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Instant Personal Loans with IDFC FIRST Bank: Personal Loan app

Need urgent funds? Get up to ₹10 lakh instantly with FIRSTmoney via IDFC FIRST Bank app. Here's why you should consider FIRSTmoney when looking for the best loan apps:

-Apply in a 100% digital manner with no paperwork

-Get funds in your bank account in 30 minutes

-Enjoy zero foreclosure charges, so you can repay early without penalties

With interest rates starting at just 9.99% p.a.*, FIRSTmoney makes personal loans smarter, faster, and completely paperless.

FIRSTmoney: Your Instant Personal Loan Via App

FIRSTmoney by IDFC FIRST Bank is a 100% digital personal loan via app designed for every need. From medical bills and home repairs to weddings, travel, or emergencies get instant funds in just 30 minutes.

Features and Benefits of the IDFC FIRST Bank Personal Loan Via App

Instant Personal Loan Eligibility and Documentation

Eligibility
  • eligibility Salaried and self-employed individuals can apply via the IDFC FIRST Bank website or mobile banking app.
  • eligibility Age limit – 21 to 60 years
  • eligibility CIBIL Score*: 730+
Documentation
  • documentation Display your physical PAN card during the VKYC process.
Eligibility

How to Apply for FIRSTmoney Personal Loan

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Interest Rates and Charges on Personal Loans via the IDFC FIRST Bank App

It’s important to understand the interest rates, processing fees, and charges that affect your total personal loan cost. With FIRSTmoney personal loan by IDFC FIRST Bank, you get transparent pricing and affordable rates designed to fit your budget.

You can also use the personal loan EMI calculator to estimate your EMI amount.

Here's the full list of charges for a FIRSTmoney personal loan by IDFC FIRST Bank:


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.

Know your personal loan fees and charges

Know Your Personal Loan Fees & Charges

Enjoy pocket-friendly interest rates with no hidden 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.

What is FIRSTmoney Smart Personal Loan?

FIRSTmoney is IDFC FIRST Bank's instant personal loan that offers loans from ₹50,000 to ₹10 lakh with disbursal in just 30 minutes. It's a 100% digital platform that allows you to get multiple loans from a single approved offer without reapplying.

How is the FIRSTmoney app different from regular personal loans?

The FIRSTmoney app offers unique advantages:

• Instant disbursal in 30 minutes vs 2-3 days for traditional loans

• Zero foreclosure charges vs 4-5% penalty in traditional loans

• Multiple loans facility - take multiple loans from the approved offer

• Paperless Process - no physical document submission required. You only need to display your physical PAN card during the Video KYC process

• EMI on utilized amount only - pay EMI only on what you borrow

Is FIRSTmoney app safe and secure?

Yes, the FIRSTmoney app is completely safe. It follows all RBI guidelines for digital lending, uses end-to-end encryption, OTP-based authentication, and secure document storage. IDFC FIRST Bank is a scheduled commercial bank regulated by the Reserve Bank of India.

Who can apply for FIRSTmoney personal loan?

You can apply if you meet these criteria:

• Age: 21-60 years

• CIBIL Score: Minimum 730

• Employment: Salaried or self-employed with stable income

• Residency: Indian resident

• Paperless Journey: Get Instant loan approval with just your PAN & Aadhar number

What documents are required for the loan application?

You only need:

• PAN card (Digital/ Physical)

• Aadhar number (for identity verification) No physical documents or extensive paperwork required.

How do I apply for a personal loan through the app?

  1. Download the FIRSTmoney app from Google Play Store
  2. Complete the instant eligibility check
  3. Fill the simple application form
  4. Complete Video KYC with your PAN card
  5. Get instant approval and loan disbursal in 30 minutes

Can I check my loan eligibility before applying?

Yes, the app provides an instant pre-approval check using CIBIL integration. You can check your eligibility without affecting your credit score.

What is the loan amount and tenure available?

• Loan Amount: ₹50,000 to ₹10 lakh

• Tenure: 9 to 60 months (flexible tenure for each loan)

• Interest Rate: Starting from 9.99% p.a. (based on your credit profile)

What is the multiple loans facility?

Once your loan offer is approved, you can:

• Take multiple loans from the approved offer

• Choose different tenures for each loan (9-60 months)

• No reapplication needed for additional loans

• When you repay a loan completely, that amount becomes available again for new loans

Do I pay EMI on the entire approved amount?

No, you only pay EMI on the amount you withdraw. If you're approved for ₹5 lakh but withdraw only ₹2 lakh, your EMI will be calculated only on ₹2 lakh.

Can I prepay or foreclose my loan?

Yes, you can prepay or foreclose your loan at any time with zero penalty charges. There are no foreclosure fees, unlike traditional personal loans.

What are the fees and charges for FIRSTmoney loan?

• Processing Fee: 2% of loan amount (lower than traditional loans)

• Interest Rate: Starting at 9.99% p.a.

• Foreclosure Charges: Zero

• EMI Bounce Fee: 7.5% of EMI/Outstanding amount (minimum ₹400, maximum ₹1000)

Are there any hidden charges?

No, all fees and charges are transparently disclosed in the app. There are no hidden costs or surprise fees.

How quickly will I receive the loan amount?

Your loan amount will be credited to your bank account within 30 minutes of approval. This is significantly faster than traditional personal loans that take 2-3 days.

How long is my approved loan offer valid?

Your approved loan offer remains valid for 5 years from the first loan disbursal date. You can take multiple loans within this period without fresh approvals.

What repayment options are available?

• Auto-debit: Set up automatic EMI deduction from your bank account

• Manual payment: Pay through the app using the Quickpay link.

• Prepayment: Enjoy EMI prepayments anytime without penalty

 In-app management: Track EMIs, download statements, and manage repayments

Which devices support the IDFC FIRST Bank FIRSTmoney Personal Loan app?

The IDFC FIRST Bank Personal Loan is a m-web journey available on all devices. This journey can also be taken by the Instant app supported on Android.

What if I face issues with the app?

You can contact our 24/7 customer support at 1800-10-888 for any assistance. The app also has in-built support features for common queries.

Can I track my loan status in the app?

Yes, the app provides complete loan management features including:

• Real-time loan status tracking

• EMI schedule and payment history

• Statement downloads

• Foreclosure management

• EMI calculator

What happens if my EMI bounces?

If your EMI bounces due to insufficient funds, a bounce fee of 7.5% of the EMI/Outstanding amount will be charged (minimum ₹400, maximum ₹1000).

Can I use this loan for medical emergencies?

Yes, FIRSTmoney is perfect for medical emergencies as you can get funds within 30 minutes of approval. The instant disbursal feature makes it ideal for urgent financial needs.

Is this suitable for business requirements?

Absolutely! Entrepreneurs and self-employed individuals can benefit from the flexible multiple loans facility, allowing them to access funds as per their business cycles without reapplying each time.

Can I use this for education or wedding expenses?

Yes, the multiple loans facility makes it perfect for recurring expenses like education fees or wedding costs. You can take separate loans as expenses arise, all from your pre-approved limit.

How does this help with existing high-interest loans?

You can use FIRSTmoney to pay off high-interest credit cards or other expensive loans, potentially saving on interest costs with our competitive rates starting at 9.99% p.a.

Where can I download the IDFC FIRST Bank FIRSTmoney Personal Loan app?

Download the official IDFC FIRST Bank: Personal Loan app from Google Play Store:

Do I need an existing IDFC FIRST Bank account?

No, you don't need an existing IDFC FIRST Bank account to apply for FIRSTmoney personal loan. The app is designed for both existing and new customers.

What happens after I download the app?

Once you download and open the app, the personal loan application journey begins immediately. You'll be guided through the simple application process step by step.