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IDFC FIRST Bank
Personal loans up to ₹10 lakh at rates starting 9.99% p.a. Instant approval, no foreclosure charges, and quick disbursal – highly competitive and flexible for all needs.
The IDFC FIRST Bank FIRSTmoney Personal Loan stands out in the Indian market for its digital-first approach and customer-centric features. The headline rate starts at 9.99% per annum, highly competitive for unsecured lending. Borrowers enjoy flexible terms ranging from 9 to 60 months, up to ₹10 lakh, and remarkable benefits like zero foreclosure charges. Eligibility for this offer is often based on a CIBIL score of 710 or higher, with minimal documentation required for instant processing.
How to Apply: Step-by-Step
- Start the process by filling out the online loan application form.
- Register with your basic details, Aadhaar, and PAN information.
- Select the desired loan amount and tenure, and review EMI options.
- Link your bank account for quick disbursal.
- Complete a video KYC by displaying your PAN card for verification.
Key Advantages of FIRSTmoney Personal Loan
One of the biggest pros is instant disbursal — funds can land in your account in as little as 30 minutes after digital approval. Next, the absence of any foreclosure charges is a huge plus, letting you repay early with no penalties. Flexible EMIs and tenure selection give you control over your repayment journey, matching your cash flow and preferences.
Additionally, the process is almost fully digital, reducing paperwork and saving time at every step. Multiple borrowing options let you top up or take parallel loans according to your eligibility.
Potential Drawbacks
On the downside, a minimum CIBIL score of 710 is required, which may not be accessible to all. The processing fee is set at 2% of the loan amount, which, while lower than some providers, is still an upfront cost to factor in.
Another consideration is that salaried and self-employed individuals are eligible; others may not qualify for this offer.
Reviewer Verdict
FIRSTmoney personal loans from IDFC FIRST Bank serve as a flexible and efficient borrowing solution for eligible individuals seeking rapid disbursal and repayment freedom. The combination of competitive rates, transparent terms, and a seamless online journey positions this product as one of the best in its class. For those meeting the credit and income criteria, this loan stands out as a well-rounded, recommended pick.
