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When you avail a personal loan, repayment can feel like a long journey. However, there is a smart strategy that can ease this burden—making partial prepayments on your loan. By opting for partial prepayment, you can reduce your debt, save on interest, and gain more control over your financial future.
Let’s look into what partial payments are, their benefits, and how they can positively impact your loan calculations.
Partial payments, or partial prepayments, on a personal loan involve paying an amount towards your loan principal in addition to your regular Equated Monthly Instalment (EMI). These payments are made before the due date of your next EMI.
Unlike full prepayment, where you pay off the entire loan balance, partial prepayments reduce your outstanding principal gradually. This can lower future EMIs or shorten your loan tenure, making it a valuable strategy for managing debt more effectively and saving on interest costs over the long term.
Reducing the principal amount early decreases the interest you accrue, leading to significant savings over time.
Partial prepayments of personal loans can help you pay off your loan faster, allowing you to become debt-free sooner.
If you keep the loan tenure the same, your EMI will decrease, freeing up more monthly income.
Making a personal loan prepayment reduces the principal amount, leading to a recalculation of interest based on the new, lower balance. This can result in either a reduced EMI or a shortened loan tenure, depending on your lender's terms.
Note that partial prepayments can significantly lower the total interest paid, freeing up funds for other financial goals.
Some lenders may charge penalties for partial prepayments. Check your loan agreement for any such charges.
Decide whether you prefer to reduce your EMI or shorten the loan tenure, as both have different implications.
Ensure that making a partial payment will not drain your emergency savings.
Compare the benefits of partial prepayment with potential returns from other investments.
To make a partial prepayment, first check if your lender allows it. If allowed, decide the amount to prepay and complete the transaction through your bank’s branch or its online platform.
Be sure to specify that the payment should reduce the principal. Afterwards, request an updated amortisation schedule to understand how the payment has affected your loan balance, EMIs, or tenure.
If partial prepayments are not feasible, consider refinancing your personal loan with a lower interest rate or increasing your EMI payments if your income allows. Another option is IDFC FIRST Bank's FIRSTmoney smart loan, which offers flexibility in borrowing and repayment, making it a better option than traditional personal loans.
The completely digital application procedure for FIRSTmoney ensures quick approval and disbursement. Once your documents are authenticated successfully, your FIRSTmoney loan is approved, and you can instantly start drawing it for your needs.
With FIRSTmoney, you can enjoy the advantage of a zero-foreclosure charge policy. This means you can use the funds as the need arises and completely foreclose the loan whenever convenient without fretting about any additional costs.
To apply for a FIRSTmoney loan, follow these simple steps:
Making partial payments on your personal loan can be a smart financial strategy. By understanding the benefits, potential impacts on your loan calculations, and the factors to consider before making such payments, you can make informed decisions that align with your financial goals.
Moreover, with options like IDFC FIRST Bank’s FIRSTmoney smart personal loan, you have the flexibility to borrow, repay, and even foreclose your loan without any additional fees, ensuring that you stay in control of your financial journey.
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.
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.