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Personal Loan

Fulfill your wishes with FIRSTmoney – A paperless, smart, instant personal loan

Summary: Shortage of funds or skepticism about the elaborate loan process> Which one of these is putting you off from fulfilling your wish list? Choose FIRSTmoney, the smart personal loan from IDFC FIRST Bank instead – a fully digital instant personal loan with a paperless process. Get instant loan approvals and fulfil your wish list now!

28 Dec 2023 by Team FinFIRST

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Which of these feature on your wish list?

Many of us keep putting off our desires for a later date. Limited income, tight budget, hesitation about the long-drawn banking process of applying for a loan, etc. are some of the reasons which make us wait. But what if you get an option to overcome these hurdles and fulfil your wishlist now?

Presenting FIRSTmoney, the smart personal loan, which unlocks a unique credit line where your credit score does the talking. Get instant loan approvals and easy funds at your disposal in just a few clicks. Let’s understand how.

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IDFC FIRST Bank’s FIRSTmoney – a genie in your pocket!

FIRSTmoney is a credit line from IDFC FIRST Bank wherein you get instant personal loan based on your credit score. The credit limit is valid for 5 years and you can make unlimited withdrawals from the approved ‘limit’ whenever you want. Each withdrawal will be treated as a separate loan which you will have to repay in Equated Monthly Instalments (EMIs).

The best of all, you are required to pay interest only on the amount withdrawn and not on the whole limit or corpus of money you have unlocked with FIRSTmoney.

If you have a good credit score and credit history, you can get a ‘revolving credit facility.’ This means that every time you repay the borrowed amount, your credit limit is replenished. You can, then, withdraw again as many times as you want till the approved limit.

Confused?

Here’s a simple example to help put things in perspective.

Rahul, a 30-year-old male, with a good credit score applies for FIRSTmoney. He gets an instant online approval for a loan of Rs 5 lakhs for 5 years. Here’s how Rahul uses his credit line –

Date	Credit limit (opening balance)	Transaction	Credit limit (Closing balance)
1 January 2022	Rs 5 lakhs	Makes a down payment on a car Rs 2 lakhs	Rs 3 lakhs
31 March 2022	Rs 3 lakhs	Withdrawal of Rs 1 lakh for a new mobile	Rs 2 lakhs
12 August 2022	Rs 2 lakhs	Repayment of the loan of Rs 2 lakhs	Rs 4 lakhs
8 October 2022	Rs 4 lakhs	Shops for the festive season for Rs 1 lakh	Rs 3 lakhs
15 December 2022	Rs 3 lakhs	Pays off the outstanding balance of Rs 2 lakhs	Rs 5 lakhs

Despite frequent withdrawals during the year, Rahul still had a credit limit of Rs 5 lakhs at the end as he repaid his outstanding dues. The credit limit will be valid for another 4 years over which Rahul can use the funds as and when needed.

What if your score is low?

Don’t lose heart if your credit score is low. You can still apply for FIRSTmoney. However, unlike a revolving credit facility, you will get a one-time loan which you can use for any financial need, based on the bank’s current credit policy.

IDFC FIRST Bank’s FIRSTmoney – not just a one-time personal loan!

It is a step ahead. FIRSTmoney is a credit facility for personal loan. Wondering what makes it different?

It’s the unique features which set FIRSTmoney apart from an instant personal loan. See for yourself what is on offer –

Pay interest only on what you borrow, not on the full credit limit and save on the interest outgo
No foreclosure charges if you choose to repay the loan before the chosen tenure
Choose a flexible repayment tenure and also how much you would like to borrow
The revolving credit facility gives you unlimited access to credit for 5 years
Get a credit limit going up to Rs 10 lakhs to meet your small and big financial needs
A seamless digital application with minimal documents for instant loan approvals

What else do you need!?

Live life, now, with IDFC FIRST Bank’s FIRSTmoney!

Just use your smartphone or computer to apply online with the IDFC FIRST Bank’s FIRSTmoney[HK2] , it will take a few minutes only! Fulfil your wishes with instant loan approvals, an optimal credit limit, and a cost-effective loan option. Buy what you need and indulge yourself rather than putting it off. Make the most of today as your wish is FIRSTmoney’s command!

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

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