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Personal Loan

Need quick funds? Learn how to apply for an online personal loan in 5 minutes

Key Takeaways

  • Key Takeaway ImageApplying for a loan is now simpler than ever — with the ability to apply for a personal loan online, you can access funds in just minutes.
  • Key Takeaway ImageThe rise of digital personal loans highlights India’s growing preference for speed, convenience, and round-the-clock access to credit.
  • Key Takeaway ImageChoosing a trusted bank for your personal loan ensures transparency, affordability, and a sense of peace of mind.
  • Key Takeaway ImageWith a FIRSTmoney personal loan from IDFC FIRST Bank, you can borrow up to ₹10 lakh, enjoy flexible repayment, and even close the loan early without foreclosure charges.
07 Oct 2025 by Team FinFIRST

Ever found yourself staring at an unexpected bill and wondering, “How will I arrange the money this quickly?” Whether it’s a medical emergency, a last-minute travel plan, or a big-ticket expense you can’t postpone, access to quick funds can make all the difference.

Traditionally, applying for a personal loan meant filling out paperwork, visiting a branch, and waiting for a long time for approval. But today, things are different. With the rise of digital personal loans, you can now apply for personal loans online and get funds in your account in minutes.

Here’s how you can secure a personal loan in 5 minutes, what to watch out for, and the smarter way to choose the right lender.

Personal loans in 2025: what’s changing?
 

The way Indians borrow is undergoing rapid transformation. Not long ago, applying for a loan meant waiting in long queues and filling out endless paperwork. Now, with the ability to apply for a personal loan online, you can access funds with just a few taps — and the numbers show just how quickly people are embracing this shift.

Between FY22 and FY24, digital lending grew from 1.8% to about 2.5% of all retail loans disbursed. And this is only the beginning. By FY28, it is expected to account for nearly 5% of the market, fuelled by a staggering 40% CAGR. Convenience, speed, and round-the-clock availability are making online loan applications the go-to choice.

Interestingly, personal loans themselves account for nearly 40% of all borrowing, with many people using them for travel, home improvements, or technology upgrades. In FY24 alone, retail loan disbursals reached ₹62 lakh crore, and digital channels are capturing a larger share of this market each year. With borrowers valuing speed and simplicity, the trend shows that online personal loans are no longer an exception but are fast becoming the default choice.

The verdict? Personal loans are no longer just a backup option — they’ve become one of the most popular ways for Indians to fund important life goals quickly and confidently.

Online vs offline: Which is the better way to apply?
 

When you need money fast, the way you apply matters just as much as the loan itself. While both online and offline methods are available, the differences in speed, convenience, and paperwork are stark.

Parameter

Online personal loan

Offline personal loan

Application time

5 minutes, anytime, anywhere

1–2 working days at a branch

Documentation

Digital upload and KYC

 

You can get a FIRSTmoney personal with zero documentation and video KYC.

Physical copies required

Convenience

Apply via app or website 24X7

Restricted to branch hours

Approval speed

Instant or within hours

Typically 1–2 days

Disbursal

Same day, often minutes

1–3 working days

Transparency

Loan offer, EMI, tenure visible upfront

Details often explained in person

If speed, convenience, and simplicity matter to you, choosing a digital personal loan is the smarter way forward.

Digital lending apps: The key to faster personal loans
 

Borrowers today want quick access to credit without the hassle of completing endless forms and dealing with follow-ups. That’s exactly where digital lending apps step in. These platforms have simplified the entire borrowing journey, from checking eligibility to uploading documents and signing agreements, all of which can be completed in a few clicks. The result? You can now apply for a personal loan online and get approval in as little as 5 minutes.

It’s no surprise then that more financial institutions are embracing this route to reduce friction and deliver a seamless experience. Standing out among them, IDFC FIRST Bank offers access to the FIRSTmoney personal loan through both its mobile banking app and website. You can check eligibility, apply for a personal loan online, and enjoy instant approval — all without stepping out of your home. The application process for FIRSTmoney personal loan is 100% digital without any paperwork.

Fast, secure, and user-friendly, lending apps are proving to be the future of personal borrowing.

IDFC FIRST Bank FIRSTmoney personal loan features – instant approval and flexibility

When does it make sense to apply for an online personal loan?
 

Not every financial need requires a loan, but sometimes having instant access to funds can be the difference between stress and relief. A digital personal loan is designed for those moments when speed, flexibility, and convenience are most important.

Here are some situations where it can be the right choice:

1. Handling unexpected emergencies
 

Medical bills, car repairs, or urgent travel can’t always wait. A quick online loan ensures you have funds on hand without draining your savings.

2. Managing big life events
 

From weddings to home makeovers, large expenses often come all at once. A personal loan helps you spread the cost into manageable EMIs.

3. Upgrading your lifestyle
 

Need a new laptop for work, or planning to buy high-value appliances? Financing through a personal loan means you can upgrade today and pay comfortably over time.

4. Consolidating debt
 

If you’re juggling multiple high-interest payments, consolidating them with a single personal loan can lower your costs and simplify repayments.

5. Seizing time-sensitive opportunities
 

Whether it’s enrolling in a course or taking advantage of a travel deal, a digital loan ensures you don’t miss out because of short-term cash gaps.

Why a FIRSTmoney personal loan is your fastest route to instant funds
 

When time is of the essence, a FIRSTmoney personal loan by IDFC FIRST Bank makes borrowing quick, simple, and stress-free. Here’s how it helps you when you need cash in a hurry:

1. No paperwork headaches
 

Forget carrying bulky files or submitting endless photocopies. With a FIRSTmoney personal loan, all you need are your Aadhaar and PAN for the application, as well as your physical PAN card for the video KYC, making the process quick and stress-free. It’s designed to save you time and effort right from the start.

2. 100% digital application with quick disbursal
 

From applying to approval and disbursal, everything happens in a 100% digital manner. You can complete the journey on your phone and receive the money in your account in as little as 30 minutes. With a FIRSTmoney personal loan, borrowing is made faster and simpler than ever.

3. Funds big enough to cover life’s big needs
 

Whether it’s a medical emergency, a wedding, or a big-ticket purchase, a FIRSTmoney personal loan gives you access to up to ₹10 lakh. That means you don’t have to dip into your savings to manage life’s important expenses.

4. Repay on your terms
 

Flexibility is built in. Choose a repayment tenure between 9 and 60 months, and select an EMI date between the 3rd and 8th of a month that best aligns with your salary cycle or cash flow. This way, your loan fits neatly into your budget.

5. Affordable borrowing
 

With interest rates starting at just 9.99% p.a., your EMIs remain light and manageable. You receive the financial support you need without feeling burdened by repayments.

6. Freedom to repay early
 

If you come into extra funds and want to close your loan ahead of schedule, you can do so without any foreclosure charges. This gives you full control and helps you save on future interest payments.

And the best part? If you’re aged between 21 and 60, earn a regular income (salaried or self-employed), and have a CIBIL score of 730 or higher, you’re already eligible to apply.

How to get your FIRSTmoney personal loan online in 5 minutes
 

If you’ve ever wondered how easy it is to apply for a personal loan online, FIRSTmoney makes it a matter of just a few quick steps. Here’s how you can get started:

  1. Click on ‘Apply Now’ on this page
  2. Register using your Aadhaar-linked mobile number
  3. Confirm your basic details to check eligibility
  4. Choose your loan preferences, such as amount, tenure, EMI date, and link your bank account for fund disbursal
  5. Complete your video KYC
  6. Once your application is verified, the money is disbursed directly to your account, often in as little as 30 minutes
IDFC FIRST Bank FIRSTmoney personal loan features – instant approval and flexibility

Smart tips to manage your FIRSTmoney personal loan
 

Getting quick funds is only half the story — using them wisely ensures your loan works in your favour. Here are some practical ways to manage your digital personal loan effectively:

1. Borrow only what you need
 

It may be tempting to take the maximum amount available, but keeping your loan aligned to your actual requirement helps reduce EMIs and overall interest.

2. Choose tenure carefully
 

A longer tenure means smaller EMIs but higher interest outgo. Use the personal loan EMI calculator available online to strike the right balance between affordability and total cost.

3. Set up auto-debit for EMIs
 

Automating payments ensures you never miss a due date, protecting your credit score and avoiding late fees.

4. Make part-prepayments when possible
 

Even small extra payments can help reduce your outstanding balance and lower your interest.

5. Track your repayment progress
 

Regularly checking your loan account through the IDFC FIRST Bank Mobile Banking App helps you stay in control and motivated to repay your loan faster.

Why choose IDFC FIRST Bank for your personal loan needs
 

When urgency strikes, you don’t want to waste time with lengthy processes or hidden conditions. With IDFC FIRST Bank, you can apply for a personal loan online through FIRSTmoney and enjoy a borrowing experience that’s fast, transparent, and designed around your needs. Here’s what makes it stand out:

  1. Quick, 100% digital process so that you can apply and get funds in your account within minutes   
  2. Zero paperwork, with only your physical PAN card needed for video KYC   
  3. Flexible tenures between 9 and 60 months that fit your income and lifestyle   
  4. Competitive interest rates starting from 9.99% p.a.  
  5. Zero foreclosure charges if you choose to close the loan early  
  6. Real-time tracking so you always know your application status   
  7. Trusted by millions and rated among the World’s Best Banks 2025 by Forbes, in partnership with Statista 

With a FIRSTmoney personal loan, managing urgent expenses becomes simple and stress-free. Apply for a FIRSTmoney personal loan today with IDFC FIRST Bank and get funds when you need them most.

Frequently Asked Questions

How fast can I get an instant personal loan online?

With a FIRSTmoney personal loan from IDFC FIRST Bank, you can get approval and disbursal of funds in as little as 30 minutes.

Can self-employed individuals apply for a digital personal loan?

Yes, both salaried and self-employed professionals can apply for an online personal loan, such as FIRSTmoney, provided they meet the eligibility criteria of age and credit score.

Will applying for multiple personal loans online affect my credit score?

Yes, too many applications may lower your score. Check your personal loan eligibility online to understand your chances of approval before applying.

Can I apply for a personal loan online if I already have another loan?

Yes, you can apply for a personal loan online even if you have existing EMIs, provided your credit score and income can support the new repayment.

What happens if I miss an EMI on a digital personal loan?

Missing EMIs on a digital personal loan can attract late fees, extra interest, and negatively affect your credit score, so timely repayment is crucial.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.

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