Plan your loan wisely with IDFC First Bank Personal Loan EMI Calculator 2021
You can plan your loan wisely with IDFC First Bank Personal Loan EMI Calculator. You can meet all your expenses with IDFC First Bank Personal Loan such a health-related crisis, wedding, exotic vacation, home redesign, and so forth that you probably won’t have the option to bear with your reserve funds. You can get a personal loan from Rs. 1 lakh to Rs. 40 lakhs that can be availed both online and offline in case that you meet the eligibility criteria and present every one of the required documents. The tenure to repay IDFC First Bank personal loan differs from 12 months to 60 months.
Features of IDFC First Bank Personal Loan
- Loan amount: IDFC First Bank offers personal loans with the loan amount beginning from Rs 1 lakh and going up to Rs. 40 lakhs. The bank investigates the loan candidate’s financial profile and considers the CIBIL Score, repayment ability, business, and so forth prior to approving the loan amount.
- Least documentation: With IDFC First Bank, the whole process of availing a personal loan is fast as it requires negligible documentation
- Top-up service: If you are a current client of IDFC First Bank, you can avail additional funds on your current personal loan utilizing the top-up loan service.
IDFC First Bank Personal Loan Interest Rate
IDFC First Bank offers an interest rate beginning from 10.49% p.a. on a personal loan. Be that as it may, the interest rate presented to a person by the bank is affected by different components including CIBIL score, age, repayment capacity, employer, and so on.
Eligibility Criteria for IDFC First Bank Personal Loan
For Salaried Personals
- An applicant’s minimum age should be of 23 years
- An applicant maximum age should be of 60 years
- An applicant’s minimum monthly income should be Rs. 20,000
- An applicant should have a minimum of 1 year within the current organization.
For Self-Employed Personals
- An applicant minimum age should be of 23 years
- An applicant maximum age should be of 60 years
- An applicant’s minimum monthly income should be Rs. 20,000
- The business should be in operation for at least 3 years
- Your organization’s profit after tax (PAT) should be positive at least past 2 years
Documents Required For IDFC First Bank Personal Loan Application
The following documents are required for both the salaried and self-employed candidates if IDFC First Bank personal loan:
- Identity Proof: PAN Card, Passport, Voter ID Card, Aadhaar Card, Driving License
- Address Proof: Passport, Ration Card, Aadhaar Card, Bank Account Statement, Driving License, Sale Deed/Property buy arrangement (for claimed properties), mobile bill
- Coming up next are some of the key documents that are specific to either salaried or self-employed personal loan candidates of IDFC First Bank
For Salaried Personals
- Income Proof: Latest Salary Slip, 3 or 6 months bank statement showing salary credit (depending upon Loan plan)
For Self-Employed Personals
- Business Proof: Shop Act License/Eligibility Certificate/Certificate of Practice (COP)/Sales Tax, MOA and AOA/Partnership Deed/GST registration
- Income Proof: ITR for recent years, Last 6 months bank statements, Balance Sheet, and Avail and Loss proclamation for the beyond 2 years
IDFC Bank First Personal Loan EMI Calculator
You would barely discover any person who doesn’t utilize a loan calculator prior to availing of the Loan. In case you apply for a personal loan at IDFC First Bank, you would expect the most minimal conceivable EMI so you can deal with your different funds without a hitch.
As referenced above, a personal loan EMI calculator is the most helpful approach to really look at your EMIs. It considers the fundamental subtleties, for example, the loan amount, rate of interest, and tenure. In light of these, it shows the EMI, absolute interest outgo, and the aggregate amount that you need to pay for the Personal Loan.
The amount EMI would you pay on the loan?
Assume, you need to take a personal loan worth ₹4 lakhs for a considerable length of time. You are anticipating the most reduced rate of interest which, at IDFC First Bank, is 12% per annum. The EMI you will then, at that point, need to pay would be as per the following:
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| LOAN AMOUNT | INTEREST RATE | TENURE | MONTHLY INSTALMENT | TOTAL INTEREST AMOUNT | TOTAL AMOUNT |
| ₹ 4,00,000 | 15% | 1 | ₹ 36,103 | ₹ 33,240 | ₹ 4,33,240 |
| ₹ 4,00,000 | 15% | 2 | ₹ 19,395 | ₹ 65,472 | ₹ 4,65,472 |
| ₹ 4,00,000 | 15% | 3 | ₹ 13,866 | ₹ 99,181 | ₹ 4,99,181 |
| ₹ 4,00,000 | 15% | 4 | ₹ 11,132 | ₹ 1,34,350 | ₹ 5,34,350 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| YEAR | PRINCIPAL | INTEREST | BALANCE AMOUNT |
| 1 | ₹ 78,863 | ₹ 54,724 | ₹ 3,21,136 |
| 2 | ₹ 91,541 | ₹ 42,046 | ₹ 2,29,595 |
| 3 | ₹ 1,06,256 | ₹ 27,331 | ₹ 1,23,338 |
| 4 | ₹ 1,23,475 | ₹ 10,249 | ₹ 0 |
Conclusion:
To conclude, you can IDFC Bank personal loan at a low cost with minimal documentation via easy loan processing. You can plan your loan more wisely with IDFC Bank personal loan EMI calculator can be of great help. You can use Afinoz personal loan EMI calculator and can avail of a loan at a low cost.
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