Things to know before applying for unsecured personal loan

FIRSTmoney is a digital personal loan offered by IDFC FIRST Bank for eligible customers. It aims to simplify application, verification, and disbursal through online steps like eKYC, document uploads, and e signing. Loan amount and interest rates are linked to your profile. 

FIRSTmoney offers flexible repayment tenures from 9 to 60 months. Choose a shorter tenure for lower total interest, or a longer tenure for lower EMIs. Your available options appear on the offer screen. 

At IDFC FIRST Bank, personal loan disbursal can be as fast as 30 minutes. Timing may vary depending on successful verification and mandate registration. Keep Aadhaar, PAN and bank details ready for linking your bank account, ensure stable connectivity, and respond promptly to alerts.

The maximum amount you can borrow for a short-term personal loan with IDFC FIRST Bank is ₹10 lakh. Your exact offer may vary based on income, FOIR, credit history, employer category, city, and more. Keep Aadhaar, PAN and bank details ready (to link your bank account) to speed up processing. Tenure choices affect EMI and total cost; pick what you can comfortably repay. Check your offer screen for the approved offer and terms.

Yes, self-employed people are eligible for the FIRSTmoney personal loan. All you need is your PAN and Aadhaar number for application and your physical PAN card for the video KYC.

Click on Apply Now on the FIRSTmoney webpage or open the IDFC FIRST Bank app and look for the FIRSTmoney tile. Review any displayed offer with amount, tenure, and EMI. Confirm basic details, review offer, and complete video KYC to proceed for disbursal. 

Start with eligibility, including age, employment type, and location. Review the interest rate, APR, and the total cost over your planned holding period. Check processing fees, taxes, and any insurance. Test affordability using a calculator that models EMI, tenure, and buffers for emergencies. Look at your credit report for errors and recent enquiries. Compare similar offers from lenders. Read the Key Fact Statement, sanction letter, and MITC before you accept.

Strengthen your credit profile by paying on time, lowering card utilisation, and avoiding multiple enquiries. Keep existing EMIs manageable. Compare offers across banks and NBFCs using APR, not only the headline rate. Choose the shortest tenure you can comfortably afford since shorter periods often price better. Maintain stable employment and updated KYC. Where allowed, improve eligibility by reducing outstanding balances or increasing salary credits. Read fees and taxes before deciding.

Yes, credit score matters alongside income, job stability, and existing obligations. Lenders review your CIBIL record for payment history, utilisation, and recent enquiries. A higher score can support eligibility and pricing, while low scores may reduce offered limits. Keep balances low, pay on time, and avoid back-to-back applications. Check your report for errors and raise corrections. Provide complete documents so underwriting sees a consistent picture of your capacity.

Scan the schedule of charges for processing fees, GST, documentation costs, mandate setup, and insurance where applicable. Note late payment fees, penal interest on overdue amounts, EMI bounce charges, and statement reissue fees. Check prepayment and foreclosure rules, including lock in periods, minimum amounts, and taxes. Confirm cheque or cash handling charges if relevant. Ask for a Key Fact Statement and a written breakup before you accept the final terms.

Balance monthly comfort against total interest. A longer tenure lowers EMI but increases overall cost. A shorter tenure raises EMI but can save interest if affordable. Use a calculator to test EMIs at different terms and keep a buffer for emergencies. Consider income stability, upcoming expenses, and other EMIs. If variable pay is common, avoid very tight EMIs. Revisit tenure after any part prepayment to realign the schedule if needed.

Choose online for speed and convenience. For example, FIRSTmoney personal loan by IDFC FIRST Bank has a 100% do-it-yourself application process which gives instant access to funds up to ₹10 lakh. You don’t need to upload any documents and you can get multiple on-demand loans without reapplying from scratch.

In general, digital loans offer quick checks, uploads, video KYC, and eSign. Choose offline if you want guided support, help with documents, or complex situations. Branch teams can explain terms and assist with corrections. Either way, compare APR and fees, read the Key Fact Statement, and keep records. Use the route that fits your comfort, connectivity, and urgency, while keeping data security in mind throughout applications.