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A dream wedding calls for substantial financial support and a lot of planning. An IDFC FIRST Bank Personal Loan can help you with that.
Before you apply for a personal loan to finance your wedding, here’s what you should know.
Who is eligible to apply for a IDFC FIRST Bank personal loan?
At IDFC FIRST Bank, the personal loan eligibility criteria are as follows:
What are the documents required to apply for an IDFC FIRST Bank Personal Loan
The documentation requirements are different for self-employed and salaried individuals. Here’s a list of documents required for personal loan:
1. Photo Identity Proof (Self-attested copy of any one document*)
2. Address Proof (Self-attested copy of any one document*)
3. Proof of business having existed for a minimum period of 3 years (for self-employed)
4. Last 3 months’ bank statement (not required for up to Rs. 3 lakhs loan)
*Requirement of Personal Loan documents might vary according to the scheme chosen.
How to apply for IDFC FIRST Bank’s personal loan online?
The online application process for a personal loan involves four stages.
Stage 1: Online Application
To apply for a personal loan, you need to fill up our online form on our website or on the IDFC FIRST Bank Loans app.
Stage 2: Approval
Once your application is received, you will receive the approval status on the basis of your eligibility.
Stage 3: Document Upload
You will have to upload the necessary documents online.
Stage 4: Verification & Disbursal
Once the verification process is completed successfully, IDFC FIRST Bank will disburse the loan. The amount will be disbursed in the same account for which the Bank Statement has been provided.
What factors should you consider before applying for a personal loan?
The payable interest rate depends on various factors such as:
This interest rate helps to determine the EMIs. It also affects your budget and long-term financial wellbeing. Hence, it is crucial that you avail a loan at a competitive rate of interest.
Processing fee is essentially a one-time fee, which is charged as a certain percent of the loan amount. However, this amount is a minute percentage on the overall loan.
Generally, the maximum tenure for personal loan repayment is 5 years. However, at IDFC FIRST Bank, many lenders structure the loan repayment to suit your ability to repay the loan without it being a burden.
With the information provided above, we hope you will find applying for IDFC FIRST Bank’s personal loan a seamless process. Do reach out to us if you have any want to know more about IDFC FIRST Bank personal loan.
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.