An instant personal loan is the most convenient way of availing yourself of a personal loan since it does not require visiting a bank branch. In this article, we understand the meaning of an instant personal loan, explore its various features, and learn how to apply for such a loan online.
What is an instant personal loan?
An instant personal loan – often called an online or an instant loan – is a quicker way of availing yourself of a personal loan. Instant personal loans have gained popularity because of their increased accessibility, quicker processing, and paperless documentation process.
How to apply for an instant personal online loan online?
The application procedure for an online loan varies as a function of the lending bank. Here is the four-step process to apply for an instant loan with IDFC FIRST Bank.
- Download the IDFC FIRST Bank mobile banking app
You can also apply through our net banking portal. However, mobile banking can expedite your application process a great deal.
- Log in to the mobile banking app and locate the Personal Loan section
IDFC FIRST Bank’s mobile banking app is available on all major app stores.
- Upload the necessary documents
As the third step, you must upload all the necessary documents online through the mobile banking app.
- Confirm the reception of the personal loan amount in your bank account
Once the bank verifies the uploaded documents, you will receive the personal loan amount in your IDFC FIRST Bank account.
Who can apply for a personal loan at IDFC FIRST Bank?
As a personal loan is being an unsecured loan, you only need to meet specific essential eligibility criteria to avail yourself of one. To get a personal loan in India, you must be an Indian citizen and an Indian resident. However, the eligibility criteria are often different depending on the lending bank. The following are the eligibility criteria for salaried individuals to get personal loans:
- Minimum age: 23 years
- Maximum age: at the time of loan maturity – 60 years or retirement, whichever comes first
The following are the eligibility criteria for self-employed individuals:
- The business must have been in existence for a minimum period of three years
- Minimum age: 25 years
- Maximum age: 65 years at the time of loan maturity
Benefits of applying for a personal loan online with IDFC FIRST Bank
Applying for an online personal loan with IDFC FIRST Bank has the following features and benefits:
- Get a personal loan up to ₹1 crore
IDFC FIRST Bank allows you to avail yourself of a personal loan worth ₹1 crore. This can help you meet any major and pressing financial requirement.
- No need for collateral
You do not need to provide collateral or security while applying for a personal loan.
- Balance transfer facility
IDFC FIRST Bank allows you to transfer your existing personal loan or credit card balance to your IDFC FIRST Bank personal loan account.
- Benefit from low EMI rates
IDFC FIRST Bank’s personal loans interest rates are among the lowest around.
- Paperless application process
The procedure to apply for an IDFC FIRST Bank personal loan is completely online and paperless. You do not need to visit the bank branch for anything physically.