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Summary: The repayment tenure of your personal loan determines the EMI amount, that you are required to pay as your repayment plan, every month. It is important to be aware of the available range for the repayment tenure, offered by your lender. The article below helps you get an understanding of how different tenures affect your EMIs, and how to choose your tenure wisely.
Picking out a Personal Loan tenure is vital for ensuring that your loan can be repaid comfortably. Whether you choose a short repayment period or a lengthy one would depend on both your short-term and long-term financial objectives.
Now, with so many digital solutions available, you can choose your preferred loan with a flexible tenure range. For instance, IDFC FIRST Bank offers FIRSTmoney, an industry-first smart Personal Loan through which you can withdraw funds whenever needed and repay the loan by choosing a suitable repayment tenure. Read the following blog to learn more about FIRSTmoney, after which you can go through a comparison between short and long-term tenures to decide which would suit you best.
With FIRSTmoney, you have the flexibility to choose from a repayment tenure range spanning from 2 months to 60 months.
FIRSTmoney offers you the flexibility of unlimited fund withdrawals. You can make multiple loans: anytime, anywhere or multiple on-demand loans up to your approved limit without any restrictions in multiples of ₹10000, allowing you to meet your financial needs whenever required.
FIRSTmoney also has a ZERO foreclosure charges, which lets you can utilise funds as needed and foreclose the loan in full without incurring any additional charges.
You can apply for a FIRSTmoney smart Personal Loan through a paperless application process. The approval and disbursal processes are quick and once your documents are successfully verified, you can get your FIRSTmoney loan offer sanctioned. Once this is done, you can immediately start withdrawing funds from the sanctioned loan offer to deal with your expenses.
Once you have applied for your FIRSTmoney loan, you will get a approved loan offer for your loan offer based on your creditworthiness. There are no maintenance charges that you would have to incur on your sanctioned loan offer.
To apply for a FIRSTmoney Personal Loan, follow these simple steps -
Once you get your loan offer approved, start using the funds as per your needs.
To a higher monthly EMI value, whereas a longer tenure results in more affordable EMIs.
Shedding more light on the maximum and minimum tenures for Personal Loans:
Personal Loans have maximum and minimum tenures that are defined by the bank offering the loan. If you wish to opt for a larger Personal Loan amount, you can choose a longer tenure to make your EMIs more affordable. However, you must bear in mind that longer Personal Loan tenures may result in higher overall interest payments over time. The maximum tenures that banks generally offer for Personal Loans range between 10 and 12 months. FIRSTmoney offers a highly flexible Personal Loan tenure offering customers the choice of opting for a maximum tenure of 5 years.
Personal Loan minimum tenures vary depending on the bank offering the Personal Loan. There are lenders offering a Personal Loan minimum tenure of 3 months. If you aim to clear your loan as soon as possible, you can opt for a FIRSTmoney loan where you would have the option to clear off the loan in a mere 2 months.
Here are the factors that you must consider before opting for a Personal Loan tenure:
A shorter Personal Loan tenure translates to a higher monthly EMI value, whereas a longer tenure results in more affordable EMIs. You must choose your loan tenure based on your capacity of repaying the loan. You can use the IDFC FIRST Bank Personal Loan EMI calculator to decide your loan tenure.
A higher interest rate results in higher EMI values. You must therefore decide on your loan tenure keeping in mind the interest rate. IDFC FIRST Bank offers a competitive interest rate of 10.99% for FIRSTmoney loans along with a flexible tenure range.
Choosing the right loan term is key for effective financial management. Applying for a FIRSTmoney loan can not just ensure that you have a flexible loan offer for your various expenses but also give you a suitable tenure range to choose from. Lastly, do keep in mind that you need to have a good credit score (730 or above) and earn a stable salaried and self employed income to qualify for FIRSTmoney loans.
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.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.