IDFC First Bank personal loan starts at a rate of interest starting from 10.75% p.a. on a personal loan. The interest rate given to an individual by the bank depends on several things like credit score, age, repayment ability, employer, etc. Up to 3.5% of the loan sanctioned is the processing fee charges. Up to 5% of the total amount of prepaid are the foreclosure charges. The reimbursement of the IDFC First Bank Personal Loan is from 12 to 60 months.
IDFC First Bank Personal Loan Features
No Need for a Collateral
There is no need to pay any security to get the asked loan amount. This is no worry even if this is an unsecured loan. The bank looks after the entire application including the credit score, CIBIL score, job history, records, and then decided whether to approve the loan or not.
Elasticity in Repayment
IDFC First bank personal loan offers you an elastic reimbursement capacity which is from 12-84 months. The reimbursement period is chosen as per the savings from the monthly income after the personal expenses. An important point to be noted here is that a loan period might make you pay a higher amount of interest.
Balance Transfer Facility
With the help of this facility, an individual can very easily transfer the recent outstanding balance to the IDFC First Bank at a cheaper rate of interest. Once you use this, you can save a large amount while paying all the EMI’s. For Balance transfer, one of the following documents is required.
- Reimbursement timetable
- Bank Account Statement
- Foreclosure letter of Loan
Smart Loan Facility
If there’s a requirement of lowering the rate of interest at any point, you can use the smart loan facility of the IDFC First Bank. Through this, an individual can prepay 40% of the loan amount anytime as per their suitability after paying the first three EMI’s. Moreover, the facility can only be used once in a financial year. 2% of the total partial amount is to be paid by the individual.