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IDFC Bank Personal Loan

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Product Rating

4.6 /5

Total - 296 ratings

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Mode of Process

Mail

Location

PAN India

Lending Size and Tenure

1 Lac-40L (12M to 60 M)

ROI

10.50% - 20%

ROI (Fixed/Reducing)

Reducing

Processing Fees

2%

Foreclosure

After 6 Month with applicable Fees

Partial Payment Allowance

No

Dealing in Unsecured OD

No

USP

Doing Funding to Proprietorship/Partnership/LLP- if PF is deducted

IDFC Bank helps you realize your dreams. Whether it's a wedding or a vacation or renovating your home they can help you meet all of your diverse needs with an unsecured personal loan. They have made the process extremely easy too—with a paperless application and hassle-free approval process. So if you want to apply for a personal loan from IDFC Bank, here are a few things that you should be informed about:

Here are a few factors about IDFC Bank Personal Loans

Mode of Process

Mail

Location

PAN India

Lending Size and Tenure

1 Lac-40L (12M to 60 M)

ROI

10.50% - 20%

ROI (Fixed/Reducing)

Reducing

Processing Fees

2%

Foreclosure

After 6 Month with applicable Fees

Partial Payment Allowance

No

Dealing in Unsecured OD

No

USP

Doing Funding to Proprietorship/Partnership/LLP- if PF is deducted

Negative Profile for IDFC Bank Personal Loans

A negative list or negative profile is a list of areas of the city where residents would not qualify for credit approval. In India, this has been a relatively new development.

Defense and Police

NGO

Mandir/Masjid/Gurudwara/

Church

Politician

Company which are in Liquidation or in BIFR

Minus 1 CIBIL

 

Eligibility 

Documents Required 

  • The age of the applicant should be between 23 to 60
  • The min. salary of the applicant should be 20K per month
  • The min. Employment should be 6 months of continuous salary 
  • Minimum CIBIL score has to be 700

 
  • KYC of Applicant (PAN+Passport Size Photo+Adhar Card)
  • Last 3 Month Salary Bank Statement in PDF
  • Last 3 Month Salary Slip if Salary is received by Cheque
  • Ownership Proof Latest Utility Bill (If rented then rent agreement)
  • Copy of Cancel Cheque of Salary Account or Passbook front page
  • Last 2 Year Form 16 
  • Last 2 Year ITR if Filled
  • Company ID (If not available then Office Mail ID & Land Line Number)
  • Copy of Appointment Letter
  • All Running Loan Sanction letter with a repayment schedule

Let us take an example, How EMI is being calculated


For instance, if "Shubham" applies for a Personal loan of INR 1 Lacs and get the loan sanctioned at the rate of 15 % with a tenure range of 36 Months , in such a case his EMI would be INR 3,467 and complete repayment amount till the end of 36 Months tenure would be INR 1,24,795 (i.e 3,467 EMI * 36 Months), wherein the total interest amount is INR 24,795 along with principal repayment of INR ₹1,24,795 . Few additional charges like those of minimal one-time processing fee upto 2-3% of loan amount may apply. T&C apply.

Year Principal
(A)
Interest
(B)
Total Payment
(A + B)
Balance Loan Paid To Date
2022 ₹ 11,363 ₹ 5,969 ₹ 17,333 ₹ 88,637 11.36%
Aug ₹ 2,217 ₹ 1,250 ₹ 3,467 ₹ 97,783 2.22%
Sep ₹ 2,244 ₹ 1,222 ₹ 3,467 ₹ 95,539 4.46%
Oct ₹ 2,272 ₹ 1,194 ₹ 3,467 ₹ 93,267 6.73%
Nov ₹ 2,301 ₹ 1,166 ₹ 3,467 ₹ 90,966 9.03%
Dec ₹ 2,329 ₹ 1,137 ₹ 3,467 ₹ 88,637 11.36%
2023 ₹ 30,332 ₹ 11,266 ₹ 41,598 ₹ 58,305 41.70%
Jan ₹ 2,359 ₹ 1,108 ₹ 3,467 ₹ 86,278 13.72%
Feb ₹ 2,388 ₹ 1,078 ₹ 3,467 ₹ 83,890 16.11%
Mar ₹ 2,418 ₹ 1,049 ₹ 3,467 ₹ 81,472 18.53%
Apr ₹ 2,448 ₹ 1,018 ₹ 3,467 ₹ 79,024 20.98%
May ₹ 2,479 ₹ 988 ₹ 3,467 ₹ 76,545 23.45%
Jun ₹ 2,510 ₹ 957 ₹ 3,467 ₹ 74,036 25.96%
Jul ₹ 2,541 ₹ 925 ₹ 3,467 ₹ 71,495 28.51%
Aug ₹ 2,573 ₹ 894 ₹ 3,467 ₹ 68,922 31.08%
Sep ₹ 2,605 ₹ 862 ₹ 3,467 ₹ 66,317 33.68%
Oct ₹ 2,638 ₹ 829 ₹ 3,467 ₹ 63,679 36.32%
Nov ₹ 2,671 ₹ 796 ₹ 3,467 ₹ 61,009 38.99%
Dec ₹ 2,704 ₹ 763 ₹ 3,467 ₹ 58,305 41.70%
2024 ₹ 35,208 ₹ 6,390 ₹ 41,598 ₹ 23,097 76.90%
Jan ₹ 2,738 ₹ 729 ₹ 3,467 ₹ 55,567 44.43%
Feb ₹ 2,772 ₹ 695 ₹ 3,467 ₹ 52,795 47.20%
Mar ₹ 2,807 ₹ 660 ₹ 3,467 ₹ 49,988 50.01%
Apr ₹ 2,842 ₹ 625 ₹ 3,467 ₹ 47,147 52.85%
May ₹ 2,877 ₹ 589 ₹ 3,467 ₹ 44,270 55.73%
Jun ₹ 2,913 ₹ 553 ₹ 3,467 ₹ 41,356 58.64%
Jul ₹ 2,950 ₹ 517 ₹ 3,467 ₹ 38,407 61.59%
Aug ₹ 2,986 ₹ 480 ₹ 3,467 ₹ 35,420 64.58%
Sep ₹ 3,024 ₹ 443 ₹ 3,467 ₹ 32,397 67.60%
Oct ₹ 3,062 ₹ 405 ₹ 3,467 ₹ 29,335 70.67%
Nov ₹ 3,100 ₹ 367 ₹ 3,467 ₹ 26,235 73.76%
Dec ₹ 3,139 ₹ 328 ₹ 3,467 ₹ 23,097 76.90%
2025 ₹ 23,097 ₹ 1,169 ₹ 24,266 ₹ 0 100.00%
Jan ₹ 3,178 ₹ 289 ₹ 3,467 ₹ 19,919 80.08%
Feb ₹ 3,218 ₹ 249 ₹ 3,467 ₹ 16,701 83.30%
Mar ₹ 3,258 ₹ 209 ₹ 3,467 ₹ 13,443 86.56%
Apr ₹ 3,298 ₹ 168 ₹ 3,467 ₹ 10,145 89.86%
May ₹ 3,340 ₹ 127 ₹ 3,467 ₹ 6,805 93.19%
Jun ₹ 3,381 ₹ 85 ₹ 3,467 ₹ 3,424 96.58%
Jul ₹ 3,424 ₹ 43 ₹ 3,467 ₹ 0 100.00%

FREQUENTLY ASKED QUESTIONS

Have a question? We've got answers!

An IDFC personal loan is an unsecured loan that you can get from an IDFC bank to help you meet your financial obligations. You can apply for the application through online mode too.

Both salaried and self-employed individuals are eligible to apply for this loan. IDFC Personal Loan eligibility is sourced online. Eligibility parameters are pre-set through IDFC FIRST Bank's website and mobile app. Your loan eligibility will also be based on your credit score, income, and your existing liabilities, which will be used to ascertain your creditworthiness.

No, you won't need to visit any branch. You can easily apply for the loan through IDFC's official website or the IDFC Bank Mobile app banking.

No, you won’t need to provide any security or guarantor for availing of the IDFC Bank Personal Loan.

If you wish to apply for a personal loan with IDFC Bank, you can just make it possible from ReferLoan’s website. You just need to visit our website and select the IDFC Bank personal loan from the drop-down menu. Fill in your mobile number and generate OTP to move ahead with the application.

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