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  • 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.

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Overview

Introducing FIRSTmoney, a smart personal loan with the ultimate financial flexibility and convenience. Tailored for the select few with exceptional credit scores over 750, this financial solution offers an instant line of credit up to ₹10 lakh. But what sets this loan apart from the rest? It's smart in every sense – enjoy preferential terms and interest rates, a quick, fully-digital journey, unlimited withdrawals and pay ZERO foreclosure charges. Say goodbye to the traditional limitations and restrictions of personal loans and say hello to a smarter and more flexible way of borrowing. Read on for more

Benefits

Foreclosure benefits Foreclosure benefits

Foreclosure benefits

Say goodbye to foreclosure charges and repay your outstanding amount whenever you want from our flexible tenure options.

Loan Amount flexibility Loan Amount flexibility

Loan Amount flexibility

Choose to borrow any amount starting from ₹5,000 up to your full credit limit. You can draw in tranches or in one go.

Multiple Withdrawals Multiple Withdrawals

Multiple Withdrawals

You can withdraw minimum ₹5,000 from your credit limit, repay at your convenience, and draw more funds when needed.

Flexible Loan Repayment options Flexible Loan Repayment options

Flexible Loan Repayment options

Enjoy customisable loan EMI repayment options. Choose from flexible tenure options to fit your financial situation.

Swift disbursal Swift disbursal

Swift disbursal

Our advanced technology allows for a quick and paperless application process, ensuring swift disbursal of funds directly to your bank account.

Get Digital Personal Loan Get Digital Personal Loan

Need up to ₹1 crore? Apply for our Personal Loans with minimal documentation

Need up to ₹1 crore? Apply for our Personal Loans with minimal documentation

Get Higher Amount

Eligibility criteria

Salaried individuals Salaried individuals

Salaried individuals

Age - 21-60 years Age - 21-60 years

Age: 21-60 years

CIBIL Score* 750 & above CIBIL Score* 750 & above

CIBIL Score* : 750+

* CIBIL Score is a 3-digit numeric summary of your credit history, derived by using details found in the ‘Accounts’ and ‘Enquiries’ sections on your CIBIL Report and ranges from 300 to 900. The closer your score is to 900, the higher are the chances of your loan application getting approved.

Documentation

Physical PAN Card for Video KYC (VKYC)

Physical PAN Card for Video KYC (VKYC)

Steps to apply for FIRSTMoney - Smart Instant personal loan with IDFC FIRST Bank:

Scan the QR code to start the digital journey

Step 1

Scan the QR code to start the digital journey

Register with your mobile number

Step 2

Register with your mobile number

Confirm basic details to check your eligibility

Step 3

Confirm basic details to check your eligibility

Select your preferred loan details

Step 4

Select your preferred loan details

Link your bank account

Step 5

Link your bank account

Complete the KYC verification process

Step 6

Complete the KYC verification process

CALCULATORS

FIRSTmoney EMI Calculator

Amount in Rs

5000 1000000

Period

2 months 60 months

Rate of Interest

10.99% 36%

Monthly EMI

Calculations are only for illustrative purposes, For actual calculations please refer Repayment Schedule & Loan Agreement.
 

Where and how can FIRSTmoney help me?

Where and how can FIRSTMoney help me?

Travel

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

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

Advantages of FIRSTmoney for travel expenses:

  1. Set up a credit limit with FIRSTmoney once and enjoy your travel
    the way you want with the multiple withdrawal facility.
  2. Enjoy better foreign currency markup rates than with credit cards
    on international travel. Get instant access to funds, anytime,
    anywhere, in your bank account; 24x7, in just a single step.
  3. Attractive fixed interest rate (on a monthly reducing basis), starting
    at 10.99 % p.a. 
  4. No need for collateral or security deposit to set up a loan.
  5. By responsibly managing your loan, you can enhance your credit
    profile, opening doors to even greater opportunities for future
    travel endeavors.

Emergency Loan

In times of financial emergencies, FIRSTmoney 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 loan can be a lifeline during emergencies:

  1. Effortless online application process with complete digital verification
    - apply in 2 easy steps for an emergency personal loan online
  2. Get the amount credited promptly to your bank account on the
    same day
  3. No collateral requirement for emergency personal loans
  4. Flexible loan repayment tenure of up to 60 months
  5. Attractive fixed interest rate (on a monthly reducing basis) starting
    from 10.99% p.a. only.
  6. Safeguard your financial stability in the face of emergencies

Wedding Loan

Make your wedding dreams a reality with our smart personal loan designed exclusively for those who deserve it the most. Rather than depleting your savings or resorting to high-interest credit cards, FIRSTmoney 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:

  1. From venue rentals to catering costs and everything in between,
    FIRSTmoney offers up to ₹10 lakh, allowing you to cover all aspects
    of your wedding expenses with ease.
  2. Completely paperless, quick and digital application process
  3. One-time sanction with the facility to withdraw multiple times
  4. Attractive fixed interest rate (on a monthly reducing basis)
    commencing at 10.99% p.a. only
  5. No need for collateral or security
  6. Enjoy flexible repayment terms extending up to 60 months

Medical Loan

Medical emergencies often come with unexpected expenses. With FIRSTmoney, you have the financial flexibility to explore various treatment options, including specialists, alternative therapies, or out-of-network providers, ensuring that you can pursue the best possible care for yourself or your loved ones. FIRSTmoney – our smart instant personal loan, offers invaluable support and peace of mind during medical emergencies. Here's how:

  1. Can act as a top-up to your insurance for medical expenses
  2. Cover unforeseen costs, such as ambulance fees, hospital stays,
    surgeries, and specialized treatments
  3. Access funds anytime, anywhere to address medical bills,
    treatments, and medications without delay
  4. No need for collateral or security
  5. Attractive fixed interest rate (on a monthly reducing basis) starting
    at just 10.99% p.a.
  6. Tailor your payments to fit your budget and financial capabilities,
    providing additional peace of mind during a challenging time

Home Improvement Loan

Renovating your home or any structural upgrades can put a significant financial strain on your savings. Manage and plan your home improvement expenses depending on your needs with FIRSTmoney, our smart, instant personal loan.  Apply online and get approved seamlessly. Use your credit limit as an when you need. 

  1. Can act as a top-up to your home loan.
  2. Can serve to pay for renovation and expenses in parts.
  3. Access funds anytime anywhere
  4. No need for collateral or security
  5. Attractive fixed interest rate (on a monthly reducing basis) starting
    at just 10.99% p.a.

Frequently asked questions

What is FIRSTmoney?

FIRSTmoney is a Smart Personal Loan, a first-of-its-kind product offered by a bank. It offers a credit line to customers, which they can withdraw from anytime without any collateral or co-signee. The money is instantly credited to the customer’s preferred bank account. The process is entirely digital, ‘Do-It-Yourself’ without the need for physical documentation.

What is a credit line or a Smart Personal Loan?

A Smart Personal Loan/Credit line is an offering where the customer obtains a sanctioned credit limit.  Any amount can be withdrawn multiple times until the limit is reached, subject to policy conditions and credit score. Upon successful re-payment of EMIs, the principal component of the repaid amount is credited back, making it a smarter way to borrow.

How do I foreclose the loan?

You can foreclose your loan via the IDFC FIRST Bank mobile app with the following steps:

  1. Register using mobile number & DOB.
  2. Under the ‘Loans’ section on the FIRSTmoney dashboard, select ‘Active draw’
  3. Click on ‘Foreclose with 0 Charges’ to proceed for closing your loan.
  4. Alternatively, you can contact our customer service by dialling 1800-10-888

How is FIRSTmoney Smart Personal Loan better than a regular personal loan?

FIRSTmoney is an instant credit line where you can withdraw any amount from the available limit with zero documentation. You also get to choose your EMI plan as per your convenience and pre-pay or foreclose the loan without any fees or penalties. Here’s how FIRSTmoney is more beneficial than traditional personal loans:

 

Regular Personal Loan One-time credit FIRSTmoney Credit line
Time taken for disbursal 2-3 days Within 2 hours
Number of drawdowns One Unlimited, up to the credit limit
Processing fees Up to 4% 2%
Foreclosure fees 4-5% of outstanding principal NIL

How is FIRSTmoney better than a regular personal loan and a regular credit card?

Features PL FIRSTmoney Credit Card
Multiple Withdrawals/transactions No Yes Yes
Credit to Bank Account Yes Yes No
Conversion to EMI Yes Yes Only eligible transactions
Upfront Fee Low Very Low Joining/annual fees  may be applicable
Interest rates Low Low High interest on revolving credit
Foreclosure charges Yes No No

Does IDFC FIRST Bank offer monthly reducing rate of interest on FIRSTmoney Smart Personal Loans?

Yes. Monthly reducing rate of interest is a way of computing the interest charged on the reducing rate principle. As the outstanding principal amount reduces, the interest payable on your loan also reduces.

What is the minimum and maximum limit or loan amount offered in FIRSTmoney?

The sanctioned limit is determined based on the bank’s internal policies and creditworthiness of the customer. The minimum limit is ₹50,000 and maximum limit offered is ₹10 lakhs for a salaried customer. The minimum tranche/drawdown amount is ₹5000 and maximum tranche amount is the full credit line offered to the customer.

Who can apply for the FIRSTmoney Smart Personal Loan?

IDFC FIRST Bank provides a complete digital experience of availing Smart Personal Loans/Credit Line for salaried individuals. Your eligibility depends on your credit score, income, and your existing liabilities, which will be used to ascertain your credit worthiness. The CIBIL score of the applicant should be 750 or more.

For how long is the customer’s sanctioned amount limit valid?

The sanctioned limit is available to the customer for a period of 5 years, subject to the Bank’s internal policy and creditworthiness of the customer. The customer can withdraw, repay, foreclose the loan without any additional charges within this period. The sanctioned limit may get extended or reduced depending on the customer’s repayment behaviour and credit score. 

What are the Do’s and Don’ts to keep in mind when applying for FIRSTmoney Smart Personal Loan or credit line?

Here are the Do’s and Don’ts for applying for the smart personal loan:

Do's:

  • • Check if your credit score is at least 750
  • • Check your eligibility and requisite documentation i.e. Physical PAN for Video KYC
  • • Ensure stable internet connection before starting the application process & for completion of Video KYC
  • • Check if additional charges like processing fees, prepayment charges etc are applicable. FIRSTmoney Credit Line charges zero prepayment fees

Don’ts:

  • • Forget to check your credit score
  • • Proceed with the application without calculating your eligibility or charges 

Is the information provided by the customer safe with the bank?

The information provided is safe and stored as per RBI guidelines. IDFC FIRST Bank does not provide any sensitive data to any third-party organizations.

How do I download my loan account statement, loan repayment schedule, and check my due date or payment history?

One can download the IDFC FIRST Bank’s mobile App and login using their mobile number and date of birth. To download loan documents, customers can navigate to the FIRSTmoney dashboard by clicking on the FIRSTmoney card in the 'Loans' section. Under Active loans, click on 'View details' and navigate to 'Loan documents' to download loan-related documents. Additionally, customers can access this section to view all loan-related details like due date and payment history.

What are the fees and charges levied on a FIRSTmoney Smart Loan account?

Click Here to view the general fees & charges levied on a Personal Loan.

What documents are required to apply for a loan?

Enjoy our truly paperless and intuitive digital loan application process. You only need a physical PAN card for completing your Video KYC Verification process – nothing else!

Where can I get my No-Dues certificate from?

You can obtain the No-Dues certificate from the IDFC FIRST Bank mobile app with the following steps:

  • • Register using mobile number & DOB, if not registered for Mobile Banking Services
  • • Under the ‘Loans’ section on the FIRSTmoney dashboard, select ‘Fully paid draw’
  • • Click on ‘View Details’, then on Loan Documents to download NOC

Alternatively, you can contact our customer service by dialling 1800-10-888

How do I make overdue payments of my Personal Loan?

You can make overdue payments via the IDFC FIRST Bank mobile app with the following steps:

  • • Register using mobile number & DOB, if not registered for Mobile Banking Services
  • • Under the Loans section on the FIRSTmoney dashboard, click on ‘Clear Overdue’ to proceed to clear overdue payments

Alternatively, you can contact our customer service by dialling 1800-10-888

More FAQs

  

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Fees & Charges

Enjoy pocket-friendly interest rates