FIRSTmoney Smart & Instant Personal Loan

You can check the status of your FIRSTmoney personal loan application on the application link or track the progress of your existing loan through IDFC FIRST Bank’s Mobile App. The details are  available on the Loans Dashboard where FIRSTmoney Personal Loans drawn and credit line available & utilized will be visible.  Alternatively, you can contact the customer service by dialling 1800-10-888 for assistance in checking your personal loan status.

FIRSTmoney is a Smart Personal Loan, a first-of-its-kind product offered by a bank. It offers a credit line to customers, which they can withdraw from anytime without any collateral or co-signee. The money is instantly credited to the customer’s preferred bank account. The process is entirely digital, ‘Do-It-Yourself’ without the need for physical documentation.

A Smart Personal Loan/Credit line is an offering where the customer obtains a sanctioned credit limit.  Any amount can be withdrawn multiple times until the limit is reached, subject to policy conditions and credit score. Upon successful re-payment of EMIs, the principal component of the repaid amount is credited back, making it a smarter way to borrow.

You can foreclose your loan via the IDFC FIRST Bank mobile app with the following steps:

1. Register using mobile number & DOB.
2. Under the ‘Loans’ section on the FIRSTmoney dashboard, select ‘Active draw’
3. Click on ‘Foreclose with 0 Charges’ to proceed for closing your loan.
4. Alternatively, you can contact our customer service by dialling 1800-10-888

FIRSTmoney is an instant credit line where you can withdraw any amount from the available limit with zero documentation. You also get to choose your EMI plan as per your convenience and pre-pay or foreclose the loan without any fees or penalties. Here’s how FIRSTmoney is more beneficial than traditional personal loans:

Yes. Monthly reducing rate of interest is a way of computing the interest charged on the reducing rate principle. As the outstanding principal amount reduces, the interest payable on your loan also reduces.

The sanctioned limit is determined based on the bank’s internal policies and creditworthiness of the customer. The minimum limit is ₹50,000 and maximum limit offered is ₹10 lakhs for a salaried customer. The minimum tranche/drawdown amount is ₹5000 and maximum tranche amount is the full credit line offered to the customer.

IDFC FIRST Bank provides a complete digital experience of availing Smart Personal Loans/Credit Line for salaried individuals. Your eligibility depends on your credit score, income, and your existing liabilities, which will be used to ascertain your credit worthiness. The CIBIL score of the applicant should be 750 or more.

The sanctioned limit is available to the customer for a period of 5 years, subject to the Bank’s internal policy and creditworthiness of the customer. The customer can withdraw, repay, foreclose the loan without any additional charges within this period. The sanctioned limit may get extended or reduced depending on the customer’s repayment behaviour and credit score. 

Here are the Do’s and Don’ts for applying for the smart personal loan:

Do's:

• • Check if your credit score is at least 750
• • Check your eligibility and requisite documentation i.e. Physical PAN for Video KYC
• • Ensure stable internet connection before starting the application process & for completion of Video KYC
• • Check if additional charges like processing fees, prepayment charges etc are applicable. FIRSTmoney Credit Line charges zero prepayment fees

Don’ts:

• • Forget to check your credit score
• • Proceed with the application without calculating your eligibility or charges 

The information provided is safe and stored as per RBI guidelines. IDFC FIRST Bank does not provide any sensitive data to any third-party organizations.

One can download the IDFC FIRST Bank’s mobile App and login using their mobile number and date of birth. To download loan documents, customers can navigate to the FIRSTmoney dashboard by clicking on the FIRSTmoney card in the 'Loans' section. Under Active loans, click on 'View details' and navigate to 'Loan documents' to download loan-related documents. Additionally, customers can access this section to view all loan-related details like due date and payment history.

Click Here to view the general fees & charges levied on a Personal Loan.

Enjoy our truly paperless and intuitive digital loan application process. You only need a physical PAN card for completing your Video KYC Verification process – nothing else!

You can obtain the No-Dues certificate from the IDFC FIRST Bank mobile app with the following steps:

• • Register using mobile number & DOB, if not registered for Mobile Banking Services
• • Under the ‘Loans’ section on the FIRSTmoney dashboard, select ‘Fully paid draw’
• • Click on ‘View Details’, then on Loan Documents to download NOC
• • Alternatively, you can contact our customer service by dialling 1800-10-888

You can make overdue payments via the IDFC FIRST Bank mobile app with the following steps:

• • Register using mobile number & DOB, if not registered for Mobile Banking Services
• • Under the Loans section on the FIRSTmoney dashboard, click on ‘Clear Overdue’ to proceed to clear overdue payments
• • Alternatively, you can contact our customer service by dialling 1800-10-888