Personal loan in India: FirstMoney offers users speed!
Applying for a personal loan in India today can be done entirely from your phone, with no need to visit a branch or fill out stacks of paper forms. That’s the case with FirstMoney, a product from IDFC FIRST Bank that promises to release funds within minutes for anyone who meets the eligibility criteria.
Below, find out who can apply, which documents are required, and how, in practice, the step-by-step process works for this personal loan in India.
Eligibility criteria
FirstMoney can be requested by salaried employees or self-employed individuals between 21 and 60 years old with a CIBIL score of 710 or higher. This shows that this personal loan in India is aimed at people who already have some established credit history, rather than necessarily those seeking their first access to formal credit.
To submit the application, all that’s needed is the Aadhaar and PAN numbers. The process skips scanned physical documents in most cases — the only requirement is showing the physical PAN card during the identity verification video call (Video KYC), which is mandatory before the credit is released.
FirstMoney’s reliability
FirstMoney is offered by IDFC FIRST Bank, a private bank regulated by the Reserve Bank of India, formed through the merger of IDFC Bank and Capital First in 2018. The institution’s deposits are covered by DICGC protection of up to ₹5 lakh per depositor, which reinforces the safety of taking out this personal loan in India with this bank.
Advice from the Utua team for you!
Before taking out the FirstMoney personal loan, calculate the installment amount using the actual rate offered to you — not the minimum advertised rate — and confirm it fits your monthly budget without compromising essential expenses.
Also consider whether paying in cash, even if it means dipping into another reserve, might end up cheaper than paying interest for months or years. Avoid taking out more than one loan at the same time, and plan ahead so you never fall behind on installments, since late fees quickly drive up the total cost of the debt.
How to apply for a personal loan in India through FirstMoney?
The journey for this personal loan in India begins with basic registration on the bank’s app or website, followed by an eligibility check. Next, the applicant chooses the desired amount — up to ₹15 lakh — and the repayment term, between 9 and 60 months. After that, they link the bank account where the funds will be deposited and complete the Video KYC by showing the PAN card. Once validated, the approved amount can land in the account within 10 minutes.
Once approved, the customer can withdraw the full amount at once or use it gradually, paying installments only on what is actually used. This flexibility is one of the appeals of this personal loan in India for anyone with cash needs that arise at different times. Click the button below to start your simulation and application right now!
