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IDFC Bank Personal Loan Features
IDFC offers a wide variety of financial products and services. IDFC Bank personal loan is one of the key offerings of the bank which is very popular. During its long tenure of 21 years, the bank has won the trust of customers. Being one of the oldest banks with sustained growth, IDFC has become a preferred financial service provider. It has customized personal loan offers to fulfill all your financial needs.
IDFC loan offers are equipped with several attractive features that lure customers. They are meant to provide you the maximum value when you avail a loan. Some of the salient features of IDFC Bank Personal loan are given below.
Competitive Interest Rate
IDFC Bank offers attractive interest rates for its customers and people, in general. The interest rate starts from 10.99% and goes up to 20% depending on the credit score of applicants.
Specialized loan offers for working women
With its Personal Loan Diva offer, IDFC Bank provides a special loan scheme to women employees. 100+ Diva offers are available for working women to achieve their needs and goals. They can take a pre-approved personal loan upto Rs. 3 lakh. The procedure to avail this offer is very simple - you just need to intimate the bank through a call or email. After that, a unique Diva number is generated and sent to your email id. You need to verify the product code and follow further procedures to avail the offer.
Special Offers for IDFC Bank Customers
If you have an account in IDFC Bank, you are eligible for special offers and interest rates. The bank has several attractive offers exclusively for its own customers.
You can get a clear idea of what amount of personal loan you can avail by using the IDFC bank eligibility calculator. Further, EMI calculator is a great tool to calculate your affordability and plan the repayment of your loan. You just need to fill in the loan amount, interest rate, and loan term while using the calculator and it will depict the exact monthly EMI.
Easy and Fast Personal loan
You can get a quick personal loan through a fast processing system. You can visit our website to check your eligibility and complete the documentation and other formalities. It is an easy and quick process.
You get an insurance cover along with your personal finance scheme for a nominal premium. It provides you an accidental cover up to Rs. 8 lakh. In addition, you also get covered for a critical illness up to Rs. 1 lakh.
Online loan application
You can save your time and money by utilizing the online services of IndiaLends. In fact, you can complete the entire loan procedure online without visiting an IDFC branch.
Personal Loan Balance Transfer
If you already have a personal loan, you can transfer it to your IDFC bank account to get a lower interest rate. Further, you also get exclusive offers and benefits when you transfer your loan.
Efficient Customer Support
You can take advantage of an efficient customer support throughout the lending procedure. You can contact the customer desk of the bank through a call, SMS, chat, click2talk. You don’t need to visit the bank physically as all the loan formalities can be completed online with ease.
|Loan Processing Fees||Up to 2.50% of loan amount, Rs 1,000 to 25,000|
|Loan Tenure||12 to 60 months|
|Pre-payment Charges||4% of principal outstanding - 13 to 24 months, |
3% of principal outstanding – 25 to 36 months
2% of principal outstanding - >36 months
|Penalty for late EMI payment||24% per year on outstanding amount From default date|
IDFC bank has laid down several terms and conditions for an individual’s personal loan eligibility.
They are as follows:
IDFC offers Personal Loans to individuals who are atleast 21 years old at the time of loan approval and maximum 60 years at the time of loan maturity.
IDFC Bank Personal loan eligibility depends upon your employment type. IDFC Bank Personal Loans are given to professionals and salaried Employees. People who are working as a CA, Doctor or on any other profile can get a loan. Moreover, employees of private and public sectors are also eligible for a personal loan.
Job stability is important to get a Personal Loan from IDFC Bank. You should have at least 2 years of work experience and minimum of 1 year in the current job.
For being eligible for a IDFC Personal Loan, your minimum in hand salary should be Rs. 18,000. In many cities (Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Calcutta, Ahmedabad and Cochin) the minimum salary requirement for a personal loan is Rs. 18,000.
IDFC personal loan emi calculator provides EMI for Personal Loan in 3 EASY Steps. Check Yearly and Monthly EMI's via IDFC personal loan eligibility calculator
IDFC Bank requires a set of documents for authentication purposes for your personal loan.
Complete online Loan Application
Fill it up online within two minutes
Voter Id Card/Passport/Driving License/Aadhar Card
Aadhar Card/ Passport/ Telephone or Electricity bill/ Ration Card/ Rental Agreement
Bank statement of last 3 months or bank passbook of 6 months
Salary slip of the last 3 months with Form 16
IDFC Bank has collaborated exclusively with IndiaLends, an online marketplace which offers low-interest personal loans best suited for your needs. If you are seeking a Personal Loan with IDFC Bank, you can simply fill up an online loan application form after checking your IDFC Bank Personal Loan Eligibility. Moreover, you can use an online Personal Loan EMI calculator available at our website to calculate your affordability.
Personalised Loan Offers
At IndiaLends, you can receive personalised loan offers and best deals at the best rate of interest. This is due to a tie-up with IDFC Bank, which helps you get the best deal on your personal loan as per your profile.
You will get an instant approval on your personal loan after you fill in an easy online application form.
Cash within 2 days
Soon after the loan is approved, the funds are transferred right into the borrower’s bank account within two working days. Thus, we need no room for delay.
Real Time Tracking Facility
After submission of your loan application at IndiaLends, you can track your application online and moreover, will receive updates of your submitted application form using both email and SMS.
Dedicated Customer Support
IndiaLends has a dedicated customer support team and helpline which is always ready to help with any grievances or questions from loan applicants.
At IndiaLends, applying for a IDFC Personal Loan is a simple process.
Apply online in less than two minutes
We will review your application and give you a decision within minutes
Receive the loan amount within two days.
We will forward your loan application to your nearest IDFC Bank branch. You can also check the status of your loan application through SMS alerts as well as emails.
How to calculate EMI for IDFC Bank Personal Loans?
EMI or Equated Monthly Instalment is one part of the equally divided monthly payments made to clear off an outstanding loan within a stipulated time period.
Generally, EMI is calculated as
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where P stands for the loan amount or principal, R is the interest rate per month, and N is the number of monthly instalments.
For instance, X borrows a loan of two lakhs for one year at an interest rate of 11% per annum. In this case, the EMI will be for 12 months which would be 17,676.
Calculating EMI through this method could be a complex process. Which is why you can calculate EMI for IDFC Bank personal loans by using our personal loan EMI calculator. This will help you manage your loan easily.
IDFC Personal Loan Balance Transfer
IDFC personal loan balance transfer is a great option for individuals who want to switch their loan to a low-interest personal loan. You can also opt for balance transfer from IDFC in case you want to increase or decrease your loan tenure or EMI, and your current bank is unwilling to accommodate you. For example, if you take a loan of ?4 lakhs and want to reduce/increase the loan tenure at a lower interest, you can opt for a balance transfer. There are some great personal loan balance transfer offers, including 11.39% at a flat ?1999 processing fee.
IDFC Personal Loan Processing Time
IDFC Bank has a better turnaround time when compared to other banks. IDFC bank takes an average of 7-10 days to process the loan application. Please note that there is a processing charge of up to 2.5% of the loan amount subject to a minimum of ?1,999 and maximum of ?25,000.
IDFC Personal Loan Preclosure
When an individual repays the loan before the stipulated time period, it is known as preclosure or prepayment. This type of repayment generally attracts a fee which differs on the time when he/she plans to prepay. Prepayment in part or full in IDFC bank is allowed after repayment of 12 EMI’s.
Prepayment charges of IDFC Bank(on principal outstanding)
|13-24 Months||4% of principal outstanding|
|25-36 Months||3% of principal outstanding|
|>36 Months||2% of principal outstanding|
IDFC Personal Loan Top Up
A top up loan is a facility that helps in times when you need extra cash in addition to the loan amount sanctioned to you. The EMI for the top up loan is consolidated with the existing EMI, covering the total value. It is moreover comparatively beneficial than having two different loans and paying EMIs separately.
IDFC personal loan offers this top-up facility to its customers. Some of the benefits associated with IDFC personal loan top up are:
IDFC Personal Loan Status
You can track your IDFC personal loan status by going to the official website of the bank and click on “Track My Application”. Once you fill in the necessary details such as the name of the applicant, loan reference number and date of birth. After you enter the details, you will be able to view the status of your application.
When applied via IndiaLends, you can also check the loan application status via IndiaLends App/web using "Track My Application."
IDFC Bank Personal Loan Fees and Charges
|Fee||Amount to be Paid|
|Loan processing charges||Up to 2.50% of the loan amount subject to a minimum of Rs. 1,999/- & Maximum of Rs. 25000/- for Salaried Customers.|
|Pre-payment charges (on Principal Outstanding) / Part Payment Charges [on Part Payment amount]||Salaried - 13-24 Months - 4% of Principal Outstanding, 25-36 Months - 3% of Principal Outstanding >36 Months - 2% of Principal Outstanding|
|No Due Certificate/No Objection Certificate (NOC)||NIL|
|Duplicate of No Dues Certificate/NOC||NIL|
|Charges for late payment of EMI||2% per month on EMI / Principal overdue subject to a minimum amount of Rs. 200/-|
|Floating rate||Not applicable|
|Charges for changing from floating to fixed rate of interest||Not applicable|
|Stamp duty & other statutory charges||As per applicable laws of the state|
|Cheque swapping charges||Rs 500/-|
|Amortization Schedule charges||Rs 200/-|
|Loan cancellation charges||NIL (However the customer would be charged interest for the interim period between the date of loan disbursement and loan cancellation and processing fees would be retained.)|
|Cheque bounce charges||Rs. 550/- per cheque bounce|
Some frequently asked questions(FAQs) regarding IDFC bank personal loan
Q. What is the maximum personal loan amount offered by IDFC Bank?
A. IDFC Bank personal loans are available up to ?40 lakhs.
Q. Do I need a guarantor to apply for a personal loan from IDFC?
A. No, a guarantor is not required in order to apply for a personal loan from IDFC.
Q. What is the pre-closure fee for IDFC personal loans?
The pre-closure fees for IDFC loan are different. Moreover, prepayment in part or full in IDFC bank is only allowed after repayment of 12 EMI’s.
Pre-payment(on principal outstanding)
|13-24 Months||4% of principal outstanding|
|25-36 Months||3% of principal outstanding|
|>36 Months||2% of principal outstanding|
Q. If I take a personal loan from IDFC, will I be able to make a part-payment option?
A. Of course, IDFC personal loans have the facility to make part-payment towards the loan. However, it attracts a fee which depends on when you make the payment. A part payment is allowed up to 25% of the principal outstanding which is allowed only once in a financial year and twice during loan tenure.
The charges are similar to preclosure/prepayment of personal loan which is,
Q. What is the typical processing fee charged by IDFC for personal loans?
A. The processing fee charged by IDFC personal loans is up to 2.5% of the loan amount subject to a minimum of ?1,999 and maximum of ?25,000.
Q. When can I make a pre-closure of my IDFC personal loan?
A. Prepayment in part or full in IDFC bank is allowed after repayment of 12 EMI’s.
Q. How long will IDFC Bank take to verify my personal loan application?
A. It generally takes 2-3 days to verify your personal loan application.
Q. What are the repayment methods available for my IDFC Personal Loan?
A. Generally, there are two repayment methods available for your IDFC personal loan. One is ECS or Electronic Clearing Service which is an electronic mode of funds transfer and the other is by giving post-dated cheques.