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Personal Loan Fees and Charges

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 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.

Pre-Qualified Personal Loan Fees and Charges

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.

Benefits of  FIRSTmoney Smart Personal Loan

  1. Flexible Repayment Options: Repay the loan anytime without extra fees, thanks to ZERO foreclosure charges, offering you more control over your financial planning.
  2. Zero Foreclosure Charges: Avoid high personal loan fees often associated with early repayments or foreclosure.
  3. Greater Flexibility: Enjoy the convenience of obtaining more loans anytime with just a few clicks to meet your additional financial needs. 
  4. Quick Access to Funds: Get your funds disbursed within hours, perfect for urgent financial needs.
  5. Fully Digital Application: Enjoy a 100% online loan process with minimal documentation, making it faster and more convenient.

FREQUENTLY ASKED QUESTIONS

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%.

Get FIRSTmoney Smart Personal Loan of Different Amounts