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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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Apply for Payday Loans Online Starting at 9.99%* p.a
Need cash fast? Get easy payday loans with zero paperwork and instant disbursals within 30 minutes
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Personal Loan EMI Calculator
Loan amount
₹100K
₹10L
Loan term in months
Repay anytime with 0 Foreclosure charges!
9 Months
60 Months
Choose the Interest Rate
Lowest interest rate unlocked!
%
9.99%
38 %
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
Instant Payday Loan in India
A financial emergency can arise at any moment—be it a mid-month cash crunch, an unexpected expense, or an urgent medical bill. In such situations, a payday loan serves as a short-term financial solution, helping individuals bridge the gap until their next salary.
Payday loans are short-term, small-ticket loans designed to help salaried individuals manage urgent financial needs. Unlike traditional loans that require extensive paperwork and involve long approval processes, payday loans online offer a hassle-free and instant solution. If you are looking for small loans for urgent needs, a FIRSTmoney smart personal loan can be your go-to solution. It offers an instant fund disbursal at competitive interest rates and comes with foreclosure benefits to help you close your loan without incurring any extra cost.
How does a FIRSTmoney personal loan work?
While payday loans offer instant liquidity, they often come with high interest rates, rigid repayment terms, and additional charges, making them an expensive borrowing option.
FIRSTmoney personal loan is a superior alternative to payday loans, offering a seamless, flexible, and cost-effective borrowing experience. With FIRSTmoney, you can get instant approval on personal loans up to ₹10 lakhs, ensuring quick access to funds when you need them most. The entire process is 100% digital, from application to disbursal, eliminating paperwork and long waiting times. To assess your personal loan eligibility, you can refer to the personal loan eligibility calculator available on our IDFC FIRST Bank website.
Unlike traditional personal loans, FIRSTmoney levies zero foreclosure charges, allowing you to prepay your loan at any time with no fee levied. You can either repay the full amount or choose an EMI plan that aligns with your financial planning. To calculate your exact monthly instalments, use a personal loan EMI calculator and make informed borrowing decisions.
Benefits of an Instant Personal Loan
Easy Online Application
Experience a hassle-free online application with minimal documentation and PAN-based verification. You can apply anywhere, anytime without having to visit a branch.
Zero Foreclosure Charges
Want to pre-close your loan? With IDFC FIRST Bank, you can pre-close your personal loan at any time without paying any additional fees, giving you complete financial independence.
Easy-to-Use Mobile Banking App
The IDFC FIRST Bank app lets you verify eligibility, apply, and complete your loan in a few taps, making lending faster and simpler.
On-Demand Access to More Loans
When you need extra money, you can apply for additional loan at the click of a button through the app without having to wait for long approvals or fresh documentation.
Quick Disbursals
Your payday loan is credited to your bank account within hours of sanction, so you never need to worry about a cash shortage when you need it the most.
Big Loan Amounts up to ₹10 lakh
If you are eligible, you can take higher loan amounts, enabling you to cover higher spends with ease.
Option of Flexible Repayments
Select a repayment tenure between 9 and 60 months, setting EMIs according to your pocket and planning.
Why Choose a Personal Loan from IDFC FIRST Bank?
Are you considering applying for a personal loan? Here's why FIRSTmoney is your best bet:
• Get up to ₹10 lakh credited to your account within a few hours of sanctioning.
• Experience the convenience of pre-closing your loan without any foreclosure charges.
• Apply for your loan 100% digitally with minimal documentation.
• Request an additional amount instantly without having to go through new documentation.
• Avail low interest rates personal loan starting at 9.99%, making EMIs manageable.
What's the Purpose of a Payday Loan?
A payday loan brings you monetary readiness to meet the abrupt and urgent needs of life. It can be availed for expenses such as:
• Unplanned or planned medical bills, treatments, or hospitalisation.
• Spontaneous travel bookings, including tickets and accommodations.
• Urgent repairs, replacements, or electricity bills.
• Last-minute wedding expenses such as gifting and décor.
• School fees, course admissions, or education expenses.
• Festive shopping, family events, or other personal commitments.
Payday Loan Eligibility and Documentation
Eligibility criteria for payday loan
To apply for an urgent payday loan, you need to meet specific eligibility criteria set by IDFC FIRST Bank. These include:
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Documents required for payday loan
Applying for an easy loan online with FIRSTmoney requires zero paperwork . You need to provide only your PAN card during the video KYC process to get a loan instantly.
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Personal Loans Fees & Charges
Interest rates of a payday loan
IDFC FIRST Bank offers competitive interest rates and a transparent fee structure for its quick payday loans. Here’s a breakdown:
Loan component | Charges |
Interest rate | Low-Interest Rate Personal Loan starts from 9.99% per annum |
Processing fees | 2% of the principal loan amount, learn more |
Stamping charges | As per applicable state regulations |
Penal charges on overdue EMI | 2% of the overdue EMI |
Bounce charges | 7.5% of the EMI / Outstanding amount with Minimum ₹ 400 and Maximum ₹ 1000 |
Note: Fees and charges may change periodically.
Steps to apply for a small loan from FIRSTmoney
Applying for an instant payday loan from IDFC FIRST Bank is a seamless digital process that ensures quick and hassle-free access to funds. Follow these simple steps:
Step 1
Scan the QR code on your desktop or tap the ‘Apply Now’ button on your mobile phone to start FIRSTmoney smart personal loan Digital Journey
Step 2
Register with your mobile number
Step 3
Confirm basic details to check your eligibility
Step 4
Choose your loan preferences and link your bank account
Step 5
Once verified, receive the loan amount in your account within 30 minutes
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Know Your Personal Loan Fees & Charges
Enjoy pocket-friendly interest rates with no hidden charges
Frequently Asked Questions
What do you mean by a payday loan?
A payday loan is a short-term loan designed to provide immediate financial assistance to salaried individuals facing an urgent cash requirement before their next salary credit. It offers quick access to funds, typically with a single repayment due on the next payday.
Why is it called a payday loan?
The term “payday loan” comes from the repayment structure of the loan, where the borrower repays the entire loan amount, along with interest and applicable charges, on their next salary credit date. It is meant to bridge temporary financial gaps until the next paycheck.
How to apply for a payday loan?
You can apply for a payday loan online through IDFC FIRST Bank’s mobile banking app or net banking. Simply log in, navigate to the personal loan section, check your eligibility, scan the QR code, choose the loan amount, accept the terms and conditions, and receive instant disbursal in your account upon approval.
What is the maximum loan amount to avail?
With FIRSTmoney, you can avail loans of up to ₹10 lakhs. However, the maximum loan amount depends on your salary, credit history, and IDFC FIRST Bank’s credit assessment policies. Customers can check their pre-approved loan limit through the bank’s online platforms.
What is the minimum loan amount to avail?
The minimum loan amount for a payday loan varies based on the bank’s policies but is usually set at an amount sufficient to cover urgent financial needs. With FIRSTmoney, you can opt for a loan amount as low as ₹50,000.
What is the total repayment amount due & tenure?
The total repayment amount includes the principal loan amount, interest, and any applicable charges. The tenure is typically one month, with full repayment automatically deducted from the borrower’s account on the next payday.
Check out EMIs for your next car loan, two-wheeler loan, home loan & etc using IDFC FIRST Bank’s EMI Calculator.
Get FIRSTmoney Smart Personal Loan of Different Amounts
Different Types of Personal Loan for you
Home Renovation Loan
Sometimes minor repairs or home renovations simply can't wait. With FIRSTmoney's personal loan loan, you can cover essential expenses like painting, leak fixes, or buying necessary furniture when you need to. The 100% digital application process ensures swift credit, with adjustable tenures and competitive rates enabling you to repay on convenient terms without draining your savings.
Instant Cash loan
Life is full of surprises—whether it is unexpected repairs, family gatherings, or surprise purchases. FIRSTmoney's personal loan is designed to give you instant liquidity at the time you need it the most. With a 100% online process, fast approvals, and money credited directly into your account, you can meet the unexpected expenses without any hassle. The transparent terms, flexible repayment periods, and no foreclosure charges make this loan a reliable friend for pressing financial needs.
Emergency Personal Loan
Medical treatment, last-minute vacations, or urgent bill payments can put you in a fix. FIRSTmoney's personal loan makes sure that you do not have to compromise on anything in the middle of such an emergency. Same-day approvals and instant disbursals ensure that you get the money you need at the right time. The competitive interest rates and flexible EMI options further ensure hassle-free repayment.
Travel Personal Loan
Urgent travel means there are likely to be spontaneous expenses. The last-minute flight tickets, stay, or last-minute bookings—FIRSTmoney's personal loan gives you the liberty to act fast. The entire process is online, approvals are quick, and money is deposited directly into your account within hours—so your trip is never delayed because of any financial issues.
Wedding Personal Loan
Weddings are emotional occasions that also come with surprise expenditures. From extra payments to vendors to the necessity of last-minute décor changes, FIRSTmoney's personal loan ensures your wedding plans are carried out seamlessly. With the quick online application process and fast disbursals, you never experience any lag, while repayment tenures of up to 60 months offer flexibility.
Personal Loan Tips & Insights: Your Guide to Smarter Borrowing
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03 Sept 2025 | 5 mins read
What does refinancing a personal loan mean? Understand benefits, process, and more
06 Sept 2025 | 5 mins read
Personal loan repayment: How to smartly manage your FIRSTmoney personal loan
06 Sept 2025 | 5 mins read
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