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Personal Loan Interest Rates Starting At 10.99%

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Personal Loan Interest Rates April 2025

At IDFC FIRST Bank, we understand that financial needs vary from person to person. Whether you need a personal loan for an emergency, home renovation, or fulfilling personal aspirations, we provide personal loans with flexible repayment options and some of the lowest interest rate personal loans in the market.Read More

Our loans are designed to offer maximum convenience, and we pride ourselves on offering low interest personal loans to help you manage your finances better. With a strong credit score (730+), you can qualify for the lowest interest rate and take advantage of flexible terms. Our personal loan interest rates with reducing interest rates help lower your overall interest payments over time.Read Less

Personal Loan Interest Rates (Monthly Reducing Basis)

 

At IDFC FIRST Bank, our personal loan interest rates start as low as 10.99% per annum. These are calculated on a monthly reducing basis, meaning the interest is applied to the remaining principal amount at the end of each month. As you repay the principal, the interest component gradually decreases, which can result in significant savings, especially for longer-term loans. This makes it a great option for borrowers seeking the lowest interest rate personal loans.

We regularly update our rates to ensure you’re getting the best offer based on current market conditions. Check out our personal loan offerings for a loan with low interest that aligns with your financial goals.

Benefits of Personal Loans with Low Interest Rates

 

  1. Low interest personal loan: Get competitive rates starting at 10.99% p.a., one of the lowest interest rate options available.
  2. Flexible repayment options: With our monthly reducing interest rate, you can manage your loan more effectively, paying less interest over time.
  3. No prepayment penalties: With ZERO foreclosure charges, you can repay your loan early without any additional fees, perfect for borrowers looking for flexibility.
  4. Avail more loans on-demand: FIRSTmoney offers the flexibility to obtain more funds on the go, without starting the application process from scratch.

Calculate Your Personal Loan Interest Rate

 

Use the personal loan EMI calculator to find out your monthly payments and the personal loan interest rate you qualify for. By entering the loan amount, interest rate, and repayment tenure, you can see exactly how much you’ll need to pay each month. This tool helps you explore various low interest personal loan scenarios and choose the most affordable option.

Personal Loan EMI Calculator


Amount in ₹

10000 1000000

100000

Period in months

9 months 60 months

60

Rate of Interest

10.99% 60%

10.99

You will pay EMI of only, ₹9,026 /Lakh

The calculations provided are for illustrative purposes only. For precise figures, please use a personal loan EMI calculator and refer to the Repayment Schedule and Loan Agreement
 

FREQUENTLY ASKED QUESTIONS

What is the interest rate for a personal loan?

The interest rate for a personal loan depends on various factors such as your credit score, loan amount, and tenure. At IDFC FIRST Bank, our personal loan interest rates start at 10.99% and can go up to 23.99% depending on your eligibility. We offer some of the lowest interest rate loans in the market.

What is the difference between part payment, pre-payment, and pre-closure?

  1. Part payment: This refers to the repayment of a portion of the loan amount before the due date. It reduces the outstanding principal, thereby decreasing future interest obligations. However, it does not fully settle the loan.
  2. Pre-payment: This is the repayment of the entire remaining loan amount in one go before the loan tenure ends. It completely settles the loan, saving on future interest payments. Pre-payment can attract certain charges depending on the bank’s policies.
  3. Pre-closure: With Firstmoney's ZERO foreclosure feature, you can pre-close your loan without any additional charges, offering you the flexibility and freedom to manage your finances without the worry of extra costs. This feature is particularly beneficial for those who may come into funds and wish to clear their debt without being penalized for it. It's a smart financial move that aligns with the modern borrower's need for flexibility and control over their financial commitments.

How can I qualify for a low interest personal loan?

To qualify for a low interest personal loan, you need a strong credit history (CIBIL score of 730+). Additionally, your income level, employment status, and repayment capacity also impact the interest rate. IDFC FIRST Bank offers loans at low interest rates for eligible borrowers.

What is a personal loan with reducing interest rate?

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.

Can I get a personal loan with the lowest interest rate?

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 10.99% p.a. at IDFC FIRST Bank.

Are there any foreclosure charges on personal loans?

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.

What factors affect personal loan interest rates?

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.

How does the personal loan EMI work with a low interest rate?

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.

Can I get a low interest rate personal loan online?

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.

How is the personal loan interest rate calculated?

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.

What is the interest on a ₹1 lakh loan?

For a personal loan of ₹1 lakh at an interest rate of 10.99% 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.

What is the interest of a personal loan?

IDFC FIRST Bank offers personal loans at a competitive interest rate starting from 10.99% 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.

What is the EMI for a ₹20 lakh personal loan?

If you take a ₹20 lakh personal loan at an interest rate of 10.99% 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.

What is the minimum salary required to apply for a personal loan?

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.

Why is the active loan offer not revised immediately after paying an EMI?

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.

More FAQs

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