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Personal Loan

Important Questions to Ask Before Taking a Personal Loan

16 Jul 2025 by Team FinFIRST

Important Questions to Ask Before Taking a Personal Loan

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Taking out a personal loan is a significant financial step, far beyond just a few clicks. It's a commitment that calls for absolute clarity on the terms, costs, and your ability to repay. Whether you're considering a loan for unexpected medical bills, a much-needed home renovation, or even joyful festive shopping, asking the right questions upfront ensures you're prepared for what's ahead.

At IDFC FIRST Bank, we believe in empowering you with transparency and ease. Our FIRSTmoney personal loans are designed to be fully digital and truly customer-centric. Even with these advantages, we encourage you to pause and consider a few crucial questions before you apply.

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Essential checklist: 12 Questions before you borrow

1. What’s the interest rate, and how will it behave over time?

It’s vital to know if your personal loan interest rate is fixed or variable. A fixed interest rate, like the one offered by FIRSTmoney starting from 9.99% p.a., means your EMI remains constant throughout your loan tenure. This predictability helps you budget confidently without worrying about sudden changes in your monthly payments due to market fluctuations.

2. Are there any charges I should be aware of?

Transparency on fees is key. With FIRSTmoney, you benefit from zero foreclosure charges, meaning you won't incur penalties if you choose to repay your loan early. All other processing charges are clearly disclosed upfront, so you'll never face hidden surprises.

3. How long is the loan tenure, and what's its impact on my EMIs?

The repayment period, or tenure, significantly influences your monthly EMI. FIRSTmoney offers a flexible repayment tenure from 9 to 60 months. Generally, a longer tenure reduces your EMI but increases the total interest paid over the loan's life. Our personal loan EMI calculator can help you find the perfect balance that suits your budget.

4. What's the total cost of the loan, including all interest and charges?

Always calculate the comprehensive cost: principal, total interest, processing charges, and taxes. With FIRSTmoney, this is made simple; the exact EMI and the total amount payable are clearly displayed during your application, giving you a complete financial picture before you commit.

5. What are the eligibility criteria and required documents?

Understanding the requirements streamlines your application. FIRSTmoney personal loans are accessible to salaried or self-employed individuals aged 21 to 60 years with a minimum CIBIL score of 730. The process is designed to be 100% digital and paperless, requiring only your physical PAN card for video KYC – no additional documents are needed!

6. How much money do I genuinely need to borrow?

Smart borrowing means taking only what's necessary. With FIRSTmoney, you can access multiple loans from your approved loan offer. This flexibility allows you to choose an amount that precisely matches your needs, ensuring you only pay interest on the amount you actually utilize.

7. Can I comfortably manage the monthly EMIs?

Before committing, honestly assess if your income allows for the EMI without straining your other financial commitments. The FIRSTmoney EMI calculator is an instant tool to help you check affordability based on your desired loan amount and tenure.

8. Will my repayment plan fit seamlessly into my budget?

A well-structured repayment plan is crucial for financial discipline. FIRSTmoney offers convenient auto-debit setups, repayment flexibility between 9 and 60 months, and no penalties on early closure. This gives you peace of mind and complete control over your repayment journey.

A smart loan is one where every question is answered before you borrow.

9. What's my credit score, and how will it influence my loan terms?

Your credit score, a numerical representation of your credit history (ranging from 300 to 900), reflects your payment discipline. While a high score isn't the only factor, FIRSTmoney typically looks for a minimum score of 730. A healthy score can lead to faster approvals and potentially more favorable loan terms.

10. What's the primary purpose of this loan, and are there better alternatives?

Reflect on why you need the loan. Personal loans are excellent for significant needs like debt consolidation or unforeseen expenses. While "Buy Now Pay Later" (BNPL) options might suit smaller, short-term purchases, FIRSTmoney personal loans often come with better limits, structured repayment terms, and clear conditions, making them a more reliable and transparent long-term solution.

11. How trustworthy and reputable is the lender?

Trust is paramount when it comes to borrowing. With IDFC FIRST Bank-backed FIRSTmoney, you're choosing a financial partner that combines the reliability of a leading private bank with prudent lending practices, transparent terms, and a strong customer-first approach.

12. How straightforward is the application and disbursal process?

Efficiency is key. With FIRSTmoney, the application is 100% digital, allowing you to apply online in just minutes. After a quick online submission of minimal documents, your loan amount can be disbursed instantly, typically within 30 minutes of approval, making it a truly hassle-free experience.

Your journey to smarter borrowing

Empowering yourself with these crucial questions and understanding their answers before applying for a personal loan can truly put you in control. With IDFC FIRST Bank's FIRSTmoney personal loans, the answers are always clear, concise, and designed with you in mind, ensuring a secure, transparent, and hassle-free borrowing experience from start to finish.

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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