Know Personal Loan Fees & Foreclosure Charges

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Personal Loan EMI Calculator

Loan amount

₹100K ₹10L

Loan term in months

9 Months 60 Months

Choose the Interest Rate

9.99% 38 %

Your EMI will be

₹2,174/Lakh

*Personal loan calculator is only for illustration purposes. For actual calculations refer to your Repayment Schedule & Loan Agreement.*T&C Apply

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Personal Loan Fees and Charges IDFC First Bank

Personal loans offer a quick solution for meeting urgent financial needs. However, before securing a personal loan, it's crucial to understand the personal loan fees and charges involved. These fees can vary between lenders and may significantly affect the overall cost of the loan.

With IDFC FIRST Bank’s FIRSTmoney, you can enjoy a transparent loan process with minimal personal loan fees. The FIRSTmoney smart personal loan comes with unique benefits, including ZERO foreclosure fees, flexible repayment options, and competitive interest rates. This makes it an ideal choice to cover dynamic expenses such as medical bills, travel, or home renovation. Plus, the entire loan application process is 100% digital, making it quick and convenient.

List of Personal Loan Fees and Charges

Here is a comprehensive list of personal loan charges for IDFC FIRST Bank's FIRSTmoney:

Type of Charge	Fee/Charge
Processing fee	2% of the total loan amount (incl. GST)
Rate of interest	Starting from 9.99%
Stamping charges	As per State’s Stamp Act
Penalty on overdue EMIs	2% of unpaid EMI
EMI bounce charges	EMI Bounce Charges 7.5% of the EMI/ Outstanding amount (minimum ₹ 400 & maximum ₹ 1000)
Payment swap charges	NIL
Foreclosure charges	NIL (Foreclosure requires a sanction letter)
Part Pre-Payment	Not allowed
EMI Pickup/Collection charges	₹500
Duplicate No Objection Certificate	₹500
Physical Statement of Account	₹500
Document retrieval charges	₹500
Cooling-off period	3 days (Loan can be cancelled without penalty within 3 days)
Technical bounce charges*	Charge rates would be same as applicable under EMI bounce charges

GST is applicable on all service charges.

It's essential to review these personal loan fees and charges before applying, as they can be subject to revisions by the bank.

*Mandate Rejection technical Bounce Charges (for mandate rejected by your bank, to be charged for each month from 3rd consecutive bounce month onwards until the mandate is registered).

Important Terms and Conditions

1. Loan Disbursal Timeline

Loan disbursal within 30 minutes is subject to successful completion of customer verification, credit assessment, and internal bank approvals. Actual disbursal time may vary based on customer profile, documentation completeness, system load, and banking hours.

Actual time may vary due to external dependencies or unforeseen circumstances.

2. Interest Rate Applicability

Interest rates starting at 9.99% p.a. are indicative and subject to change based on the applicant’s credit profile, income, loan amount, tenure, and lending policies. The final rate may differ from the advertised rate and is determined after thorough evaluation.

Rates and terms are subject to change without notice.

3. Digital Journey Eligibility

100% digital loan processing is offered subject to availability of online verification services and successful completion of digital KYC. Terms and conditions apply.

Benefits of FIRSTmoney Smart Personal Loan

Flexible Repayment Options

Repay the loan anytime without extra fees, thanks to ZERO foreclosure charges, offering you more control over your financial planning.

Zero Foreclosure Charges

Avoid high personal loan fees often associated with early repayments or foreclosure.

Greater Flexibility

Enjoy the convenience of obtaining more loans anytime with just a few clicks to meet your additional financial needs.

Quick Access to Funds

Get your funds disbursed within hours, perfect for urgent financial needs.

Fully Digital Application

Enjoy a 100% online loan process with minimal documentation, making it faster and more convenient.

Pre-Qualified Personal Loan Fees and Charges

For Pre-Qualified Loans refer the table below to know applicable Schedule of Charges:

Types of Fees	Applicable Charges
Processing fees (excluding GST)	Upto 3.50% of disbursed loan amount for Pre-Qualified loans
Late payment/Penal charges	2% per month (Exclusive of GST) of the unpaid EMI or Rs 300 (Exclusive of GST) whichever is higher
Stamping Charges	As per actuals
EMI Bounce charges per presentation	500 Exclusive of GST
Cheque/ Mandate Swap charges (per swap)	500 Exclusive of GST
EMI Pickup/Collection Charges	500 Exclusive of GST
Duplicate No Objection Certificate Issuance Charges	500 Exclusive of GST
Physical Statement of Account	500 Exclusive of GST
Physical Repayment Schedule	500 Exclusive of GST
Document retrieval charges (per retrieval)	500 Exclusive of GST
Foreclosure / Prepayment charges	For Pre-Qualified loans, Allowed after payment of 12 or more EMI’s or 12 months whichever is later. 5% foreclosure charges applicable on principal outstanding For Pre- Qualified FIRSTMoney, Allowed anytime without any charges.
Cancellation/Rebooking charges	No charges within 15 days of disbursement or 1st EMI presentation whichever is earlier. Post 15 days or 1st EMI presentation, request for cancellation will be treated as foreclosure
Part-Payment Clause	Not Allowed

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

Review these personal loan charges to ensure you are fully informed of the cost before availing of the loan.

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Popular Personal Loan FAQs

What are the typical charges on a personal loan?

Charges on a personal loan include processing fees, late payment penalties, and other service fees. It's crucial to review the specific personal loan charges in the loan agreement as they vary between lenders.

What are pre-payment and foreclosure charges?

Pre-payment charges apply when you partially repay the loan before the due date. Foreclosure charges occur when you pay off the entire loan early. However, FIRSTmoney has ZERO foreclosure charges, making it a cost-effective option if you plan to repay your loan early.

Are personal loan fees subject to GST?

Yes, GST is applicable on various personal loan fees such as processing fees, foreclosure charges, and pre-payment charges. The standard GST rate is 18%.

When is the active loan offer revised after paying an EMI?

The active loan offer is revised only when all the EMIs of the active loan are fully repaid. The bank assesses the customer and replenishes the loan offering.