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How to apply for FIRSTmoney personal loan: A step-by-step guide

Key Takeaways

  • FIRSTmoney offers a completely digital application process, only requiring your physical PAN card to complete the video KYC process.
  • FIRSTmoney loans provide repayment flexibility to suit your budget. These loans also offer zero foreclosure charges, competitive interest rates, and multiple withdrawals up to the approved credit limit.
  • IDFC FIRST Bank also has quick approval and disbursal processes in place for FIRSTmoney loans, making them an ideal choice if you need immediate financial assistance.
05 Aug 2024 by IDFC FIRST Bank
Step by Step Guide to apply for personal loan
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Traditionally, personal loans have usually involved multiple document checks and a lengthy approval process. However, with the current digital evolution, the problems with traditional loans are thankfully a thing of the past. Today, IDFC FIRST Bank offers an innovative borrowing solution with FIRSTmoney – a smart personal loan that allows you to access a credit limit through which you can withdraw funds multiple times up to your approved limit and repay the loan via a flexible repayment tenure without any unnecessary hassles.

Go through this blog to learn more about FIRSTmoney loans and how you can easily apply for one!

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Have no fear, your Personal Loan Top-Up is here!
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How to apply for FIRSTmoney smart loan?
 

Getting a FIRSTmoney smart personal loan is an efficient way to meet your varying financial requirements in the modern financial landscape. It empowers you with the easy of application through a completely digital journey and zero paperwork. Here are the 5 easy steps to apply for FIRSTmoney smart personal loans online.

  1. Start by scanning the QR code or clicking loan from your smartphone.
  2. Register using your mobile number and confirm basic/personal details to check your eligibility.
  3. Select the loan amount of your choice starting from as little as ₹5,000 up to your full credit limit and choose flexible repayment terms.
  4. Link your bank account where you wish the funds to be disbursed.
  5. Complete the video KYC verification process with your physical PAN card.

After you get your credit limit approved, start using the funds right away as per your needs and withdraw money in parts or at once.

Who can apply for FIRSTmoney line of credit?
 

Before applying for a FIRSTmoney smart personal loan, you need to make sure that you satisfy the loan’s eligibility criteria. Go through the following list of criteria for FIRSTmoney loans:

  • Employment: A FIRSTmoney line of credit is available to individuals with a steady monthly income.
  • Age: Anyone aged between 21 to 60 years can apply for this line of credit.
  • CIBIL score: To obtain a FIRSTmoney smart personal loan, applicants need to have an excellent credit record and a high CIBIL score of 730 or above.
  • Documents: Individuals need to present their physical PAN card to complete the video KYC process. 

With FIRSTmoney, you have the flexibility to choose from a flexible repayment tenure range spanning from 2 months to 60 months.

Why choose a FIRSTmoney smart loan?
 

Here’s why you should consider a FIRSTmoney smart personal loan instead of a standard personal loan:

  • Multiple withdrawals from your sanctioned limit

FIRSTmoney offers you the flexibility of multiple fund withdrawals up to the approved limit without any restrictions. You can withdraw in multiples of ₹5000, allowing you to meet your financial needs whenever required.  

  • ZERO foreclosure charges

With FIRSTmoney, you can utilise funds as needed and foreclose the loan in full without incurring additional charges.

  • Instant approval & quick disbursement of the loan into your bank account

You can apply for a FIRSTmoney smart personal loan through a 100% digital application process. The approval and disbursal processes are quick and once your documents are successfully verified; you can get your FIRSTmoney loan sanctioned. Once this is done, you can immediately start withdrawing funds to deal with your expenses.

  • One time setup of sanction limit with no maintenance charges

Once you have applied for your FIRSTmoney loan, you will get a sanctioned limit based on your creditworthiness. There are no maintenance charges that you would have to incur on your sanctioned credit limit.

Choose the smartest option!

With the flexibility to withdraw funds without any restrictions up to your approved limit and with a competitive interest rate set at 10.99%, FIRSTmoney by IDFC FIRST Bank proves to be one of the best borrowing alternatives in the market. Simply make sure to have a good credit score above 730 and a stable monthly salary before applying for your FIRSTmoney loan. 

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.

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.

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.

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