IDFC Bank is one of the few non-banking finance companies (NBFCs) selected to become a bank in 2015. It offers a wide range of products including a personal loan to keep bringing in the customers.
What has led to the growth in the number of customers is the affordable interest rates that the bank charges on a personal loan, which can be availed for a myriad of purposes such as marriage, education, medical emergency, etc. So, get ready to explore IDFC Bank Personal Loan Interest Rate and several other details here.
What’s the Interest Rate and How Would It Impact Your Repayment?
IDFC Bank charges an interest rate of 12%-19% per annum on a personal loan for a tenure of 3 months to 5 years. The loan amount would be anything from ₹50,000-2,00,000. Now, all three elements – loan amount, tenure and interest rate – are out for you to sum up your repayment. The tool that can help you do so is IDFC Personal Loan EMI calculator, computing the amount of installment and the interest likely to be paid from your end.
How Does IDFC Bank Set Interest Rates on a Personal Loan?
IDFC Bank sets the interest rate on the basis of income, repayment potential and the credit score of an individual. Since a personal loan is unsecured without any collateral to back it, the bank would want to be absolutely sure of the three points stated above before providing the same. If you are found good on all three, the rate would be lower than someone being found lesser on those parameters.
IDFC Bank Personal Loan Eligibility Criteria
You must meet the following eligibility criteria to get your personal loan application approved.
- An Indian resident with a minimum of 21 years at the time of application is required
- A regular source of income is sought
How Much Loan Are You Eligible for?
The loan eligibility is greatly determined on the basis of income and savings an applicant may be having. More the income and savings more would be the loan eligibility and vice-versa. IDFC Bank has a personal loan eligibility calculator which decides the loan for you taking into account these factors. But other factors such as credit score can also influence the loan amount.
How to Apply for IDFC Bank Personal Loan?
You can apply for the loan both online or offline. Doesn’t matter which way you go for, you need to fill in a few personal and professional details to complete your application. Make sure to enter the details correctly so as to prevent any unnecessary delay which applicants face with incorrect entries
IDFC Bank Personal Loan Application Status
A few days post the application, you can even go online to check the status of the same. Just visit the website of IDFC Bank, go to the personal loan page and click on track your loan status. A new page will open with a few entries to be made from your end. Enter the application number, registered mobile number and captcha code before clicking on ‘Continue’. Whatever the status may be, you would get to see on the screen.