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

A personal loan is an easy way to meet urgent, short-term financial needs. Whether it’s home renovation, medical expenses, a foreign trip, or wedding expenses, an instant loan of ₹1 lakh gives you the required funds without the need for any collateral.

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 an instant personal loan up to ₹10 lakhs that you can use for any expenses whenever required. Read on to learn more about FIRSTmoney and how you can apply for this smart personal loan.

A 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?
 

The eligibility criteria for a FIRSTmoney personal loan is simple and straightforward.

• 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?

1. Low interest rates: Interest rates start at just 9.99% p.a, making the EMIs affordable. For a ₹ 1 lakh personal loan at 9.99% p.a and tenure of 2 years, you will need to pay just ₹ 4,614 per month.
   
   
2. Zero foreclosure charges: If you have extra funds at any point during your repayment tenure, you can pre-close your personal loan without any foreclosure penalty.
   
   
3. 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.
   
   
4. One time setup of loan with no maintenance charges
   Once you have applied for your FIRSTmoney loan, you will get a loan offer based on your creditworthiness. There are no maintenance charges that you have to incur on your loan offer. You can withdraw a loan amount of your choice up to your available loan offer.
   
   
5. 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.

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 application is  verified, you can instantly receive your loan amount within 30 minutes.

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.