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IDFC First Personal Loan Interest Rate

Current IDFC First Bank Personal Loan Interest Rates, Nov 2021

Last Updated 09th Nov 2021

Interest Rate 10.49% - 22.00% Check Best Offers
Tenure Upto 60 months
Processing Fee Upto 2.00%
Loan Amount ₹ 1 Lakh to ₹ 40 Lakh
Minimum Income ₹ 20,000
Eligible Age 23 to 60 years
Part Prepayment Charges Allowed after paying 3 EMIs with charges ranging from, In case of Smart Personal Loan at Nil Charges of the outstanding loan amount.
Foreclosure Charges Allowed after 12 months with charges ranging from 5% foreclosure charges. Can foreclose after 3 months in case of smart personal loan of the outstanding loan amount.
  • You can avail lowest rates on IDFC First Bank Personal loan if you are an existing customer of the bank or working with top corporations.
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IDFC First Bank Personal Loan Rates and Charges

  • IDFC First Bank offers personal loans to salaried individuals at a low rate in comparison to self employed.
  • Apart from the interest rate, the bank also charges processing fees and penalty fees for pre-payment, foreclosure, and late payment as IDFC First Bank personal loan rates and charges. As listed below:
IDFC First Bank Personal Loan Rates and Charges
Interest Rate 10.49% to 22.00%
Part Prepayment Charges Allowed after paying 3 with charges ranging from, In case of Smart Personal Loan at Nil Charges of the outstanding loan amount.
Foreclosure Charges Allowed after paying 12 months with charges ranging from, 5% foreclosure charges. Can foreclose after 3 months in case of smart personal loan of the outstanding loan amount.
Processing Fees Upto 2.00%
Additional Reschedule Charges ₹ 500/td>
EMI Cheque Bounce Charges ₹ 400
Loan Cancellation Charges 1% of the loan amount
Other Charges ₹ 500

Interest rates on IDFC First Bank Personal Loans Schemes

IDFC First Bank Personal loan interest rates are lower for existing customers of the bank with a strong CIBIL Score and for those working with reputed corporations with a stable employment history. The lowest rate on IDFC First Bank personal loan remains unchanged at 10.49% as on 05 Oct, 2021. IDFC First Bank also runs special schemes in which it offers lower rates for defense, armed forces and government employees.Personal loan interest rate for government employee and defense personnel is different from private salaried employees.

IDFC First Bank Personal Loan Rate Comparison with Other Banks

Here is a comparison of IDFC First Bank Personal Loan with top lenders based on interest rate, loan tenure, amount, processing fee, and other charges. It is always better to compare various personal loan lenders before proceeding with the personal loan process.

Particulars IDFC First Bank HDFC Bank SBI
Rate of Interest Starting from 10.49% Starting from 10.25% Starting from 9.60%
Loan Tenure 12 - 60 months 12 - 60 months 6 - 72 months
Minimum Age 23 years 21 years 21 years
Processing Fee Upto 2.00% Upto 2.50% Min ₹ 999 Nil
Maximum Loan Amount ₹ 40 Lakh ₹ 75 Lakh ₹ 15 Lakh
Prepayment charges Allowed after 3 EMI's, In case of Smart Personal Loan at Nil Charges Allowed after 12 EMI's, 2-4% Not allowed
Pre closure charges Allowed after 12 EMI's, 5% foreclosure charges. Can foreclose after 3 months in case of smart personal loan Allowed after 12 EMI's, 2 - 4% Allowed after 6 EMI's, 3%

IDFC First Bank Personal Loan Balance Transfer Interest Rates

IDFC First Bank personal loan balance transfer facility is ideal for existing personal loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing personal loan with IDFC First Bank at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender. Currently IDFC First Bank offers the lowest personal loan balance transfer rate of 10.49%.

How to Get Low Interest Rates on IDFC First Bank Personal Loan?

You can get the lowest IDFC First Bank personal loan rate, by ensuring the below-mentioned things:

  • Ensure that you are aware of the IDFC First Bank personal loan eligibility and documentation requirements beforehand so that you do not end up paying a higher rate as compensation for lack of any document.
  • Ensure that you maintain a good credit score of 650. The higher the credit score, the higher is your chance of getting a low-interest rate.
  • Always check if you are eligible for a pre-approved offer from IDFC First Bank as that allows you to get instant loans at the best rates.
  • Compare lenders to get competitive interest rates. Further keep track of the loan rates trends, IDFC First Bank may offer lower interest rates in the festive season.
  • If you are a high salary earning employee and work in a reputed firm, then leverage it. IDFC First Bank offers lower rates to employees working in top firms drawing high salaries.

FAQs

What is IDFC First Bank personal Loan interest rate?

Today, the lowest interest rate on IDFC First Bank Personal Loan is 10.49% and ranges up to 22.00%. Borrowers with high income and CIBIL score are eligible for the lowest interest rate. Also, IDFC First Bank personal loan interest rates for salary account holders are comparatively lower than that for other customers.

How can I reduce my interest in IDFC First Bank personal loan?

You can reduce the interest to be paid on IDFC First Bank personal loan by any of Following ways: (i) By maintaining a good CIBIL score. (ii) By showing all proofs of income. (iii) By maintaining a good debt to credit ratio. (iv) By applying at peak time when IDFC First Bank provides discounted personal loan offers.

Is IDFC First Bank personal a floating rate loan or fixed-rate loan?

IDFC First Bank is offered at both fixed and floating rates. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the personal loan rates keep varying according to the market.

Did IDFC First Bank personal loan rate drop in 2021?

Presently, IDFC First Bank offers personal loans at an interest rate starting at 10.49%. There has been no change in personal loan rates of IDFC First Bank since 05 Oct, 2021.

How do I check my eligibility to get a personal loan at a low rate from IDFC First Bank?

The lowest rate on IDFC First Bank is mostly offered to individuals with high CIBIL and high income. You can check the eligibility for the personal loan at IDFC First Bank official website. Apart from that you can also use MyLoanCare Personal Loan Eligibility Calculator.

Can I ask for a reduction in the IDFC First Bank personal loan interest rate?

You can ask for a reduction in your IDFC First Bank personal loan interest rate. However, it depends upon the policy of the bank, whether it allows negotiation or not. Good credit score, high income, and existing relationship with the bank are some of the points which can contribute to the talks going your way.

Is there any need for security or collateral while availing Personal loan from IDFC First Bank?

No, there is no need for any collateral or security while availing a personal loan from IDFC First Bank. IDFC First Bank personal loan is an unsecured loan; thus, it does not require pledging of any asset as security to avail the loan.

How can I close my Personal Loan from IDFC First Bank early?

If you want to prepay your entire personal loan from IDFC First Bank, then you can do so by making a lump sum payment. However, you should also inquire about the prepayment and foreclosure charges based on the IDFC First Bank personal loan scheme availed by you, before making any decision.

How does IDFC First Bank calculate the interest on a personal loan?

The interest for IDFC First Bank personal loan is calculated based on the following methods:

Flat rate method:   Under this method, IDFC First Bank personal loan rate is estimated on the original loan amount throughout the original loan tenure. Thereby, the principal amount for calculation remains the same. This method is also called the fixed method of IDFC First Bank personal loan interest calculation.

Reducing rate method:  As per the IDFC First Bank personal loan reducing balance method the interest rate is calculated on the outstanding loan amount. Therefore, the principal component that is paid during the monthly EMI is not chargeable for interest calculation. In this case, the outstanding balance and the interest reduces with time, and the interest is charged only on the remaining principal amount.

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IDFC First Personal Loan News - Nov 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.
*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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