IDFC First Bank Personal Loan of 1 Lakh

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Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

IDFC First Bank personal loan 1 lakh offers competitive interest rates tailored to diverse needs. This loan comes with a flexible tenure and has no hidden charges. IDFC First Bank’s commitment to a hassle-free experience makes it a convenient choice for immediate financial requirements.

Feature	Description
Interest Rate	12.5% p.a. to 18% p.a.
Loan Amount	Rs. 1 Lakh
Tenure	5 years
Any Hidden Charges	No

Personal Loan Options for 1 Lakh in IDFC First Bank

Here is the detailed overview of personal loan options for IDFC First Bank personal loan 1 lakh:

Personal Loan Products	Interest Rate Range	Maximum Loan Amount	Benefits
Marriage Loan	10.75% p.a. onwards	Up to Rs. 1 Crore	Tailored for wedding expenses.
Travel Loan	10.75% p.a. onwards	As per eligibility	Designed for financing travel-related activities.
Emergency Loan	10.75% p.a. onwards	As per eligibility	Meant for handling unforeseen financial needs during emergencies.
Medical Loans	10.75% p.a. onwards	As per eligibility	Covers medical expenses, including hospitalisation and treatment costs.
Debt Consolidation Loan	10.75% p.a. onwards	As per eligibility	Helps consolidate and repay various dues.
Personal Loan Balance Transfer	10.75% p.a. onwards	As per eligibility	Allows borrowers to transfer existing personal loans for potentially lower interest rates.
Small Personal Loans	10.75% p.a. onwards	As per eligibility	Addresses small capital needs of borrowers.

Features of Bank 1 Lakh Personal Loan

When considering a 1 Lakh Personal Loan from IDFC First Bank, there are several features that you may find beneficial. Here are some key features:

Competitive Interest Rates: IDFC First Bank offers a competitive 1 lakh loan interest rate starting from 12.5% annually. The actual rate may vary based on factors such as creditworthiness, income, and tenure.
Quick Disbursal: The bank boasts a contactless process, and you may get your loan disbursed within 1 working hour. This ensures quick access to funds when you need them.
Contactless Process: The loan application and approval process is designed to be contactless. There are no physical meetings or document signings required, making it a convenient option.
Top-up Facility: Existing customers may have the option for a top-up loan, allowing them to borrow additional funds on top of their existing personal loan. This feature can be beneficial for handling additional financial requirements.
No Foreclosure Charges within 6 Months: IDFC First Bank allows you to foreclose your personal loan without incurring any charges if done within 6 months from the loan disbursement date.

Can I Get a 1 Lakh Personal Loan Instantly From IDFC First Bank?

IDFC First Bank offers the convenience of instant personal loans, providing a swift, paperless process with e-approval within 30 minutes. With a contactless approach and no income documents required, you may get a 1 Lakh personal loan quickly. However, the actual disbursal time can vary based on verification processes.

What Is the EMI for a 1 Lakh Loan?

The EMI for a 1 Lakh loan depends on various factors, including the interest rate and tenure. Using the IDFC First Bank 1 lakh personal loan EMI Calculator, you can also estimate your monthly EMI. For example, at an interest rate of 12.5% and a 2-year tenure, the approximate EMI would be around Rs. 4,478.

Eligibility Criteria 1 Lakh Loan in IDFC First Bank

1 lakh personal loan eligibility IDFC First Bank criteria include:

Salaried Individuals:
Minimum age: 23 years
Maximum age: 58 years
Regular source of income
Self-employed Individuals:
Minimum age: 28 years
Maximum age: 68 years
Business existence of at least 3 years
Positive Profit after Tax (PAT) for the last 2 years

Documents Required 1 Lakh IDFC First Bank Loan

1 lakh personal loan document IDFC First Bank include:

Proof of Identity:

Aadhar Card
Passport
PAN Card

Proof of Address:

Aadhar Card
Utility Bills
Passport

Proof of Income:

For Salaried: Last 3/6 months bank statements, salary slips
For Self-employed: Income Tax Returns, balance sheet, bank statements.

Proof of Business (for self-employed):

Qualification Certificate
Shop Act License
GST Certificate, etc.

How to Apply for a 1 Lakh Personal Loan From Urban Money?

To apply for an instant 1 lakh loan IDFC First Bank from Urban Money, follow these steps:

Online Application:

Visit the Website: Go to Urban Money’s official website.
Navigate to Personal Loans Section: Find and click on the section related to personal loans.
Fill out the Application Form: Fill online application form with accurate details. Provide information about your personal, financial, and employment details.
Submit Documents: Upload the required documents and any other documents Urban Money may specify.
Credit Check: Urban Money will conduct a credit check to assess your creditworthiness.
Loan Offer: Once your application is processed, you’ll receive a loan offer detailing the approved loan amount, interest rate, and tenure.
Acceptance: Review every terms and conditions of the loan offer. If satisfied, accept the offer.
Disbursement: Upon acceptance, Urban Money will disburse the approved amount to your designated bank account.

In-branch Application:

Visit the Nearest Branch: Locate the nearest Urban Money branch.
Consult with Staff: Speak to the staff at the branch who will guide you through the application process.
Provide Documents: Submit the necessary documents in person.
Credit Check: Urban Money will conduct a credit check.
Receive Loan Offer: After processing, you’ll receive a loan offer.
Acceptance: Review and accept the offer if it meets your requirements.
Disbursement: Upon acceptance, the approved loan amount will be disbursed.

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Frequently Asked Question (FAQs)

How long does IDFC First Bank take to approve a 1 lakh personal loan?

The approval time for a 1 lakh personal loan from IDFC First Bank can vary. Generally, it takes around 7 days for the bank to review the documents and process the loan. The actual duration may depend on factors like the document verification, completeness of your application, and the bank’s internal processes.

What are the interest rate ranges for IDFC First Bank's 1 lakh personal loans?

IDFC First Bank offers personal loans with interest rates ranging from 12.5% p.a. to 18% p.a. The final interest rate you receive is determined based on factors such as your income, credit score, and other eligibility criteria.

Can I apply for a 1 lakh IDFC First Bank personal loan online?

Yes, you can apply for a 1 lakh personal loan instant from IDFC First Bank online. Visit the official website, navigate to the personal loans section, and complete the online application form. Ensure you provide accurate information and submit the required documents for a smoother application process.

Are there any hidden charges in IDFC First Bank's personal loan agreements?

While the provided information doesn’t explicitly mention hidden charges, it’s crucial to carefully read the loan agreement and terms and conditions provided by IDFC First Bank. Some charges, like processing fees, EMI bounce charges, and others, are mentioned. Always inquire about any potential hidden charges during the application process and seek clarification from the bank.