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Apply For a Personal Loan Online

Introducing FIRSTmoney, a smart personal loan with unparalleled flexibility and convenience. Designed for individuals with a credit score of 730 and above, this loan offers up to ₹10 lakh. Forget the cumbersome processes of traditional loans—experience a seamless journey to apply for a personal loan online. Read on for more

Key Benefits of FIRSTmoney Instant Personal Loan Online

ZERO foreclosure charges on personal loan ZERO foreclosure charges on personal loan

ZERO foreclosure charges

Enjoy zero foreclosure charges when you apply for a personal loan so you can repay it at your convenience.

Multiple withdrawals for personal line of credit Multiple withdrawals for personal line of credit

Multiple withdrawals

With this personal loan, you can borrow any amount over ₹5,000 up to the available credit limit. Once you repay the borrowed amount, you can withdraw more funds again.

Flexible personal loan repayment options Flexible personal loan repayment options

Flexible Personal Loan Repayment Options

With customisable loan EMI repayment options, you can customize your personal loan repayment schedule based on your financial needs.

Swift disbursal Swift disbursal

Swift Disbursal

Our advanced technology allows for a quick and paperless instant personal loan application process. Get an instant loan online with just a few clicks and have the amount in your bank account within hours.

Personal loan amount flexibility Personal loan amount flexibility

Personal Loan Amount Flexibility

Get the flexibility of an instant personal loan with multiple withdrawals. Get an instant personal loan online, withdraw any amount up to ₹10 lakh. Pay interest only on the utilised amount.

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

Personal loan Eligibility Criteria

Personal loan employment criteria Personal loan employment criteria

Employment: Salaried and Self-Employed Individuals

Age: Anyone aged between 21 to 60 years can apply for this personal loan. Age: Anyone aged between 21 to 60 years can apply for this personal loan.

Age: Anyone aged between 21 to 60 years can apply for this personal loan.

CIBIL Score for personal loan CIBIL Score for personal loan

CIBIL score: To obtain the FIRSTmoney smart personal loan, applicants need to have a good credit record and a CIBIL score of 730 and above.

* 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 personal loan application getting approved.

FIRSTmoney Smart Personal Loan Documentation

Digital FIRSTmoney smart loan Digital FIRSTmoney smart loan

Save time and effort with a completely digital FIRSTmoney smart loan application process. To apply for a FIRSTmoney smart personal loan, all you need is to present your physical PAN card at the time of completing the video KYC process. So you don’t have to upload any documents to apply for the instant personal loan online.

Save time and effort with a completely digital FIRSTmoney smart loan application process. To apply for a FIRSTmoney smart personal loan, all you need is to present your physical PAN card at the time of completing the video KYC process. So you don’t have to upload any documents to apply for the instant personal loan online.

Steps To Apply For Online Personal Loan

Scan the QR code to apply for a personal loan

Step 1

Scan the QR code to apply for a personal loan

Register with your mobile number

Step 2

Register with your mobile number

Confirm basic details to check your personal loan eligibility

Step 3

Confirm basic details to check your eligibility

Choose your personal loan preferences and link your bank account

Step 4

Choose your loan preferences and link your bank account

Once verified, receive the loan amount in your account within 24 hours

Step 5

Once verified, receive the loan amount in your account within 24 hours

EMI Calculator for Personal Loan

Personal Loan EMI Calculator

Amount in ₹

5000 1000000

Period

2 months 60 months

Rate of Interest

10.99% 60%

You will pay EMI of only, per month

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
 

How Digital Personal Loan Can Empower You

How FIRSTmoney can empower you

Travel Personal Loan

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:

  • ► Set up a credit limit with FIRSTmoney once and enjoy your travel the way you want with the multiple withdrawal facility.
  • ► 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.

Emergency Personal Loan

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

Wedding Personal Loan

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
  • ► One-time sanction with the facility to withdraw multiple times
  • ► 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

Medical Personal Loan

Medical emergencies often come with unexpected expenses and a personal loan can offer access to quick funds. With a FIRSTmoney smart personal loan, 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 personal loan for medical expense, offers invaluable support and peace of mind during medical emergencies. Here's how:

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

Home Improvement Personal Loan

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. Use your credit limit as an when you need.

  • ► 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.

Get FIRSTmoney Smart Personal Loan of Different Amounts

Personal Loans Explained

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Frequently asked questions

What is a personal loan?

A personal loan is a type of unsecured loan provided by banks or online lenders. Unlike secured loans like home loans or car loans, personal loans do not require any collateral. Borrowers receive funds which they repay over time with interest, typically in fixed monthly instalments.

What can a personal loan be used for?

Personal loans are extremely versatile, allowing you to meet your various financial needs. Common uses include covering medical expenses, funding home renovations, paying for weddings or other events, financing travel plans, or even starting a small business. Essentially, personal loans can be utilised for any personal or household expense.

How do I check my eligibility for a digital personal loan?

To determine your eligibility for a personal loan, factors such as your credit score, income, employment status, existing debts, and repayment history are considered. You can check your eligibility by visiting the personal loan section of the IDFC FIRST Bank portal or by using the online eligibility calculator. This tool requires basic information such as your income, employment details, and existing financial commitments.

How can I change my personal loan emi schedule?

If you wish to modify your EMI schedule for your personal loan, you can contact IDFC FIRST Bank directly. You can contact our customer service by dialling 1800-10-888.

Where can I check my personal loan status?

You can check the status of your FIRSTmoney personal loan application on the application link or track the progress of your existing loan through IDFC FIRST Bank’s Mobile App. The details are  available on the Loans Dashboard where FIRSTmoney Personal Loans drawn and credit line available & utilized will be visible.  Alternatively, you can contact the customer service by dialling 1800-10-888 for assistance in checking your personal loan status.

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 personal loan online?

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

What are the benefits of online personal loan?

Features Personal Loan 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 of a digital personal loan?

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 an online 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 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 applicable on a FIRSTmoney Smart Loan account?

What documents are required to apply for an online 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

How do I apply for a personal loan instantly online?

You can apply for a personal loan online by visiting our website or scanning the QR code provided. The entire process is digital, from eligibility check to loan disbursal.

Can I get an instant loan online without collateral?

Yes, our smart personal loans online are unsecured, meaning no collateral is required. You can get the loan amount directly in your account without any need for documentations, property, or asset pledges.

What is the minimum and maximum amount I can withdraw with the FIRSTmoney smart Personal Loan?

You can withdraw any amount starting from ₹5000 up to your approved credit limit, which could be as high as ₹10 lakh, making it a great option for those looking for smart personal loans.

How quickly can I get an instant loan?

The approval and disbursal processes are swift. Once you complete the personal loan apply online process, the loan is credited to your account within 24 hours.

Is there a processing fee when applying for an instant loan?

Yes, a small processing fee applies when you apply for personal loan online. However, the fees are minimal, and you benefit from zero foreclosure charges when you repay early.

How do I check my loan status after applying?

You can check the status of your loan through the IDFC FIRST Bank mobile app, where details about your instant personal loan online will be available on the Loans Dashboard.

Can I use the loan for multiple withdrawals?

Yes, once your credit limit is set, you can make multiple withdrawals as needed, making it a highly flexible personal loan online apply option.

More FAQs

  

Instant Personal Loan Fees and Charges Instant Personal Loan Fees and Charges

Fees & Charges

Enjoy pocket-friendly interest rates