Gone are the days when customers had to visit a bank branch in person to obtain a personal loan. Popular banks like IDFC FIRST Bank offer online loans that are easily accessible and have lower bank loan interest rates. Therefore, the most convenient way to get a personal loan in India in 2023 is by opting for an instant personal loan online. Also called Aadhaar loans, online personal loans are popular among Indian borrowers as an affordable method of getting instant funds. Here are the advantages of opting for an instant personal loan in India today:
1. Instant loans offer access to a large sum of money instantly
By choosing IDFC FIRST Bank’s online personal loans, customers can avail of a loan amount of up to ₹ 1 Crore. Given that a personal loan’s central utility is helping a borrower meet a pressing financial need, a higher loan amount is preferable. With instant personal loans, customers can access a high loan amount without visiting a bank branch.
2. Customers can easily apply for an instant online loan
IDFC FIRST Bank requires salaried individuals to meet the following loan eligibility criteria while applying for an instant personal loan:
- IDFC FIRST Bank requires applicants to be at least 23 years of age.
- The bank grants a personal loan to individuals who will either attain retirement age or be at most 60 by the time their loan matures.
For self-employed individuals, IDFC FIRST Bank has laid down the following eligibility criteria:
- The business must have been in existence for at least 3 Years.
- IDFC FIRST Bank requires applicants to be at least 25.
- The bank grants a personal loan to individuals who will either attain retirement age or be at most 65 by the time their loan matures.
The eligibility criteria for instant personal loans are not very stringent.
3. Banks offer a Balance Transfer facility on personal loans
Debt consolidation is a defining feature of IDFC FIRST Bank’s personal loans. A Balance Transfer option allows customers to transfer the outstanding amount of a credit card or personal loan from one lender to another. IDFC FIRST Bank offers a Balance Transfer facility in online personal loans to help customers consolidate debts and manage borrowings efficiently.
4. Customers can opt for a flexible tenure by choosing an instant personal loan
A key benefit of choosing an online personal loan is the flexibility of tenure. IDFC FIRST Bank allows customers to decide on convenient loan tenure. As an IDFC FIRST Bank customer, you can choose a loan term between 6 months and 60 months-long at your ease. A flexible term helps customers plan their loan repayment in advance by factoring in their EMIs (Equated Monthly Instalments).
Before choosing a loan online, use a personal loan EMI calculator, like the one on IDFC FIRST Bank’s site. Using an EMI calculator can help customers calculate the value of their personal loan EMIs in advance. This feature can help plan for future expenses by accounting for personal loan repayment in advance.
