May 24, 2024
Getting a personal loan at the time of necessity  often turns out to be cumbersome. It involves submitting documents, eligibility checks, and approvals. The entire journey from application to disbursement is thus a fairly lengthy process, for someone who needs money quickly . However, at IDFC FIRST Bank, customers can avail a personal loan digitally through a fast, hassle-free, and end-to-end paperless process. Take a look at what a personal loan can do for you and how IDFC FIRST Bank’s smart personal loan solution can help you access funds quickly and seamlessly when you need it. 


What is a personal loan?


A personal loan is an unsecured loan that is taken by individuals from banks and non-banking financial corporations to meet their personal financial needs. This loan involves a lump sum amount that can be used flexibly for various purposes such as financing a home renovation, taking a trip, covering marriage expenses, or even paying for medical costs. Unlike other secured loans, a personal loan does not require the borrower to pledge any asset as collateral against the loan. Anyone above the age of 21 years can apply for a personal loan as long as they have a regular source of income and good credit history. 


Now, an instant personal loan is not the only option that you have to manage your expenses. IDFC FIRST Bank introduces its industry-first proposition – FIRSTmoney, a smart personal loan that offers much better terms than standard personal loans. All you need to be eligible for a FIRSTmoney loan is a credit score of 750 or more, a stable salaried income, and a physical PAN card to complete the video KYC process. 


How to apply for a FIRSTmoney loan?


Applying for a FIRSTmoney loan is a breeze! Here are the steps to apply:


Step 1: Go to the FIRSTmoney portal and scan the QR code.


Step 2: Register for a FIRSTmoney loan by using your mobile number.


Step 3: Verify your basic details and check your eligibility for the loan.


Step 4: Go ahead by selecting your preferred loan details.


Step 5: Link your bank account.


Step 6: Complete the KYC process and get your approved credit limit.


You can apply for a FIRSTmoney loan either via IDFC FIRST Bank’s official website or the mobile banking app, right from the comfort of your home. 


So, what sets FIRSTmoney apart from other loan options?


Now that you know how easily you can apply for a FIRSTmoney loan, you should also be aware of why this loan is a much smarter alternative to instant personal loans. Read on to find out!


Unlimited withdrawals from a sanctioned credit line 


You can get a sanctioned credit line of up to Rs. 10 lakhs via a FIRSTmoney loan, and you can use this credit line to make unlimited withdrawals in multiples of Rs. 5000 up to your approved limit. This ensures that you have unrestricted access to funds 24/7 to deal with your expenses. 


No foreclosure charges for prepaying the loan 


If you plan to foreclose your FIRSTmoney loan before the scheduled period of repayment, you can comfortably do so without having to worry about incurring any foreclosure charges. 


EMI payments for the used loan amount only 


Unlike personal loans wherein you have to repay the entire loan amount irrespective of whether you use it or not, with FIRSTmoney, you only pay EMIs for the loan amount that you withdraw, saving you from paying excessive interest. 


Flexible repayment options


With a FIRSTmoney loan, you can choose from flexible repayment options that range from 2 to 60 months. 


Industry-best interest rates


Superior customer service


IDFC FIRST Bank prioritises customer service through multiple channels like a dedicated toll-free number, chatbot, and branches. Customers can reach out for any assistance regarding their personal loan account or process.


IDFC FIRST Bank ensures a seamless loan journey from right from the application process to the loan getting disbursed through its fully digital processes and best-in-class service standards. Customers get access to sizeable funds at competitive rates to fulfil their financial goals conveniently. The hassle-free application process, speedy loan disbursals, and flexible repayment terms make FIRSTmoney personal loans a preferred choice among borrowers.

Disclaimer: No Business Standard Journalist was involved in creation of this content

First Published: May 13 2024 | 5:17 PM IST