IDFC First Bank Personal Loan of 10 Lakh

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Utsah Sharma

Utsah Sharma is a seasoned financial expert with a Master’s Degree in Commerce specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & Loan products. Drawing on her experience, she has established herself as a trusted voice, providing invaluable insights and guidance to seasoned investors and beginners. She is committed to breaking down the complexities of everything finance.

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Piyush Bothra

Chief Financial Officer, Square Yards

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.

Unlock financial freedom with IDFC First Bank personal loan 10 Lakh. Tailored for diverse needs, it offers competitive interest rates, flexible terms, as well as a hassle-free application process. This loan ensures swift access to substantial funds, whether for home renovations, special occasions, or unexpected expenses. Experience convenience, transparency, and quick approvals. Your financial goals are empowered by IDFC First Bank. Apply now and turn aspirations into reality.

Feature	Description
Interest Rate	10.75% p.a onwards
Loan Amount	Rs. 10 Lakh
Tenure	Up to 5 years.
Any Hidden Charges	No

Personal Loan Options for 10 Lakh in IDFC First Bank

Here is the detailed overview of personal loan options for IDFC First Bank personal loan 10 Lakh:

Personal Loan Product	Interest Rate Range	Maximum Loan Amount	Benefits
Marriage Loan	10.75% p.a. onwards	Up to Rs 1 crore	This tailored loan could assist you pay for your wedding needs.
Travel Loan	10.75% p.a. onwards	As per eligibility	Reach your travel objectives with a loan created especially to pay for your thrilling adventures.
Emergency Loan	10.75% p.a. onwards	As per eligibility	Overcome unanticipated financial issues during an emergency by obtaining quick and easy funding.
Medical Loans	10.75% p.a. onwards	As per eligibility	Helps in protecting your health without worrying about money by covering hospital and treatment costs.
Debt Consolidation Loan	10.75% p.a. onwards	As per eligibility	With this, pay off many outstanding obligations promptly to simplify your finances.
Personal Loan Balance Transfer	10.75% p.a. onwards	As per eligibility	Make the most of your money by transferring current loans to potentially cheaper interest rates.
Small Personal Loans	10.75% p.a. onwards	As per eligibility	Manage your minor capital requirements with IDFC First Bank’s personalised small loan options.

Features of Bank 10 Lakh Personal Loan

Unlock a world of financial possibilities with IDFC First Bank’s 10 Lakh Personal Loan, tailored to meet diverse needs. Here are the standout features:

Substantial Loan Amount: Secure a significant loan amount of up to Rs. 10 lakh to address various financial requirements.
Versatile Usage: Utilise the loan for a multitude of purposes or unforeseen financial needs.
Competitive Interest Rates: Benefit from competitive 10 Lakh loan interest rates, starting at 10.75% p.a., ensuring cost-effective borrowing.
Swift Approval Process: Enjoy a streamlined approval process, ensuring quick access to funds for eligible applicants.
Digital Application for Convenience: Women with a monthly salary exceeding 5,000 rupees can leverage a quick and easy digital application process via Mobile Banking.
Flexible Repayment Options: Experience the flexibility of part payments, enabling efficient financial management.

Can I Get a 10 Lakh Personal Loan Instantly From IDFC First Bank?

Yes, you can secure a 10 Lakh Personal Loan promptly through IDFC First Bank. Tailored to meet diverse financial needs, this loan offers a straightforward online application process for instant access to funds. Enjoy competitive interest rates starting at 10.75% per annum, making it an attractive and cost-effective financial solution. The bank prioritises a swift approval process, providing eligible applicants with quick and convenient access to the desired loan amount. Empower your financial journey with IDFC First Bank’s seamless and efficient lending experience. Apply today!

What Is the EMI for a 10 Lakh Loan?

10 Lakh personal loan EMI depends on the interest rate and the chosen loan tenure. At an interest rate of 10.49% for a 3-year tenure, the EMI would be approximately INR 32,498 per month. For a 5-year tenure at an interest rate of 21.99%, the EMI would be around INR 27,613 monthly. You can calculate your specific EMI using the following formula:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Here, P is the principal money, R is the monthly interest rate, and N is the total number of monthly installments.

Eligibility Criteria 10 Lakh Loan in IDFC First Bank

To qualify for a 10 Lakh personal loan eligibility IDFC First Bank, applicants must meet specific eligibility criteria based on their employment status:

For Salaried Individuals:

Minimum Age: 23 years
Maximum Age: 60 years of age or retirement, whichever comes earlier.

For Self-Employed Individuals:

Business Existence: Minimum 3 years
Minimum Age: 25 years
Maximum Age: 65 years at the time of loan maturity.

Documents Required 10 Lakh IDFC First Bank Loan

10 Lakh personal loan document IDFC First Bank verification requires the following:

Proof of Identity:

Passport
Aadhar Card
Driving License
Voter ID

Proof of Address:

Utility bills (electricity, water, gas)
Aadhar Card
Passport

Proof of Income:

For Salaried Individuals: Latest salary slips and bank statements.
For Self-Employed Individuals: Income tax returns and business continuity proof.

Age Proof:

Birth certificate
Passport

Photographs:

Passport-sized photographs

How to Apply for a 10 Lakh Personal Loan From Urban Money?

Urban Money simplifies the instant 10 Lakh loan IDFC First Bank application process, making it convenient for borrowers. Here’s a step-by-step guide on how to apply for a 10 Lakh Personal Loan from Urban Money:

Visit Urban Money’s Website: Go to Urban Money’s official website to access their online loan application portal.
Create an Account: If you’re a new user, register by providing the necessary details to create an account on the platform.
Sign In: Log in to your account.
Fill in Personal Details: Complete the required personal information, including your name, contact details, and address.
Specify Loan Amount: Indicate that you are applying for a 10 Lakh loan and specify the purpose of the loan.
Upload Documents: Urban Money may require documentation for verification. Upload necessary documents securely through their portal.
Review and Submit: Review all the information to ensure completeness and accuracy. Submit your loan application.
Wait for Approval: Urban Money will assess your application. Once approved, you will receive details about the loan terms and conditions.
Accept Loan Terms: If satisfied with the terms, accept them. Funds will be paid to your provided bank account upon acceptance.
Repayment and Customer Support: Familiarise yourself with the repayment schedule and contact Urban Money’s customer support for any queries.

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Frequently Asked Question (FAQs)

How long does IDFC First Bank take to approve a 10 Lakh personal loan?

IDFC First Bank usually processes personal loan applications quickly. While approval times vary, the bank frequently issues speedy approvals, sometimes within a few minutes for qualified candidates.

What are the interest rate ranges for IDFC First Bank's 10 Lakh personal loans?

The interest rates for IDFC First Bank’s 10 lakh personal loans typically begin at 10.75% per year. However, the actual rate given to an individual borrower may be determined by factors such as credit score, income, and other qualifying requirements.

Can I apply for a 10 Lakh IDFC First Bank personal loan online?

Ofcourse, you can apply for a 10 Lakh personal loan instant online using their official website. The bank provides a digitised and user-friendly application procedure, allowing applicants to submit information, upload documents, and follow application status via an online portal.

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

IDFC First Bank provides clear information regarding the fees and charges related with personal loans. While there may be charges such as processing fees, late payment fees, and others, these are usually specified in the loan agreement. It is recommended that you thoroughly study the terms and conditions and discuss any questions with the bank to explain associated charges.