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- IDFC First Bank Personal Loan of 10 Lakh
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Reviewed BySmall loans, which are alternatively referred to as short-term loans, serve as unsecured personal loans of limited amounts that individuals can utilise to fulfil their minor financial requirements. These loans are conveniently accessible, and borrowers also enjoy the benefit of flexible repayment terms. It comes as no shock, therefore, that short-term loans are becoming increasingly favoured, considering the advantages. IDFC First Bank short-term personal loan
offers competitive interest rates starting at 10.75%, with a completely digital and paperless online application process. Additionally, they provide the option of balance transfer for existing personal loans and credit cards at affordable rates, with a flexible tenure of up to 84 months.
Features & Benefits of an IDFC First Bank Short-Term Personal Loan
The following are some of the key features and benefits of an IDFC First Bank short-term personal loan:
| Feature | Benefit |
| Streamlined Procedure | Arranging funds quickly can be achieved through a small loan. Many top banks and financial institutions offer the convenience of applying for a small loan online. To obtain an IDFC First Bank short-term personal loan, all you need to do is visit their official webpage and click on the ‘Apply Now’ link. Follow a few simple steps to complete the application process. |
| Low-Interest Rate | When an individual with a strong credit history gets a small loan, they may enjoy the advantage of a substantially reduced interest rate. |
| Instant Loan Transfer | IDFC First Bank short-term personal loan provides the option to convert current loans into a small personal loan. This allows individuals to take advantage of the appealing interest rates offered by banks for transferring loan balances from other financial institutions. |
| Flexible Repayment Tenure | IDFC First Bank offers small personal loans with a repayment tenure that provides flexibility. The loan period for these loans ranges from six months to five years. |
*Note: The interest rate and other processing costs may vary depending on the loan type and region, as stipulated by the bank’s terms and conditions.*
Why you should need IDFC First Bank short-term personal loan
IDFC First Bank short-term personal loan provides several advantages to the users.
- Flexible Loan Tenure
- Minimal Documentation
- Reputable Institution
- No Prepayment Penalties
- Easy Availability
Eligibility Criteria
IDFC First Bank short-term personal loan eligibility criteria is as follows:
Salaried Individuals
Minimum Age: 23
Maximum Age: 60
Self-Employed Individuals
Minimum Age: 25
Maximum Age: 65
Documents needed for Instant Personal Loans
Documents required for IDFC First Bank short-term personal loan include:
- PAN Card
- ID Proof (Aadhar Card/ Valid Passport/ Driving License/ Voter’s ID Card)
- Utility Bill
Income Document (Salaried/ Self-Employed)
- RBI Approved Account Aggregator Process/ Bank Statement
- Ownership Proof
Things to consider while opting short-term personal loan
Consider the following when choosing a short-term personal loan from IDFC First Bank:
- Interest Rates
- Repayment Flexibility
- Loan Amount
- Documentation and Processing
- Eligibility Criteria
- Credit Score Impact
- Additional Fees
Apply for IDFC First Bank short-term personal loan online
When it comes to applying for a short-term loan from IDFC First Bank, Urban Money is the ultimate companion. Our team of professionals is here to provide comprehensive support throughout the entire application process. Whether it’s filling out the necessary forms or submitting the required documents, we’ve got you covered. To get started, just visit our website at www.urbanmoney.com.
Frequently Asked Question (FAQs)
How Does IDFC First Bank Term Personal Loan Work?
IDFC First Bank’s term personal loan involves a simple process: Apply online or at a branch, submit necessary documents, get eligibility assessed, and upon approval, the loan amount is disbursed to your account. Repayment is through EMIs, based on the loan amount, interest rate, and chosen tenure. The bank assesses your creditworthiness to determine the loan terms.
How Can An IDFC First Bank Short-Term Loan Help You?
IDFC First Bank’s short-term Loan is designed to provide financial assistance in times of unexpected expenses, address temporary cash flow issues, support immediate requirements such as travel or medical emergencies, and cater to various other short-term needs.
How much amount I can get through First Bank's short-term personal loan?
IDFC First Bank’s short-term loan allows an eligible person to borrow up to 50 Lakhs.
What is the minimum tenure of an IDFC First Bank short-term loan?
The minimum tenure for an IDFC First Bank short-term personal loan is 6 months, with the option to extend up to 60 months.
