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Summary: With rising demand for personal loans and a wide range of credit options offered to individuals by banks, other financial institutions and fin-tech players, you need to make a cost-effective choice that helps your personal finance. This article explains how you can opt for a smarter loan option as compared to traditional personal loans.
With varied credit options, digitally available, the personal loan market in India has seen significant growth over the years. The need for immediate access to funds has driven borrowers to look for lenders that offer a simplified loan process with beneficial terms, forcing them to look beyond traditional personal loans. This makes IDFC FIRST Bank’s smart personal loan FIRSTmoney, an industry-first proposition with excellent credit scores, of 730 and above, an alternative that is tough to ignore.
If you are a borrower looking for a personal loan and are weighing your options before choosing the best one, go through this blog to learn all about FIRSTmoney and how it offers much more than a standard personal loan.
Wondering how FIRSTmoney differs from traditional personal loans? Let's find out!
The application process for traditional personal loans can be quite time-consuming. This is because the physical paperwork and in-person verification processes are often mandatory. FIRSTmoney streamlines this process with a 100% digital approach, and the funds are disbursed instantly to your bank account without any delay.
Traditional personal loans have a fixed structure. Once the amount is disbursed, you can't access more funds without applying for a new loan. FIRSTmoney's credit line offers high flexibility, as you can withdraw funds multiple times up to your credit limit whenever required.
With traditional personal loans, interest accrues on the entire loan amount immediately upon disbursement. This can be expensive if you don't need to use the entire loan amount. FIRSTmoney charges interest only on the amount you use. For example, if you are approved for a credit line of up to ₹10 lakhs but only utilise ₹50,000, interest will only be charged on the ₹50,000 you have used and not the entire sanctioned credit line.
Traditional personal loans usually include a penalty if they are foreclosed. This foreclosure charge discourages borrowers from clearing their debts sooner, even when they have the funds. With FIRSTmoney, it is possible to foreclose the loan in full without incurring any additional cost.
The tenure of regular personal loans is usually fixed and ranges from 1 to 5 years. With FIRSTmoney, you can select a period starting from as short as 2 months ranging up to 60 months.
Here are some advantages you can expect with FIRSTmoney:
FIRSTmoney lets you borrow any amount in multiples of ₹5,000 up to your full credit limit almost instantly. Whether you want to withdraw the entire amount up to your credit limit or in instalments of ₹5,000, the decision is entirely yours.
FIRSTmoney has a ZERO foreclosure charge policy. This means that you can repay your loan early without incurring additional costs.
Once you apply for your FIRSTmoney loan, you will get a credit limit based on your creditworthiness. There are no maintenance charges on your sanctioned credit line.
You can apply for a FIRSTmoney smart personal loan through a 100% digital process and enjoy a quick approval and disbursal. Once your documents are verified, you can get your credit line sanctioned. After that, you can start withdrawing funds to handle your expenses.
Starting at just 10.99% per year, the FIRSTmoney line of credit offers one of the most affordable interest rates in the market.
Follow these simple steps to apply for a FIRSTmoney loan:
IDFC FIRST Bank’s FIRSTmoney gives personal loans a modern twist. With benefits like affordable interest rates, quick disbursals, a completely digital application journey, flexible repayment tenures, and no foreclosure charges, this loan proves to be a smart borrowing option that you need to consider. Say goodbye to the limitations and restrictions of traditional personal loans by applying for a FIRSTmoney loan today! Both Salaried and Self-Employed Individuals can apply.
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.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.