IDFC bank is a banking and financial service unit of Infrastructure Development Finance Company. Having the headquarter In Mumbai, this unit was established on 1st October 2015. After a month of the beginning of its operations, the nation witnessed demonetization. Taking it as an opportunity, this bank attempted to promote digital payment system. It introduced biometric payment system using adhaar information. Personal loan is one of those products on which this institute is keenly focusing. It has lucrative offers and wide range of rate of interest. The good score and steady source of income can easily get one the required amount of loan.

Go through the following details to know more about personal loan through IDFC bank.

Rate of Interest 10.99% to 16.49%
Processing fee Nil
Loan tenure 1 to 5 years
Guarantor Not Applicable
Minimum loan 1 lakh
Maximum loan 30 Lakh
Part payment applicable Yes

 

Check the following eligibility factors for IDFC Bank Personal loan

Minimum age 26 years
Maximum age 60 years
Minimum income Rs. 30,000 per month
Source of Income Employment and self-employment
Existing loan Another EMI lowers the eligibility

 

Tips to increase your eligibility

  1. Add a co-applicant
  2. Increase your loan tenure.
  3. Reduce the requested loan amount (if possible).

 

Documents required for IDFC bank personal loan.

Employed Self-employed
Application form Duly signed Duly signed
Photograph Latest passport size color photograph Latest passport size color photograph
Photo ID proof/Age proof PAN card and any of the following:

·        Adhaar card

·         Passport

·        Driving license

·         Voter ID card

PAN card and any of the following:

·        Adhaar card

·         Passport

·        Driving license

·        Voter ID card

Address proof Any of the following:

·        Adhaar card

·         Passport

·        Driving license

·         Voter ID card

Any of the following:

·        Adhaar card

·         Passport

·        Driving licens

·         Voter ID card

Work/Business proof Office ID card Gumasta, GST number, Office utility bill
Income proof Last 3 months’ salary slip Last 3 years Income tax return, last 3 years CA audited Balance sheet.
Income steadiness proof Last 6 months’ bank statement Last 6 months’ bank statement.

 

 

Tips to avoid getting your loan rejected

  1. Keep your documents free from discrepancies.
  2. There must be a gap of at least 6 months between the filing dates of two ITR.
  3. Avoid or at least be careful before serving as a guarantor for someone. That person’s poor performance can severely affect your credibility too.
  4. One must not have a history of loan defaults.
  5. Applied amount must be proportional to your repayment capacity.

 

Don’t stop if this bank doesn’t fulfill your requirement. Look for more options and compare.