IDFC Salaried Employee Personal Loan

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Hepson Franklin
Hepson Franklin
Hepson Franklin is a seasoned financial expert and accomplished writer specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & loan products. With a wealth of experience in the financial industry, he has established himself as a trusted voice, providing invaluable insights and guidance to both seasoned investors and those new to the world of finance. With a comprehensive understanding of the intricate facets of the financial landscape, he is dedicated to demystifying complex financial concepts for readers of all backgrounds.
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Amit Prakash Singh
Amit Prakash Singh
Co-Founder, Square Yards & Chief Business Officer, Urban Money
Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

IDFC First Bank offers personal loans to salaried employees with attractive interest rates, flexible repayment tenure, and easy documentation. The IDFC First Bank Salaried Employee Personal loan amount can range from ₹20,000 to 1 Crore, depending on the applicant’s credit history, income, and repayment capacity. The loan application process is hassle-free. What’s more convenient, salaried employees choosing the IDFC First Bank Salaried Employee personal loan can apply online. The Bank also provides pre-approved personal loans to eligible customers. Therefore, customers can apply for an IDFC First Bank Salaried Employee instant loan with minimal documentation. Furthermore, there are no hidden charges associated with IDFC First Bank personal loans, making them a viable option for salaried employees in need of financial assistance for personal emergencies.

IDFC First Bank Personal Loan for Salaried Employee – Highlights 

Here are the highlights of IDFC First Bank Salaried Employee personal loans.

Feature Description
Interest Rate Starting from 10.75%
Loan Amount ₹20,000 – 1 Cr
Tenure 6 – 60 months
Any Hidden Charges No hidden charges

Comparing IDFC First Bank Loan with other banks

IDFC First Bank is one of the leading banks in India, offering competitive interest rates to all salaried employees. While many banks offer personal loans for Salaried Employees, the interest rates may vary. Here is a comparison of IDFC First Bank Salaried Employee Personal loan interest with other banks.

Feature IDFC First Bank Kotak Mahindra ICICI Bank Axis Bank HDFC Bank
Interest Rate Minimum  10.75% 10.99% 10.65%  10.49% 10.49%
Interest Rate Maximum 36% 36% 16% 22% 24%

IDFC First Bank Personal Loan for Salaried Employee – Fees and Charges 

Here are the IDFC First Bank Salaried Employee personal loan details, such as fees and charges applicable to the loan.

Types of Fees Applicable Charges
Processing fees Up to 3.5% of Loan Amount
Late payment fees Up to 2% of the unpaid EMI or up to ₹300, whichever is higher
EMI Pickup/Collection Charge Up to ₹500/-
Physical Statement of Account/Repayment Schedule Up to ₹500/- per statement
Loan Foreclosure 5% of principal outstanding.

IDFC First Bank Personal Loan for Salaried Employee – Documents Required 

Here is a list of IDFC First Bank Salaried Employee Personal loan Document requirements.

  • PAN Card or Form 60
  • Identity Proof & Address Proof issued by the authority of the State or Central Government.
  • Proof of Income – Salary slips of 3 months Salary Slip
  • Job Card issued by NREGA duly signed by an officer of the State Government (if available).
  • Ownership of collateral (if any) – Sales Deed, latest Electricity bill or Property tax bill, etc.
  • ITR of previous 2 years.

IDFC First Bank Personal Loan for Salaried Employee – Eligibility Criteria 

Salaried employees can apply for the IDFC First Bank Salaried Employee personal loan online if they meet the Bank’s eligibility criteria. Here are the IDFC First Bank Salaried Employee Personal loan eligibility criteria for all government and non-government salaried employees.

Criterion Requirement
Age Group Minimum 23 years

Maximum 60 years of age at the time of loan maturity.

Type of Employment
  • State government employee
  • Central government employee
  • An employee of a corporate undertaking.
  • Minimum 1 year of service in current employment.
Minimum Income ₹20,000
Credit Score Minimum score of 700
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