Zero foreclosure charges from the first EMI, plus a three-day cooling-off
Figures published by IDFC FIRST Bank as of 3rd August 2026. Indicative, not an offer.
IDFC FIRST Bank lends up to ₹15 lakh from 9.99% p.a. — 0.83% a month — over terms to 60 months, under the FIRSTmoney brand. Two terms set it apart: foreclosure is free from the very first EMI rather than after twelve or twenty-four, and a three-day cooling-off period lets a borrower return the money at no cost if they change their mind.
The trade is a stricter bureau bar. Salaried applicants need a CIBIL score of 710 and self-employed applicants 760, higher than most of the panel. In exchange the journey is fully digital on Aadhaar and PAN alone, and disbursal is usually the same day.
IDFC FIRST quotes both an annual and a monthly rate. They describe the same cost — 0.83% a month is 9.99% a year.
| Product or borrower segment | Interest rate |
|---|---|
| FIRSTmoney digital personal loan | 9.99% p.a. onwards |
| Pre-approved offer, existing customers | 10.49% p.a. onwards |
| Balance transfer | 10.25% p.a. onwards |
| Upper end for thinner files | Up to 23.99% p.a. |
Opens at 9.99% p.a., the lowest rate IDFC FIRST Bank publishes. Raise it to see what a weaker bureau score would cost you.
Reducing-balance interest, the same basis the lender quotes on. The interest figure is what the loan adds to the amount you borrow.
Early instalments are mostly interest. The principal only starts falling quickly in the closing years, which is why prepaying early saves so much more than prepaying late.
| Year | Principal paid | Interest paid | Balance |
|---|
No lock-in and no foreclosure charge at any stage. Among lenders on this panel that is the most borrower-friendly exit clause available.
The cooling-off window lets a borrower hand the money back without cost if the requirement disappears or a better offer turns up.
The FIRSTmoney journey runs on e-KYC and a consented bank statement fetch, with no salary slips to upload for most salaried applicants.
An approved application is usually credited the same working day, which matters when the expense is already due.
Processing and foreclosure charges routinely outweigh a small difference in rate. Read these against the rate table above.
Meeting these is what gets the file assessed. Where you land inside the rate band is decided separately, by your bureau record.
Every rate you check and every offer you compare credits coins to your wallet, and they convert 1:1 into rupees.
Yes, and from the first EMI rather than after a lock-in. If there is any chance of clearing the loan early, that term is worth more than a small difference in headline rate.
It is 9.99% a year, the same as the lowest bank rates here. Monthly quoting makes a rate look smaller than it is, so always annualise before comparing.
The application will most likely be declined. Moneyview, HDB Financial Services and Shriram Finance on this panel consider scores from around 650.
9.99% onwards
Up to ₹40 lakh · fee Up to 2%
Read the terms →10.00% - 30.00%
Up to ₹55 lakh · fee Up to 3.93%
Read the terms →12.00% - 22.50%
Up to ₹25 lakh · fee Up to 2%
Read the terms →9.99% onwards
Up to ₹50 lakh · fee Up to ₹6,500
Read the terms →