2021-11-01 : IDFC First Bank Profit Jumps By 50 Percent
    Private sector bank, IDFC First Bank has reported a nearly 50 percent jump in net profit. In the quarter ended in September 2021 the lender had a profit of Rs 151.74 crore, last year the profit was of Rs 101.41 crore. Total income during July-September of FY22 rose to Rs 4,880.29 crore, as against Rs 4,090.87 crore in the same quarter of FY21.
  • 2021-06-14 : IDFC First Bank’s helping hand for the covid-affected families of employees
    To help the families of employees who lost their lives due to covid, IDFC First Bank is offering compensation of upto 4 times of the CTC along with a salary of two years. Along with that, the bank is also wavering the loans of such employees to reduce the burden on the employees’ family.
  • 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.
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