Personal Loan Interest Rates Starting At 9.99% (June 2025)

A personal loan with reducing interest rate calculates interest on the remaining principal amount at the end of each month. As you repay the principal, the interest amount reduces, saving you money in the long term. This is ideal for those looking for the lowest interest rate personal loan options.

Yes, if you meet the eligibility criteria such as a high credit score and stable income, you can qualify for a personal loan with the lowest interest rate starting from 9.99% p.a. at IDFC FIRST Bank.

No, IDFC FIRST Bank offers zero foreclosure charges. This means you can repay your loan early without incurring any penalties, making it an attractive option for those seeking a loan with low interest and flexible repayment terms.

Several factors affect your personal loan interest rate, including:

• Credit score: A higher score can help you secure a low interest rate personal loan.
• Income level: Stable and higher incomes typically result in better interest rates.
• Loan amount and tenure: Larger loan amounts or shorter tenures might come with different interest rates.
• Repayment history: A good repayment track record can help you qualify for a loan at low interest.

With IDFC FIRST Bank’s low interest personal loan, the EMI is calculated based on the reducing balance method. As the principal reduces each month, so does the interest, resulting in smaller EMIs over time. Use our online EMI calculator to estimate your monthly payments based on your personal loan interest rate and tenure.

Yes, IDFC FIRST Bank offers a quick and fully digital process to apply for a personal loan with a low interest rate online. You can receive the funds within 24 hours of approval, making it a convenient option for urgent financial needs.

The personal loan interest rate at IDFC FIRST Bank is calculated based on the principal amount, tenure, and applicable interest rate. The loan EMIs are based on the reducing balance method, where interest is charged on the outstanding loan balance. You can use the IDFC FIRST Bank personal loan EMI calculator to quickly determine your monthly payments based on the loan amount, tenure, and interest rate.

For a personal loan of ₹1 lakh at an interest rate of 9.99% per annum for a tenure of 1 year, the total interest payable would be approximately ₹5,799, making the total repayment amount around ₹1,05,799. The exact interest may vary based on the selected tenure and repayment schedule. Use the EMI calculator to get precise calculations tailored to your preferences.

IDFC FIRST Bank offers personal loans at a competitive interest rate starting from 9.99% per annum. The final rate depends on factors such as credit score, repayment capacity, loan tenure, and the requested loan amount. Customers with higher credit scores may be eligible for preferential rates.

If you take a ₹20 lakh personal loan at an interest rate of 9.99% per annum for 5 years, your approximate EMI would be ₹43,586. To get accurate EMI estimates based on different tenures and amounts, you can use the IDFC FIRST Bank Personal Loan EMI Calculator.

To be eligible for an IDFC FIRST Bank personal loan, the minimum monthly salary requirement is ₹25,000. It may vary depending on the applicants and their location. Applicants must also meet the credit score criteria and provide valid income proof. Higher incomes and credit scores can enhance eligibility and help secure better loan terms.

According to the bank’s policy, the active loan offer is updated only when all EMIs of the ongoing loan are fully paid. Once repaid, the approved offer will be replenished accordingly.

The repo rate is the interest rate at which the Reserve Bank of India (RBI) lends short-term funds to commercial banks. Fluctuations in the repo rate can impact personal loan interest rates. FIRSTmoney personal loans come with fixed interest rates. However, changes in the repo rate may influence overall lending trends and future rate offerings by the bank.

The interest rate is the base rate charged on your loan amount, while the APR (Annual Percentage Rate) includes the interest rate and applicable fees such as processing charges. With IDFC FIRST Bank’s FIRSTmoney, interest and fees are transparently disclosed to all customers, helping you compare true loan costs.

A low CIBIL score usually results in the bank charging a higher interest rate or rejecting the loan application. So, you must maintain an optimal CIBIL score for getting a personal loan. To apply for a FIRSTmoney smart personal loan, you need a CIBIL score of 730 or higher. The bank also evaluates other parameters like income and employment type to offer competitive interest rates.

In a flat-rate loan, interest is calculated on the original principal amount, leading to fixed monthly payments and a larger total interest payment. Alternatively, a reducing balance loan such as FIRSTmoney, calculates interest based on the outstanding loan balance, which decreases over time as you repay the loan, resulting in lower overall interest costs and lower monthly payments.

Your credit score directly affects the interest rate you're offered. With a credit score of 730+, you're more likely to receive low-interest personal loan offers from IDFC FIRST Bank’s FIRSTmoney with flexible tenures and on-demand loan access.

Shorter tenures result in a lower total interest outgo but come with higher EMIs. Longer tenures slightly increase the total interest payment on the loan but lower your monthly EMI burden. So, choosing the right loan tenure can help you plan your loan better. FIRSTmoney allows you to choose a tenure from 9 to 60 months, offering flexibility to match your budget.

While interest rates are based on your credit profile, individuals with lower financial liabilities or existing customers of IDFC FIRST Bank may be eligible for customised personal loan offers with competitive rates, depending on the bank's policy.

Usually, a personal loan for self-employed individuals comes with higher rates due to their variable income patterns. However, FIRSTmoney evaluates your financials digitally and offers fair rates if you meet the required eligibility criteria.

No. Since IDFC FIRST Bank’s FIRSTmoney offers fixed interest personal loans, your rate remains unchanged throughout the repayment period.

No. FIRSTmoney maintains complete transparency in its fees and charges, ensuring you are aware of the total cost upfront, including GST and processing charges.

In most cases, personal loan interest is not tax-deductible unless used for specific purposes like home renovation or business investment. Consult a tax advisor for case-specific guidance.

Yes. FIRSTmoney personal loans come with a fixed rate structure, ensuring predictable monthly repayments and better financial planning over the tenure.