Welcome FIRSTmoney: Your new-age, smart personal loan alternative for important expenses

Welcome FIRSTmoney: Your new-age, smart personal loan alternative for important expenses

Financial needs can arise unexpectedly in today’s ever-changing world. Hence, while acquiring funds, convenience and flexibility is something that every individual looks for. Whether it is for home renovation, planning your holiday, big purchases, relocation, marriage, or dealing with an emergency, having access to quick and hassle-free financing can make all the difference. This is where FIRSTmoney steps in with a Smart Personal Loan solution, offering a one-time set up of a credit line for your financial requirements as and when needed. 

What is FIRSTmoney? How is it smarter than a traditional personal loan?
 

IDFC FIRST Bank’s FIRSTmoney is a credit line, designed to provide instant personal loans to individuals who have a CIBIL score of 750+. Unlike traditional personal loans or instant loans that usually entail a time-consuming application process which require multiple documents and are sanctioned for only one-time utilization, FIRSTmoney allows you to access funds whenever needed with unlimited withdrawals once the credit line is set up.

FIRSTmoney credit line offers a streamlined, quick, and convenient borrowing experience, which is entirely Do-It-Yourself (DIY), which allows multiple withdrawals from your sanctioned amount. FIRSTmoney offers the flexibility to withdraw funds as needed, up to the approved limit. This means you can obtain funds multiple times and repay them in Equated Monthly Instalments (EMIs) with flexible tenures ranging between 2 months to 60 months and can foreclose anytime with zero charges. The principal amount once paid can again be drawn for use. FIRSTmoney offers competitive interest rates which further makes it a cost-effective option for managing fluctuating expenses.

How does FIRSTmoney Work?
 

The process of accessing funds through FIRSTmoney is simple and straightforward. A few basic details and confirmations along with a video KYC and you are done! The approval takes place in a flash and disbursal of funds is done within a few hours, at a speed unheard of in the market.

Upon the set-up of your credit limit and disbursement of the first loan, you can take charge of the remaining credit limit and take instant loans within seconds from the IDFC FIRST Bank’s Mobile Banking App. It is like having a credit card and using it for important expenses, repaying and reusing the limit.

Repayments are flexible, with the option to repay the borrowed amount in EMIs, depending on your convenience. You can also foreclose the loan without any foreclosure charges. It is a type of revolving limit and once you repay the outstanding amount, you can again use the funds up to the approved credit limit. 

Why choose FIRSTmoney over instant personal loans?
 

1. Instant access to funds
 

Instant personal loans are offered for a limited time, with a one-time withdrawal facility from the sanctioned amount. In case the applicant requires more money or meets with a new requirement they need to apply for a top-up or take another instant personal loan and go through the process of application and approval again.  

FIRSTmoney saves you from this hassle. Here, all you need is to set up a credit line through a seamless digital process and access funds in near real-time as your need arises.

2. Flexibility to withdraw multiple times
 

Instant personal loans typically have a few options of repayment tenures and do not allow multiple withdrawals. The credit line feature of IDFC FIRST Bank’s FIRSTmoney provides unparalleled flexibility, allowing you to withdraw any amount from the approved credit line starting from ₹5,000 or in full, up to your approved limit.  You also get to repay in EMIs from a choice of tenures, or foreclose at your convenience.

3. Zero foreclosure charges
 

Instant personal loans have heavy charges on foreclosure making you feel stuck in debt. FIRSTmoney offers a cost-effective borrowing solution through zero foreclosure charges. You get the freedom to repay your used funds anytime with flexible tenure options.

4. Paperless DIY Journey
 

The entire application process for FIRSTmoney, from application to approval, is a seamless DIY process using the FIRSTmoney ‘apply now’ link or QR code, offering unparalleled convenience and accessibility.

Even setting up a bank mandate or KYC is done within a few minutes online. All you need to do for setting up a credit limit of up to Rs 10 lakh is have a steady internet connection, a physical PAN card, and your bank account’s details. However, to apply for a new instant personal loan you may also need certain documentation like bank statements, or the amount of loan offered will be very low.  

How to apply for FIRSTmoney?
 

Applying for an IDFC FIRSTmoney is quick and hassle-free. Simply follow these steps:

• Step 1: To start, visit the FIRSTmoney website and click on ‘apply now’ or scan the QR code.
• Step 2: Login using your mobile number.
• Step 3: Verify your basic details and check your credit limit eligibility.
• Step 4: Proceed by selecting your preferred loan amount and tenure.
• Step 5: Link your bank account.
• Step 6: Complete the KYC verification process and get your approved credit limit.

Once your credit limit is set up and first loan gets disbursed, you can download the IDFC FIRST Bank’s Mobile Banking App and login using your details. Be on top of your loan details and credit limit and withdraw funds as per your requirements, access other details like repayment schedules, documents, or even foreclose in case required.

Who can apply for FIRSTmoney?
 

IDFC FIRST Bank FIRSTmoney is available to salaried individuals with a healthy credit score. To qualify, applicants are required to be:

• Between 21 and 60 years.
• Salaried individuals with a CIBIL score of 750 or more or having at least one credit card from any reputed bank with a good repayment history.

In addition to this, applicants need to possess a physical PAN card. This is a mandatory document for the video-KYC process.

For what purposes can you use FIRSTmoney instant loans?
 

FIRSTmoney smart personal loan offers the freedom to use funds instantly without any constraints. You can use the amount for any purpose. Some important uses of FIRSTmoney include:

• Relocation or home renovation loans: Relocation to a new city or a place or renovating your home can be a significant expense which requires cash in hand at various stages. The flexibility that FIRSTmoney offers can help you with instant funds multiple times in your bank account as when required to relocate or renovate your house in different tranches. For each tranche you can choose your amount, repayment date, and EMI tenure up to 60 months.
• Travel loans: Travelling to your dream destination may require extensive planning and financial backup. Instant personal loans like FIRSTmoney let you travel stress-free in comfort and style by offering flexible loan amounts with unlimited withdrawals to fund your travel.
• Marriage loans: Marriage is an event of a lifetime, which requires cash to be paid for various things. Be it wedding shopping, paying the caterer or event planner, setting up or booking your holiday post marriage, and more. No one wants to compromise on celebrations due to any financial shortfall. FIRSTmoney offers instant access to funds with flexible loan amounts and tenures to make your wedding memorable.
• Medical loan/emergency loan: Whether planned medical expenses or emergency requirement of funds, the instant approval nature of FIRSTmoney loans makes it a perfect solution for medical or emergency needs. With FIRSTmoney, you can set up your credit line once and keep it handy for any emergency that may occur or to meet your planned financial medical requirements without making a dent in your savings or bearing unwanted financial burdens.

Conclusion
 

FIRSTmoney by IDFC FIRST Bank offers a modern, convenient, and smart alternative to traditional personal loans, providing instant access to funds for a variety of financial needs. With its smart credit line facility, multiple withdrawals in the form of instant loans, flexible repayment options, cost-effective borrowing terms, and digital DIY convenience, FIRSTmoney is designed to meet your evolving needs in a smart manner. Whether it is for emergencies or planned expenses, IDFC FIRST Bank FIRSTmoney stands ready to provide the financial support you need, when you need it most.




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.