IDFC FIRST Bank’s FIRSTmoney personal loan is a modern, digital-first offering designed for freelancers, gig workers, and self-employed individuals who may not have traditional income proof. The loan facility is available up to ₹10 lakh, with competitive interest rates starting as low as 9.99% p.a. The application process is fully digital, requiring only your PAN and Aadhaar, and you can get approval and disbursal within just 30 minutes. No documents beyond your PAN for video KYC—making borrowing fast, secure, and incredibly convenient. Flexible tenure and zero foreclosure charges are other attractive features, with eligibility based on profile and CIBIL score (preferably 710+).

How to Apply: A Simple Step-by-Step

1. Visit the official application page.

2. Complete the digital form with your PAN, Aadhaar, and basic details.

3. Complete the video KYC by displaying your PAN card.

4. Submit your application and receive instant eligibility assessment.

5. Once approved, choose your EMI, tenure, and receive the funds in your account quickly.

Main Pros

The loan is extremely convenient for those without salary slips or ITRs. Approval relies on your creditworthiness and banking behaviour, opening doors for the self-employed and freelancers.

With a 100% online process, there is no paperwork mess and zero need to visit a branch. You can also foreclose the loan anytime without fees, keeping your borrowing flexible and affordable.

Cons to Consider

The eligibility depends heavily on your credit score and banking profile; if these aren’t strong, you may get a lower offer or face rejection. The interest rates for those with riskier profiles can be higher than standard personal loans.

Loan limits and tenure may not suit everyone, especially those with unstable or new income sources. Approval still requires adherence to some terms, so this isn’t a solution for those with very weak credit history.

Our Verdict

IDFC FIRST Bank FIRSTmoney is an excellent solution for those seeking fair, fast, and flexible funding through a fully digital channel. If you want hassle-free personal loan approval and do not have standard income proof handy, this could be the best option available—especially for gig workers and freelancers. It’s a responsible alternative to high-risk, lesser-known lenders, provided you meet the credit eligibility and are clear about repayment terms.