to apply for IDFC First Ltd. personal Loan
IDFC First Personal Loan
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Overview - IDFC First Bank Personal Loan
IDFC first ltd is listed both in the NSE and BSE and is a leading financial institution specializing in providing debt financing to MSMEs and Consumers in India. The company was largely in the wholesale Financing, asset management and had JV’s in Foreign Exchange and retail equity broking. The Market cap of IDFC First increased from 7.90 billion on March 31, 2012 to Rs.76.28 billion on March 31, 2017. The funding theme of IDFC First is that financing India’s 50 million MSME’s and its emerging middle class with a differential model based on new technologies provides a large and unique opportunity.
About IDFC First Bank Personal Loan
IDFC first personal loan provides loans to MSMEs and the consumers in India. Currently the company provides the following products Personal loans, loan against property, pre-owned car loan, business loan, durable loan, Insurance and easy buy cards. Financing offered by IDFC first can be used for accomplishing a lot of personal tasks such as expanding business, buying furniture and office automation such as computer and printers etc. So far the company has financed more than 2.25 million customers that include both self employed include self employed individuals as well as MSMEs. The NBFC has a huge network and provides financing to more than 222 locations across the country.
Why Choose IDFC First Bank Personal Loan
With IDFC first you receive a strong infusion of funds at competitive rates of interest as per your requirements and also easy repayment options. The preclosure charges are minimal and the loan does not require a loan guarantor as well. With all these features it is becoming more popular amongst most of the borrowers as they find it satisfying most of their financial needs. The loans provided by IDFC first personal loan can be used for various purposes such as medical emergencies, marriage, home renovation cost, higher education cost, purchasing vehicles and purchasing assets or the option of not wanting to disclose the purpose of the loan can also be chosen by the applicant. These are the IDFC First Personal loan benefits.
Features of IDFC First Bank Personal Loan
Features of IDFC First Personal loan include the following:
- Loan Tenure
Loan tenure is an important factor to be considered while availing the personal loan from IDFC First Private Limited. The tenure of IDFC First Personal loan ranges from 1-5 years
- Processing fees
IDFC First charges a 2% processing fee plus taxes for the purpose.
- Preclosure Charges
Pre closure charges are 5% on the principal outstanding after clearing 6 EMIs
- Interest Rates
IDFC First offers loans at 11.69%-15% to the salaried individuals and at 22% to the self employed individuals
- Guarantor requirement
IDFC first does not require a guarantor for the purpose of acquiring a loan and this saves a lot of time of the applicant in securing the loan.
- Minimum documentation
- Fast processing
- Approval without any mortgage
- Foreclosure options available.
Eligibility Criteria for IDFC First Bank Personal Loan
IDFC First Personal loan eligibility is as follows:
- Minimum age
In case of salaried individuals the minimum age is 23 years and in case of self employed it is 28 years
- Maximum age
In case of salaried the maximum age is 58 years and in case of self employed it is 65 years
For salaried individuals it is Rs.20000 a month and for self employed individuals it is Rs100000 per annum
- Maximum loan amount
The maximum loan amount in case of salaried is Rs.1000000 and Rs.1500000.
- CIBIL Score
Most banks and NBFCs require you to have a CIBIL score of over 750.
Documentation for IDFC First Bank Personal Loan
The following documents are required to apply for IDFC First Personal loan:
- Pan card
- Identity proof- Voter ID, Driving license, Passport
- Address Proof- Voter ID, Driving license, Passport, Telephone or Electricity bill
- Relationship proof
- Passport Size Photographs
- Any other valid Photo ID card issued by State government
- Latest 6 months salary credit Bank statements
- Documents for salaried applicants:
- Latest 2 months pay slips and Form 16 issued by the employer
- Income documents of salaried spouse
Interest Rates of IDFC First Bank Personal Loan
Your Interest rates determine how much you will be paying back to the loan provider than what you have borrowed. Hence a competitively low interest is what you should consider while availing a personal loan. Fortunately, IDFC First offers loan at competitive rates of 11.69%-15% for salaried applicants and 22% for self employed applicants on a monthly reducing balance model. IDFC First Personal Interest rates are kept at bare minimum to suit the needs of the customers.
Fees and Service Charges
IDFC First Bank Personal loan charges include the following:
- The interest rates of IDFC First Bank Personal loan range between 11.69%-15%
- The processing fees of IDFC First Personal loan are about 1.5% of the entire loan amount
- The tenure of the loan ranges between 1 to 5 years
- Preclosure is permitted after 6 months, 5% of the principal outstanding plus taxes applicable.
- There is no guarantor required.
EMI Calculator of IDFC First Bank Personal Loan
Calculating EMI manually can be a tough task with a complicated formula. From the loan amount to the tenure of the loan, the interest rates each play a very important role in deciding the amount to be paid by each of the loan applicant. IDFC First Personal loan EMI calculator provides all the assistance to the customers in calculating the EMIs.
Why MyMudra Financial ?
- All the financial requirements and services provided by MyMudra financial are available free of cost for the customers and one can avail them without any hesitation.
- More than 50+ banks and NBFCs are available on the customer screen from which one can choose according to their convenience.
- We provide you with the most dedicated personnel to take care of all your requirements and provide you with appropriate advice.
- There are about 1000 products that we offer along with the right mix of finance.
- We offer the best rate of interest , gift vouchers and all the other benefits and cash backs for their inter interest
- We offer financial services both online and offline and also offer offline counselling
- We provide end to end services i.e. we assist you right from the time you apply to the time the deal is finally done and delivered.
- We offer services all across the country.
FAQ IDFC First Bank Personal Loan
- When and for what purpose can I take a personal loan from IDFC First?
You can take a personal loan from IDFC First on various occasions such as to meet emergency expenses, to purchase assets, for marriage or even if you just feel like it. The reason for taking the personal loan need not be explained.
- What is the rate of interest for IDFC First?
Interest rate of IDFC First ranges between 11.69%-15% for salaried individuals and for self employed it is 22%.
- Who is eligible for personal loan from IDFC First?
Salaried individuals between the ages 23-55 years earning over Rs.20000 per month have a decent Cibil score. Self employed individuals who are between the ages 28-65 years having a turnover of Rs.10, 000, 00
- What is the purpose of the personal loan from IDFC First?
The personal loan can be utilised for various personal purposes which the applicant might not want to discuss and that is completely legal. Other purposes might include funding expenses arising from various events like medical emergencies, home renovation, education and much more.
- Does one need to mortgage their property in order to avail the personal loan from IDFC First?
The individual can get a sanction approval for the loan without having to mortgage their property.
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