What is FIRSTmoney? How Does it Work?

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.

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.

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.

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

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

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.

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.

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.

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.

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

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.

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

You only need:

• PAN card (Digital/ Physical)

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

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

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

• 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)

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

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.

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

• 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)

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

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.

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.

• 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

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.

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.

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

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).

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.

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.

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.

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.

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

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.

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.