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Apply NowPersonal 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.
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 10.99% |
Stamping charges |
As per State’s Stamp Act |
Penalty on overdue EMIs |
2% of unpaid EMI |
EMI bounce charges |
₹500 + taxes per instance |
Payment swap charges |
₹500 + taxes per instance |
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) |
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.
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 |
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.
Benefits of FIRSTmoney Smart 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.
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.
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%.
Get FIRSTmoney Smart Personal Loan of Different Amounts