IDFC Bank is one of the most trusted personal loan lenders in the financial market. People look at IDFC Bank personal loan for different money needs in their everyday lives. IDFC Bank personal loan is one of the best options as it offers attractive loan costs with low preparing processing charges.
An applicant can apply for an IDFC Bank personal loan on individual credit, without backing it up with any sort of security or asset. IDFC Bank offers an EMI calculator, personal loan eligibility calculator for the convince of the borrowers. This is towards the repayment of a loan to the bank. IDFC Bank provides affordable and convenient personal loans with low EMIs.
Key Features of IDFC Personal LoanÂ
IDFC does not require any introduction as it a well-known and prominent name in the financial industry. But there are few things which need to be known about and that’s IDFC Bank personal loan. So, let’s have a quick look upon the features of IDFC personal loan to have a better understanding of this product:
Unsecured Loan: Personal loan from IDFC is collateral-free as there is no need to put any security against the loan amount.
High Loan Amount: A borrower can avail a minimum loan amount of Rs. Rs. 1 Lakh and a maximum of Rs. 25 Lakhs. However, the accessible loan amount varies based on the type of personal loan scheme is availed.
Competitive Interest Rates: Pocket-friendly interest rate is offered on a personal loan from IDFC. The rate of interest varies based on the personal loan scheme is availed.
Various Schemes: IDFC offered many personal loan schemes to reach out and fit into the borrower's needs.
Online Application: IDFC bank facilitates you with the online loan application which not only saves your time or efforts but also provides other features like personal loan eligibility calculator, EMI calculator, and others.
Flexible Repayment Tenure: A borrower can choose a loan repayment term as per his/her convenience. The offered repayment tenure ranges from 1 year to 5 years.Â
Quick Loan Processing: Personal Loan from IDFC can be acquired via online application. The fast loan approval and disbursal of the amount have been a reason why an IDFC Bank personal loan is considered as the great weapon to fight emergencies.
Minimum Documents: The Bank is popularly known for its simple and fast documentation process. The turnaround time of the IDFC Bank personal loan is quite less than others.
Benefits of IDFC Personal Loan
IDFC provides personal loans for a maximum amount of Rs. 25 lakhs to both the salaried and self-employed borrowers based on eligibility. IDFC provides easy loan options for any personal use of the borrower.
The IDFC Bank personal loan amount can be used for any purpose like vehicle purchase, higher education, grand weddings, debt repayment or even luxurious vacation.
You can get the loan amount up to Rs. 25 lakhs (t&c apply).
Easy and hassle-free documentation is done in IDFC’s loan process.
Flexible repayment tenure of 5 years is offered in IDFC’s loan to you.
IDFC involves the fast disbursement of the loan amount.
You can easily apply online for the IDFC personal loan.
Additional benefits can be enjoyed by you if you are an existing customer of the IDFC.
You can also easily check the IDFC personal eligibility and monthly EMIs with the online available calculator.
Tips to improve Personal Loan Eligibility
The following are the few ways that can help in improving your loan eligibility.
1. Maintain a great credit score
2. Settlement of all previous loans
3. Residential or Commercial Rental Income
4. Duly pay the credit card bills
5. Good Variable Pay
Let’s have a brief understanding of these tips.
Maintain a great Credit Score :- Regardless of the lender, credit score always remains the most important factor for the lender. If a borrower has an impressive credit score for a constant period, then the lenders consider his/her as a credible borrower rather than a risk.
Settlement of all Previous Loans :- When a borrower applies for a personal loan, he/she should make sure that any other loan payments are not in line. As, if there are other loans to pay for, then the borrower loan repayment capacity becomes a risk for a lender as the borrower already has to pay other EMIs at the end of every month. So also try to pay off or settle the previous loans before applying for a new one.
Residential or Commercial Rental Income:- If a borrower has any residential or commercial property on rent then the rent he/she earns from it is known as rental income. A rental income is considered as a good add-on to the existing financial situation when a borrower applies for a personal loan.
Duly payment of Credit Card Bills :- Timely payment of the credit card bills shows that a borrower is disciplined and responsible when it comes to making the payments. This can boost personal loan eligibility.
Good Variable Pay:- Those borrowers who earn variable pay, and keep an updated record of the same at work. The more variable pays a borrower earns increases the chances of personal loan eligibility.