What Benefits Does IDFC First Bank Personal Loan Provide?

You can apply for a IDFC First Bank Personal Loan whenever there is a shortage of funds, as it will help you meet the financial need quickly. The loan you apply for is disbursed within 7 days of approval and there is no need of a collateral to provide security for the IDFC First Bank Personal Loan. Using the loan amount one can pay for his/her medical bills, manage wedding expenses, afford child abroad studies, or can plan a vacation. Read this article tokno what are the benefits of IDFC First Bank Personal Loan which makes it best for the customers.

A High Loan Amount

One of the IDFC First Bank Personal Loan advantages is the high loan amount. You can borrow a loan from INR 1,00,000 to INR 40,00,000 from IDFC First Bank. Every salaried and self-employed individual who has a regular income can apply for the IDFC First Bank Personal Loan. And the loan amount will depend on your monthly salary, obligations and current credit score.

Attractive Interest Rate

Whenever you are looking to borrow a loan the first thing you’ll check is the interest rate. But in case of IDFC First Bank Personal Loan, you don’t have to worry about it as the interest rate ranges from 10.99% to 22.00% per annum. The interest rate will vary from one individual to the other based on their income, creditworthiness and current EMIs if any.

Flexible Tenure

For IDFC First Bank Personal Loan payment, you have a tenure of 12 to 60 months which you can choose as per your repayment capacity. To make a calculated decision, you can use IDFC First Bank Personal Loan EMI Calculator. Check out the example below to know how this tool works.

Suppose, you borrow an IDFC First Bank Personal Loan of INR 5 lakh at an interest rate of 12.00% per annum and don’t know which tenure is suitable for you. So you used the EMI calculator according to which you get the following outcome.

Loan Amount

Interest Rate

Tenure

EMI

Interest Outgo

Total Payment

5,00,000

12.00%

1

44,424

33,093

5,33,093

5,00,000

12.00%

2

23,537

64,882

5,64,882

5,00,000

12.00%

3

16,607

97,858

5,97,858

5,00,000

12.00%

4

13,167

1,32,012

6,32,012

5,00,000

12.00%

5

11,122

1,67,333

6,67,333

 

Interest Outgo and Principal Payment for IDFC First Bank Personal Loan for 4 years tenure.

Tenure

Interest Payment

Principal Payment

1

54,426

1,03,576

2

41,290

1,16,713

3

26,488

1,31,515

4

9,808

1,48,325

 

Affordable Processing Charge

IDFC First Bank charges a processing fee for the personal loan which is 2%-2.5% of your borrowed amount. And the processing charge would be debited from your loan amount to make it easy for you to manage the processing fee payment.

So, if you are looking for a personal loan, visit your nearest IDFC First Bank branch or go to its official website.