IDFC FIRST Bank’s FIRSTmoney Personal Loan stands out for its fast digital process, attractive rates starting at 9.99% per annum, and generous loan amounts up to ₹10 lakhs. Applicants can enjoy a flexible tenure from 9 to 60 months. There are no foreclosure charges, making early repayment stress-free. Eligible applicants are those with a CIBIL score of 710 or higher, aged 21-60, with either salaried or self-employed profiles. Minimal documentation is required—just Aadhaar and PAN, with VKYC.

How to apply: Step-by-step process

1. Click on the apply button and register with basic details.
2. Choose your desired loan amount and EMI plan.
3. Link your receiving bank account.
4. Complete the VKYC by showing your physical PAN card.
5. Get instant approval and funds are credited within minutes.

Key advantages

One major advantage is the swift, paperless process with disbursal in as little as 10 minutes. This suits urgent needs perfectly. Additionally, there are no charges for early closure, so you can repay your loan at any time without penalty, allowing full flexibility in managing your repayments.

The option to access multiple on-demand loans without redoing KYC is rare and gives added convenience to borrowers. Processing fees are also competitive, starting at just 1.5%.

Notable drawbacks

The product is mainly suited for applicants with higher credit scores (710+), so those with lower scores may not qualify or may face less favorable terms.

Also, while the interest rate is attractive for top profiles, it can go as high as 38% p.a. depending on creditworthiness, so applicants should always check their personalized rate before proceeding.

Our verdict

The FIRSTmoney Personal Loan by IDFC FIRST Bank is a leading choice for fast funding and borrower flexibility. The loan’s appeal lies in its digital convenience, transparent terms, and genuine zero prepayment penalties. It is particularly well-suited for creditworthy individuals requiring hassle-free and instant access to personal loans in India.