IDFC FIRST Bank’s FIRSTmoney personal loan is positioned as a digital-friendly, fast-track loan solution for both salaried and self-employed individuals. The standout feature is its competitive starting rate of 9.99% per annum, with approved amounts from ₹50,000 to ₹10 lakh. Borrowers can expect approval and disbursal in as quickly as 30 minutes, making it a truly instant funding option.

This loan has no foreclosure charges, so you can repay early without penalty. Flexible repayment tenures range from 9 to 60 months, and processing fees start from 1.5%. Applicants require a minimum CIBIL score of 710, with Aadhaar and PAN for KYC.

How to Apply: A Quick Step-by-Step

1. Start your application online using basic details like occupation and income.
2. Select the preferred loan amount and EMI plan.
3. Link your primary bank account for disbursal.
4. Complete a quick video KYC by showing your physical PAN card.
5. Await instant approval and funds in your linked account.

Pros of the FIRSTmoney Loan

The zero foreclosure charges are especially attractive for those who like financial flexibility. Borrowers can repay early, avoiding unnecessary interest.

Processing is 100% digital, which allows applicants to get funding without cumbersome paperwork or branch visits. Disbursal can be achieved in as little as half an hour.

Cons to Consider

The eligibility bar for CIBIL score is on the higher side (710+), which can exclude many first-time or low-score applicants.

The lowest published rate is 9.99% p.a., but actual rates may be higher depending on credit profile and bank’s final calculations.

Final Verdict

FIRSTmoney from IDFC FIRST Bank is a great choice if you meet the eligibility criteria and want speed and flexibility in a personal loan. Application is seamless, costs are transparent, and the zero penalty for early closure is a significant plus. However, it may not suit those with lower credit ratings or those seeking the absolute lowest rates in the market.