In present times, a quick banking solution is a necessity. If you require immediate funds, worry not about the time-consuming process of traditional loan applications. Obtaining an instant personal loan is now easier than you think. With the introduction of digitalization in the banking landscape, applying for a personal loan can now be conducted online from the comfort of your home. A notable name in the banking sector, IDFC FIRST Bank has also introduced their smart personal loans also referred to as FIRSTmoney for a seamless loan application.

How to Apply for a Personal Loan Online

The process to apply for an instant loan is simple. The three significant steps are noted below. Following this process will save you time and energy and guarantee quick approval.

Check for Eligibility

The first step is to check for eligibility. An IDFC FIRST Bank smart personal loan is available to any salaried or self-employed individual with a minimum age of 21. The maximum age at the time of loan maturity should be their retirement year or 60 years. It depends on which comes earlier. Another criteria is the CIBIL score of the individual. A score of 750 and above is required for a smart personal loan.

Documentation

Having all your documentation ready for a smoother application process is essential. With digital banking, this process also occurs over the internet. For FIRSTmoney, the documents required is a  PAN Card (hard copy). It will be used to conduct the KYC over video (VKYC).

Application Through the Mobile App

With the prominence of digital banking, most banks now have a mobile application to enhance accessibility. There are six steps for applying for FIRSTmoney, the smart personal loan of IDFC FIRST Bank. These are:

1. Firstly open the FIRSTmoney webpage and scan the QR code to initiate the process.
2. Enter your mobile number for registration.
3. Put in fundamental details to check whether you are eligible to apply.
4. Go through the different types of loan available and choose the one that suits your needs.
5. Link your bank account accordingly.
6. Verify your identity through the KYC verification process.

Wait for Approval

Once the bank evaluates your application, they will pass the eligibility test if all the information seems appropriate. The bank will then confirm your loan approval. The IDFC FIRST Bank instant loan approval comes within 5 minutes with an equally fast disbursement. .

Key Points to Keep in Mind

Personal loans or unsecured loans are given without any collateral. Therefore, knowing a few factors before applying for one is important. These are:

1. Type of personal loan: There are different types of personal loans available.FIRSTmoney is offered for travel, wedding, home improvement, emergency and medical purposes.. Each type of loan has distinct processing fees and regulations. It is essential to know about the charges for the bank before applying.
2. Interest Rate: Understand the interest rate and payment tenure while applying for an instant personal loan. On the FIRSTmoney webpage, there is an loan EMI calculator that guides you in easily assessing your loan finances. This can help in avoiding any discrepancies in the future.

Conclusion

Securing an unsecured loan is a simple process to avail of instant funds. With IDFC First Banks’ FIRSTmoney, it is easy to avail a personal loan for diverse needs through a few simple steps. It is however recommended to have a thorough knowledge of the rules and charges of the bank to ensure a seamless experience.