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Personal loans are among the best financial solutions for meeting quick fund requirements. However, securing the most suitable loan depends on several factors such as interest rates, charges, and fees, and more. With IDFC FIRST Bank FIRSTmoney, you can obtain quick loans anytime FIRSTmoney smart personal loan comes with unique benefits, giving you flexibility and affordability to meet your fund requirements with ease. With ZERO foreclosure fees, and competitive interest rates, this line of credit helps you meet your dynamic expenses such as urgent medical bills, ravel spendings, home renovation etc. Enjoy quick access to funds with 100% digital application process and the most affordable charges and fees.
Here is the list of charges for FIRSTmoney line of credit
Type of Charges | Fees |
Credit line processing fee | 2% of the total loan amount including GST |
Credit line rate of interest | ROI Starting from 10.99% |
Stamping charges | As per State’s Stamp Act |
Penalty on overdue EMIs | 2% of the unpaid EMI |
EMI Bounce Charges | ₹500 + taxes per instance |
Payment swap charges (Charges for changing the mode of EMI payment) | ₹500 + taxes per instance |
Foreclosure Charges | NIL (Customers will have to provide the sanction letter at the time of foreclosing the loan) |
Part Pre-Payment | Not allow |
EMI Pickup/Collection Charges | ₹ 500.00 |
Duplicate No Objection Certificate Issuance Charges | ₹ 500.00 |
Physical Statement of Account/Repayment Schedule | ₹ 500.00 |
Foreclosure / Prepayment charges | NIL |
Document retrieval charges (per retrieval) | ₹ 500.00 |
Cooling-Off Period (Borrower can exit the loan within the cooling-off period by paying the principal and the proportionate charges without any penalty. The loan can be cancelled within 3 days in the cooling off period) | 3 days |
GST, as applicable, will be levied on all service charges.
The above Schedule of Charges is subject to revisions from time-to-time by the Bank, and will be updated here on the official Bank website.
Please refer your loan document for all the schedule of charges applicable to your loan.
For Pre-Approved Loans refer the table below to know applicable Schedule of Charges:
Types of Fees | Applicable Charges |
Processing fees (excluding GST) | Upto 3.49% of the total loan amount |
Late payment/Penal charges | 2% per month (Exclusive of GST) of the unpaid EMI or Rs 300 (Exclusive of GST) whichever is higher |
Stamping Charges | As per actuals |
EMI Bounce charges per presentation | 500 Exclusive of GST |
Cheque/ Mandate Swap charges (per swap) | 500 Exclusive of GST |
EMI Pickup/Collection Charges | 500 Exclusive of GST |
Duplicate No Objection Certificate Issuance Charges | 500 Exclusive of GST |
Physical Statement of Account | 500 Exclusive of GST |
Physical Repayment Schedule | 500 Exclusive of GST |
Document retrieval charges (per retrieval) | 500 Exclusive of GST |
Foreclosure / Prepayment charges | For Pre-approved loans, Allowed after payment of 12 or more EMI’s or 12 months whichever is later. 5% foreclosure charges applicable on principal outstanding For Pre-Approved FIRSTMoney, Allowed anytime without any charges. |
Cancellation/Rebooking charges | No charges within 15 days of disbursement or 1st EMI presentation whichever is earlier. Post 15 days or 1st EMI presentation, request for cancellation will be treated as foreclosure |
Part-Payment Clause | Not Allowed |
GST, as applicable, will be levied on all service charges.
Benefits of FIRSTmoney smart personal loan
● Flexibility in Repayment: FIRSTmoney offers the advantage of repaying the borrowed amount at any time without incurring additional costs, providing users with greater control over their financial planning.
● Cost-Effective Borrowing: With ZERO foreclosure charges, FIRSTmoney presents a cost-effective solution for managing finances, allowing borrowers to save on extra fees that are typically associated with loan repayment.
● Unlimited Withdrawals: Once the credit line is set up, users can make multiple withdrawals as needed, which adds a layer of convenience and flexibility not found in traditional personal loans.
● Quick Access to Funds: The streamlined process ensures that funds are disbursed swiftly, often within a few hours, making it an ideal option for urgent financial needs.
● 100% digital application process: The entire borrowing journey with FIRSTmoney is digital, reducing the need for physical documentation and making the process quicker and more user-friendly.
A charge on a loan refers to any fee or expense imposed by the bank in addition to the principal and interest payments. These charges can include processing fees, service charges, late payment penalties, and any other costs associated with the loan. They are usually outlined in the loan agreement and can vary depending on the bank and the type of loan.
Pre-payment charges are fees imposed when you repay a part of the loan amount before the due date. Foreclosure charges, on the other hand, are levied when you pay off the entire loan amount before the end of the loan tenure. The specific rate or amount of charge can vary among lenders, however, IDFC FIRST Bank FIRSTmoney does not impose foreclosure charges at all for repaying your loan amount before maturity.
Yes, banks charge Goods and Services Tax (GST) on various fees associated with personal loans. GST is applicable to processing fees, pre-payment charges, foreclosure charges, and other service fees related to the loan. The GST rate is generally 18%, which is added to the specific fees, added to the overall cost of the loan.