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Payday Loan

A financial emergency can arise at any moment—be it a mid-month cash crunch, an unexpected expense, or an urgent medical bill. In such situations, a payday loan serves as a short-term financial solution, helping individuals bridge the gap until their next salary. Read on for more

How does a FIRSTmoney personal loan work?

While payday loans offer instant liquidity, they often come with high interest rates, rigid repayment terms, and additional charges, making them an expensive borrowing option. Read More

Features and benefits of a loan from FIRSTmoney

Quick approvals and instant disbursals: Quick approvals and instant disbursals:

Quick approvals and instant disbursals:

Get the loan amount credited to your account instantly upon approval.

Zero foreclosure charges: Zero foreclosure charges:

Zero foreclosure charges:

With a FIRSTmoney smart personal loan, you can close your loan anytime without incurring any penalty.

Minimal documentation: Minimal documentation:

Minimal documentation:

No need for extensive paperwork — Click on Apply Now to start your personal loan application process

Short repayment tenure: Short repayment tenure:

Short repayment tenure:

Flexible repayment tenures ranging from 9 to 60 months, letting you choose an EMI plan that fits your budget. Plus, with zero foreclosure charges, you can repay early whenever you have surplus funds, giving you total control over your finances.

No collateral required: No collateral required:

No collateral required:

These are unsecured loans, meaning you don’t have to pledge any asset as security.

Flexible loan amount Flexible loan amount

Flexible loan amount:

Enjoy access to flexible loan amounts ranging from 50,000 to ₹10 lakhs in as low as 30 minutes.

Greater flexibility: Greater flexibility:

Greater flexibility:

Enjoy the flexibility to avail more funds easily to meet additional cash requirements without starting the loan application from scratch.

24/7 online availability: 24/7 online availability:

24/7 online availability:

Instant loans online can be accessed anytime, anywhere, making them highly convenient.

Eligibility criteria for payday loan

To apply for an urgent payday loan, you need to meet specific eligibility criteria set by IDFC FIRST Bank. These include:

Age Age

Age: 21 to 60 years

Employment Employment

Employment: Salaried or self-employed with stable income.

CIBIL Score CIBIL Score

Credit Score: Minimum CIBIL score of 730 to establish creditworthiness.

Documents required for payday loan

Applying for an easy loan online with FIRSTmoney requires zero paperwork . You need to provide only your PAN card during the video KYC process to get a loan instantly.

Identity Proof Identity Proof

You don’t need to upload any documents to apply for the instant personal loan online.

All you need is a valid Aadhar Card number and physical PAN card at the time of Video KYC and get the loans disbursed in as low as 30 minutes.

Identity Proof Identity Proof

All you need is a valid Aadhar Card number and physical PAN card at the time of Video KYC and get the loans disbursed in as low as 30 minutes.

All you need is a valid Aadhar Card number and physical PAN card at the time of Video KYC and get the loans disbursed in as low as 30 minutes.

Fees & Charges

Interest rates of a payday loan

IDFC FIRST Bank offers competitive interest rates and a transparent fee structure for its quick payday loans. Here’s a breakdown:

Loan component

Charges

Interest rate

Low-Interest Rate Personal Loan starts from 10.99% per annum

Processing fees

2% of the principal loan amount, learn more

Stamping charges

As per applicable state regulations

Penal charges on overdue EMI

2% of the overdue EMI

Bounce charges

 7.5% of the EMI / Outstanding amount with Minimum ₹ 400 and Maximum ₹ 1000

Note: Fees and charges may change periodically.

Steps to apply for a small loan from FIRSTmoney

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

Step 1

Scan the QR code on your desktop or tap the ‘Apply Now’ button on your mobile phone to start FIRSTmoney smart personal loan Digital Journey

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 30 minutes

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 10.99% 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 10.99 % 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 10.99% 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 10.99% p.a.

Frequently Asked Questions

What do you mean by a payday loan?

A payday loan is a short-term loan designed to provide immediate financial assistance to salaried individuals facing an urgent cash requirement before their next salary credit. It offers quick access to funds, typically with a single repayment due on the next payday.

Why is it called a payday loan?

The term “payday loan” comes from the repayment structure of the loan, where the borrower repays the entire loan amount, along with interest and applicable charges, on their next salary credit date. It is meant to bridge temporary financial gaps until the next paycheck.

How to apply for a payday loan?

You can apply for a payday loan online through IDFC FIRST Bank’s mobile banking app or net banking. Simply log in, navigate to the personal loan section, check your eligibility, scan the QR code, choose the loan amount, accept the terms and conditions, and receive instant disbursal in your account upon approval.

What is the maximum loan amount to avail?

With FIRSTmoney, you can avail loans of up to ₹10 lakhs. However, the maximum loan amount depends on your salary, credit history, and IDFC FIRST Bank’s credit assessment policies. Customers can check their pre-approved loan limit through the bank’s online platforms.

What is the minimum loan amount to avail?

The minimum loan amount for a payday loan varies based on the bank’s policies but is usually set at an amount sufficient to cover urgent financial needs. With FIRSTmoney, you can opt for a loan amount as low as ₹50,000. 

What is the total repayment amount due & tenure?

The total repayment amount includes the principal loan amount, interest, and any applicable charges. The tenure is typically one month, with full repayment automatically deducted from the borrower’s account on the next payday.

Check out EMIs for your next car loan, two-wheeler loan, home loan & etc using IDFC FIRST Bank’s EMI Calculator.

More FAQs