IDFC Personal Loan is among Best Personal Loans in the Market

A personal loan can be used to meet almost all the current and emergent financial requirements. It is an unsecured loan that means a borrower is don’t need to provide any security to avail of this loan.

While personal loans are popular due to which the financial market is full of personal loan lenders. This has increased the stress of the loan seekers to choose the right one for them. So, if you are also going with this hassle of making the right pick for you. Then here is one name which you should consider before taking any decision and i.e. IDFC Bank personal loan.

Key Features of IDFC Personal Loan

IDFC does not require any introduction as it a well-known and prominent name in the financial industry. But there are few things which need to be known about and that’s IDFC Bank personal loan. So, let’s have a quick look upon the features of IDFC personal loan to have a better understanding of this product:

• 1.Unsecured Loan: Personal loan from IDFC is collateral-free as there is no need to put any security against the loan amount.

• 2. High Loan Amount: A borrower can avail a minimum loan amount of Rs. Rs. 1 Lakh and the maximum of Rs. 25 Lakhs. However, the accessible loan amount varies based on the type of personal loan scheme is availed.

• 3.Competitive Interest Rates: Pocket-friendly interest rate is offered on a personal loan from IDFC. The rate of interest varies based on the personal loan scheme is availed.

• 4.Various Schemes: IDFC offered many personal loan schemes to reach out and fit into the borrower's needs.

• 5.Flexible Repayment Tenure: A borrower can choose a loan repayment term as per his/her convenience. The offered repayment tenure ranges from 1 year to 5 years.

• 6.Quick Loan Processing: Personal Loan from IDFC can be acquired via online application. The fast loan approval and disbursal of the amount have been a reason why an IDFC Bank personal loan is considered as the great weapon to fight emergencies.

• 7.Minimum Documents: The Bank is popularly known for its simple and fast documentation process. The turnaround time of the IDFC Bank personal loan is quite less than others.

• Benefits of IDFC Personal Loan

IDFC provides personal loans for a maximum amount of Rs. 25 lakhs to both the salaried and self-employed borrowers based on eligibility. IDFC provides easy loan options for any personal use of the borrower. This loan comes with several other important benefits, so let’s have a look of few of them:

The IDFC Bank personal loan amount can be used for any purpose like vehicle purchase, higher education, grand weddings, debt repayment or even luxurious vacation.

• 1. You can get the loan amount up to Rs. 25 lakhs (t&c apply).

• 2. Easy and hassle-free documentation is done in IDFC’s loan process.

• 3. Flexible repayment tenure of 5 years is offered in IDFC’s loan to you.

• 4. IDFC involves the fast disbursement of the loan amount.

• 5. You can easily apply online for the IDFC personal loan.

• 6. Additional benefits can be enjoyed by you if you are an existing customer of the IDFC.

• 7. You can also easily check the IDFC personal eligibility and monthly EMIs with the online available calculator.

Factors that Influence the approval of IDFC Personal Loan

Although various factors and parameters may affect the loan approval from IDFC. But here are the few basic and important keys which everyone should think about and check before applying for the IDFC personal Loan:

1.Credit Score: Credit score is a factor that almost every lender looks before the loan approval. It is always better to have a good credit score when you apply for a personal loan. You can check your credit score for free from the official websites of the financial service provider like Afinoz. You can check the credit score number of times and it does not affect the score in any way.

• 2.Repayment Capacity: It is a major parameter that hugely influences the approval of a personal loan. As the lenders want to be assured that the borrower can repay the loan without difficulty. Salaried employees may have a better opportunity over here as they have a steady source of income.

• 3.Debt-to-Income Ratio: If a borrower has an existing loan, the lenders might calculate the debt to income ratio. Generally, if the debt is above 50% of income, then a borrower might get a lesser loan amount.

IDFC EMI Calculator

The EMI (Equated Monthly Instalment) is among the most crucial thing is subject to the loan. So, it becomes very important to check the estimated EMI before availing of the loan. You can easily calculate the EMI with IDFC EMI Calculator.

Here are the simple steps of using IDFC EMI Calculator:

• Enter the following information:

• The Loan amount you want to avail (in rupees).

• The Loan repayment term (months or years).

• Interest Rate (percentage).

Eligibility Criteria for IDFC Bank Personal Loan

Like any other bank, the eligibility criteria for IDFC personal loan differs based on many parameters like the income, credit score, employment, and many others. The common eligibility criteria for IDFC Bank personal loan has been mentioned below:

• The Applicant should have a minimum age of 21 years at the time he/she applying for the IDFC bank personal loan.

• The maximum age for being eligible for the personal loan from IDFC bank is 60 years at the time of maturity of the Loan.

• An applicant must have a minimum net monthly income of Rs. 15,000.

The generic list of documents required for IDFC Bank Personal Loan

• Age proof

• 1. ID proof

• 2. Application form

• 3. Photograph

• 4. Residence proof

• 5. Income proof

• 6. Bank statement

• 7. Signature verification proof

• 8. Pro-forma Invoice or Rate List

IDFC Customer Care Number

IDFC Bank personal loan customer care team works round the clock to support and help you in case of any queries, feedback or a complaint. The bank has a toll-free number is 1800 419 4332.

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