Accounts
Deposits
Loans
Wealth & Insure
Payments
Cards
Premium Metal
0% Forex & Travel
Lifetime Free
10X Rewards
UPI Cards
Fuel & Utility
Showstopper
Credit Builder
More

Notifications

  • As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.

  • Activate your Credit Card within minutes and enjoy unlimited benefits

  • One FASTag, three payments:Toll, fuel and parking

    The only FASTag with triple benefits

Apply for Digital Loan Online

A high interest long term debt can adversely affect your financial health and act as a roadblock to growing your savings. However, there are several quick, convenient, and simple ways to reduce it—one such solution is taking a single loan to consolidate your debt. Read on for more

What is a Debt Consolidation Loan?

A debt consolidation loan is a type of personal loan that allows you to consolidate multiple existing debts—such as outstanding credit card balances, or other personal loans—into a single loan with one fixed monthly repayment. By consolidating your debt into a single repayment plan, this loan simplifies your finances rather than requiring you to manage multiple due dates and interest rates. With it, all of your debts can be paid off with one loan, leaving you with only one debt to repay. With a debt consolidation loan from IDFC FIRST Bank, you can reduce financial stress, streamline your debt, and manage your budget more effectively. It provides you the convenience of a single EMI, zero foreclosure charges, lower interest rates, and higher loan amounts up to ₹10 lakhs for a healthier credit history.

Key Features of a Debt Consolidation Loan from IDFC FIRST Bank

A bill consolidation loan from IDFC FIRST Bank can help with debt consolidation by simplifying multiple debts into a single, manageable payment, potentially reducing overall interest costs and improving financial control. Here’s how it works:
Combines Multiple Debts Combines Multiple Debts

Combines Multiple Debts

IDFC FIRST Bank allows you to take out a personal loan to pay off existing debts, such as credit card balances, personal loans, or other high-interest obligations. Instead of managing multiple payments with different interest rates and due dates, you consolidate them into one loan with a single monthly payment.

Lower Interest Rates Lower Interest Rates

Lower Interest Rates

Instant personal loan offers competitive interest rates, starting at just 9.99% per annum, which can be lower than the rates on credit cards or other loans. This can reduce the total interest you pay over time, saving money compared to high-interest debts.

Flexible Repayment Terms Flexible Repayment Terms

Flexible Repayment Terms

You can choose repayment tenures from 9 to 60 months, allowing you to tailor the loan to fit your budget. Longer terms can lower monthly payments, making them more manageable, though they may increase total interest paid.

Zero Foreclosure Charges Zero Foreclosure Charges

Zero Foreclosure Charges

Digital Personal Loans offered by IDFC FIRST Bank has no penalties for early repayment, so you can pay off the loan ahead of schedule without extra costs, helping you become debt-free faster if your financial situation improves.

Simplified Financial Management Simplified Financial Management

Simplified Financial Management

By consolidating debts, you only track one payment, reducing the risk of missed payments and late fees, which can also help improve your credit score over time if payments are made responsibly.

Quick Approval and Disbursal Quick Approval and Disbursal

Quick Approval and Disbursal

IDFC FIRST Bank processes applications quickly, often approving loans within 30 minutes and disbursing funds instantly if you have a clean credit history and complete documentation. This allows you to pay off existing debts promptly. Check your Personal loan eligibility now!

Access More Funds On-Demand

You can apply for more loans up to your pre-qualified loan offer, without starting the application process from scratch. This gives your greater room to meet your financial needs, as and when you need. Looking for Loans, please refer to our range of EMI Calculators and calculate your monthly EMIs at competitive interest rates.

How to apply for a debt consolidation loan online?

Applying for an instant debt consolidation loan with IDFC FIRST Bank is straightforward. Here’s a step-by-step guide:

Scan the QR code available above to apply for a digital personal loan

Step 1

Click on Apply Now to start your personal loan application process

Register with your mobile number and confirm basic details to check your loan eligibility

Step 2

Register with your mobile number.

Choose your loan preferences, including the tenure and repayment terms

Step 3

Confirm basic details to check your eligibility.

Link your bank account for the disbursement of funds

Step 4

Choose your loan preferences and link your bank account.

Complete the video KYC process by displaying your original PAN card

Step 5

Once verified, receive the loan amount in your account within a few hours.

Debt consolidation loan eligibility

The debt consolidation loan eligibility criteria at IDFC FIRST Bank can vary based on individual profiles. Generally, you should fulfil the following requirements:

Age Age

Minimum Age: 21 years

Employment Employment

Maximum Age: 60 (at the time of loan maturity) or retirement, whichever comes first

CIBIL Score CIBIL Score

Employment: Both salaried and self-employed individuals can apply.

Credit score: Applicant needs to have a CIBIL score of 730 and above. Credit score: Applicant needs to have a CIBIL score of 730 and above.

Credit score: Applicant needs to have a CIBIL score of 730 and above.

You can also use the personal loan eligibility calculator on the IDFC FIRST Bank website to quickly check your eligibility for a debt consolidation loan.

Documents Required for Application

Simply present your physical PAN card during the video KYC process

Identity Proof Identity Proof

No complex paperwork required. It is a 100% digital process all you need is a valid aadhar card number and your physical PAN card during the video KYC process

No complex paperwork required. It is a 100% digital process all you need is a valid aadhar card number and your physical PAN card during the video KYC process

Interest rate & fees for Debt Consolidation Loan

Check out the table below to know the debt consolidation loan interest.
 

Types of Fees

Applicable Charges

Debt loan interest rate

Starting 9.99%

Processing fees

Processing fees of up to 2% will be deducted from the loan amount at the time of disbursal

Late payment fees

2% of the unpaid EMI or Rs 300 whichever is higher. The late payment fees might be applicable from the date of default to the date of payment.

Stamping Charges

As per actuals

Personal loan EMI calculator


Use the IDFC FIRST Bank personal loan EMI calculator to instantly check your monthly EMI. Simply enter your loan amount, preferred tenure, and applicable interest rate—the calculator will provide your estimated EMI, helping you plan your repayments with ease.

 

Tailored Personal Loan Options

Tailored Personal Loan Options

Wedding Loans

Make your wedding dreams a reality with our smart personal loan for weddings designed exclusively for those who deserve it the most. Rather than depleting your savings or resorting to high-interest credit cards, a FIRSTmoney smart personal loan allows you to maintain financial stability as you start a new chapter of your life. Here's how our loan can add value to your special day:

  • ► From venue rentals to catering costs and everything in between, FIRSTmoney offers up to a ₹10 lakh personal loan, allowing you to cover all aspects of your wedding expenses with ease
  • ► Completely paperless, quick and digital personal loan application process
  • ► Attractive fixed interest rate (on a monthly reducing basis) commencing at 9.99% p.a. only
  • ► No need for collateral or security
  • ► Enjoy flexible loan repayment terms extending up to 60 months

Travel Loans

Embark on your dream adventures with an online personal loan designed exclusively for elite travellers like you. Whether you're planning a luxurious getaway, an exotic expedition, or a cultural exploration, a FIRSTmoney loan offers the financial freedom to turn your travel aspirations into reality.

With competitive rates and flexible terms, a FIRSTmoney smart personal loan empowers you to book premium accommodations, indulge in once-in-a-lifetime experiences, and create unforgettable memories without compromise. Apply for a travel personal loan seamlessly on an end-to-end digital journey and make Instant bookings without dipping into your savings.

Advantages of a FIRSTmoney smart personal loan for travel expenses:

  • ► Get instant access to funds, anytime, anywhere, in your bank account; 24x7, in just a single step.
  • ► Attractive fixed interest rate (on a monthly reducing basis), starting at 9.99% p.a. 
  • ► No need for collateral or security deposit to set up a loan.
  • ► By responsibly managing your personal loan, you can enhance your credit profile, opening doors to even greater opportunities for future travel endeavours.    

Education Loans

In times of financial emergencies, FIRSTmoney smart personal loan stands as a beacon of stability and support. Instead of depleting your savings or tapping into your investment accounts, this smart personal loan enables you to preserve your financial reserves for long-term goals. Here's how our emergency loan can be a lifeline during uncertain exigencies:

  • ► Effortless online application process with complete digital verification - apply in 2 easy steps for an emergency personal loan online
  • ► Get the loan amount credited promptly to your bank account on the same day
  • ► No collateral requirement for emergency personal loans
  • ► Flexible loan repayment tenure of up to 60 months
  • ► Attractive fixed interest rate (on a monthly reducing basis) starting from 9.99% p.a. only
  • ► Safeguard your financial stability with this personal loan in the face of emergencies

Home Renovation Loans

Renovating your home or any structural upgrades can put a significant financial strain on your savings and personal loan proves to be a reliable solution. Manage and plan your home improvement expenses depending on your needs with FIRSTmoney, our smart, instant personal loan. Apply for a personal loan online and get approved seamlessly.

  • ► Can act as a top-up to your home loan
  • ► Can serve to pay for renovation and expenses in parts
  • ► Access funds anytime anywhere
  • ► No need for collateral or security to apply for this personal loan
  • ► Attractive fixed interest rate (on a monthly reducing basis) starting at just 9.99% p.a.

Frequently Asked Questions

What is a debt consolidation loan?

A debt consolidation loan is a personal loan used to pay off existing debts. It simplifies your payments by consolidating multiple loans into a single monthly payment.

How to apply for a debt consolidation loan?

You can apply for a personal loan for debt consolidation through the IDFC FIRST Bank website or mobile banking app simply by scanning the QR code.

What is the eligibility criteria for a debt consolidation loan?

Eligibility criteria at IDFC FIRST Bank may differ based on individual profiles. Generally, you need to meet age and income requirements, as mentioned above.

Do debt consolidation loans go into your bank account?

Yes, the loan amount is deposited into your savings account with IDFC FIRST Bank, which you can then use to pay off your other loans.

What types of debts can I consolidate with a debt consolidation loan?

You can consolidate multiple high-interest debts, such as existing personal loans and credit card balances, into a single loan with IDFC FIRST Bank’s debt consolidation loan.

Will a debt consolidation loan affect my credit score?

Applying for a debt consolidation loan may result in a hard inquiry, causing a temporary dip in your credit score. However, consolidating your debts into a single loan can simplify your payments and, if you make timely repayments, you can improve your credit score over time.

How much can I borrow with a debt consolidation loan?

The sanctioned loan amount depends on your eligibility criteria and bank policies.

Do I need collateral for a debt consolidation loan?

No, IDFC FIRST Bank’s debt consolidation loan is an unsecured loan, meaning you do not need to provide any collateral.

More FAQs