personal loan
Summary: Traditionally, personal loans require a lot of paperwork as they are unsecured loans, but IDFC FIRST Bank offers a line of credit that will make you rethink the definition of a personal loan.
As you know, loans can be a lifesaver when we try to make our dreams come true faster. Imagine how quickly you could do everything if you had hassle-free access to your money. Amid all the talk about loans, have you ever heard of a line of credit? It’s like a magic wand for financial flexibility. But how exactly do credit limits become a stumbling block? How is it different from the normal loans we usually do? Let’s analyze it.
What is a line of credit and what are its benefits?
A credit limit is basically an agreement between you and the bank. They set a maximum loan limit, which can be reduced several times. It’s like having a financial safety net that you can access when you need it. Unlike traditional personal loans, where you receive a lump sum payment up front, a line of credit lets you borrow only what you need, up to a maximum limit, and pay interest only on what you use.
So how can this help? A line of credit can be useful in a variety of situations. First of all, you can get help in emergencies such as unexpected medical bills or unexpected home repairs. But it’s not just for emergencies. This could also be your ticket to realizing your dreams. Whether you want to cross a travel destination off your bucket list or own a fancy gadget, you can access your funds quickly without having to rely on high-interest credit cards. Additionally, if a good investment opportunity arises, you can utilize the funds in your line of credit to take advantage of it without any hassle.
Firstmoney – Smart Credit Limit from Idfc First Bank
FIRSTmoney, a credit line from IDFC FIRST Bank, is a flexible option that differentiates it from regular personal loans. This allows you to use your funds whenever you want, up to a certain limit. Plus, you only pay interest on what you use. You can easily and comfortably manage your expenses and receive financial help when you need it.
Getting this line of credit is very easy. You can set it up online in just a few minutes by following the steps below.
- Visit the app page and scan the QR code using your smartphone. Register using your mobile number. Check your basic details to see if you qualify. Please specify the details of your preferred loan. Connect your bank account. Complete the KYC verification process via video.
- Visit the app page and scan the QR code with your smartphone.
- Register using your mobile number
- Check your basic details to see if you qualify.
- Please specify the details of your preferred loan.
- Link a bank account
- Complete the KYC video verification process
The standards are clear.
- Age 21-60 CIBIL score 750 or higher, including salary
- Between 21 and 60 years old
- CIBIL Score 750 or above
- pay
FIRSTmoney credit limits ranging from INR 5,000 to INR 10,000 available immediately. Interest rates start from 10.99% per year (calculated monthly), and payments can be made from 2 to 60 months.
Let’s analyze it with an example: If you borrow INR 2 lakh and choose a 3 year (36 months) repayment plan, your monthly installment or EMI at 10.99% interest will be around INR 6,547.
For more information or to create a repayment plan, click here to access the personal loan EMI calculator on the FIRSTmoney Smart Personal Loans page. We will help you design a payment schedule that suits your needs.
Repayment Flexibility – You only pay interest on the funds withdrawn.
FIRSTmoney Smart Personal Loans offers a variety of benefits. This is not just any online personal loan. Credit limit. It means –
- You can only withdraw what you need… …and pay interest only on the amount you withdraw when you need it. You can withdraw from the pool multiple times. EMI has flexible dates. Oh, and there are no repossession fees either.
- You can only withdraw the amount you need.
- …everything you need
- You only pay interest on the amount you withdraw.
- You can leave the group multiple times.
- EMI has flexible dates.
- Oh, and there are no foreclosure fees.
With FIRSTmoney Smart Personal Loans, you have a flexible credit limit like having a financial dream catcher. Whether it’s your dream honeymoon, an epic adventure, or the latest gadget to spice up your life, we are ready to help you make your future dreams come true today. The bottom line is: you can enjoy all the benefits without the usual loan problems. So what are the chances? No end! Just remember, use it wisely and improve your standard of living without worrying about loans.
disclaimer
The contents of this article/infographic/image/video are for informational purposes only. The content is general and for informational purposes only. It is not a substitute for specific advice regarding your particular circumstances. Information may be updated, finalized, reviewed, verified, corrected, and may be materially changed. This information is not intended for distribution or use by anyone in any jurisdiction where such distribution or use would be contrary to law or regulation or which would subject IDFC FIRST BANK or its affiliates to any licensing or registration requirements. IDFC FIRST BANK is not responsible for any direct or indirect loss or liability incurred by readers due to making financial decisions based on the content and information mentioned. Consult a financial advisor before making any financial decisions.
The features, benefits and offers mentioned in the article are valid as of the date this blog was published and are subject to change without notice. The contents of this document are subject to other product-specific terms and conditions and third party terms and conditions, as applicable. Please refer to our website www.idfcfirstbank.com for the latest information.
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