Do you want to know how the personal loan works? For example, do you want to know how many charges are related to a personal loan? If yes, then we will help you to acquire knowledge about it.
Personal loans are helping you to reduce your financial problem at low-interest rates. A personal loan provides a credit to be used. The borrowers pay back personal loans in monthly installments.
If you also want to get an easy loan with a lower interest rate than a credit card, please read the complete article about IDFC Personal Loan.
Benefits provided by IDFC Bank on Personal Loan
A personal loan is a kind of loan that can be used for funding expenses. A personal loan is used for your personal expenses such as marriage expenses, education charges, expenses involved in fixing your house, etc. Let us tell you about the benefits of a personal loan.
- Fix Repayment term: IDFC Bank provides personal loans for 1 to 5 years. It can make it easy for the borrower to repay the loan amount.
- Clearance of high debt: High debt affects your monthly income and budget. It helps you to clear all high debts with personal loans.
- Low-interest rate: IDFC bank provides you with personal loans at low-interest rates than credit cards.
- Pay back the loan amount in EMIs: This is a beneficial factor that borrowers can pay back the loan amount in EMI. It can make it an easier way for borrowers.
- Online application: you can also apply online for a personal loan on the official website of IDFC bank. It will speed up your loan process.
- Get Approval in few times: If you provide the verified documents and consideration application for taking a loan from the bank, your IDFC Personal Loan is approved in less time.
- Prepayment option: You can also refund your loan amount after a specific time. Only the need you have to give small charges on prepayment. In this way, you are relieved from the loan amount in a short span.
- No Commitment: If you borrow money from your friends and families, it can put you into obligations you do not like. So, IDFC bank provides you with personal loans with no obligations or commitments.
Eligibility criteria for taking a personal loan from IDFC Bank
The IDFC Bank provides certain eligibility criteria if you want to get a personal loan. Consider the following points to make yourself eligible for IDFC Personal Loan.
- Age Qualification: The loan applicant’s age is between 23 years to 58 years, and the self-employed candidate’s age lies between 28 years to 68 years as per the eligibility criteria.
- Employments status: The loan applicant must be self-employed or salaried. Candidates should be eligible only if they have a regular source of income.
- Experience of Work: Loan applicants must have 2 years of working experience to get a personal loan.
Required documents for Personal Loan:
Here we present the listed documents that are necessary to apply for a personal loan.
- PAN Card
- Passport Size Photographs
- Electricity and property bills
- Candidate Identity proof
- Bank statements, if the candidate is self-employed.
Summary:
The information provided by us on IDFC personal loan is 100% accurate. Here you get all the information regarding the IDFC bank loan, its eligibility criteria, and the documents required for loan approval.
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