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Personal Loan of 1 Lakh: Eligibility, Process, and Benefits

Summary: A quick personal loan of ₹1 lakh or more, can be useful in dealing with urgent financial needs. Know how to get a personal loan of ₹1 lakh and amounts over and above it, what are the eligibility criteria and how fast can you get it. Also learn about a new, smart personal loan from IDFC FIRST Bank, that offers you a personal loan, with flexible loan terms to help you meet your exigencies.

06 Oct 2025 by Team FinFIRST
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A personal loan is an easy way to meet urgent, short-term financial needs. Whether it’s home renovation, medical expenses, a foreign trip, or wedding expenses, an instant loan of ₹1 lakh gives you the required funds without the need for any collateral.

Now, if you are on the lookout for better loan terms, make sure to not miss out on IDFC FIRST Bank’s FIRSTmoney. FIRSTmoney is an industry-first proposition wherein you get an instant personal loan up to ₹10 lakhs that you can use for any expenses whenever required. Read on to learn more about FIRSTmoney and how you can apply for this smart personal loan.

A instant cash loan of ₹1 lakh from IDFC FIRST Bank offers quick financial support for emergencies or planned expenses.

READ MORE

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Who can apply for a FIRSTmoney smart personal loan?
 

The eligibility criteria for a FIRSTmoney personal loan is simple and straightforward.

  • Credit score: You need to have a credit score of 710 or more to be eligible for this loan.
  • Employment: You need to be a Salaried and Self-Employed individual earning a stable monthly income.
  • Age: You need to be aged between 21 to 60 years to apply for this loan.
  • Documents: You will need your physical PAN card to complete the video KYC process. 

Why opt for a FIRSTmoney loan?

How is opting for a FIRSTmoney loan better than going for a standard personal loan?

  1. Low interest rates: Interest rates start at just 9.99% p.a, making the EMIs affordable. For a ₹ 1 lakh personal loan at 9.99% p.a and tenure of 2 years, you will need to pay just ₹ 4,614 per month.

  2. Zero foreclosure charges: If you have extra funds at any point during your repayment tenure, you can pre-close your personal loan without any foreclosure penalty.

  3. Easy on demand loan
    While renovating your home, you may need funds for various expenses from time to time. FIRSTmoney offers you the flexibility to opt for additional loan with just a few clicks to meet your extra fund requirements.

  4. One time setup of loan with no maintenance charges
    Once you have applied for your FIRSTmoney loan, you will get a loan offer based on your creditworthiness. There are no maintenance charges that you have to incur on your loan offer. You can withdraw a loan amount of your choice up to your available loan offer.

  5. Flexibility to choose a suitable EMI tenure
    With FIRSTmoney personal loan, you have the flexibility to choose a repayment tenure ranging from 9 months to 60 months. This lets you repay your personal loan without any pressure.


Instant approval and quick disbursement of the loan


The completely digital application journey makes it convenient for you to apply for a FIRSTmoney smart loan instantly. The approval and disbursal processes are swift, and once application is  verified, you can instantly receive your loan amount within 30 minutes.

FIRSTmoney personal loan by IDFC FIRST Bank offers flexible repayment plans starting from 9 months, going all the way up to 60 months. With an affordable interest rate starting at 9.99% p.a, you can repay your loan easily as per your convenience.

How to apply for your FIRSTmoney loan?

The process of applying for FIRSTmoney personal loans is quite simple and straightforward:

Step 1: Click on 'Apply Now' on this page.

Step 2: Register using your mobile number and confirm basic/personal details to check your eligibility.

Step 3: Select the loan amount of your choice and choose flexible repayment terms.

Step 4: Link your bank account where you wish the funds to be disbursed. 

Step 5: Complete the video KYC verification process with your physical PAN card.  

After getting your loan sanctioned, you can start using the funds as per your convenience. 

Taking the best decision for your finances

While there are many personal loan plans out there through which you can secure your required funding of ₹1 lakh, it is also essential to focus on getting favourable loan terms. IDFC FIRST Bank’s FIRSTmoney offers a smarter alternative to standard personal loans, providing greater flexibility to meet dynamic financial needs, making it an ideal choice for a Personal Loan balance transfer as well.

Frequently Asked Questions

Am I eligible for a ₹1 lakh personal loan from IDFC FIRST Bank?

Eligibility for a ₹1 lakh personal loan is assessed case by case. IDFC FIRST Banks consider factors such as your monthly income, credit score, repayment history, ongoing EMIs and employment stability before approving your loan offer. A clean banking track record, consistent salary credits, and updated KYC can improve chances. Click here to check your offer for FIRSTmoney personal loan.

Can I get ₹1 lakh without a salary slip?

Digital personal loans generally do not require salaried applicants to upload any salary slips. Instead, income is usually verified through recent bank statements showing salary credits or other proofs such as ITR acknowledgements, Form 16, or an employment letter. Traditional loans, and some lenders in specific cases, may still ask for bank statements. Requirements vary by profile and policy. Keep clear, recent documents ready and ensure your employer name and account details are consistent to minimise back and forth. You can apply for a FIRSTmoney personal loan without uploading any documents.

How much EMI will I pay for a ₹1 lakh personal loan?

The EMI for a ₹1 lakh personal loan depends on the interest rate and tenure options. Shorter tenures raise the EMI amount but cut total interest, while longer tenures do the opposite. Use a personal loan EMI calculator by entering principal, annual rate, and tenure. Example: ₹1,00,000 at 9.99% p.a. for 2 years comes with an EMI of about ₹4,614, total repayment about ₹1,10,737, and total interest about ₹10,737. *Figures are illustrative and exclude applicable fees and taxes.

How quickly can I get ₹1 lakh in my account?

The speed of disbursement depends on your KYC status and document readiness. In fully digital processes with complete information, funds can be credited as quickly as 30 minutes when applied through FIRSTmoney. Manual checks, missing details, or holidays can extend timelines. To avoid delays, keep Aadhaar, PAN and bank details (for linking your bank account) handy. Respond promptly to verification calls or app alerts so processing stays smooth and the disbursal happens quickly.

What interest rate will I be charged for ₹1 lakh?

The interest rate for a ₹1 lakh personal loan varies by applicant. With FIRSTmoney smart personal loans, interest rates start at 9.99% p.a. for eligible customers, subject to profile and policy. The final interest rate depends on your credit score, income, employment type, and existing obligations. After you apply, the bank shares a personalised offer. Compare APR, not just the headline rate, and factor in processing fees, insurance, and taxes to understand total cost.

Can I repay my ₹1 lakh personal loan early without charges?

Whether you can repay early without charges depends on your sanction letter and MITC. FIRSTmoney smart personal loans from IDFC FIRST Bank have zero foreclosure charges, so eligible customers can close early without a foreclosures fee, subject to applicable terms and conditions. Other products may allow part prepayment or foreclosure after a lock-in, with or without fees or minimum amounts. 

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.

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