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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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Personal Loan
10 reasons to choose digital personal loans over traditional bank loans
Key Takeaways
Digital personal loans offer quick approval as well as disbursal within 30 minutes This is completely online.- IDFC FIRST Bank’s FIRSTmoney provides the benefit of zero foreclosure charges, flexible EMIs, and transparent terms and conditions.
- You can submit your loan application 24x7 using the IDFC FIRST Bank mobile banking app - no need for branch visits.
When you urgently need funding for medical bills, education, travel, home renovation, or any unanticipated expenditures, a personal loan becomes a handy solution. With the rise of digital banking, borrowers are now leaning towards digital personal loans instead of traditional ones.
Here is a quick look at ten key benefits of selecting digital personal loans over traditional loans, particularly when applying to IDFC FIRST Bank’s FIRSTmoney Smart Personal Loan.
READ MORE
1) Quick approval and disbursal
Digital personal loans offer instant approvals. For example, if your loan eligibility is confirmed for a FIRSTmoney personal loan, funds are credited to your bank account within 30 minutes. Traditional loan options may take more time, sometimes a few days or even a few weeks.
2) Paperless process
No need to wait in long queues or submit heaps of documents. Digital loans allow you to apply from anywhere with zero paperwork. With IDFC FIRST Bank, you only need your physical PAN card for video KYC, and that is it.
3) No foreclosure charges
Traditional banks may penalise you for prepaying in case of fixed interest rate loans. But digital credit options like the FIRSTmoney levy zero foreclosure charges. This gives you complete independence to close your loan whenever you are ready for it without any charges.
4) Flexible tenure
Unlike rigid and fixed repayment options in traditional credit, digital personal loans permit you to select a repayment tenure that matches your monthly budget. This makes repayment stress-free.
5) Transparent procedure
Digital lending platforms show rate of interest, EMIs and fees upfront. With IDFC FIRST Bank, you can avail rates, which begin from just 9.99% p.a., with zero hidden fees and charges.
6) Easy eligibility check
Online tools assist you to instantly check out if you qualify for a loan. With IDFC FIRST Bank, you just need to enter your basic info and know your loan status in a few seconds. So, there is no need for waiting, zero guesswork required.
Whether you need ₹50,000 or ₹10 lakhs, this digital solution empowers you to borrow confidently and repay flexibly - right from the comfort of your home.
7) Access to multiple on-demand loans
Once approved, you can avail additional loans later depending on your approved loan offer - on-demand. This is not possible with traditional loan options, where you must begin the application all over again.
8) Secure and private
Digital loan applications from reputed banks are a part of a secure banking infrastructure. With encrypted verification steps, your data stays safe throughout the loan process.
9) Convenient for all professions
Whether you are salaried or self-employed, you can apply easily. IDFC FIRST Bank supports both categories - provided you meet the age (21–60 years) and CIBIL score (730+) requirements.
10) 24x7 availability
Traditional banks may process during banking hours. But digital personal loans can be applied for anytime even on holidays or weekends - directly from your phone.
Ending note
Digital personal loans bring unmatched ease, speed, and flexibility, making them a smarter choice over traditional loans. With IDFC FIRST Bank’s FIRSTmoney smart personal loan, you benefit from quick disbursals, no foreclosure charges, paperless processing, and full transparency.
Frequently Asked Questions
What is a digital personal loan?
A digital personal loan is an online, paperless loan that you can apply for and get directly into your bank account without visiting a bank branch.
Is it safe to take a personal loan online?
Yes, applying for a personal loan online through trusted banks like IDFC FIRST Bank is safe. Their digital system uses secure platforms for verification and disbursal.
One of the major advantages of personal loan taken online is that your data stays protected while you enjoy a hassle-free experience.
How fast can I get a personal loan through FIRSTmoney?
If you are eligible and your details are verified, the loan amount is usually disbursed within 30 minutes of application.
What are the eligibility criteria for IDFC FIRST Bank’s digital personal loan?
You must be between 21 and 60 years old, either salaried or self-employed, and have a CIBIL score of 730 or above to qualify for the FIRSTmoney smart personal loan.
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.
