IDFC Personal Loan for Senior Citizens

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A mechanical engineer turned history buff with a sprinkle of financial brilliance. Thejus’s expertise comes with a unique blend of engineering precision, timelines, and the power of numerals. He knows that numbers are the pulse of our globe. Attention to detail and extensive research are the key elements of his writing.
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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 Loan for Senior Citizens, designed to meet unforeseen and urgent financial needs of people over 60. The approved loan amount ranges from ₹ 20,000 to up to 1 Cr, with a repayment tenure of up to 5 years. The loan can be used for any purpose, including medical emergencies, home renovation, travel, or any other personal need. The interest rates for this loan are competitive, starting from 10.75%, making it an affordable option for senior citizens. Additionally, the bank offers doorstep service, quick disbursement, and minimal documentation, making the entire process hassle-free for senior citizens.

IDFC First Bank Personal Loan for Senior Citizens – Highlights 

Here are the highlights of IDFC First Bank personal loans for senior citizens.

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 Personal Loan with other Banks

IDFC First Bank offers competitive and attractive interest rates. Here is a comparison of IDFC First Bank personal loan interest for senior citizens with other banks.

Feature IDFC First Bank SBI ICICI Bank Axis Bank HDFC Bank
Interest Rate (5 years) 10.75% 11.30% 10.65% 10.65% 10.50%
Interest Rate (10 years) 10.75% 11.30% 10.65% 10.65% 10.50%

IDFC First Bank Personal Loan for Senior Citizens – Fees and Charges

IDFC First Bank personal loan for senior citizens comes with transparent fees and charges. 

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

IDFC First Bank Personal Loan for Senior Citizens – Documents Required 

The senior citizen personal loan from IDFC First Bank requires the following documents to process the loan.

  • PAN Card or Form 60
  • Identity Proof & Address Proof issued by the authority of the State or Central Government.
  • Proof of business – Municipal Tax bill, GST Bills, etc.
  • ITR of previous 2 years.

IDFC First Bank Personal Loan for Senior Citizens – Eligibility Criteria 

The IDFC First Bank personal loan for senior citizens has strict eligibility criteria.

Criterion Requirement
Age Group Maximum 65 years of age at the time of loan maturity.
Type of Employment
  • Self-employed.
  • Must be owner or co-owner of his own business.
  • Applicant’s business registration must be older than 3 years
Minimum Income ₹20,000
Credit Score Minimum score of 700

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