Personal Loan of 1 Lakh: Eligibility, Process, and Benefits

A personal loan is an easy way to meet urgent, short-term financial needs. Whether you have an expense for home repairs coming up or are in any other urgent financial need, an instant personal loan could fulfil your needs. Short-term personal loans do not require collateral and can be sanctioned instantly.

Now, if you are on the lookout for better loan terms, make sure to not miss out on IDFC FIRST Bank’s FIRSTmoney. FIRSTmoney is an industry-first proposition wherein you get a instant personal loan through which you can use funds for dealing with multiple expenses whenever required. Read on to learn more about FIRSTmoney and how you can apply for this smart personal loan.

An instant cash loan of ₹1 lakh from IDFC FIRST Bank offers quick financial support for emergencies or planned expenses.

Who can apply for a FIRSTmoney smart personal loan?
 

Listed below is IDFC FIRST Bank’s eligibility criteria for a FIRSTmoney loan:

• Credit score: You need to have a credit score of 730 or more to be eligible for this loan.
• Employment: You need to be a Salaried and Self-Employed individual earning a stable monthly income.
• Age: You need to be aged between 21 to 60 years to apply for this loan.
• Documents: You will need your physical PAN card to complete the video KYC process. 

Why opt for a FIRSTmoney loan?
 

How is opting for a FIRSTmoney loan better than going for a standard personal loan? Go through the following pointers to understand why -

1. Easy on demand loan
   While renovating your home, you may need funds for various expenses from time to time. FIRSTmoney offers you the flexibility to opt for additional loan with just a few clicks to meet your extra fund requirements.
   
   
2. One time setup of loan with no maintenance charges
   Once you have applied for your FIRSTmoney loan, you will get a loan amount sanctioned based on your creditworthiness. There are no maintenance charges that you have to incur on your sanctioned loan. All you need is to pay a onetime processing fee. ,
   
   
3. Flexibility to choose a suitable EMI tenure
   With FIRSTmoney personal loan, you have the flexibility to choose a repayment tenure ranging from 9 months to 60 months. This lets you repay your personal loan without any pressure.
   

You do not have to incur any foreclosure charges

In case you want to close your FIRSTmoney personal loan early, you can do so without any foreclosure charges. This way you can save on interest without the fear of any penalty.

Instant approval and quick disbursement of the loan
The completely digital application journey makes it convenient for you to apply for a FIRSTmoney smart loan instantly. The approval and disbursal processes are swift, and once the documents are verified, you instantly receive your sanctioned loan amount through which you can start withdrawing funds from. 

How to apply for your FIRSTmoney loan?
 

The process of applying for FIRSTmoney personal loans is quite simple and straightforward:

Step 1: Click on 'Apply Now' on this page.

Step 2: Register using your mobile number and confirm basic/personal details to check your eligibility.

Step 3: Select the loan amount of your choice and choose flexible repayment terms.

Step 4: Link your bank account where you wish the funds to be disbursed. 

Step 5: Complete the video KYC verification process with your physical PAN card.  

After getting your loan sanctioned, you can start using the funds as per your convenience. 

Taking the best decision for your finances
 

While there are many personal loan plans out there through which you can secure your required funding of ₹1 lakh, it is also essential to focus on getting favourable loan terms. IDFC FIRST Bank’s FIRSTmoney offers a smarter alternative to standard personal loans, providing greater flexibility to meet dynamic financial needs, making it an ideal choice for a Personal Loan balance transfer as well.

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.