IDFC FIRST Bank’s FIRSTmoney offers a fully digital, flexible personal loan with on-demand withdrawals and zero foreclosure charges.
FIRSTmoney by IDFC FIRST Bank is a fully digital personal loan solution, built for speed, simplicity, and paperless access.
In India’s evolving credit landscape, unsecured personal loans have emerged as one of the fastest-growing segments within retail banking. RBI data shows that growth in unsecured personal loans had been outpacing several traditional retail credit categories in recent years, largely driven by digital origination and simplified onboarding, before seeing signs of regulatory-led moderation. Today, unsecured loans account for roughly a quarter of banks’ retail loan portfolios, reflecting a clear structural shift toward collateral-free, digitally delivered credit.
Rather than a one-time disbursal, personal loans are increasingly viewed as flexible credit that adapts to changing cash-flow needs. In line with this shift, FIRSTmoney allows borrowers to access funds on demand, drawing smaller sums as needed and paying interest only on the amount utilised, bringing greater control and efficiency to personal borrowing.
IDFC FIRST Bank is strengthening its digital-first positioning with its FIRSTmoney offering, a fully online personal loan designed for customers who value speed, flexibility, and zero paperwork. The product reflects the bank’s broader push to simplify credit access by removing traditional friction points such as branch visits, document uploads, and long approval timelines.
With FIRSTmoney, customers can apply directly through the IDFC FIRST Bank website or mobile app, complete a quick video KYC, and receive funds in their bank account in as little as 30 minutes, according to the bank.
Designed for Today’s Digital-First Consumer
FIRSTmoney is positioned as an on-demand personal loan solution that aligns with changing consumer behaviour, where immediacy, transparency, and control matter more than ever. Customers can access personal loans of up to ₹10 lakh, with interest rates starting at 9.99% per annum on a reducing balance basis.
A key differentiator is the flexibility it offers. Borrowers are not required to withdraw the entire approved loan amount at once. Instead, they can withdraw smaller sums as needed through the app and pay interest only on the amount utilised. The bank has also removed foreclosure charges entirely, allowing customers to close their loan at any time without penalty.
Loans like FIRSTmoney exemplify a broader industry trend where digital loan products are designed for customer empowerment, enabling real-time access and clearer cost visibility compared with legacy credit products.
End-to-End Digital, No Paper Trail
The entire journey from application to disbursal is digital. Customers only need their PAN, Aadhaar details, and a short video KYC to complete the process. Once approved, all aspects of the loan lifecycle, including withdrawals, EMI tracking, statements, and foreclosure, can be managed through the IDFC FIRST Bank app.
EMIs for FIRSTmoney start at ₹2,124 per ₹1 lakh for a five-year tenure, making the product accessible across a wide income spectrum.
Reinforcing IDFC FIRST Bank’s Digital Brand Play
With FIRSTmoney, IDFC FIRST Bank is not just offering another personal loan, it is reinforcing its brand promise around transparency, customer control, and seamless digital experiences. This evolution aligns with the RBI’s broader emphasis on transparency, informed consent, and customer control across digital financial products, as outlined in its digital lending guidelines and regulatory focus.
The product is clearly aimed at salaried and self-employed individuals who value quick access to funds without the complexity traditionally associated with borrowing. As competition intensifies in digital lending, FIRSTmoney positions IDFC FIRST Bank as a player focused on experience-led innovation, where convenience and clarity take precedence over fine print and friction.
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