How to avail an instant personal loan

An instant personal loan is a quick and convenient way to cater to your financial requirements. You can use it for diverse financial needs like marriage expenses, medical expenses, vacations or even renovating your home.

What you should know before applying for an instant personal loan

Application process

The stress of having a financial obligation can be burdening at times. 

The application process for an instant personal at IDFC FIRST Bank is completely online You can apply on our website or our mobile app and avail a loan without having to visit the bank.

• Eligibility criteria
  
  One of the first things to do before you apply for an instant personal loan is to check if you meet the eligibility criteria. An issue with your eligibility could hamper your application process.
  
  Here are the eligibility criteria for an instant personal loan at IDFC FIRST Bank:
  
  
• For Self-Employed Individuals:
  • Minimum age: 25
  • Maximum age: 65 (at the time of loan maturity)
  • The business must have been in existence for a minimum of 3 years
• For Salaried Individuals:
  • Minimum age: 23
  • Maximum age: 60 (at the time of loan maturity) or retirement, whichever comes first
  • Minimum monthly salary: 20,000 per month
  A personal loan eligibility calculator can be used to check eligibility in just a few seconds.

 

• Loan disbursal amount:
  
  Along with the loan disbursal amount, it is also essential to know how fast you can expect the amount in your account.
  
  At IDFC FIRST Bank, you can borrow an amount ranging from ₹20,000 to ₹40 lakhs based on your eligibility score. Depending on your eligibility, the final amount will be quickly disbursed into your account.
  
  
• Flexibility of tenure
  
  A flexible tenure helps you choose a timeframe that suits your financial situation. IDFC FIRST Bank offers you a tenure ranging from 1 year to 5 years, basis which the EMIs are calculated.
  

  Generally, higher tenures come with lower EMIs, while lower tenures come with higher EMIs. The facility of selecting your tenure allows you to manage your finances better.

 

How to apply for an instant personal loan online?

The online application process at IDFC FIRST Bank involves four stages.

• Stage 1: Online application
  
  To apply for an instant personal loan, visit our website or the IDFC FIRST Bank Loans app. You can apply for a personal loan online by filling an online application form.
• Stage 2: Approval
  

  
  Based on your eligibility, your loan request will be approved.

• Stage 3: Document Uploads
  

  
  Upload the documents needed for verification.

• Stage 4: Disbursal
  

  
  After verification, the loan will be disbursed into your account.

IDFC FIRST Bank’s instant personal loan is one of the quick and easy ways to receive financial support when you need it the most. With a simple process and fast disbursal, you can fulfil your financial requirements instantly. You can apply on our website or our mobile banking app and avail a loan without having to visit the bank.

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.