About IDFC Bank Personal Loan

IDFC is an Indian private bank that started operations as recently as on October 1, 2015. It is headquartered in Mumbai, and is a part of IDFC, an integrated infrastructure finance company. The bank launched its 100th branch in October, 2017 and employs close to 6500 people in India.

IDFC Bank offers a personal loan that helps people meet all kinds of urgent needs with great ease. You can prepay the loan anytime you wish and EMIs can be modified depending upon your convenience and preferences. As of now, IDFC Bank offers three different personal loan products to people – Simple Personal Loan, Smart Personal Loan and Personal Loan Balance Transfer. Following are more details on IDFC Bank personal loan eligibility criteria, features and charges.

Personal Loan Eligibility Criteria for Salaried / Self-Employed

IDFC Bank personal loan is available to salaried individuals who have a minimum monthly income of INR 25,000. The applicants must be minimum 24 years old at the time of sanctioning of the loan and maximum 60 years old at the time of loan maturity. You’d need to furnish your last 3 months’ salary slips, last 2 years’ Form 16 and bank statement showing credited salary to prove your eligibility. Following are the up-to-date IDFC Bank personal loan eligibility criteria you should be aware of.

18 – 65 years

Age (Min – Max)

₹ 4k – 65k

Minimum Income (Metro Cities)

₹ 4k – 65k

Minimum Income (Other Cities)

18 – 65 years

Age (Min – Max)

₹ 4k – 65k

Minimum Income (Metro Cities)

₹ 4k – 65k

Minimum Income (Other Cities)

₹ 4k – 65k

Minimum Income (Doctors/ Chartered Accountants)

₹ 4k – 65k

Minimum Income (Company Secretary / Architect)

₹ 4k – 65k

Minimum Income Self Employed (Businessman)

IDFC Bank Personal Loan Features / Details

Coming to the IDFC Bank personal loan features, you can apply for a loan amount ranging from INR 50,000 to INR 20 lakh. The repayment tenure is normally set between 3 months and 60 months. The offered interest rate is dependent on eligibility, verifications and checks carried out by the bank. However, it is a fixed interest rate that is charged on a monthly reducing basis. Bank doesn’t require any guarantor or collateral for loan approval. Pre-closure is allowed, however, upon paying some fee. Their different personal loan products have different features. You can learn about all the updated IDFC Bank personal loan features below.

18.25%

Interest Rate (Min)

Upto XX Years.

Loan Tenure

₹ 25k – 50Lacs

Loan Amount (Min – Max)

IDFC Bank Personal Loan Fees / Charges

Just like any loan product, the processing of IDFC bank personal loan also involves a certain processing fee and various other charges depending upon the situation and requirement. IDFC Bank charges a processing fee of 2% of the loan amount. There are no hidden charges and no part-payment charges either. You can learn about all the updated IDFC Bank personal loan charges like late payment fee, foreclosure charges, cheque swapping charges, cheque bounce charges, loan cancellation charges and other types of fee/charges below.

2.4% of Loan Amount.

Processing Fees

2.4% – 5.2% of amount prepaid.

Pre-payment Charges

Yes / No

Part Payment Facility

₹ 2000

Part Payment Processing Fees