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Instant Personal Loans with IDFC FIRST Bank Loan App

Experience the convenience of accessing funds instantly with FIRSTmoney, a smart personal loan from IDFC FIRST Bank. FIRSTmoney is designed to provide a seamless borrowing experience, with a 100% digital process and quick disbursements. Read on for more

What is FIRSTmoney? How Does it Work?

FIRSTmoney smart personal loans cater to a variety of needs, including urgent medical expenses, home renovations, trip planning, wedding expenses, and more. Read on for more

Features and Benefits of IDFC FIRST Bank Mobile Banking App

User-Friendly Interface User-Friendly Interface

User-Friendly Interface

IDFC FIRST Bank features an easy-to-use app for a quick loan application process. With effortless navigation and an interactive interface, you can apply for smart personal loans without any hassles. All you need to do is scan the QR code and get going.

Zero Physical Documentation Zero Physical Documentation

Zero Physical Documentation

The IDFC FIRST Bank personal loan app helps avoid the inconvenience of physical documentation and helps you save on time and effort. To apply for a FIRSTmoney personal loan with IDFC FIRST Bank app, you only need to furnish your PAN card during the Video KYC (V-KYC) process.

ZERO Foreclosure Charges ZERO Foreclosure Charges

ZERO Foreclosure Charges

With FIRSTmoney, you do not have to worry about being charged additional fees for repaying the loan ahead of schedule. This enables you to plan your finances efficiently.

Instant Loans of up to ₹10 Lakh Instant Loans of up to ₹10 Lakh

Instant Loans of up to ₹10 Lakh

Enjoy instant approvals for loans of up to ₹10 lakh through FIRSTmoney, allowing you to finance various expenses such as emergencies, pending bills, or any other significant purchase.

Greater Flexibility Greater Flexibility

Greater Flexibility

Enjoy the convenience of obtaining more funds on the go to meet your additional financial requirements with just a few clicks on the IDFC FIRST Bank mobile app.

Quick Disbursal Quick Disbursal

Quick Disbursal

Expect swift processing for your smart personal loan with IDFC FIRST Bank’s mobile banking app. Once approved, the loan amount will be credited into your account within 24 hours.

Flexible Repayment Flexible Repayment

Flexible Repayment

FIRSTmoney loans offer flexible repayment tenures, starting from 2 months going all the way up to 60 months.

Transparent Terms and Charges Transparent Terms and Charges

Transparent Terms and Charges

IDFC FIRST Bank maintains complete transparency when it comes to loan terms. You can check all the fees and charges applicable on your personal loan by visiting IDFC FIRST Bank’s schedule of charges section.

Getting Started with FIRSTmoney

Apply for IDFC FIRST Bank Product - Image 1

Step 1

Start by scanning the QR code or clicking loan from your smartphone

Apply for IDFC FIRST Bank Product - Image 2

Step 2

Register using your mobile number

Apply for IDFC FIRST Bank Product - Image 3

Step 3

Confirm basic/personal details to check your eligibility

Apply for IDFC FIRST Bank Product - Image 4

Step 4

Choose your loan preferences, including the tenure and repayment terms

Apply for IDFC FIRST Bank Product - Image 5

Step 5

Link your bank account where you wish the funds to be disbursed

Apply for IDFC FIRST Bank Product - Image 6

Step 6

Complete the Video KYC verification process with your physical PAN card

Whether you’re applying for a new loan or managing existing ones, FIRSTmoney puts control in your hands. Start your journey towards financial flexibility with the IDFC FIRST Bank loan app today.

 

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.

Eligibility

Salaried individuals Salaried individuals

Salaried and self-employed individuals can apply via the IDFC FIRST Bank website or mobile banking app.

Age limit – 21 to 60 years Age limit – 21 to 60 years

Age limit – 21 to 60 years

CIBIL Score*: 730+ CIBIL Score*: 730+

CIBIL Score*: 730+

* CIBIL Score is a 3-digit numeric summary of your credit history, derived by using details found in the ‘Accounts’ and ‘Enquiries’ sections on your CIBIL Report and ranges from 300 to 900. The closer your score is to 900, the higher are the chances of your loan application getting approved.

Documentation

Video KYC Video KYC

Display your physical PAN card during the VKYC process.

Display your physical PAN card during the VKYC process.

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:

Type of Charges

Fees

Processing fee

2% of the total loan amount including GST

Rate of Interest

ROI Starting from 10.99%

Stamping charges

As per State’s Stamp Act

Penalty on overdue EMIs

2% of the unpaid EMI

EMI Bounce Charges

EMI Bounce Charges 7.5% of the EMI/ Outstanding amount (minimum ₹ 400 & maximum ₹ 1000)

Payment swap charges (Charges for changing the mode of EMI payment)

₹500 + taxes per instance

Foreclosure Charges

NIL (Customers will have to provide the sanction letter at the time of foreclosing the loan)

Part Pre-Payment

Not allow

EMI Pickup/Collection Charges

₹ 500.00

Duplicate No Objection Certificate Issuance Charges

₹ 500.00

Physical Statement of Account/Repayment Schedule

₹ 500.00

Foreclosure / Prepayment charges

NIL

Document retrieval charges (per retrieval)

₹ 500.00

Cooling-Off Period (Borrower can exit the loan within the cooling-off period by paying the principal and the proportionate charges without any penalty. The loan can be cancelled within 3 days in the cooling off period)

3 days


*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.

Instant Personal Loan Fees and Charges Instant Personal Loan Fees and Charges

Personal Loan for Home Renovation - Fees and Charges

Enjoy competitive interest rates and minimal charges

Frequently asked questions

How can I get a personal loan at a low interest rate?

Getting a personal loan at a low interest rate involves several factors. To begin with, ensure you maintain a good credit score as it significantly impacts the interest rate offered to you. Additionally, consider opting for a bank like IDFC FIRST Bank that offers flexible repayment options and competitive rates. Utilising the IDFC FIRST Bank loan app can be beneficial, as it provides competitive interest rates tailored to your credit profile, along with transparent terms and conditions.

What is the best personal loan app?

Apps like the IDFC FIRST Bank Mobile Banking app with FIRSTmoney Smart and Instant Personal Loans are highly recommended due to their user-friendly interface, quick approval process, and competitive interest rates. The IDFC FIRST Bank loan app offers features like instant loan approvals, EMI calculators, and personalised loan offers, making the borrowing experience convenient and hassle-free.

Can I foreclose my FIRSTmoney loan via the app?

Yes, IDFC FIRST Bank's app allows pre-closure of your FIRSTmoney smart personal loan without any foreclosure charges. Whether it’s a small loan or a big one, you can repay the loan early at your convenience, providing you with complete flexibility.

Who is eligible for an instant loan?

To be eligible for a FIRSTmoney loan, you must be an Indian citizen between 21-60 years of age with a stable income and good credit history. Both salaried and self-employed individuals can apply.

What documents do I need to apply for an instant loan?

You only need to show your PAN card during the V-KYC (Video KYC) process when applying for a loan through IDFC FIRST Bank’s loan app.

How quickly will the loan amount be credited to my account?

Once your loan is approved, the amount is credited to your account instantly, typically within minutes.

Are there any hidden charges for instant loans?

No, there are no hidden charges. FIRSTmoney maintains complete transparency with its charges, including a minimal processing fee and no foreclosure charges.

How to use an instant personal loan app?

Using an instant personal loan app is simple and convenient. Start by downloading the app from the App Store or Play Store and registering with your details. Next, set up your login credentials and MPIN. Once done, you can explore the loan options, customise loan amounts and tenure, and submit your application. With the IDFC FIRST Bank loan app, you can track your application status in real-time and receive instant approvals, making the entire process seamless and efficient.

How do I get an instant loan from the app?

To get an instant loan from the app, follow these steps:

  • ● Download the IDFC FIRST Bank Mobile Banking app and complete the registration process for FIRSTmoney Smart and Instant Personal Loans.
  • ● Choose the loan amount and tenure as per your requirements.
  • ● Submit your application through the app.
  • ● Receive instant approval and disbursal of funds directly into your bank account.

Is an instant loan app safe?

Yes, instant loan apps like the IDFC FIRST Bank Mobile Banking app are safe to use. Such apps by reputable banks follow stringent security measures to protect your personal and financial information. Additionally, they comply with regulatory guidelines to ensure transparency and fairness in loan transactions.

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