IDFC First Personal Loan Interest Rates from 10.99% p.a*
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Institution | Interest Rates |
---|---|
HDFC Bank | 10.85% – 24.00% |
Axis Bank | 11% – 24.00% |
Bandhan Bank | 11.90% Onwards |
ICICI Bank | 10.85% – 16.25% |
DBS Bank | 10.99% – 24.00% |
Bank of Baroda | 11.05% – 18.75% |
SBI | 11.45% – 14.85% |
IndusInd Bank | 10.49% – 24.00% |
Yes Bank | 11.25% – 21.00% |
Standard Chartered | 11.50% – 24.00% |
IDFC First | 10.99% – 23.99% |
Kotak Mahindra Bank | 10.99% – 24.00% |
PNB | 11.40% – 17.95% |
Indian Bank | 10.90% – 24.00% |
IDFC First Personal Loan Interest Rates
- Maintain a High Credit Score: Regularly monitor and improve your credit score to 750 or above.
- Apply During Promotions: Banks often offer lower rates during festive seasons or special campaigns.
- Opt for a Shorter Tenure: Choose a shorter loan tenure to get favorable rates.
- Negotiate as an Existing Customer: Leverage your relationship with IDFC FIRST Bank to negotiate better terms.
- Compare Offers: Use loan comparison tools to find the best rates available.
Factors That Drive IDFC FIRST Personal Loan Interest Rates
Factor | Impact on Interest Rate |
Credit Score | A score of 750+ often ensures lower interest rates. |
Income Level | Higher income increases creditworthiness, leading to lower rates. |
Employment Stability | Salaried individuals with stable jobs get better rates. |
Existing Debt | High debt-to-income ratio may lead to higher interest rates. |
Relationship with Bank | Existing customers may get preferential rates. |
How to Get the Best Interest Rate on IDFC FIRST Personal Loans
- Maintain a High Credit Score: Ensure your credit score is above 750 by paying existing debts on time.
- Choose a Short Tenure: Shorter repayment tenures reduce the bank’s risk and may result in better rates.
- Provide Accurate Documentation: Submit all required documents promptly and accurately to avoid delays or higher rates.
- Negotiate with SBI: Existing customers with a good banking relationship can negotiate for lower rates.
- Apply During Festive Offers: SBI offers special interest rates during festive seasons.
IDFC FIRST Personal Loan EMI Calculator and Example
An EMI Calculator is a tool that helps you estimate the monthly repayment (EMI) for your personal loan based on the loan amount, interest rate, and tenure. For IDFC FIRST Bank, the interest rate starts at 10.99% per annum, and you can borrow up to ₹40 Lakhs.
Here’s an example calculation
Loan Amount | Interest Rate | Tenure (Months) | EMI | Total Interest Payable | Total Payment (Principal + Interest) |
---|---|---|---|---|---|
₹5,00,000 | 10.99% p.a. | 60 | ₹10,869 | ₹1,52,140 | ₹6,52,140 |
Types of Personal Loans from IDFC FIRST
Type of Loan | Purpose | Features |
Wedding Loan | To fund wedding expenses | Flexible repayment and quick approval |
Medical Loan | For medical emergencies | Instant disbursal and minimal documentation |
Home Renovation Loan | Renovate or upgrade your home | High-value loans for property improvements |
Travel Loan | Plan domestic or international trips | Low interest and hassle-free process |
Debt Consolidation Loan | Consolidate multiple debts | Pay off existing loans with a single EMI |
FAQs for IDFC FIRST Personal Loan Interest Rates
1. What is the minimum interest rate for IDFC FIRST personal loans?
The interest rate starts at 10.99% per annum, depending on your credit profile and loan amount.
2. How can I lower my interest rate?
Maintain a high credit score, choose shorter tenures, and apply during special promotions to secure better rates.
3. What is the maximum loan amount I can borrow?
You can borrow up to ₹40 Lakhs from IDFC FIRST Bank for personal loans.
4. Are there any additional charges apart from interest?
Yes, processing fees (up to 2%), prepayment charges, and late payment penalties may apply.
5. How quickly is the loan disbursed?
With minimal documentation and a quick approval process, funds can be disbursed within 24-48 hours.
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