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
Streamline your export process with digital convenience with IDFC FIRST Bank's Export Solutions
Know More
Make more than one online payment in just a few clicks with IDFC FIRST Bank Bulk Payments
Know More
Most Searched
Enjoy Zero Charges on All Commonly Used Savings Account Services
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
Comparing personal loans? Remember these 5 important points
Key Takeaways
Compare interest rates and processing fees to understand the true cost of each personal loan.
- Look at tenure and EMI options to balance monthly affordability with total interest outgo.
- Check eligibility criteria, required documents and prepayment rules early to avoid surprises during application and closure.
- IDFC FIRST Bank provides online tools like eligibility checks and EMI calculators plus clear fee details to make loan comparisons easier.
Personal loans have become highly popular among Indians owing to the flexibility they offer and the ease of application and approval. As per a report, the number of personal loans in India surged by 50% between March 2021 and March 2022. As a result, several online tools have also emerged for comparing personal loans.
These tools allow you to compare personal loan rates offered by various lending institutions in India and choose the best deal. However, the interest rate should not be the only thing to consider when comparing personal loan offerings. Let's learn how to compare personal loans to get the best deal.
Five personal loan details you must know
Below are the five important parameters that you should look for while comparing personal loan options.
· Interest rate
The interest rate levied on your personal loan determines how much amount you have to repay to your lender. Personal loan interest rates can vary significantly from one lender to another, and hence, it’s crucial to look out for the best rate. Further, you should see if a lender is levying a fixed or floating interest rate. You can look at the comparison of fixed vs variable interest rates to make an informed decision.
READ MORE
· Loan tenure
Along with the interest rate, loan tenure is the other primary factor that determines the Equated Monthly Instalments (EMIs) that you have to pay for your personal loan. That is why you should not miss it when comparing personal loans. A longer tenure results in lower EMIs but increases your interest outgo, and vice versa. You should try to opt for the lender that offers the maximum repayment flexibility.
· Eligibility criteria
Not all lenders have the same loan eligibility criteria for providing personal loans. Further, the eligibility requirements of banks are a bit different from that of Non-Banking Financial Corporations (NBFCs). Thus, it’s prudent to look at the loan eligibility norms of different lenders when comparing personal loans. This will help you apply for a personal loan with a lender that’s most likely to approve your loan application.
· Loan amount
Depending on your eligibility, lenders decide the maximum loan amount that you can borrow from them. Different lenders will provide you with different loan limits as per their internal policies. It’s better to opt for a lender with the highest loan amount so that you can easily meet all your financial requirements.
· Fees and charges
Lenders may levy certain charges on personal loans. These include processing charges, foreclosure charges, EMI bounce charges, etc. You should always consider the fees and charges of different lenders while comparing personal loans. Make sure to opt for the lender that’s asking for the minimum charges.
Also read - Debt consolidation for personal loans: What you need to know
To sum up
You can consider the factors mentioned above while comparing personal loans to get the best deal. You can also look at the lender’s reputation and brand value to avoid any hassles in the future. With IDFC FIRST Bank, you can get personal loans at highly competitive interest rates starting at just 9.99% per annum. Repayment is flexible with the option to choose a repayment tenure between 9 to 60 months.
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
