IDFC Unsecured Loans

How To Get An Unsecured Personal Loan 

Summary: An instant unsecured personal loan is a collateral-free loan, that can be quickly obtained, for urgent financial needs. With a wide variety of such loans available today, you can opt for a smart personal loan, that offers minimal documentations and steps in the application process, and swift approvals.
An instant personal loan can be a financial lifesaver when you are in dire need of quick funds. Be it an unanticipated medical expense, home renovation, a sudden travel plan, or consolidating high-interest debts, an unsecured personal loan can offer quick financial relief. The best part is you can avail these unsecured personal loans online. They need zero collateral, and the application procedure is simple & straightforward with minimal documentation.

A standout choice amongst the distinct credit offerings is IDFC FIRST Bank’s FIRSTmoney smart personal loan. The FIRSTmoney unsecured loan is a unique proposition, offering a pre-approved line of credit to cater to your distinct financial needs. 

Eligibility criteria for FIRSTmoney loan

To avail FIRSTmoney unsecured loan, applicants must meet the following criteria:

• Age – Applicants must be between the ages of 21 and 60.
• Credit score – An excellent credit score of 730 and above is a must.
• Employment – The applicant must be a salaried individual with a steady income. With the line Both Salaried and Self-Employed Individuals can apply.
• Documents – A physical PAN card is necessary to complete the video KYC authentication process.

If you fulfil these criteria, you can apply for a FIRSTmoney smart personal loan from IDFC FIRST Bank instantly, which can be a better decision than opting for a regular unsecured personal loan. Wondering why? Read on to learn the features of the FIRSTmoney loan. 

Why choose FIRSTmoney?

The FIRSTmoney loan offers various benefits over a standard Personal Loan. These include:

• Instant approvals and Quick  loan disbursements
  The completely digital application procedure for FIRSTmoney ensures quick approval and disbursement. Once your documents are authenticated successfully, your FIRSTmoney credit line is approved, and you can instantly start drawing it for your needs.
   
• Single time credit line setup with no maintenance charges
  On applying for a FIRSTmoney loan, a credit line is sanctioned depending on your credibility. This is a one-time setup with zero recurring maintenance fees on your sanctioned credit line.
   
• Multiple withdrawals within the approved credit limit
  FIRSTmoney offers unparalleled fluidity with an unlimited withdrawal feature, permitting you to make as many withdrawals as required in multiples of Rs 5,000 up to your approved limit, addressing your financial needs at any given time.
   
• ERO foreclosure fees
  With FIRSTmoney, you can enjoy the advantage of a zero-foreclosure charge policy. This means you can use the funds as the need arises and completely forclose the loan without fretting about any additional costs. 

FIRSTmoney offers repayment tenures from as short as two months to as long as 60 months at affordable interest rates starting at 10.99% per annum. Provision of a wide range of repayment tenures allows you to select a repayment plan that matches your financial situation best.

How to apply for a FIRSTmoney loan?
 To apply for a FIRSTmoney loan, follow these simple steps:

• Start by scanning the QR Code or click on the loan option from your smartphone.
• Register using your mobile number and confirm basic/personal details to check your eligibility.
• Select the loan amount of your choice (starting from as little as Rs 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.

Once your credit limit is approved, you can start using the funds as per your requirements and withdraw funds either in instalments or in one go.