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Personal Loan

5 surprising ways your credit score affects personal loan approval

Key Takeaways

You can significantly improve your loan terms such as flexible repayment tenures, competitive interest rates, and higher loan amounts by maintaining a healthy credit score.
You can apply for a FIRSTmoney smart personal loan online with only your PAN card needed for the video KYC process.
Make sure to always review your credit score to avoid any loan application rejections.

30 Aug 2025 by Team FinFIRST

Credit score impact on personal loan approval – IDFC FIRST Bank

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A personal loan is a quick financial solution when you need money urgently - for a wedding, home renovation, medical emergency, or travel. But what many do not realise is how much your credit score silently influences your personal loan approval.

Before you apply, it is important to understand why checking your credit score matters and how a good score can unlock the best personal loan offers available today, especially from digital lenders like IDFC FIRST Bank through its FIRSTmoney smart personal loan platform.

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A complete guide to getting instant approval on digital personal loans

Five lesser known ways in which your credit score affects your personal loan approval:

1) Faster approval for high scores

If your credit score is 710 or above, your application moves through the system faster. Lenders see you as financially responsible, so they approve your personal loan quicker - sometimes in minutes. IDFC FIRST Bank’s smart personal loan disburses money within 10 minutes once your eligibility is confirmed.

2) Lower interest rates

A good credit score means you have handled debt well. Lenders reward this with lower interest rates. For example, IDFC FIRST Bank offers competitive rates starting from 9.99% p.a., but that is often available to those with a solid credit score.

3) More loan amount eligibility

Your credit score affects how much you can borrow. A better score increases your loan limit. FIRSTmoney lets eligible customers borrow up to ₹15 lakhs - instantly and digitally - based on their creditworthiness.

4) Flexible repayment tenures

Lenders are more willing to offer flexible tenures when your score is high. This helps you pick an EMI that suits your monthly income. With IDFC FIRST Bank, you can choose a loan duration between 9 to 60. You can also choose a comfortable EMI date between 3^rd to 8^th of a month.

5) Access to more loans in future

If your credit score is good, you may be offered pre-approved top-up loans without reapplying. FIRSTmoney lets you take additional loans from your approved offer - on demand - without repeating the application steps.

Why does credit score check matters before applying?

Before applying, do a quick credit score check. It tells you where you stand and helps you know your chances of approval. If your score is low, take steps to improve it before applying. If it is high, you are likely to get the best deal.

IDFC FIRST Bank’s FIRSTmoney loan is fully digital. Use your PAN for video KYC, get quick disbursal, zero foreclosure charges, and clear EMIs. Eligible for ages 21 - 60 with a 710+ CIBIL score.

How to apply in five simple steps?

Here are the simple steps to apply for IDFC FIRST Bank’s FIRSTmoney smart personal loan:

Start by scanning the QR code or clicking on the “Apply Now” button on your smartphone.
Register using your mobile number and confirm basic/personal details to check your eligibility.
Select the loan amount of your choice based on the offer amount and choose flexible repayment terms.
Link your bank account where you wish the funds to be disbursed.
Complete the video KYC verification process by showing your physical PAN card.

Final thoughts

Your credit score is more than just a number, it is the key to unlocking better loan terms, faster approvals, and higher limits. With IDFC FIRST Bank’s FIRSTmoney smart personal loan, you can enjoy these benefits digitally, without stepping into a branch. A good credit score makes the journey smoother, smarter, and stress-free.

Frequently Asked Questions

What is a credit score and why is it important for loans?

A credit score shows how well you have handled loans or credit cards in the past. Banks use it to decide if they should give you a loan.

What credit score do I need for IDFC FIRST Bank’s personal loan?

You need a score of 710 or more to apply for IDFC FIRST Bank’s digital FIRSTmoney smart personal loan.

Can I apply without going to a Bank branch?

Yes! The whole process of FIRSTmoney smart personal loan is 100% digital. You can apply from home using just your smartphone.

Do I need to submit documents to get this loan?

No. To get FIRSTmoney smart personal loan you just need to show your PAN card during video KYC - no document uploads needed.

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.