IDFC FIRST Bank’s FIRSTmoney Personal Loan stands out as an online, fully digital personal loan designed for those looking for quick funds without paperwork. The current interest rate starts at 9.99% per annum, positions itself among the lower ranges in the market. Loan amounts stretch up to ₹10 lakh, with flexible tenure from 9 to 60 months. The bank requires a minimum credit (CIBIL) score of 710 or above, and applicants must be salaried or self-employed, aged 21 to 60. Aadhar and physical PAN card are essential for the streamlined online application and video KYC.

Step-By-Step Guide to Apply

First, visit the IDFC FIRST Bank personal loan online application portal. Next, register your mobile number and verify with an OTP. Follow up by confirming basic details to check eligibility instantly. Select the loan amount and tenure that suits your needs, then link your bank account. Complete the video KYC using your PAN card for document verification. Upon successful verification, the loan is generally disbursed within 30 minutes to 24 hours directly to your account.

Main Pros of the FIRSTmoney Personal Loan

The most attractive features of the FIRSTmoney Personal Loan are instant approval, zero foreclosure charges, and total digital convenience. Borrowers can prepay the loan without penalties at any time, offering full financial flexibility. This is a rare advantage compared to traditional loans that often have steep prepayment fees.

Additionally, the purely digital and paperless process means no branch visit—everything is done from your device at home, making it ideal for urgent or last-minute financial requirements.

Potential Cons to Consider

The CIBIL score requirement of 710 and above is higher than some competitors, making this loan less accessible to people with limited or average credit histories. The lowest available interest rate, while competitive, is not guaranteed to all applicants, as rates depend on individual eligibility.

Documentation, while minimal, still requires physical PAN for video KYC, which could be an obstacle for some applicants seeking an entirely digital ID process with e-KYC only.

Verdict: Should You Apply?

FIRSTmoney Personal Loan by IDFC FIRST Bank is a standout solution for applicants with good credit seeking speedy, flexible, and stress-free access to funds. Its digital process, instant disbursal, and zero-penalty prepayment make it highly attractive. If you meet the eligibility and rate criteria, it’s a smart option for managing planned or emergency expenses.