Interest rates on your personal loan can play a huge role while repayment. With the affordable IDFC First Bank Personal Loan Interest Rate, individuals can enjoy the convenience. With higher interest rates on their personal loan, borrowers may face trouble in repayment as the EMI amount would be higher. But do you know if you are facing a higher interest rate, you can switch to a lower interest rate from IDFC First Bank with the personal loan balance transfer facility? No? Well, now you know.
With this facility, individuals can transfer their outstanding balance to another lender at lower interest rates. Several people like to opt for this facility because of the lower IDFC Bank personal loan rate as it will reduce the EMI amount and interest outgo. So, if you are someone who is struggling to pay your current EMIs because of higher interest rates, this could be a good choice for you. Also, a personal loan balance transfer facility can prove to be one of the finest methods to ensure you achieve maximum savings on your personal loan. With the help of the IDFC First Bank personal loan EMI calculator, you can calculate the overall savings.
Want to read more about it? Well, here, we will discuss some important conditions related to the balance transfer facility along with the process with which you can apply for IDFC First Bank personal loan. Keep reading to know more!
Important Conditions Related to IDFC First Bank Personal Loan Transfer Facility
When you are going to enjoy the IDFC First Bank personal loan interest rate by choosing the balance transfer facility, you should remember some important points that we are mentioning below. Have a look!
- You should have been paying all your EMIs on time. For example, you want to choose a personal loan balance transfer facility at the end of 2 years of your personal loan then you should have been paying all 24 EMIs on time. The lender may reject your application if you have missed any of your EMIs.
- The final rate of interest will depend on several factors such as age, monthly income, employment type, and credit score.
- The credit score of an individual should be 700 or above to be eligible for a personal loan balance transfer. People with higher scores usually have higher chances as compared to people with poor scores.
- You will also need to pay a processing fee for this facility that will depend on the principal outstanding amount.
Use of IDFC First Bank Personal Loan EMI Calculator and Application Process
Many people often ask whether they should use the IDFC First Bank Personal Loan EMI calculator before choosing the suitable loan amount. The answer to this question is a YES! This tool helps you choose a suitable repayment amount according to your repayment capacity and requirements. After knowing the suitable loan amount, you can easily apply with the convenient application process. To know the steps you can check below.
- The first and foremost step that you need to do is to fill the application form online on the official website of IDFC First Bank. Here, you can also have an estimate about your eligibility.
- After filling the form, the representatives will collect the required documents from your premises. These documents will be PAN card or Form 60, Address Proof, ID Proof, Income Proof, and Business proof.
- After submitting the documents, the bank will verify the personal loan application submitted by you and the authenticity of the documents.
- If all of your documents are valid, the bank will approve your loan application and the loan amount will be disbursed into your bank account for which you provided the bank statement.