How to apply for FIRSTmoney personal loan: A step-by-step guide

Traditionally, personal loans have usually involved multiple document checks and a lengthy approval process. However, with the current digital evolution, the problems with traditional loans are thankfully a thing of the past.Today, IDFC FIRST Bank offers an innovative borrowing solution with FIRSTmoney – a smart personal loan that allows you to access instant funds through and meet your financial obligations and repay the loan via a flexible repayment tenure without any unnecessary hassles.

Go through this blog to learn more about FIRSTmoney loans and how you can easily apply for one!

How to apply for FIRSTmoney smart loan?
 

Getting a FIRSTmoney smart personal loan is an efficient way to meet your varying financial requirements in the modern financial landscape. It empowers you with the easy of application through a completely digital journey and zero paperwork. Here are the 5 easy steps to apply for FIRSTmoney smart personal loans online.

1. Start by scanning the QR code or clicking loan from your smartphone.
2. Register using your mobile number and confirm basic/personal details to check your eligibility.
3. Select the loan amount of your choice and choose flexible repayment terms.
4. Link your bank account where you wish the funds to be disbursed.
5. Complete the video KYC verification process with your physical PAN card.

After you get your loan amount is approved, start using the funds right away as per your needs.

Who can apply for FIRSTmoney?
 

Before applying for a FIRSTmoney smart personal loan, you need to make sure that you satisfy the loan’s eligibility criteria. Go through the following list of criteria for FIRSTmoney loans:

• Employment: A FIRSTmoney smart personal loan is available to individuals with a steady monthly income.
• Age: Anyone aged between 21 to 60 years can apply for this loan.
• CIBIL score: To obtain a FIRSTmoney smart personal loan, applicants need to have an excellent credit record and a high CIBIL score of 730 or above.
• Documents: Individuals need to present their physical PAN card to complete the video KYC process. 

Why choose a FIRSTmoney smart loan?
 

Here’s why you should consider a FIRSTmoney smart personal loan instead of a standard personal loan:

• Easy on demand loan 

FIRSTmoney offers you the convenience to apply for additional loan with just a few clicks in case you need extra funds. 

• ZERO foreclosure charges

With FIRSTmoney, you can utilise funds as needed and foreclose the loan in full without incurring additional charges.

• Instant approval & quick disbursement of the loan into your bank account

You can apply for a FIRSTmoney smart personal loan through a 100% digital application process. The approval and disbursal processes are quick and once your documents are successfully verified; you can get your FIRSTmoney loan sanctioned. Once this is done, you can immediately start withdrawing funds to deal with your expenses.

• One time setup of loan with no maintenance charges

Once you have applied for your FIRSTmoney loan, you will get an amount sanctioned based on your creditworthiness. There are no maintenance charges that you would have to incur on your approved loan amount. All you need is to pay a one-time processing fee.

Choose the smartest option!

With the flexibility to withdraw funds without any restrictions up to your approved limit and with a competitive interest rate set at 10.99%, FIRSTmoney by IDFC FIRST Bank proves to be one of the best borrowing alternatives in the market. Simply make sure to have a good credit score above 730 and a stable monthly salary before applying for your FIRSTmoney loan.