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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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FAQs
What documents are required to apply for a loan?
Please follow the below link to know the required documents: https://www.idfcfirstbank.com/personal-banking/loans/personal-loan/documentation
What are the Fees and Charges levied on a Loan account?
Click on the below link to find out the general fees & charges related to personal loans https://www.idfcfirstbank.com/personal-banking/loans/personal-loan/personal-loan-interest-rates
How can I change my personal details for my Loan account?
Step 1 - Visit the nearest IDFC FIRST Bank Branch along with any one of these officially valid documents [OVD] - Passport, Driving License, Voter ID, Job Card issued by NREGA, Letter issued by National Population, Register Aadhaar card/ E-Aadhaar
Step 2 - The bank representative will submit the request on your behalf and the details will be changed in 48 hours
What is the processing time for my personal loan?
The Bank takes approximately 3-4 working days from the date of completing the application. This is subject to submission of all documents as required by the Bank.
How do I foreclose the FIRSTmoney loan?
You can foreclose your FIRSTmoney loan via the IDFC FIRST Bank mobile app with the following steps:
· Under the ‘Loans’ section on the FIRSTmoney dashboard, select ‘Active draw’
· Click on ‘Foreclose with 0 Charges’ to proceed for closing your loan.
· Alternatively, you can contact our customer service by dialling 1800-10-888
What is the rate of interest (ROI) offered by FIRSTmoney?
The Rate of Interest (ROI) for FIRSTmoney ranges from 9.99% to 23.99% per annum. The exact rate offered depends on various factors such as your credit score, income profile, repayment history, and other eligibility criteria assessed during the application process. IDFC FIRST Bank ensures competitive and transparent pricing to make short-term credit accessible and affordable for eligible customers.
How is the ROI computed and decided for a customer?
Basis customer credit check & the internal policy norms, the customer’s rate of interest is computed.
Can the approved loan amount be increased by the customer?
At this stage, customers cannot increase their approved loan amount themselves. However, the loan amount may be enhanced based on the bank’s internal policies. If the approved amount is increased, we will reach out to you for your consent. In future phases, customers may be able to enhance their loan limit by sharing additional information.
What is the minimum & maximum loan amount offered in FIRSTmoney?
The minimum amount you can withdraw (tranche/drawdown) is ₹10,000. The maximum amount you can withdraw is equal to the total loan amount sanctioned to you.
How long is the sanctioned loan amount of a customer valid?
The approved loan amount remains available for 5 years, subject to the bank’s internal policies and your creditworthiness. You can draw from it, repay, or even foreclose without any additional charges during this period. Depending on your repayment behaviour and credit score, this period may be extended or shortened.
Can the customer withdraw the amount from an ATM?
Yes, the disbursed loan amount can be withdrawn from an ATM—provided it’s credited to a bank account that has a debit card and ATM access.
Are there any activation charges for FIRSTmoney?
No, there are no activation charges. Your FIRSTmoney personal loan will be made available without any upfront fees.
What are the charges applicable for FIRSTmoney?
Charge Description |
Amount |
EMI Bounce Charges per Presentation |
7.5% of the EMI/ Outstanding amount (minimum ₹400 & maximum ₹1000) |
Late Payment / Penal Charges |
2% of the unpaid EMI |
Cheque / Mandate Swap Charges (per swap) |
₹500.00 |
Cancellation / Rebooking Charges |
NIL |
Processing Fees |
2% of the loan amount (Inclusive of GST) |
Foreclosure / Prepayment Charges |
NIL |
Stamping Charges |
As per actuals |
Part Payment Charges |
NIL |
Duplicate No Objection Certificate Issuance Charges |
Less than ₹500.00 |
Physical Repayment Schedule |
₹500.00 |
Physical Statement of Account |
₹500.00 |
Document Retrieval Charges (per retrieval) |
₹500.00 |
EMI Pick-up / Collection Charges |
₹500.00 |
Cooling-Off Period Note: Borrower can exit the loan within the cooling-off period by paying the principal and proportionate charges without any penalty. The loan can be cancelled within 3 days in the cooling off period. |
3days |
Is the information provided by the customer safe with the bank?
The information provided is safe and stored as per RBI guidelines. IDFC FIRST Bank does not provide any sensitive data to any third-party organizations.
How do I download my loan statement, repayment schedule, or check my due date and payment history?
It’s simple! Just download the IDFC FIRST Bank mobile app and log in using your mobile number and date of birth.
Once you’re in, head to the ‘Loans’ section and tap on FIRSTmoney. Under Active Loans, click on ‘View Details’. Then go to ‘Loan Documents’ to download your loan account statement, repayment schedule, and more. You can also check your due dates, payment history, and other loan-related details right from this section.
How can I get my No-Dues Certificate?
You can download your No-Dues Certificate from the IDFC FIRST Bank mobile app. Just follow these steps:
- Log in using your mobile number and date of birth (if you’re not already registered)
- Go to the ‘Loans’ section on the FIRSTmoney dashboard
- Select ‘Fully Paid Draw’ and tap on ‘View Details’
- Under Loan Documents, you’ll be able to download the NOC
- You can also contact customer service at 1800-10-888 for assistance.
How do I make overdue payments on my Personal Loan?
To clear overdue payments, use the IDFC FIRST Bank mobile app:
- Log in with your mobile number and DOB
- Go to the Loans section on the FIRSTmoney dashboard
- Tap on ‘Clear Overdue’ and follow the steps to complete your payment
- If you need help, call us at 1800-10-888.
Can I request more than my sanctioned loan amount?
The loan amount is decided based on internal policies and your creditworthiness. Right now, you can’t request a higher amount yourself. However, after a year of good repayment history, your limit might be increased. We’ll take your consent before doing so. In the future, you’ll be able to request an increase by sharing more details.
Are there any foreclosure charges for FIRSTmoney?
No, there are no foreclosure charges. You can close your loan anytime without extra fees.
Can I change my EMI due date?
Yes, you can choose a due date between the 3rd and 8th of the month when you first access the loan. After disbursal, the date can't be changed for now. This feature will be available in later phases. For help, call 1800-10-888.
Can I change my loan tenure or repayment schedule?
You can choose your EMI and tenure while taking the first loan. After that, changes aren't allowed yet, but this option will be added soon. For queries, reach out to 1800-10-888.
Can I make part payments toward my loan?
Not at the moment. Partial payments aren’t allowed with FIRSTmoney right now.
What are the late payment charges?
Late payments attract a fee of 2% of the unpaid EMI.
What if my EMI bounces due to insufficient balance?
If your EMI bounces, you’ll be charged Rs. 500 plus GST. You’ll need to pay the missed EMI amount along with this charge.
Can I pay by cheque at a branch?
Currently, cheque payments at branches are not supported. This feature will be added in future phases.
Can I update or swap my mandate details?
This option isn’t available yet. You’ll be able to update your mandate in an upcoming release.
Can I pay EMIs voluntarily instead of setting up a mandate?
Setting up autopay is mandatory for FIRSTmoney loans—it’s the simplest and most reliable option. However, if your EMI bounces, you can make a manual payment using branch or cheque services.
Is my information secure with the bank?
Yes, your data is stored securely as per RBI guidelines. IDFC FIRST Bank doesn’t share sensitive information with any third-party organisations.
What are the processing fees for FIRSTmoney personal loan?
The processing fees for FIRSTmoney loans is 2% for everyone.
Where can a customer access the loan agreement?
The loan agreement is shared with the customer at the time of loan disbursal—please check the disbursal SMS for the link. It can also be downloaded anytime from the IDFC FIRST Bank Mobile App under the FIRSTmoney dashboard.
If these options aren't available, a customer service agent can retrieve the agreement using your LAN number and send it to you via SMS.
From where can the customer access the account statement for FIRSTmoney?
You can download your account statement from the IDFC FIRST Bank Mobile App by visiting the FIRSTmoney dashboard.
If needed, our customer service agent can also help. They’ll access your financial account using your LAN number and send the statement to you via SMS.
What is monthly reducing ROI?
Monthly reducing ROI means interest is calculated on the outstanding principal amount after each repayment, so your interest reduces as you repay.
How can the customer access more funds from the sanctioned loan amount?
Just download the IDFC FIRST Bank mobile app, go to the FIRSTmoney dashboard under Personal Loans, and tap on ‘Get More’.
Will the customer need to do KYC again for future drawdowns?
No, Video KYC is a one-time process and remains valid for 10 years. After that, we’ll reach out to you for re-KYC.
What is the process for foreclosure?
You can foreclose your FIRSTmoney loan through the IDFC FIRST Bank mobile app. You can also call customer service at 1800-10-888. Our agent can raise a request through the “Log-a-Call” option and send you a QuickPay link to complete the foreclosure.
Can the customer foreclose a loan on a future date?
No, foreclosures must be done at the time of request. Future-dated foreclosures are not allowed.
Can the customer request a foreclosure letter in advance to check charges?
Yes, you can request a foreclosure letter on the same day by contacting our customer service team at 1800-10-888.
Our agent will generate the letter from your account and send it to you via the “FIRSTmoney documents” section.
How much time does it take for funds from my FIRSTmoney loan to be credited into my account?
Once the video KYC is completed and approved in the system, your FIRSTmoney loan gets credited to the set account within seconds. Upon disbursal, you will receive the following messages:
Disbursal+Sanction Letter |
Hi, your IDFC FIRST Bank FIRSTmoney Smart Personal Loan offer of Rs. 250000 is approved. Use DOB DDMMYYYY for sanction letter https://idfcfr.in/IDFCFB/xxxxx TCA |
Disbursal+Loan agreement |
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Successful disbursal post Disbursal Fallout |
Hi, your FIRSTmoney withdrawal of Rs. XXXXX is successfully disbursed with a/c no XXXXXXXXXXXX. Access loan details at https://bit.ly/3zNnOOQ. IDFC FIRST Bank |
Are any documents required to be uploaded for getting funds from my FIRSTmoney loan account?
No physical documentation is required for a FIRSTmoney personal loan. For Video KYC completion, a physical PAN needs to be shown to the VKYC agent. Apart from that, no documentation is needed for first time sanction and future draws.
How much loan can a customer get from FIRSTmoney? How many times can the funds from a FIRSTmoney loan be accessed? What if he/she don’t need the whole funds right now?
You can obtain up to ₹10 lakh from your FIRSTmoney smart personal loan. Once your loan amount is approved, you can access any amount over ₹50,000 till you exhaust your FIRSTmoney sanctioned loan amount . The principal component of the repaid amount will get credited to your FIRSTmoney loan account as and when repayments are done.
Do I have to use AutoPay for EMI repayments? Can I pre-pay or foreclose the loan?
Yes, setting up AutoPay for EMIs is mandatory for using FIRSTmoney—it makes repayments smooth and hassle-free.
However, you can choose to foreclose your loan anytime without any extra charges. Simply pay the foreclosure amount using your preferred method like UPI or bank transfer.
Why hasn’t my available FIRSTmoney loan amount refreshed after repayment?
Your available FIRSTmoney amount is usually updated instantly after a repayment.
If it hasn’t refreshed, feel free to call us at 1800-10-888 and we’ll assist you right away.
Agents can also check your sanctioned loan limit by clicking the “FIRSTmoney limit” card on the Customer 360 page.
Why is FIRSTmoney personal loan not available for me?
Currently, FIRSTmoney is available for customers with a strong credit history. If you're not eligible right now, we encourage you to maintain on-time repayments and build your credit profile. We’re constantly expanding access, so stay tuned!
Where can I check my FIRSTmoney loan status?
Once your loan is disbursed, you’ll receive an SMS confirmation.
You can also view your loan status, agreement, and sanction letter on the IDFC FIRST Bank mobile app.
How do I take another drawdown of my FIRSTmoney loan?
It’s simple—just open the IDFC FIRST Bank app, go to the FIRSTmoney dashboard, and tap on ‘Get More’. You’ll then:
o Choose your loan amount, EMI, and due date
o Confirm your mandate (or set up a new one)
o Authorize the transaction with an OTP on the KFS screen
After that, the money will be disbursed to your account instantly.
What if I get stuck or can’t continue the application process?
If you drop off during the process, you’ll receive an SMS with a link to resume your journey.
Click the link, enter your mobile number and OTP, and you’ll be taken back to the exact screen where you left off.
