IDFC FIRST Bank’s FIRSTmoney Personal Loan offers an attractive proposition: instant personal loans at rates starting from 9.99% p.a., loan amounts up to ₹10 lakhs, a digital and paperless process, and zero foreclosure charges. Loan terms can range from 9 to 60 months, allowing users to repay as per their convenience without worrying about prepayment fees.

The application is entirely online and takes as little as 15 minutes for approval, with the money disbursed into your account in just 30 minutes upon verification. Eligibility is straightforward: you should be aged between 21 and 60, salaried or self-employed, and hold a CIBIL score of 710+.

How to Apply: Step by Step

• Click the ‘Apply Now’ button on the official portal
• Register using your mobile number
• Provide basic personal and employment details for eligibility check
• Select your loan amount and preferred tenure
• Complete VKYC (Video KYC) with a physical PAN card at hand
• Upon approval, funds are disbursed quickly

Major Pros: Instant & Flexible

One major advantage is the instant processing—most applications are completed in less than 30 minutes. Zero foreclosure charges mean you can pre-close your loan anytime without penalties, saving on interest. Flexible tenure options and multiple on-demand withdrawals also add to borrower control.

Another highlight is the minimal paperwork. Besides PAN and Aadhaar for KYC, no additional documents are needed for digital processing, which is particularly user-friendly if you need funds urgently.

Cons to Consider

To access the best rates, a strong credit history is required – those with lower CIBIL scores may not qualify or could face higher rates. The digital-only process may be a hurdle for those not comfortable with online banking or video KYC procedures.

Additionally, some charges like processing fees (2%) and GST on fees apply, so calculate the final cost before accepting.

Verdict: Who Should Apply?

IDFC FIRST Bank’s FIRSTmoney Personal Loan is ideal if you value speed, flexibility, and transparent terms. It is especially useful for urgent personal expenses like medical emergencies or weddings, given the instant approval and absence of hidden charges.

If you have a CIBIL score over 710, desire quick funding without paperwork, and want the freedom to repay early, this offer deserves strong consideration for your personal financial needs.