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Personal loan up to ₹15 lakhs for first-time borrowers
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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.
Personal loan for first-time borrowers
Taking your first personal loan is a significant financial step. Whether you need funds for a rental deposit, medical expenses, an upskilling course, or a family emergency, a personal loan can help you manage your requirement without depleting your savings. And with responsible repayment, it is also one of the fastest ways to build your CIBIL score from scratch. With IDFC FIRST Bank's FIRSTmoney, first-time borrowers can access up to ₹15 lakhs through a 100% digital process. No prior loan history is required to qualify. Just a stable income and basic KYC documents suffice.
Can you get a personal loan if you never borrowed before?
Yes, but subject to certain conditions. Since you're only beginning your borrowing journey, you'll likely have no credit history, which means a thin credit file. In this case,
What works in your favour:
• Stable employment with a regular salary, credit or business income
• Income that can comfortably support the loan amount you request
• Age between 21 and 35 years at the time of borrowing
What can work against you:
• Unstable employment history
• Requesting a loan amount that exceeds your salary, or you can't comfortably repay due to irregular income
When you apply for a FIRSTmoney personal loan for first-time loan applicants, your overall financial profile is evaluated. As credit score is not the only factor, it provides you with a suitable starting point for your first personal loan in India.
What happens to your CIBIL score when you take your first loan?
First-time borrowers typically have a score of 0, -1 or No History (NO). All, indicating that there isn't enough credit yet to generate a score. Taking your first personal loan in India and repaying it on time helps you build your CIBIL score over time. Generally, a credit score starts to form after 6 months of consistent, on-time EMI payments, reaching a decent range of 700-750. It can go higher as you continue your repayment journey.
Your first personal loan, when repaid responsibly, is a financial milestone, rather than just a debt.
Why first-time borrowers need personal loans
A personal loan for beginners can help you manage important life events without waiting until you have accumulated enough funds. It comes in handy in the following scenarios:
• Starting your career in a new city
Paying your rental deposit in a new city as you move for your first job, along with managing other expenses such as buying household items before your first salary is credited, can be challenging. A personal loan helps you meet these needs to get a head start.
• Managing medical expenses
Responsibilities increase as a first-generation earner in the family. If an unexpected medical emergency arises, you can pitch in with a personal loan with no credit history. It provides you with timely access to funds as a young professional.
• Big-ticket purchases
Stepping into a new role may also involve investing in a laptop, work setup, smartphone, or other professional equipment. Instead of postponing these purchases, you can use a personal loan for first-time borrowers to get the essentials when you need them the most.
• Deliberate credit building
If you're a first-time loan applicant with no credit history, a personal loan presents an opportunity to build your credit profile. You can take a small loan that you can repay comfortably to create a positive repayment record. The credit score you build helps qualify for larger credit in the future.
• Contributing to family occasions
As your career progresses, you may want to contribute to important family occasions such as a wedding, a milestone celebration, a sibling's education, etc. You can fulfil these responsibilities without disrupting your investment plans with a personal loan.
What to know before taking your first personal loan?
Before applying for a personal loan for beginners, it helps to consider these points:
• Borrow within your repayment capacity: Ideally, your EMI should not exceed 30-35% of your monthly take-home income so that you can comfortably repay.
• Interest rates vary by profile:Interest rate depends on factors such as your income and credit profile. With limited credit history, the initial rate may be towards the higher end of the applicable range.
• Timely EMI payments: Paying your EMI on time, every time helps build a healthy credit history. Missing even one EMI on your first personal loan can negatively affect the credit profile you're beginning to establish.
• Benefit from zero foreclosure charges: You have the scope to close the loan early whenever you can with zero foreclosure charges from lenders like IDFC FIRST Bank. Use this opportunity wisely.
• Read the loan terms carefully:Every other detail about the loan is highlighted in your loan agreement. Go through the schedule of charges, repayment terms, and other aspects thoroughly before signing.
Key features and benefits of FIRSTmoney personal loan for first-time borrowers
No prior credit history required
You don't need a previous loan or credit card to apply for your first personal loan with IDFC FIRST Bank. Having a stable income and meeting the fundamental eligibility criteria like age and low debt-to-income ratio helps you qualify.
Loan amounts up to ₹15 lakhs
No matter your financial need, FIRSTmoney personal loan comes in handy with a substantial loan amount of up to ₹15 lakhs. The minimum borrowing amount is ₹20,000. Start with the amount you genuinely need, instead of borrowing the maximum, so you can manage the repayments comfortably.
Simple digital application
You can complete the application process for a personal loan with no credit history with a simple eligibility check and video KYC. This simple process ends with disbursal in 10 minutes after approval, thanks to the digitised convenience by IDFC FIRST Bank.
Tenure range of 6-90 months
You have the flexibility to adjust the repayment tenure between 9 and 60 months based on your financial situation and loan management goals. If you can comfortably manage a shorter tenure, you can go debt-free sooner and build your credit faster. On the other hand, a longer tenure may reduce EMIs but affect interest outgo.
No collateral
FIRSTmoney personal loans for beginners are unsecured. You can begin your borrowing journey without having an asset or property to pledge.
Zero foreclosure charges
If your financial situation improves through an increment or you receive a generous bonus, investment proceeds, tax rebates, etc., and want to close the loan early, you can do so without any penalty. FIRSTmoney personal loan involves zero foreclosure charges.
Eligibility and documents for first-time borrowers
Personal loan eligibility
As a first-time loan applicant, you'll have to meet the following eligibility criteria to get a FIRSTmoney personal loan:
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Personal loan documents required
The application process is completed digitally through video KYC verification. So, you'll only a few basic documents to get started:
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How to apply for your first personal loan?
Step 1
Visit the FIRSTmoney personal loan section on the IDFC FIRST Bank website or mobile app
Step 2
Enter your basic details and check your eligibility
Step 3
Start your application with key details and complete video KYC
Step 4
Funds are credited within 10 minutes to your account after approval. Your credit journey has started!
Interest rates and charges for first-time borrowers
| Types of Fees | Applicable charges |
| Personal loan interest rate | Starting from 9.99% p.a. determined by your overall financial profile. First-time borrowers with no credit history may receive an initial rate towards the higher end of the applicable range. As credit builds, future loans may attract lower rates. |
| Processing fees | 0% to 3.5% as applicable on the loan amount. Zero processing fee on select loan amounts. |
| Late payment charges | 2% of the overdue EMI or ₹300, whichever is higher. The fee applies from the date of default until the outstanding amount is paid. |
| Foreclosure charges | Nil |
| Part-payment fee | Not allowed |
| Stamp duty | As per the prevailing statutory rules |
| EMI bounce charges | 12% of the bounced EMI amount (minimum: ₹400 and maximum: ₹1,000) |
Sample EMI calculation
Assuming the interest rate is 9.99% p.a., here's how the EMI calculation would work out:
Loan amount | Tenure | EMI per month |
₹2 lakh | 9 months | ₹23,157 |
₹6 lakh | 18 months | ₹36,031 |
₹8 lakh | 24 months | ₹36,912 |
₹10 lakh | 36 months | ₹32,262 |
₹15 lakh | 60 months | ₹31,863 |
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Dos and don'ts for first-time borrowers
Do's
- Start your borrowing journey with a smaller amount you can comfortably repay
- Set an autopay for paying EMI on time
- Keep track of your repayment progress
- Maintain some flexibility in your monthly budget for additional or unexpected expenses
- Provide accurate and complete details for a smooth loan application
Don’ts
- Don't apply with multiple lenders simultaneously to avoid hard enquiry
- Don't miss a single EMI payment, especially in your first ₹12 months
- Don't foreclose too early as repayment history strengthens your credit score
- Don't reply only on memory to keep track of EMI dates
- Don't treat a personal loan as extra disposable income
Key aspects to note about a personal loan as a first-time borrower
Loan eligibility
More than your income and credit score, your age, employment profile, repayment capacity, and overall financial profile are assessed for FIRSTmoney personal loans. The scrutiny is higher if you have no credit history. Being prepared with a strong profile helps qualify for a higher loan amount and a reasonable interest rate as a first-time borrower.
Digital borrowing
You don't have to deal with endless formalities or lengthy paperwork to apply for a personal loan as a first-time borrower. With FIRSTmoney, you can start your application, complete video KYC, get funds disbursed, and manage the loan entirely online.
Loan servicing
For a convenient repayment journey, you get the convenience of tracking your loan and viewing your repayment schedule through the IDFC FIRST Bank website or mobile banking app.
Early repayment
You can spread out your repayment over a tenure range of 9 to 60 months. You also experience the ease of prepayment with FIRSTmoney's zero foreclosure charges. Close your loan whenever your financial situation allows without any penalty.
Future borrowing opportunities
As a first-time loan applicant, you get the opportunity to qualify with basic eligibility terms and documentation requirements with FIRSTmoney. Once you manage your first loan responsibly, you can set your credit profile up for accessing future borrowing opportunities.
Repayment planning
Planning for repayment even before you apply for a personal loan as a first-time borrower is a smart move. It gives you direction and helps you keep the borrowing practical. To help you with planning, IDFC FIRST Bank simplifies EMI estimation with a personal loan EMI calculator.
Tips to smartly use a personal loan as a first-time borrower
Tip 1
Review your finances before taking a loan
Evaluate your existing expenses against your monthly income. Check how the personal loan fits into your financial situation. The EMIs shouldn't feel overwhelming and strain your budget.
Tip 2
Plan ahead for future financial goals
As your income and family grow, you may have bigger goals such as spending on higher education, buying a vehicle, purchasing a home, saving for emergencies, etc. Account for those goals before choosing a loan amount and tenure.
Tip 3
Borrow with a clear purpose
Your personal loan as a beginner should support meaningful purposes like relocation, education, medical expenses, career-related purchases, etc. Borrowing with a clear purpose helps you get greater value from your first loan as opposed to impulse spending.
Personal loans for first-time borrowers FAQs: Key questions answered
Can a first-time borrower with no credit history get a personal loan?
Yes, a first-time borrower can get a personal loan with no credit history if other eligibility criteria like age, income, and employment or business stability are met.
What is an NH CIBIL score, and can I get a loan with it?
An NH refers to No History status, which means you don't have enough credit history to generate a CIBIL score. You can get a loan despite NH by meeting other eligibility parameters.
What is the minimum salary required for a first-time personal loan?
The minimum criteria depend on the lender. Also, your income should be such that it can accommodate other regular expenses along with EMI without straining your finances. Check this aspect to know if you qualify with a personal loan eligibility calculator.
Choose your personal loan amount with FIRSTmoney
Different Types of Personal Loan for you
Travel Loan
Planning your first big holiday or travelling for an important family occasion? A Travel Loan can help you manage tickets, accommodation and other expenses while allowing you to plan repayments instead of paying the complete amount upfront.
Personal Loan for Online Education
Early in your career, professional courses and certifications can involve costs that are difficult to meet upfront. A Personal Loan can help fund online education while you continue managing your other monthly expenses.
Personal Loan for Used Car
Buying your first car does not always have to mean purchasing a new vehicle. A Personal Loan can help first-time borrowers manage the cost of a pre-owned car suited to their commuting and family needs.
Personal Loan for Second-hand Bike
If you want to keep your first vehicle purchase economical, a pre-owned bike can be a practical option. A Personal Loan can help you arrange the purchase amount without using all your available savings.
Personal Loan for Rental Deposits
Moving to a new city for your first job often means paying a security deposit before your first salary arrives. A Personal Loan can help manage the deposit, moving costs and initial household expenses.
Home Renovation Loan
Whether you are contributing towards repairs at your family home or upgrading your own space, a Personal Loan can help meet renovation expenses without using the full amount from your savings at once.
Avail Low Interest Personal Loans in Your City
Apply for a Personal Loan online in select major cities and get quick access to the funds you need. Enjoy a seamless digital process from application to approval, with minimal documentation. Get the loan amount credited to your account effortlessly and meet your financial needs with ease.
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