IDFC FIRST Bank
Get personal loans from ₹50,000 up to ₹10 lakh at rates starting 9.99% per annum. Flexible tenure and zero foreclosure fees. Disbursal in as fast as 10 minutes.
The FIRSTmoney Personal Loan by IDFC FIRST Bank presents a digital, hassle-free option for borrowers who want instant funds for anything—be it travel, emergencies, or personal needs. The loan amount ranges from ₹50,000 to ₹10 lakh, with interest rates starting at 9.99% per annum. You can opt for flexible repayment tenures from 9 to 60 months, and there are no foreclosure charges, allowing you to close your loan early if required.
How to Apply: Step by Step
- Click the ‘Apply Now’ button to start.
- Register using your basic information.
- Set your preferred loan amount and EMI plan.
- Link your bank account for disbursal.
- Complete a short video KYC by showing your PAN card.
Pros: Instant Access and Flexibility
The biggest advantage is the speed—funds are credited to your account in as little as 10 minutes after approval. The process is 100% digital and requires minimal documentation, ensuring complete convenience.
Borrowers also enjoy zero foreclosure charges and the flexibility to access multiple loans on-demand, making it a user-friendly solution for dynamic financial needs.
Cons: Eligibility and Processing Charges
Eligibility requirements include a CIBIL score of at least 710, which might limit access for those with lower credit scores. Processing fees start at 1.5% of the loan amount, which can add to your cost.
It’s also important to note that, while the application is paperless, you must have your PAN card physically present for video KYC.
Verdict: Is FIRSTmoney Worth It?
FIRSTmoney Personal Loan from IDFC FIRST Bank stands out for its quick, digital process and flexible options. If you meet the eligibility criteria, it’s one of the most convenient instant personal loan products in India. However, always compare processing fees and make sure your credit profile aligns before applying.