When you apply for a personal loan, you are mostly taking it for urgent financial need. You would want to know everything about the product so that you can freely apply. So, when you think of taking a personal loan from IDFC Bank, you should do the same thing.
The details such as eligibility, documents and minimum CIBIL score are equally important as interest rate on IDFC personal loan. So, when you get the information in advance, you find it easier to apply for the product and thus prepare yourself accordingly.
In this article, you get all the details and an example showing how payments vary with the loan amount, interest rate and tenure. The calculation is done with the help of an IDFC personal loan EMI calculator. You get many personal loan calculators online that can be used to know your EMIs. It helps deciding whether the combination of loan amount, tenure and interest rate is as per your suitability or not. So, just read this article and maybe if everything suits your heart, you can also get away with your financial burden soon!
IDFC Personal Loan Eligibility
The eligibility based on which IDFC Bank accepts personal loan applications is given below:
- Your age must be between 21 and 58 years
- Not to forget but you must be a resident of India
- You must have a regular source of income
IDFC Personal Loan EMI Calculator
The most important part of comparison is the effective EMI after the interest rate. For example, IDFC Bank gives the lowest interest rate of 12% on personal loans which can be achieved only if your overall profile is very strong. Considering you get it for the below given your requirement:
- Loan amount– ₹5,00,000
- Interest rate– 12% p.a.
- Tenure– 5 years
The EMI, Total Interest Outgo, and Total Amount (Principal+Interest) will be as follows:
EMI– ₹10,996
Total Interest Outgo– ₹1,59,778
Total Amount– ₹6,59,778
IDFC Personal Loan Documents required by Salaried applicants
You should know that only salaried customers can apply for a personal loan at IDFC Bank. So, the documentation required by salaried customers/applicants are given below:
- Pan Card( Treated as ID & Age proof )
- ID Proof + Address Proof AADHAR Card
- Voter ID Card
- Passport
- NREGA Job Card
- Driving License
- Address Proof Utility Bill – Landline / Electricity
- Registered Rental Deed
- Other Mandatory Documents Passport Size Photograph
- Last 2 months’ Salary Slip
- Last 6 months’ Bank a/c Statement
How much time does it take to get the approval?
If you provide all the documents as per the requirement, you are going to get the loan disbursal within 2-3 days. So, the approval depends on your details provided and all other information available to IDFC Bank through your loan application.
What is the minimum CIBIL score required for IDFC Bank for personal loan?
You should have a minimum CIBIL score of 700 if you want to apply for IDFC personal loan. It helps the lender identity your payment habit and thus provide approval for a new loan.
