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Personal Loan

How to get a ₹ 1 lakh Personal Loan?

Summary: A personal loan of 1 lakh could fulfill any urgent financial needs. Check out how to get 1 lakh personal loan and what is its eligibility criteria. Click here!

18 Sep 2021 by Team FinFIRST

Basic details about applying for a ₹1 lakh personal loan


A personal loan is an easy way to meet any urgent and short-term financial need. Whether you have an expense for home repairs coming up or are in an urgent financial need, a ₹1 lakh personal loan could fulfil your needs. This short-term personal loan does not require collateral and can be sanctioned instantly.

Read on to know more about how to get a ₹1 lakh personal loan and what is its eligibility criteria.

Eligibility Criteria for ₹1 lakh personal loan


IDFC FIRST Bank also has a few eligibility factors in place for salaried individuals and non-salaried individuals, which should be adhered to while availing of loans.

Let us first summarise the eligibility criteria for salaried individuals:
 

1. Age limit


Salaried individuals must be between the ages of 23 to 60 to be eligible for a instant personal loan from IDFC FIRST Bank.

2. Employment period


To get a personal loan as a salaried individual, you need to be employed with a private company, a public sector company, or an MNC. You might also need a minimum work experience with your current employer. It can range from 6 months to 1 year.

3. Monthly income


Your monthly income is another important factor for your eligibility for a personal loan as a salaried individual. The minimum monthly income required for a personal loan from IDFC FIRST Bank is ₹20,000.

 

 

The eligibility criteria for self-employed individuals is:
 

1. Age limit


You must be between the ages of 25 to 65 to be eligible for a personal loan from IDFC FIRST Bank.

2. Duration of business existence


To be eligible for a ₹1 lakh personal loan from IDFC FIRST Bank, your business should have existed for at least 3 years.

The eligibility criteria that are common for both salaried and self-employed individuals for getting a 1 lakh personal loan are:
 

1. CIBIL score


A good credit score or CIBIL score is extremely important to get quick loan approval. A good CIBIL score is above 700.

2. Indian citizen


You need to be an Indian citizen to get a personal loan from IDFC FIRST Bank

Although it requires no collateral, a personal loan of ₹1 lakh has certain eligibility factors that you must meet for availing the loan.

Let us now take a look at the documents required for the loan application:


Following are the documents that you will need to apply for a personal loan:
 

  1. KYC Documents, like Aadhar Card, PAN Card, Voter ID, and so on.
  2. alary slip (for salaried individuals) / Proof of business’ existence for 3 years (for self-employed)

How to Get ₹1 Lakh Personal Loan from IDFC FIRST Bank Online?


You can avail of personal loans from IDFC FIRST Bank directly from the website. It involves the following process:

  1. You need to visit the IDFC FIRST Bank website or the mobile banking app. Under ‘Loans,’ choose ‘Personal Loan’ and click on ‘Apply Now.’ Fill in all the details correctly.
  2. Once your loan gets approved, you will receive the approval status based on your eligibility.
  3. Next, upload the required documents.
  4. After the verification is complete, the loan amount will be disbursed to you.

With a quick disbursal time and a hassle-free process, personal loans are perfect for short-term financial requirements. However, ensure you pay your ₹1 lakh personal loan or ₹50,000 personal loan EMIs on time as it helps maintain your credit score. A score of over 700 will help you avail of more loan and credit card products from IDFC FIRST Bank.

 

Disclaimer

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.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.