When choosing a personal loan, what are the factors that an individual considers? Some of these include digital application and processing, quick approval and disbursal, flexible repayment options, no foreclosure charges, etc.
The IDFC FIRSTmoney Smart Personal Loan comes with all these features and a lot more.
In this article, we will understand the features and benefits of the IDFC FIRSTmoney Smart Personal Loan and whether you should take it.
What is the IDFC FIRSTmoney Smart Personal Loan?
The IDFC FIRSTmoney Smart Personal Loan provides easy access to funds when an individual needs them for various purposes, without collateral. The financial need can be an emergency, like a medical emergency, urgent home repairs, etc. The financial need can also be to celebrate an occasion like an anniversary, festival, marriage, or to enjoy a dream vacation with family. It offers flexible repayment options with affordable EMIs that are easy on the pocket.
With IDFC FIRSTmoney Smart Personal Loan, you are always in control of how much to borrow, how and when to repay. It is quick, convenient, and built to put your financial comfort first. An individual can borrow a minimum of Rs. 50,000 and a maximum of up to Rs. 10 lakhs at competitive interest rates. There are no foreclosure charges, allowing the borrower to repay the loan anytime without any additional costs.
The applicant needs to have a credit score of 730 or above to be eligible for the IDFC FIRSTmoney Smart Personal Loan. The interest rate starts from 9.99% p.a.
Features and benefits
The IDFC FIRSTmoney Smart Personal Loan is designed to make your borrowing experience convenient and tailored to your lifestyle. Some of its features and benefits include the following.
100% digital process: The IDFC FIRSTmoney Smart Personal Loan has a 100% digital journey with no physical paperwork. An individual can apply from anywhere through the IDFC FIRST website or mobile App. Applicants need to register with their mobile number and confirm basic details to check eligibility.
If eligible, the total approved loan amount is calculated. The borrower can choose the loan amount and tenure. The next step is to complete the video KYC process. After KYC completion, the borrower can receive instant disbursal in as little as 30 minutes.
The 100% digital process ensures instant approval, video KYC, and quick disbursal. The digital process removes the need for a branch visit and physical paperwork.
Flexible repayment options: The borrower can choose from flexible loan tenure options ranging from 9 to 60 months. Choosing a longer tenure results in lower EMIs, which can easily fit into the borrower’s monthly budget. On the other hand, if the borrower wants to close the loan quickly, they can opt for a shorter tenure.
Additional loans on demand: Depending on eligibility, the total approved loan amount is determined. The borrower has the option to avail of the entire approved loan amount in one go or take a smaller loan. If the borrower initially takes a smaller loan amount and needs more funds later, they can avail themselves of another loan.
In this manner, a borrower can avail of multiple on-demand loans, up to the total approved amount. From the second loan onwards, the borrower doesn’t need to go through the entire process of reapplying for a new loan from scratch.
The multiple on-demand loans facility offers flexibility and quicker access to funds as the borrower’s funding needs evolve. The borrower has to pay EMIs only on the portion of the amount availed as loans and not the total approved loan amount.
For example, a borrower has been approved for a Rs. 10 lakhs personal loan, but avails of Rs. 3 lakhs only. In this case, the borrower will pay EMIs only for the availed loan of Rs. 3 lakhs and not the total approved loan amount of Rs. 10 lakhs. As and when the borrower avails of multiple on-demand loans from the unutilised Rs. 7 lakhs approved loan amount, they will need to pay the EMIs on the availed loan amount.
With the multiple on-demand loan facility, the IDFC FIRSTmoney Smart Personal Loan is tailored to meet your current and future loan requirements. It ensures you have instant access to funds whenever you need them.
Zero foreclosure charges: Banks usually levy a foreclosure charge for personal loans, usually a percentage of the outstanding balance or a flat amount. However, with the IDFC FIRSTmoney Smart Personal Loan, you need not worry about any foreclosure charges if you decide to foreclose the loan. The IDFC FIRSTmoney Smart Personal Loan has a zero foreclosure charge.
Foreclosing the IDFC FIRSTmoney Smart Personal Loan is simple. You must log in to your loan account on internet banking or the mobile App. Check the outstanding amount and pay it. Once the payment is processed, your personal loan account will be marked as closed. You will receive the loan closure certificate.
Eligibility criteria
The eligibility criteria for the IDFC FIRSTmoney Smart Personal Loan include the following:
- A good credit score (preferably 730+)
- A decent monthly income with job stability
- Age and employment type (salaried or self-employed)
- Based on the existing EMIs and debt obligations, the debt-to-income (DTI) ratio must be in an acceptable range.
With the IDFC FIRSTmoney Smart Personal Loan, the applicant needs only one document (PAN Card) during the video KYC process. It reduces the document verification time and speeds up the loan approval process.
Should you take the IDFC FIRSTmoney Smart Personal Loan?
If you are looking for a personal loan, several banks, NBFCs, fintechs, etc., can provide it. They are easy and quick to get. However, IDFC FIRSTmoney Smart Personal Loan’s USP lies in the combination of features and benefits that it offers. If you are looking for a personal loan with a 100% digital process, quick approval and disbursal, flexibility in repayment, access to multiple on-demand loans, no foreclosure charges, etc., consider the IDFC FIRSTmoney Smart Personal Loan.