GoCapitalz

IDFC First Bank Personal Loan Features

Competitive Interest Rates

High Loan Amounts

Minimal Documentation

Flexible Repayment Tenure

No Collateral Required

Age: Applicants should be between 23 to 60 years old.
Employment Type: Both salaried individuals and self-employed professionals are eligible.
Income:

- Salaried: The minimum monthly income requirement is typically around ₹20,000.

- Self-Employed: Minimum annual income should meet the bank's specific requirements.

Work Experience:

- Salaried: Minimum work experience of 1 year in the current job.

- Self-Employed: Minimum of 2 years in the current business or profession.

Credit Score: A good credit score (usually 700 and above) is preferred.
Residential Stability: Applicants should have a stable residential address with proof of residence.

Aadhaar Card
Passport
Voter ID
Driving License
PAN Card
Utility Bills (Electricity, Water, Gas)
Rental Agreement
Latest salary slips (last three months)
Bank statements showing salary credit (previous six months)
Form 16 or the latest Income Tax Return (ITR)
Bank statements (last six months)
ITR for the previous two years
Business continuity proof (Trade License, GST Registration)
Employment Proof:
Photographs:

Processing Fee: A one-time fee charged when processing the loan application.
Prepayment Charges: Fees are applicable if you repay the loan before the agreed-upon tenure.
Late Payment Fees: Penalties charged for delayed or missed payments.
Documentation Charges: Fees related to document verification and processing.

Benefits Of choosing IDFC First Bank Personal Loan:

Obtaining a personal loan at IDFC First Bank offers several advantages. Firstly, a suitable interest rate means the customer is charged reasonable borrowing fees. The fourth advantage is choosing flexible repayment terms, ranging from twelve to sixty months.

The other benefit is the speed at which the loan is disbursed. This means that cash is available as and when it is required. Few documents are needed, and the process is very smooth and trouble-free. Furthermore, the personal loan products of IDFC First Bank do not require any collateral; hence, they are unsecured loans, which appeals to customers.

This policy keeps the bank and its clients close. It ensures that the loan agreement lacks obscure terms and conditions that may be misunderstood, thus protecting borrowers from exploitative contractual terms. A customer-centric solid approach, coupled with technology-based services, boosts borrowing. If one is looking for a secured and easy loan for personal use, IDFC First Bank is a good choice.

How To Avail of IDFC First Bank Personal Loan

This step will explain the basic requirements for obtaining a personal loan from IDFC First Bank, such as age, income, employment history, etc. Second, identify the documents you need to present, including an identity card, residential proof, and proof of income.

IDFC First Bank or with GOCapitalz, this is usually done online on the bank’s official website. Complete the application form to the letter, providing the correct personal and mainly financial data and employment history. Complete the form and attach all necessary papers for the examination. Once you have submitted your loan application, the bank will consider it, and if it is accepted, you will receive an offer.

Once you accept the offer and complete the loan terms, the stated loan amount will be reflected in your bank account shortly. This efficient procedure helps to provide easy funding for your financial requirements.

FAQ's

This bank provides personal loans up to ₹ 25 lakhs based on income and other factors of the applicant. The precise amount depends on the bank's evaluation of the applicant’s financial situation.

Acceptable documents include the Aadhaar Card, Passport, Voter ID, Driving License, or PAN Card. These documents assist in confirming the applicant’s identity and complying with the legal necessities surrounding his or her application.

It is necessary that the client is between 23 and 60 years old and is a salary earner/self-employed with a stable and legal income and a good credit history. Salaried employees for meeting their essential expenses require ₹20,000 per month for their needs, and Welfare measures for self-employed persons require an annual income level.

IDFC First Bank permits customers to use prepaid and foreclosure facilities for personal loans. However, some conditions exist for using this service, and the signed contract may indicate early payment fees.