What is FIRSTmoney? How Does it Work?

Whether you're applying for a fresh personal loan or managing an existing one, FIRSTmoney puts complete control in your hands. Download the app and take your first step toward instant, digital financial freedom with IDFC FIRST Bank.

Downloading IDFC FIRST Bank Mobile Banking app to apply for FIRSTmoney
 

1. Search for the IDFC FIRST Bank mobile app on the App Store or Play Store.
2. Click the ‘Install’ button and let your phone handle the installation.
3. Register with your mobile number on the loan app and complete the required details.
4. Set up your login credentials and MPIN to access the app.
5. Explore various loan products available within the mobile banking app.

Interest Rates and Charges for a Personal Loan through the IDFC FIRST Bank App
 

Interest rates, fees, and charges can significantly increase the overall loan cost, so it is important to note the charges before submitting your loan application. IDFC FIRST Bank offers low charges and interest rates for your affordability and convenience, including personal loan processing fees.

Here is the list of charges for a FIRSTmoney loan:

*GST, as applicable, will be levied on all service charges.

Explore what major charges mean when applying for a personal loan through IDFC FIRST Bank’s mobile app or website.

● Processing Fee: It is a one-time charge that you need pay during the loan application.

● Interest Charge: It is the amount that you need to pay in addition to the principal loan amount to the bank when repaying your loan.

● EMI Bounce Charge: It is a charge levied by the bank when there is insufficient balance in the account to pay the EMI.

● Foreclosure Charge: In case you wish to close your loan before the end of the tenure, some banks may ask for foreclosure charges. With IDFC FIRST Bank, you don’t need to worry about any extra charges for closing your personal loan.

● Overdue EMI Charge: If the EMI remains unpaid on or before the due date, a penalty is applied on the unpaid EMI known as the overdue EMI charge.

How does personal loan work on the mobile banking app?
 

IDFC FIRST Bank's mobile banking app offers a seamless, 100% digital experience to access instant loans. Simply download the IDFC FIRST Bank app and register or log in with your account credentials.

Subsequently, scan the QR code with your mobile phone and fill in all the details. Once you have completed the V-KYC using your PAN, the bank verifies and approves your loan offer depending on your credit health and income.

With flexible repayment options and zero foreclosure charges, managing your loan is easy through the IDFC FIRST Bank banking app. FIRSTmoney ensures a hassle-free, fast cash solution for your financial needs at the touch of a button.