Smart Money
Zomint Verdict: Excellent for quick digital funding with low rates and flexibility.
IDFC FIRST Bank's Smart Money (FIRSTmoney) is a 100% digital personal loan offering instant approval and disbursal up to ₹10 lakhs with no paperwork, zero foreclosure charges, and flexible on-demand withdrawals.
Highlights
Key Benefits
100% digital process with instant disbursal in 30 minutes to 24 hours
Zero foreclosure and prepayment charges
Multiple on-demand loans from approved limit without re-KYC
No physical documents needed, only PAN for video KYC
Flexible tenures and EMI dates
Why Apply?
- Fully digital, paperless process
- Fast approval and disbursal (2 hrs to 24 hrs)
- No prepayment penalties
- Competitive low interest rates
Considerations
- −Higher rates for lower credit scores
- −Processing fee applies (from 2.5%)
- −Part-prepayment not always allowed
Eligibility & Requirements
Who Can Apply
- Age 25-60 yearsApplicants must be between 25 and 60 years old.
- Income ₹20K+ monthlyMinimum monthly income of ₹20,000 or higher for salaried/self-employed.
- CIBIL 730+Credit score of 730 and above preferred for best rates.
- Salaried or Self-employedEmployment for salaried (1+ year) or self-employed (2-3+ years).
Required Documents
Quick Checklist: No physical documents required; only physical PAN card for Video KYC. Digital process with Aadhaar/PAN verification., Salary slips/ITR/bank statements may be auto-fetched digitally if needed..
- IdentityPAN Card (physical for Video KYC)
- AddressAadhaar (digital verification)
Fees & Charges
Transparency First| Charge | Rate | Details |
|---|---|---|
| Processing Fee | From 2.5% | From 2.5% (1.5-3.5% typically incl. GST) |
| EMI Bounce Charges | ₹400 - ₹1000 | 7.5% of EMI/Outstanding (min ₹400, max ₹1000) |
| Stamping Charges | Nominal | As per State's Stamp Act |
Multiple On-demand Loans
Withdraw multiple times from approved limit without new application.
Application Process
100% Digital Journey
Apply online/app, enter details, video KYC, instant approval.
Fast Disbursal
Funds in 30 mins to 24 hrs post-approval.
Video KYC
Show PAN on camera, no uploads needed.
Disclaimer: While we do our best to ensure the information displayed is accurate and up-to-date, the latest information about this loan, including interest rates, fees, tenure, and terms, is available on the respective lender's official website. We recommend verifying all details directly with IDFC FIRST Bank before making any decisions.