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Personal Loan Fees & Charges
No hidden costs. No surprises.
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Personal Loan EMI Calculator
Your EMI will be
₹5,072/month*
Total Interest Payable
₹43,435
Total Amount Payable
₹2,43,435
Check your eligibility
*Personal loan calculator is only for illustration purposes. For actual calculations refer to your Repayment Schedule & Loan Agreement.*T&C Apply
Personal Loan Fees and Charges IDFC First Bank
Personal loans offer a quick solution for meeting urgent financial needs. However, before securing a personal loan, it's crucial to understand the personal loan fees and charges involved. These fees can vary between lenders and may significantly affect the overall cost of the loan.
With IDFC FIRST Bank’s FIRSTmoney, you can enjoy a transparent loan process with minimal personal loan fees. The FIRSTmoney smart personal loan requires a healthy CIBIL score of 710 or above andcomes with unique benefits, including ZERO foreclosure fees, flexible repayment options, and competitive interest rates. This makes it an ideal choice to cover dynamic expenses such as medical bills, travel, or home renovation. Plus, the entire loan application process is 100% digital, making it quick and convenient.
List of Personal Loan Fees and Charges
Here is a comprehensive list of personal loan charges for IDFC FIRST Bank's FIRSTmoney:
| Type of Charge | Fee/Charge |
| Processing fees | Processing fees 0% to 3.5% of loan amount (incl. GST) (0 processing fee is available on select loan amounts) |
| Rate of interest | Starting from 9.99% |
| Stamping charges | As per State’s Stamp Act |
| Penalty on overdue EMIs | 2% of unpaid EMI |
| EMI bounce charges | EMI Bounce Charges 7.5% of the EMI/ Outstanding amount (minimum ₹ 400 & maximum ₹ 1000) |
| Payment swap charges | NIL |
| Foreclosure charges | NIL (Foreclosure requires a sanction letter) |
| Part Pre-Payment | Not allowed |
| Cooling-off period | 3 days (Loan can be cancelled without penalty within 3 days) |
| Technical bounce charges* | Charge rates would be same as applicable under EMI bounce charges |
GST is applicable on all service charges.
It's essential to review these personal loan fees and charges before applying, as they can be subject to revisions by the bank.
*Mandate Rejection technical Bounce Charges (for mandate rejected by your bank, to be charged for each month from 3rd consecutive bounce month onwards until the mandate is registered).
Important Terms and Conditions
1. Loan Disbursal Timeline
Loan disbursal within 10 minutes is subject to successful completion of customer verification, credit assessment, and internal bank approvals. Actual disbursal time may vary based on customer profile, documentation completeness, system load, and banking hours.
Actual time may vary due to external dependencies or unforeseen circumstances.
2. Interest Rate Applicability
Interest rates starting at 9.99% p.a. are indicative and subject to change based on the applicant’s credit profile, income, loan amount, tenure, and lending policies. The final rate may differ from the advertised rate and is determined after thorough evaluation.
Rates and terms are subject to change without notice.
3. Digital Journey Eligibility
100% digital loan processing is offered subject to availability of online verification services and successful completion of digital KYC. Terms and conditions apply.
4. Minimum EMI per lakh applicability
₹2,124/Lakh EMI is indicative. Your actual EMI, interest rate (starting at 9.99% p.a.), loan amount (up to ₹15 Lakhs) and tenure (up to 60 months), and approval depend on credit assessment, eligibility, and bank policies. Please note that processing fees and other charges may be applicable in addition to the interest rate. Final loan approval and disbursement are subject to the bank's policies and fulfilment of all eligibility criteria. Prospective borrowers are advised to review the detailed KFS provided by IDFC FIRST Bank for complete information.
5. Dynamic Processing Fee
The processing fee is dynamically determined based on the sanctioned loan amount and customer profile during onboarding. The processing fee ranges between 0% and 3.50% of the loan amount, plus applicable GST. A 0% processing fee may be offered on select loan amounts, subject to the bank’s policies and eligibility criteria.
Benefits of FIRSTmoney Smart Personal Loan
Flexible Repayments
Choose a loan tenure between 9 and 60 months, enjoying more control and flexibility over finances.
No Foreclosure Fees
Close your loan early without paying penalties. Save on interest outgo and reduce your overall financial burden.
Obtain Multiple On-Demand Loans
When extra funds are needed, get an additional loan instantly online without the hassle of re-application. It’s a simple, quick, and seamless process.
Faster Disbursal
Approved loan funds are credited to your account within hours. Manage sudden expenses immediately with reliable financial support.
Pre-Qualified Loans Schedule of Charges
Pre-Qualified Loans Schedule of Charges
For Pre-Qualified Loans refer the table below to know applicable Schedule of Charges:
| Types of Fees | Applicable Charges |
| Processing fees (excluding GST) | Upto 3.50% of disbursed loan amount for pre-qualified loans |
| Late payment/Penal charges | 2% per month (Exclusive of GST) of the unpaid EMI or Rs 300 (Exclusive of GST) whichever is higher |
| Stamping Charges | As per actuals |
| EMI Bounce charges per presentation | 7.5% of EMI bounced with minimum charge of Rs. 400 & maximum of Rs. 1000 (excluding GST) |
| Technical bounce charges* | Charge rates would be same as applicable under EMI bounce charges |
| Cheque/ Mandate Swap charges (per swap) | 500 Exclusive of GST |
| EMI Pickup/Collection Charges | 500 Exclusive of GST |
| Duplicate No Objection Certificate Issuance Charges | 500 Exclusive of GST |
| Physical Statement of Account | 500 Exclusive of GST |
| Physical Repayment Schedule | 500 Exclusive of GST |
| Document retrieval charges (per retrieval) | 500 Exclusive of GST |
| Foreclosure / Prepayment charges | For Pre-Qualified loans, Allowed after payment of 12 or more EMI’s or 12 months whichever is later. 5% foreclosure charges applicable on principal outstanding For Pre- Qualified FIRSTMoney, Allowed anytime without any charges. |
| Cancellation/Rebooking charges | Loan can be cancelled within 15 days from disbursal date at no charges. Post 15 days of freelook period, foreclosure norms will apply |
| Part-Payment Clause | Not Allowed |
*Mandate Rejection technical Bounce Charges (for mandate rejected by your bank, to be charged for each month from 3rd consecutive bounce month onwards until the mandate is registered).
GST, as applicable, will be levied on all service charges.
Review these Pre-Qualified Loans charges to ensure you are fully informed of the cost before availing of the loan
Personal Loan Fees & Charges – FAQs
What are the typical charges on a personal loan?
Charges on a personal loan include processing fees, late payment penalties, stamp duties, and other service fees. Additionally, the service charges also include a GST of 18% on all loan-related services. It's crucial to review the specific personal loan charges in the loan agreement as they vary between lenders.
For a FIRSTmoney personal loan, the interest rate starts at 9.99% p.a and there are zero foreclosure charges. The processing fee is 2% of the total loan amount (incl. GST).
What are pre-payment and foreclosure charges?
Pre-payment charges apply when you partially repay the loan before the due date. Foreclosure charges are levied when you pay off the entire loan early.
FIRSTmoney has ZERO foreclosure charges, making it a cost-effective option if you plan to repay your loan early, whenever you want.
Are personal loan fees subject to GST?
Yes, GST is applicable on various personal loan fees, such as processing fees, foreclosure charges, and pre-payment charges. The standard GST rate of 18% applies to all loan-related services.
When is the active loan offer revised after paying an EMI?
The active loan offer is revised only when all the EMIs of the active loan are fully repaid or the loan is foreclosed.
What is the difference between zero foreclosure charges and zero prepayment charges
Zero foreclosure charges mean you can close your entire outstanding loan dues before the tenure ends without paying a penalty. Zero prepayment charges allow you to make partial payments toward your principal amount without incurring any extra cost. Both options help reduce your interest burden and loan tenure affordably.
With a FIRSTmoney smart personal loan, you enjoy zero foreclosure benefits to close your loan anytime.
What are the advantages of choosing a personal loan with zero foreclosure charges?
A personal loan with zero foreclosure charges gives you full flexibility to close your loan early without penalties. It helps save significantly on interest costs, improve improves your credit profile faster, and frees up your monthly budget for other financial goals or investments.
Are zero foreclosure charges applicable to all types of personal loans?
No, zero foreclosure charges are not applicabledo not apply to all personal loans. They usually apply to specific loan products or borrower categories as defined by the bank’s policy. With a FIRSTmoney smart personal loan, you can enjoy loan amounts of up to ₹15 lakhs without any foreclosure charges. This means that you can pay your outstanding loan amount in full anytime without any foreclosure penalty.
What are amortisation schedule charges?
Amortiszation schedule charges refer to fees, if any, for providing a detailed statement that shows your EMI breakup into principal and interest amounts over the loan tenure. At IDFC FIRST Bank, such details are usually available digitally without any additional charges. You can log in to your loan account or use the mobile banking app to check your loan details along with the amortiszation schedule anytime. However, a physical statement of the account may levy a charge of ₹500 + GST.
Choose your personal loan amount with FIRSTmoney
Personal Loan for Multiple Purposes
Travel Personal Loan
Dream destinations shouldn’t wait for savings. With FIRSTmoney’s travel personal loan, you can visit the places you want now and repay later. From tickets and hotel stays to shopping and adventures, cover every expense without any hassle. Affordable EMIs, minimal paperwork, fast disbursal, no foreclosure charges, and easy repayment plans make trips stress-free.
Debt Consolidation Loan
Multiple EMIs can drain your peace. FIRSTmoney’s debt consolidation loan lets you merge debts into a single, manageable repayment. The 100% online process means quick approval and instant disbursal. Competitive interest rates, flexible repayment tenures, and zero foreclosure charges make it easier to repay comfortably. Simplify finances, reduce stress, and take back control of your monthly budget. One loan, many solutions.
Emergency Personal Loan
Emergencies do not wait, and neither should your ability to manage them. FIRSTmoney’s emergency personal loan offers quick financial relief in situations like medical needs, last-minute travel, urgent bills, or household repairs. Apply online with minimal documentation and receive instant disbursal once approved. Benefit from flexible tenures with manageable EMIs. With zero foreclosure charges, you have the option to repay earlier and save on interest costs.
Wedding Personal Loan
FIRSTmoney’s wedding personal loan enables you to manage venue, décor, outfits, and catering expenses through a 100% digital application. Competitive rates and flexible repayment tenures allow you to structure affordable EMIs. Because there are zero foreclosure penalties, you can settle the loan early without any charges once the celebrations are over. Make your wedding truly memorable; after all, once-in-a-lifetime moments deserve to be celebrated, not compromised.
Home Renovation Loan
Renovate your house the way you like with FIRSTmoney’s home renovation loan. Whether it is fixing essentials, redesigning interiors, wall painting, or adding new furniture, the loan is approved digitally, and funds are disbursed quickly. Select a tenure that fits your budget, enjoy affordable interest rates, and repay worry-free. With zero foreclosure penalties, you can also choose to close the loan early.
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