Basic Requirements for Flexi Loans for Salaried Individuals

Flexi loans are personal loans that come with a pre-approved credit limit, offering the freedom to access funds multiple times as and when needed. However, banks have varying sets of eligibility criteria with regards to employment status and credit profile, so it is necessary to check your lender’s specific requirements before applying.

If you are looking to apply for a flexi loan, make sure to consider IDFC FIRST Bank’s FIRSTmoney. FIRSTmoney is a smart personal loan through which you can get a sanctioned credit line to deal with multiple expenses at an affordable interest rate of 10.99%. Read on to know the basic eligibility requirements for FIRSTmoney loans and how you can conveniently apply for these smart loans.

Basic eligibility requirements for FIRSTmoney smart loans

FIRSTmoney smart Personal Loan are available to individuals with exceptionally good credit scores, offering credit lines that go up to ₹10 lakhs. The funds can be withdrawn in one go or in parts depending on your fiscal requirements. The approved limit may vary depending on your creditworthiness. Basic eligibility criteria to apply for FIRSTmoney smart loans are as follows:

CIBIL score

To be eligible for a FIRSTmoney loan, you need to have a CIBIL score of 730 or more.

Employment

You need to be a Salaried and Self-Employed individual earning a steady income.

Age

You need to be between 21 to 60 years to apply for this loan.

Documents

You must present your physical PAN card to complete the video KYC process.

Steps to apply for FIRSTmoney smart personal loans

You can apply for a FIRSTmoney smart loan in 6 easy steps as mentioned below:

• Start by scanning the QR code or clicking loan from your smartphone.
• Register using your mobile number and confirm basic details to check your eligibility.
• 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.
• Link your bank account where you wish the funds to be disbursed.
• Complete the Video KYC verification process with your physical PAN card.

What are the advantages of applying for a FIRSTmoney loan?

So, why should you apply for a FIRSTmoney loan instead of a standard personal loan? Take a look at the following benefits offered by FIRSTmoney that make it a smart alternative to opt for:

ZERO foreclosure charges

One of the key upsides of a FIRSTmoney smart loan is the ‘zero foreclosure charge’ feature wherein you can repay the loan in full prior to the scheduled repayment period without incurring any extra charges. You can choose to foreclose your loan and be debt-free as soon as you prefer.  

Multiple withdrawals as and when needed

FIRSTmoney gives you the freedom to access funds multiple times whenever you need to make withdrawals. You can withdraw funds in one go or any amount in multiples of ₹5,000 for any number of times to meet your expenses up to your sanctioned credit limit.

One-time setup of your sanction limit with no maintenance charges

After applying for your FIRSTmoney smart personal loan, IDFC FIRST Bank will approve a sanctioned limit for your credit line based on your creditworthiness. There are no maintenance charges on this credit line.

Instant approval and quick disbursement of the loan

Apply for a FIRSTmoney smart personal loan via a completely digital application journey. The approval and disbursal processes are swift and once your documents are successfully verified; you can get your FIRSTmoney credit line sanctioned. You can then start immediately withdrawing funds multiple times based on your requirements.

Conclusion

Checking the eligibility requirements must be your primary practise when applying for a loan. It gives you an outline of your borrowing capacity and how easily you can manage your loans. Flexi loans may have varying eligibility requirements, so before you apply, ensure to go through the basic criteria for a hassle-free approval.

FIRSTmoney loans come with transparent eligibility requirements and your sanctioned credit limit will be based on your creditworthiness. With such beneficial loan terms, FIRSTmoney loans prove to be one of the most flexible borrowing options in the market. So why wait any further? Apply for a FIRSTmoney smart loan today and meet your dynamic needs without any hassles.