Personal Loan of 1 Lakh: Eligibility, Process, and Benefits

A personal loan is an easy way to meet urgent, short-term financial needs. Whether you have an expense for home repairs coming up or are in any other urgent financial need, an instant personal loan could fulfil your needs. Short-term personal loans do not require collateral and can be sanctioned instantly.

Now, if you are on the lookout for better loan terms, make sure to not miss out on IDFC FIRST Bank’s FIRSTmoney. FIRSTmoney is an industry-first proposition wherein you get a sanctioned credit line through which you can use funds for dealing with multiple expenses whenever required. Read on to learn more about FIRSTmoney and how you can apply for this smart personal loan.

Who can apply for a FIRSTmoney smart personal loan?
 

Listed below is IDFC FIRST Bank’s eligibility criteria for a FIRSTmoney loan:

• Credit score: You need to have a credit score of 730 or more to be eligible for this loan.
• Employment: You need to be a Salaried and Self-Employed individual earning a stable monthly income.
• Age: You need to be aged between 21 to 60 years to apply for this loan.
• Documents: You will need your physical PAN card to complete the video KYC process. 

Why opt for a FIRSTmoney loan?
 

How is opting for a FIRSTmoney loan better than going for a standard personal loan? Go through the following pointers to understand why -

1.  You only pay EMIs on the withdrawn amount
   With a standard personal loan, you will have to repay the entire loan amount of ₹1 lakh irrespective of whether you use the entire amount or not. With a FIRSTmoney loan, you can get the required loan amount as a credit line and only repay the amount that you withdraw. Now, you can get a sanctioned credit line of up to ₹10 lakhs via FIRSTmoney, however, if you withdraw only ₹80,000 from your credit line, you only pay EMIs on the withdrawn amount and not the entire sanctioned amount.
   
   
2. You can make multiple withdrawals
   With a FIRSTmoney loan, you can make multiple withdrawals in multiples of ₹5000 up to your approved limit. There are no restrictions on the number of withdrawals you can make, so you can keep withdrawing amounts that you require without unnecessarily borrowing an excessive amount.
   
   
3. You do not have to incur any foreclosure charges
   A major concern for a lot of borrowers is the foreclosure charges included in their loan’s fine print. While most lenders have certain charges in place that borrowers would have to incur for foreclosing personal loans, there are no foreclosure charges when it comes to FIRSTmoney loans. This means that you can foreclose your FIRSTmoney loan with ZERO Foreclosure charges as per your convenienceOne-time setup of sanction limit with no maintenance charges
   
   IDFC FIRST Bank ensures a one-time setup of your sanctioned credit limit based on your creditworthiness once all your documents are verified. Post this, there are no maintenance charges that you need to worry about.
   
   
4. Instant approval and quick disbursement of the loan
   The completely digital application journey makes it convenient for you to apply for a FIRSTmoney smart loan instantly. The approval and disbursal processes are swift, and once the documents are verified, you instantly receive your sanctioned credit line through which you can start withdrawing funds from. 

How to apply for your FIRSTmoney loan?
 

The process of applying for FIRSTmoney personal loans is quite simple and straightforward:

Step 1: Visit the FIRSTmoney portal and scan the QR code or clicking loan from your smartphone.

Step 2: Register using your mobile number and confirm basic/personal details to check your eligibility.

Step 3: Select the loan amount of your choice starting from as little as ₹5000 up to your full credit limit and choose flexible repayment terms.

Step 4: Link your bank account where you wish the funds to be disbursed. 

Step 5: Complete the video KYC verification process with your physical PAN card.  

After getting your credit line sanctioned, you can start using the funds by making withdrawals from your credit line in one go or in parts as per your convenience. 

Taking the best decision for your finances
 

While there are many personal loan plans out there through which you can secure your required funding of ₹1 lakh, it is also essential to focus on getting favourable loan terms. IDFC FIRST Bank’s FIRSTmoney offers a smarter alternative to standard personal loans, providing greater flexibility to meet dynamic financial needs, making it an ideal choice for a Personal Loan balance transfer as well.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.