IDFC First Bank Personal Loan Interest Rates
IDFC First Bank Personal Loan interest rates start from 10.99% p.a. The bank has not mentioned offering differential IDFC First Bank Personal Loan interest rates to its loan applicants based on their EMI/NMI ratio, monthly income, occupation profile, employer’s profile, repayment capacity, etc. However, most lenders do give importance to these factors while deciding the personal loan interest rates. The IDFC First Bank Personal Loan interest rates for its various schemes are as follows:
| Particulars | Interest rates (p.a.) |
| IDFC First Bank Personal Loan for Marriage | 10.99% onwards |
| IDFC First Bank Personal Loan for Travel | 10.99% onwards |
| IDFC First Bank Personal Loan for Emergency | 10.99% onwards |
| IDFC First Bank Medical Loan | 10.99% onwards |
| IDFC First Bank Personal Loan for Home Improvement | 10.99% onwards |
Note: Interest rates as on 2nd Dec 2024
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Comparison of Personal Loan Interest Rates offered by Various Banks/NBFCs
Banks/NBFCs Interest Rates(p.a.)
Axis Bank 11.25% onwards Apply Now
IndusInd Bank 10.49% onwards Apply Now
IDFC First Bank 10.99% onwards Apply Now
HDFC Bank 10.85% onwards Apply Now
ICICI Bank 10.85% onwards Apply Now
Kotak Mahindra Bank 10.99% onwards Apply Now
Tata Capital 11.99% onwards Apply Now
Federal Bank 12.00% onwards Apply Now
DMI Finance 12.00% - 40.00% Apply Now
L&T Finance 12.00% onwards Apply Now
Kreditbee 16.00% - 29.95% Apply Now
MoneyTap 13.00% onwards Apply Now
Piramal Finance 12.99% onwards Apply Now
Aditya Birla 10.99% onwards Apply Now
Moneyview 14%-36% Apply Now
Cashe 27.00% onwards Apply Now
Also Read: Which bank/NBFC is best for personal loans in India?
Apply for IDFC First Bank Personal Loans at Lower Interest Rates Click Here
Factors influencing IDFC First Bank Personal Loan Interest Rates
Credit Scores
Although the lender has not specified the role of credit scores in deciding the IDFC Personal Loan interest rates, many banks and NBFCs consider the credit scores of loan applicants while fixing the personal loan interest rates.
Those wishing to avail IDFC Personal Loan can maintain/improve their credit scores by following healthy credit behaviours like timely payment of EMIs, avoiding multiple applications for credit cards or loans within short time intervals, maintaining healthy credit mix, etc. Doing so will help them increase their credit scores which, in turn, will improve their personal loan eligibility. Personal loan applicants must also frequently review their credit reports as it can help them identify mistakes and report it to their lender/credit bureaus for correction. Error(s) in credit reports can reduce the credit score of loan applicants and adversely affect their eligibility for availing personal loans. Lower credit scores may also reduce their chances of availing lower IDFC First Bank Personal Loan interest rates.
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Income
IDFC First Bank does not specify the role of their loan applicants’ income while setting the interest rates on their personal loans. However, many lenders provide lower interest rates on personal loans for applicants having higher monthly/annual incomes. Personal loan borrowers having higher incomes usually have higher loan repayment capacity, which in turn reduces the credit risk for the lenders. This benefit is then passed on to borrowers in the form of lower interest rates.
Occupation Profile
IDFC Personal Loans are offered to self-employed loan applicants with business continuity of at least 3 years. Although the bank has not disclosed the role of the loan employer profile of their loan applicants’ in determining the IDFC First Bank Personal Loan interest rates, many lenders consider this criteria while deciding their personal loan interest rates. Lenders generally provide personal loans for salaried at lower rates compared to personal loans for self-employed. Among salaried applicants, lenders offer lower interest rates to employees of PSUs or government bodies considering their job and income security is usually higher versus other salaried applicants. Lenders also offer lower personal loan interest rates to employees working in MNCs or well-known private sector companies as they are better at withstanding adverse economic conditions compared to other private sector companies.
Apply for IDFC First Bank Personal Loans at Lower Interest Rates Click Here
Existing Relationship with IDFC First Bank
While IDFC First Bank has not disclosed providing interest rate concessions to their existing customers, many lenders offer lower personal loan rate of interest to their existing customers. Hence, loan applicants looking to avail IDFC Personal Loans should first contact those lenders with whom they already have existing banking/lending relationships and then, compare the IDFC First Bank Personal Loan interest rates with the interest rates offered by those banks/NBFCs.
Tips to Avail Personal Loans at Low Interest Rates
- Maintain credit scores of 750 or above.
- Check the pre-approved personal loans provided by different lenders.
- Keep track of the personal loan interest rates offered by top banks/NBFC, especially during the festive season.
- Check if your existing lender can offer personal loans at lower interest rates.
- Visit online financial marketplaces to know about and compare IDFC First Bank Personal Loan interest rates with the interest rates on personal loans offered by other lenders.
Apply for IDFC First Bank Personal Loans at Attractive Interest Rates Click Here