IDFC First Bank Personal Loan

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IDFC First Bank Personal Loan

IDFC First Bank Personal Loan

Are you searching for lender that can offer you a personal loan to fulfill your necessities? You can apply for a loan from this bank for a wide variety of reasons such as weddings, holidays, education, home renovation, and for emergencies. This bank offers the loan to both salaried and self-employed individuals, which comes with flexible tenure options and high disbursal cost.

Want to know more about the loan facility being offered by IDFC First Bank personal loan, just go through the page below.

Eligibility for IDFC First Bank Personal Loan

In order to apply for IDFC First Bank Personal Loan , it is important that you meet the required eligibility norms set by the bank. However, your credit score and existing borrowings are also assessed to determine your repayment capacity.

For Salaried applicants:

Minimum Age is 23 years and Maximum Age is 58 years, at the time of loan maturity

For Self-employed applicants:

The business must have been existing for a minimum period of three years.

Minimum Age of the applicant should be 28 years and Maximum Age should be 68 years, at the time of loan maturity

IDFC First Bank Personal Loan Documents Required

Dialabank provides Personal Loans to both self-employed and salaried applicant based on the assessment of the following documents:

  • Photo Identity Proof: (Self-attested copy of any one document) Passport, PAN Card, Voter Identity Card, Driving License, Aadhaar Card
  • Address Proof: (Self-attested copy of any document) Ration Card, Passport, Bank Account Statement, Aadhaar Card, Driving License, Electricity Bill, Telephone Bill.
  • Income Proof: (Self-attested copy of any one document)
  • For Salaried Individuals: Last three months bank statement showing salary credits, Latest Salary Slip
  • For Self-Employed Individuals: 2 years’ ITR, P&L and Balance Sheet for the last 2 years, Last 6 Months’ Bank Statement
  • Business Proof :(Self-attested copy of any one document)
  • For Self-Employed Individuals: Qualification Certificate/Certificate of Practice (COP), Shop Act License/ MOA & AOA/ Sales Tax/ Vat registration/ Partnership Deed

Amount of Loan

The amount of IDFC First Bank Personal Loan can be Rs.1 lakhs to Rs.25 Lakhs. It depends basically on your need and the income source of your income

Tenure of IDFC First Bank Personal Loan

Tenure of the loan can be from 1 year to 5 years.

How to Apply for IDFC First Bank Personal Loan?

It is easy for you to apply for IDFC First Bank Personal Loan online. You simply need to follow few steps to get the loan online. Take a look at the steps given below:

1. You can apply for a personal loan online by filling a form on www.dialabank.com

2. Document Submission: The relationship manager will fix up an appointment to come to your residence and collect the documents for quick personal loans.

3. Verification: After your documents have been submitted, we will verify your personal loan application; this may involve a personal discussion with you.

4. Approval & Disbursal: If the reports are satisfactory after verification, your loan will be approved and the money will be credited in the bank account for which the statement has been provided.

Features of IDFC First Bank Personal Loan

1.   Easy Application

2.   Flexible Tenures

3.   High Disbursal Amount

FAQs About IDFC First Bank Personal Loan

Q. What is IDFC First Bank Personal Loan?

If you are in urgent need of financial help but can not provide security in exchange for a loan then IDFC First Bank Personal Loan is just the right help you need. A Personal Loan can be availed without the need for submitting a security and loan amount can be used for any personal need.

Q. How does IDFC First Bank Personal Loan work?

IDFC First Bank Personal Loan works like any other loaning product except that you are not required to submit any security to avail Personal Loans. All you need is your KYC and income proof. Once approved and disbursed the loan amount can be used for a number of personal purposes.

Q. What is Personal Loan rate of interest in IDFC First Bank?

Personal Loan rate of interest in IDFC First Bank starts at 11.69% per annum. You can visit Dialabank’s online portal to compare the rates of different banks and finance companies across India.

Q. How can I get IDFC First Bank Personal Loan?

To get a Personal Loan you will have to visit the nearest branch with basic documents(Aadhar Card, PAN Card) and income proof(salary slip, bank statement) and fill an application form. You can also contact Dialabank to avail of the best financial advice and get the personally curated deals and offers for all your financial needs.

Q. How to apply for Personal Loan in IDFC First Bank?

Apply for Personal Loan by visiting the nearest IDFC First Bank branch with all the requisite documents. You can also apply online with Dialabank and avail personalized assistance for all your financial needs.

Q. Why apply for IDFC First Bank Personal Loan?

IDFC First Bank Personal Loans can be used for any personal financial need. You do not have to provide any collateral security in exchange for your loan and the repayment can be done in monthly instalments, EMIs.

Q. How much EMI on IDFC First Bank Personal Loan?

Calculate your IDFC First Bank Personal Loan EMI using your loan tenure, loan amount, and rate of interest. Use Dialabank’s EMI calculator to calculate your estimated EMI and apply for all your Personal Loan needs with us.

Q. How much CIBIL score required for IDFC First Bank Personal Loan?

A CIBIL score above 750 is preferred by IDFC First Bank to disburse a Personal Loan. Being an unsecured loan your CIBIL score plays a big role in determining your loan eligibility as it calculates the risk of default for your lender.

Q. Minimum credit score needed for IDFC First Bank Personal Loan?

The credit score is a measurement and estimate of your creditworthiness. IDFC First Bank requires you to have a credit score of at least 700 to consider your loan application for approval.

Q. How to calculate IDFC First Bank Personal Loan EMI?

Use your loan amount, loan tenure, and rate of interest to calculate your Personal Loan EMI using the EMI calculator available on Dialabank’s website. You may also use the following formula, E = P x R x [((1+R)^N)/((1+R)^N)-1] where E is your EMI, P is your principal loan amount, R is the monthly rate of interest, and N is the loan tenure in months.

Q. What can I use IDFC First Bank Personal Loan for?

You can use your IDFC First Bank Personal Loan for a number of financial needs such as funding your marriage or that of a relative, pay all your big and small bills, correct your finances by doing away with other expensive loans, renovate or repair your home, and etc.

Q. Can I prepay IDFC First Bank Personal Loan?

Yes, you can pre-close your loan by visiting the branch and asking your banker about the prepayment facilities.

Q. How to repay IDFC First Bank Personal Loan?

IDFC First Bank provides flexible repayment options. You can easily pay back your Personal Loan through EMIs.

Q. What documents are needed for IDFC First Bank Personal Loan?

Your KYC documents for identity and address verification and bank statement and salary slip as proof of income are needed for an IDFC First Bank Personal Loan. You can check the required documents in detail and also apply online for Personal Loan at Dialabank’s digital platform.

Q. How to check IDFC First Bank Personal Loan status?

Visit your loan branch or contact the customer care number of IDFC First Bank to know the status of your loan application and stay updated.

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