What's special about us
Enjoy Zero Charges on All Commonly Used Savings Account Services
- About Us
- MD & CEO letter about the bank
- MD & CEO
- Our History
- Letter to Shareholders on the 1st Annual Report after Merger
- Letter to Shareholders on the 2nd Annual Report after Merger
- Letter to Shareholders on the 3rd Annual Report after Merger
- Letter to Shareholders on the 4th Annual Report after Merger
- Board of Directors
- Awards & Accolades
- News Room
- Investors
- Careers
- ESG
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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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EMI starting at ₹1,699/Lakh
Enjoy quick, paperless disbursal in a few clicks
with IDFC FIRST Bank Personal Loans
EMI starting at ₹1,699/Lakh
Enjoy quick, paperless disbursal in a few clicks
with IDFC FIRST Bank Personal Loans
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Competitive interest rates starting at 10.75%
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Completely digital, paperless online process
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Balance transfer of existing Personal Loans and Credit Cards at affordable rates
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Flexible tenure up to
84 months
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Competitive interest rates starting at 10.75%
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Completely digital, paperless online process
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Balance transfer of existing Personal Loans and Credit Cards at affordable rates
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Flexible tenure up to
84 months
Small Loan
Small loans are also called short-term loans. They are unsecured personal loans of limited amounts that borrowers can use to meet their small capital needs. Small loans are easily accessible, while borrowers also benefit from easy repayment terms. Salaried individuals, self-employed individuals, as well as first-time borrowers, can apply for small loans.Read More
The interest rate is another attractive feature of small instant loans. Banks charge an affordable interest rate, making it easy for borrowers to clear their payments. A healthy credit score can help borrowers get even better terms, including a lower interest rate.Read Less
Need ₹50000 urgently? Follow the below-mentioned steps
Emergencies are unpredictable. It isn't easy to be fully prepared to face a sudden challenge despite your best efforts. Even if you have an emergency fund, there is no certainty that it would help address the emergency completely.
But there's always a solution! If you are stuck in an emergency and need ₹50,000 urgently, you can apply for a small loan. Here is how you can do so:
• Choose from the different lenders who offer small personal loans.
• Head over to the lender's official website.
• Search for the 'Small Loans' section on the website.
• Click 'Apply' when you locate the 'Small Loans' section.
• Fill out the application form and submit the required details.
• Enter the amount you need and the tenure you want.
• The lender will then determine your interest rate using your credit score.
Ensure that you search the terms offered by different lenders before picking a lender for your small loans. Extra legwork can help you land the best deal, saving valuable money.
Features of Small Loans
Small loans have become popular because they come with many existing features. Some of them include:
Instant loan access
It is easy to apply for and avail of small instant loans. You can do so online and quickly receive the loan amount in your account.
Attractive interest rates
Banks offer interest rates based on the small loan amount, the tenure of the loan, and your credit history. You can get an attractive interest rate and lenient repayment terms if you meet the minimum eligibility.
Paperless process
One of the significant benefits of small loans is that the entire process is carried out digitally, from application to disbursement. You do not need to provide any physical documents to avail of small cash loans.
Fast disbursal
Once your small personal loan application is approved, the loan amount is transferred to your account within hours.
ELIGIBILITY FOR SMALL LOAN
Who Can Apply?
For Salaried Individuals:
- Minimum Age: 23 years
- Maximum Age: at the time of loan maturity - 60 years or retirement, whichever comes first
Documentation
Instant Personal Loan disbursal through digital loan journey:
- Valid KYC
- RBI Approved Account Aggregator Process/ Bank Statement
- Net Banking or Debit Card details to set up e-Mandate
- eSign/eStamp for faster disbursal
Repayment of a Small Personal Loan
Repaying small personal loans is easy. The repayment plans are flexible and depend on the personal loan amount and applicable interest. IDFC FIRST Bank offers loan tenure starting from six months upto five years. A healthy credit score is the best way to get better repayment terms. A good score shows that you are a responsible borrower and have the right repayment attitude.
Rate of Interest on Small Loan
Check out the table below to know the personal loan interest.
Types of Fees |
Applicable Charges |
|---|---|
Personal loan interest rate |
Starting 10.75% |
Processing fees |
Processing Fees of upto 3.5% will be deducted from the loan amount at the time of disbursal |
Late payment fees |
2% of the unpaid EMI or Rs 300 whichever is higher. The late payment fees might be applicable from the date of default to the date of payment. |
Stamping Charges |
As per actuals |
Interest Rate Range for Small Loan
The personal loan interest at IDFC FIRST Bank is subject to customer's risk profile. Refer to the table below to know the current personal loan rates.
Product type |
Maximum interest rate |
Minimum interest rate |
|---|---|---|
Personal loan |
23% |
10.75% |
Disclaimer: The above rate is applicable to loan amount above ₹1 lakh.
Service Charges and Fees for Small Loan
IDFC FIRST Bank offers transparency in personal loan schemes and loan charges. We do not have hidden loan interest, prepayment charges, and processing fees. Read on to know the personal loan interest rates we charge.
- Prepayment of a loan before the end of tenure attracts pre-closure charges.
- A waiver on loan amount due to prepayment of loan is applicable if:
- 12 or more EMIs have been paid.
- Prepayment is doing using your own funds.
- Part pre-payment facility is not available for personal loans at IDFC FIRST Bank.
Calculate your Small Loan Interest Rate
IDFC FIRST Bank has an online personal loan calculator that you can use to check your monthly EMI. The EMI calculator has three parts: loan amount, tenure, and rate of interest. You can use it by entering the personal loan amount you need, the applicable personal loan interest rate, and the tenure for which you want the loan. Once you enter these details, the EMI calculator will give you the EMI. Check it out here.
How to apply for a Small Personal Loan?
You can apply for a small instant personal loan online with IDFC FIRST Bank. Here is how you can do so. You can also apply for small personal loans offline, but it is time-consuming. Applying online can help you save time, which comes in handy during emergencies.
Stage 1: Online application
Visit the IDFC FIRST Bank Loans website or loans app to apply for an instant personal loan. You must fill out the application form and provide your details.
Stage 2: Approval
The bank will approve your loan request if you pass the eligibility check.
Stage 3: Upload documents
Complete the verification process by uploading the necessary documents.
Stage 4: Disbursal
When the bank verifies your documents, the loan amount will be transferred into your account.
FREQUENTLY ASKED QUESTIONS
Is there a credit check done?
Yes, every bank performs a credit check on the applicant applying for the loan. Banks expect applicants to have a good credit and repayment history.
How do I send my bank statement and other documents?
If you are applying for a small online loan, the bank will ask you to upload the relevant documents on the website or app. If you choose to go to the bank physically and apply for the loan, you must carry physical copies of your bank statement and documents.
How soon will the small loan get approved?
If you are applying for a loan with IDFC FIRST Bank, you can get your loan approved within 48 hours.
In which cities does IDFC FIRST Bank operate?
IDFC FIRST Bank has branches in 580 cities of India, including Madhya Pradesh, Delhi, Mumbai, Hyderabad, Bengaluru, Pune, Chennai, Ahmedabad and Kolkata.
What are small personal loans for?
Any salaried worker or self-employed individual in India can apply for a small personal loan. The funds can address both personal and professional financial needs. Even business owners and entrepreneurs can get a small personal loan to cover their working capital needs.
How can I get an instant small loan?
You can apply for a loan with IDFC FIRST Bank online. Here are the steps to apply for the loan:
Stage 1: Online application
Visit the IDFC FIRST Bank website or Loans app to apply for an instant personal loan. Fill out an application form with your correct details.
Stage 2: Approval
The bank will approve your loan request if you pass the eligibility check.
Stage 3: Upload documents
Complete the verification process by uploading the necessary documents.
Stage 4: Disbursal
Once your documents are approved, the loan amount will be transferred into your account.
Personal Loan Blogs
FEATURED
Personal Loans for a Credit Score of 550
Personal loans are one of the easiest loans to acquire. They are unsecured loans, which means one does not need to offer collateral. They can be used for a multitude of purposes. There is minimal documentation involved and a relatively shorter processing time as well. However, one of the most important considerations when applying for a personal loan is your CIBIL score.
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