IDFC FIRST Bank’s FIRSTmoney Personal Loan is designed for self-employed professionals and business owners looking for a seamless and efficient funding solution. With interest rates starting from 9.99% p.a., you can borrow up to ₹10 lakh instantly without paperwork or lengthy approval procedures. Tenure ranges from 9 to 60 months, and there are no foreclosure charges if you wish to close your loan ahead of schedule.

How to Apply for FIRSTmoney Personal Loan: Step by Step

• Check eligibility: Applicants should be between 21 and 60 years with a CIBIL score of 730 or above.
• Prepare your PAN and Aadhaar for digital verification.
• Fill the online application form on the lender’s site.
• Complete video KYC using your physical PAN card.
• Receive instant approval and get funds disbursed within 30 minutes.

Pros: The Highlights

FIRSTmoney stands out with zero paperwork, a fully digital process, and instant disbursal, making it one of the fastest personal loan experiences for the self-employed.

The flexible repayment terms and no foreclosure fees ensure that you can tailor repayments to match your cash flow, ideal for fluctuating incomes.

Cons: Considerations

A CIBIL score of at least 730 is required, which may exclude some applicants with less-than-perfect credit history.

Loan eligibility may be limited for newer businesses or those without adequate digital income proof, making it important to organise your finances beforehand.

Final Verdict

IDFC FIRST Bank’s FIRSTmoney Personal Loan is an excellent choice for self-employed individuals seeking instant funds, especially if you desire minimal paperwork and repayment flexibility. With competitive rates and a user-friendly process, it’s one of the most accessible loan offers today for Indian entrepreneurs and freelancers.