Login to Internet banking
A brand-new experience - smarter, faster, and secured
Introducing the First-in-industry IDFC FIRST Bank's Super Account
Request a Callback
You gain a dedicated partner committed to helping you reach your full potential and achieve new heights
Know More- Account with Auto-Sweep FD
- Account for all Domestic businesses
- Account for Importers & Exporters
- Account for Start-ups
- Accounts for Trusts/Associations/Societies/Clubs
- Account for Merchants
- Account for Agri Traders
- Account for Self-employed professionals
- Special Purpose Accounts e.g. SNRR, RERA, EEFC
BRAVO (Auto Sweep)
Convert the idle funds in your current account into a fixed deposit with the BRAVO feature.
Know More
Zero Forex Markup Current Account
Maximise your savings and boost profitability with our Zero Forex Markup current accounts
Know More
Make more than one online payment in just a few clicks with IDFC FIRST Bank Bulk Payments
Know More
A Card that Powers your Savings & Lifestyle
IDFC FIRST Bank HPCL Credit Card
Most Searched
Earn up to 6.50% interest on your Savings Account
Open Account Now
Download our app
Get instant help for all your queries in one place
Explore Personal
- Accounts
Tools & Calculators
Privilege Program
- Privilege Program
Unlock features, exclusively available
only on the IDFC FIRST Bank app
FinFIRST Blogs
Personal Loan
How the account aggregator feature improves your FIRSTmoney personal loan experience
Key Takeaways
The Account Aggregator (AA) framework is RBI‑regulated, encrypted, and fully consent‑based, keeping borrowers in control of their data.
- When you apply for a FIRSTmoney personal loan, you will get the option to link bank accounts of your choice, securely backed by the account aggregator system.
- Linking one or more bank accounts can unlock a higher FIRSTmoney personal loan offer for you.
Banks and digital lenders increasingly rely on real-time financial information to assess loan eligibility. When customers want a higher personal loan offer or faster approval, traditional document verification can slow down the process. To counter this, the Account Aggregator (AA) framework now allows borrowers to share verified financial data quickly and securely. FIRSTmoney uses this system to offer higher and more accurate loan offers to eligible applicants.
Through this article, you will learn more about how account aggregators work and how it can improve your personal loan application experience with FIRSTmoney.
READ MORE
What is an account aggregator?
The Account Aggregator system is an RBI-regulated framework that allows customers to share bank statements and financial information digitally through a secure, OTP verification process. It helps lenders verify income, cash flow, and banking patterns without relying on physical documents.
Key features of the account aggregator system
Borrowers stay in full control of what data is shared.
Consent is required for every data request.
Data is shared in an encrypted format.
No financial information is stored by the account aggregator.
Only RBI-licensed institutions can operate as account aggregators.
When you apply for a FIRSTmoney personal loan, you will get the option to link bank accounts of your choice, securely backed by the account aggregator system. You will have the option to link one or more of your bank accounts. Linking your bank accounts can make you eligible for a higher loan offer.
Why is it relevant?
An account aggregator gives lenders accurate and real-time income and banking behaviour data within seconds. This reduces verification time and supports better loan decisions for first-time and existing borrowers.
How does the account aggregator work with FIRSTmoney?
FIRSTmoney uses the account aggregator framework to assess your profile faster and determine your loan eligibility more accurately. Instead of uploading documents, borrowers can just provide OTP consent through the secure AA option during your personal loan application to link your bank accounts and be eligible for a higher loan offer.
How does the process work?
Apply for a personal loan on the bank’s mobile app or website.
You receive an AA consent request via email or OTP.
You select your bank accounts from which data can be shared.
The AA fetches verified financial information securely.
FIRSTmoney evaluates income, cash flow, and spending patterns.
Eligible applicants have the opportunity to receive a higher loan offer.
Benefits of linking your bank accounts (using Account Aggregator) with FIRSTmoney
Faster evaluation
Higher loan offer for eligible borrowers
How does an account aggregator increase eligibility?
The AA framework gives lenders a clear picture of the borrower’s repayment ability. With the latest data, the bank can make a more informed decision on increasing your loan offer.
Benefits of AA for borrowers
The Account Aggregator (AA) system is designed to give borrowers a loan application experience that’s faster, more secure and transparent. It enables lenders like FIRSTmoney to quickly access verified financial data with the customer's consent. This results in quicker and more precise eligibility assessments.
Here are some key benefits:
Faster loan approvals: Since your latest financial information is sent to FIRSTmoney in real-time, in a secure manner.
Higher loan offers: Qualified applicants can get high loan amount thanks to a clearer view of their income and cash flow.
Secure and regulated framework: Account aggregator system is supervised by the Reserve Bank of India.
Consent-based data sharing: It ensures that the borrower is always in control of their data.
More accurate eligibility checks: Accuracy in eligibility checks, allows FIRSTmoney to provide loan amounts that match the borrower’s current repayment ability.
Apply through FIRSTmoney for a higher loan offer
Using the Account Aggregator system with FIRSTmoney can help you get a higher loan offer. With encrypted data sharing, FIRSTmoney receives verified financial information that supports instant approvals and higher loan offers for eligible customers. Applying through the bank’s mobile app or website allows you to complete the process digitally with minimal effort and quick approvals within 10 minutes.
Frequently Asked Questions
What is an Account Aggregator in a personal loan?
It is an RBI-regulated system that lets customers share bank statements digitally with the lender through a secure, encrypted format, making the loan process faster and more accurate.
Are Account Aggregators RBI-approved?
Yes, only licensed entities regulated by the Reserve Bank of India can operate as Account Aggregators.
Is Account Aggregator safe?
Yes, the AA system uses encrypted data transfer, requires explicit customer consent, and is not permitted to store or view your financial information.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
Summarize with AI
