IDFC First Bank Personal Loan: Cheaper Interest Rates and Important Aspects

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IDFC First Bank Personal Loan: Cheaper Interest Rates and Important Aspects

IDFC First Bank Personal Loan helps you in meeting several personal expenses such as weddings, vacations, hospitalization charges, medical charges, home renovation, and more, the charges of which you can’t meet from your monthly income or savings. The IDFC bank gives the applicant a loan of up to Rs. 40 Lakhs that applicants can apply for on an online or offline basis only if they meet the eligibility criteria of the IDFC first bank personal loan and submit all the required documents.

The rate of interest offered by the bank on IDFC First Bank Personal Loan starts at 10.75% per annum and the period offered by the bank for the reimbursement of the IDFC First Bank Personal Loan is from 12 to 60 months. The processing fee charges are up to 3.5% of the loan sanctioned. The minimum age limit for salaried and self-employed individuals is 21-58 years and 28-68 years respectively. The foreclosure charges are up to 5% of the total amount of prepaid.

Important Aspects of the IDFC First Bank Personal Loan:

  • Credit score – One of the most important aspects while applying for a loan is having a good credit score. A good credit score or records helps you in the fastest approval of the loans and helps you in getting a lower rate of interest or a higher amount of loan. Everything here is based on your reimbursement capability.
  • Evaluate the total cost of the loan – Another important aspect is to first know about all the charges that are taken by the bank at the time of application or loan period before applying for the loan.
  • Borrow only what you need – The third aspect is to take a loan only if you have its necessity and don’t get influenced by the lender at the time of offering. An extra amount of loan would not only increase the rate of interest but you may fall into a debt trap.
  • Check documents thoroughly before submission – The fourth aspect is to avoid all the trouble and go through the requirements of documentation at the time of applying. This leads to the faster approval of the loan.

Taking a loan can be very stressful as there are many questions that people ponder over when it comes to taking a loan. Dialabank comes to your aid and clears all your confusion. So stop fretting and call 9878981166.

 

 

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