Introducing FIRSTmoney Personal Loan by IDFC FIRST Bank

The FIRSTmoney Personal Loan from IDFC FIRST Bank is an instant, digital loan product with interest rates starting from just 9.99% per annum. Consumers can borrow between ₹50,000 and ₹10 lakh, with a fast disbursal time of around 30 minutes. The loan tenure is flexible, ranging from 9 to 60 months, and there are no foreclosure charges if you choose to repay early.

This loan is tailored for both salaried and self-employed individuals with a CIBIL score of 710 or above. The process does not require uploading documents, just your PAN and Aadhaar for verification, and most applications are approved rapidly via a fully digital KYC process. The product is well suited for a range of financial needs such as medical expenses, weddings, travel or home renovation, making it diverse in its usability.

The interest rate is competitive for the Indian market, and the zero foreclosure charge offers additional flexibility, letting you close your loan account early if desired. Processing fees are set at 2% of the loan amount, which is competitive within the industry, and GST applies as per government norms.

How to Apply: Step-by-Step Process

1. Click the Apply button on the IDFC FIRST Bank loan webpage.

2. Register your basic details and complete the online form.

3. Set your loan amount and choose a repayment tenure as per your convenience.

4. Provide your bank account details for fund disbursal.

5. Complete the video KYC by displaying your PAN card as directed. Once verified, funds are credited within minutes.

Key Pros: Why Consider This Loan?

One of the standout advantages is the instant approval and disbursal. Most customers report loan money credited within 30 minutes, which is fast for personal loans of up to ₹10 lakh.

Additionally, the absence of foreclosure charges gives borrowers financial flexibility. You can repay the entire outstanding amount whenever you are ready, without being penalised.

Cons: What to Be Aware Of

This offering is only available to applicants with a strong credit score (minimum 710). Those with lower scores might not qualify or may be offered less attractive terms.

Also, a flat 2% processing fee plus GST is charged upfront, which could be a consideration for those looking for fee waivers or reduced processing charges.

Verdict: Final Thoughts

IDFC FIRST Bank’s FIRSTmoney Personal Loan provides a robust all-digital experience for eligible borrowers, especially those seeking immediate funds at a good rate. While some fees are standard, the flexibility and ease outshine many traditional bank loan processes. If your credit is solid and you need funds urgently, this is a compelling option, with the bonus of zero foreclosure penalty.