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Planning for a FIRSTmoney personal loan, but unsure how to approach your repayment strategy? It's a common doubt when taking on credit.
While this loan offers several borrower-friendly features like flexible tenures, competitive rates, and a digital-first experience, staying disciplined with your payments is equally crucial. It helps you maintain a balanced monthly budget and safeguards your CIBIL score — both key to unlocking future credit opportunities.
So, if you want to adopt a smart and manageable approach, here are a few repayment tips for your FIRSTmoney personal loan.
1. Plan for your Equated Monthly Instalment (EMI)
One of the most fundamental loan repayment tips is calculating and planning for your EMI before you draw money. This helps you assess if the repayment amount aligns with your monthly income and prevents unnecessary financial strain.
You can start by using the personal loan EMI calculator available on the IDFC FIRST Bank website:
- Enter the desired loan amount, tenure, and applicable interest rate
- Review the EMI estimate it generates
- Compare it with your monthly income to see if it fits comfortably
Tip: A good rule of thumb is to keep your total EMIs under 30-40% of your net monthly income.
2. Automate your payments
Instead of relying on memory to pay your EMIs on time, simply set up auto-debit through your bank account. It’s a small step that can make a big difference in managing your FIRSTmoney personal loan.
- Auto-debit ensures your EMI is paid on time every month
- You avoid late fees and the hassle of manual payments
- Your consistent repayment history boosts your creditworthiness for future loans
Tip: Always ensure your bank account has a sufficient balance a day before the EMI date to avoid failed transactions.
3. Prioritise repayment in your monthly budget
One of the most practical repayment tips for your FIRSTmoney personal loan is to treat it as a non-negotiable expense. After all, your EMI is a fixed monthly commitment, like rent or utility bills.
- Create a monthly spending plan with EMIs at the top of the list
- Cut down on non-essential spends if cash flow feels tight
- Set aside extra income as an emergency buffer for upcoming EMIs
Tip: Use a dedicated bank account for your loan repayments to avoid accidental overspending.
4. Review your loan statements regularly
With your loan statement just a few taps away, IDFC FIRST Bank always ensures you stay in control and make informed decisions.
- Track the remaining principal to plan prepayments better
- Ensure all EMIs are correctly debited to avoid penalties and protect your credit score
- Spot any discrepancies early and raise them with customer support
Tip: Log in to the IDFC FIRST Bank Mobile Banking App and access your loan statement anytime, anywhere.
5. Close your loan early if possible
One of the biggest advantages of choosing a FIRSTmoney personal loan is its zero foreclosure charges. This allows you to pay off your debt early — without any penalties — by following smart repayment strategies.
- Use bonuses, incentives, or surplus funds to pay off the remaining balance sooner
- Even partial payments can significantly reduce your total interest outgo
- Closing your loan early gives you financial freedom and improves your credit profile
Tip: The earlier you close your loan, the more you save on interest, so plan ahead when funds are available.
FIRSTmoney personal loan guide: Additional do’s and don’ts for stress-free borrowing
When used wisely, FIRSTmoney becomes more than just a personal loan — it can act as a financial safety net in times of need. To ensure you get the most value from it, follow these practical debt repayment tips:
Do’s
- Choose your repayment tenure smartly — shorter tenures reduce interest but increase your EMI burden
- Take a disciplined approach and follow your repayment plan to stay on track
- Utilise the benefit of zero foreclosure charges by making prepayments whenever possible
- Set calendar reminders around your due date, even if auto-debit is enabled, to double-check your payment status
Don’ts
- Skip EMIs, as even one missed payment can hurt your CIBIL score
- Take on new debt unnecessarily to avoid straining your monthly budget
- Ignore reminders and email alerts that help you stay on schedule
- Delay reviewing your loan statement regularly, as it can result in overlooked errors
Why choose a FIRSTmoney personal loan for stress-free borrowing?
Borrowing money doesn’t have to feel overwhelming. With these smart repayment tips for your FIRSTmoney personal loan, you always stay in control of your finances. Whether you're consolidating debt, covering a large expense, or handling an emergency, here’s how FIRSTmoney is built to support your financial journey from day one:
- Quick, 100% digital process so you can apply and receive funds in your account within minutes
- No documentation. You just need to display your physical PAN card during the video KYC
- Flexible repayment options to pick a tenure that suits your income and lifestyle
- Competitive interest rates starting from 9.99% p.a.
- Zero foreclosure charges if you want to close your loan early
- Real-time tracking so you’re always updated on your application status
- Trusted by millions and rated among the World’s Best Banks 2025 by Forbes, in partnership with Statista
Apply for your FIRSTmoney personal loan today and repay with confidence — on your terms, at your pace.
Frequently Asked Questions
To check your FIRSTmoney personal loan details and download any related documents, follow these steps:
- Log in to the IDFC FIRST Bank Mobile Banking App
- Click on the ‘Loans’ icon at the bottom of the homepage
- Click on the FIRSTmoney card to view details, transactions and documents related to your loan
Your first EMI starts in the next month after disbursal. You can also choose a payment date between the 3rd and 8th of each month while applying, for better financial planning.
Yes, closing your loan early without missing EMIs reflects credit discipline and can boost your CIBIL score. With zero foreclosure charges, a FIRSTmoney loan makes early closure easy and cost-effective.
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.