NEED GUIDANCE ON IDFC FIRSTMONEY CREDIT LINE

[Md_]

Hey guys,
I need your expert guidance about the IDFC FIRST BANK SMARTMONEY OR you can say FIRST MONEY which allows us to foreclose at 0% , withdraw unlimited time

Please give me some information about it and
Question :- I already have a personal loan from IDFC so can I activate smartmoney credit line?

Thank you in advance for your views
Awaiting your responses

 

[Md_]

Guys please anyone reply

Hey guys,
I need your expert guidance about the IDFC FIRST BANK SMARTMONEY OR you can say FIRST MONEY which allows us to foreclose at 0% , withdraw unlimited time

Please give me some information about it and
Question :- I already have a personal loan from IDFC so can I activate smartmoney credit line?

Thank you in advance for your views
Awaiting your responses

 

[Sobirvs]

would like to know the same.

 

[Dr.AMAN]

I recently availed IDFC First's smart personal loan(FIRSTmoney) of Rs.3lakh for 6 months, so here r 2 cents. Frankly speaking I was blown away by the smoothness of the whole process. From Loan application to disbursement it took approx 3-4min. To give u some context: I have IDFC first savings account and credit cards for the last 1 year. Within 3-4 months of opening savings account I was getting the offer to avail First Money smart personal loan in the app, but never had the need to avail it. Last month I needed 3 lakh urgently. I have a 3lakh FD with IDFC First bank but breaking it would have caused me huge loss of the interest component. So I thought why not avail and see the Smart loan. U have to keep these things in mind:-
- There r 2 types of personal loans in IDFC First:-
1. Smart personal loan(aka FIRSTmoney): This is a preapproved loan given to each customer based on ur SA balance, existing relationship, repayment history. It involves loan amount upto Rs.10 lakh with ROI from 12-20%( monthly reducing). There will be no CIBIL Enquiry, no paperwork while applying for this loan.
2. Standard Personal Loan: This is like any other bank's PL. It requires paperwork and branch visit. Cibil Hit will be there. Good if u dont have preapproved smart PL offer or if u want >10lakh amount.
- I was having the option of availing upto 7 lakh Smart PL through the app at 12% ROI. I chose 3lakh for 6 months.
- There is a 2% processing fees (around Rs.6000). But if u give access to your other bank accounts through Anumati portal then there was a Rs 1000 discount offer on the Processing fees (so Rs 5000 incl.gst)

- There was an option to get Aditya Birla life insurance for Rs.5000 but it was optional so didnt take it.
- Immediately after clicking on "verify and get money" I got this confirmation message:-

- Then got a call from their Mumbai head office's loan processing team confirming the same details that I filled in the app. And then during call itself I got a credit message of that 3Lakh amount into my SA. The loan agent was very professional and she even warned me not to pickup any calls after this from randome agents trying to sell me the Life insurance as it was not compulsory( any other PSU bank agents might have forced me to get the Insurance). True to her words I did get 5-6 calls from random number after that but didnt pickup any of them.
This fast and customer friendly process really won me over. Would definitely prefer IDFC bank(or other similar pvt bank) in future for any loan process over psu banks(even if I have to pay 1-2% extra just for the peace of mind and smooth process)

 

[hender]

I recently availed IDFC First's smart personal loan(FIRSTmoney) of Rs.3lakh for 6 months, so here r 2 cents. Frankly speaking I was blown away by the smoothness of the whole process. From Loan application to disbursement it took approx 3-4min. To give u some context: I have IDFC first savings account and credit cards for the last 1 year. Within 3-4 months of opening savings account I was getting the offer to avail First Money smart personal loan in the app, but never had the need to avail it. Last month I needed 3 lakh urgently. I have a 3lakh FD with IDFC First bank but breaking it would have caused me huge loss of the interest component. So I thought why not avail and see the Smart loan. U have to keep these things in mind:-
- There r 2 types of personal loans in IDFC First:-
1. Smart personal loan(aka FIRSTmoney): This is a preapproved loan given to each customer based on ur SA balance, existing relationship, repayment history. It involves loan amount upto Rs.10 lakh with ROI from 12-20%( momthly reducing). There will be no CIBIL Enquiry, no paperwork while applying for this loan.
2. Standard Personal Loan: This is like any other bank's PL. It requires paperwork and branch visit. Cibil Hit will be there. Good if u dont have preapproved smart PL offer or if u want >10lakh amount.
- I was having the option of availing upto 7 lakh Smart PL through the app at 12% ROI. I chose 3lakh for 6 months.
- There is a 2% processing fees (around Rs.6000). But if u give access to your other bank accounts through Anumati portal then there was a Rs 1000 discount offer on the Processing fees (so Rs 5000 incl.gst)
View attachment 106797
- There was an option to get Aditya Birla life insurance for Rs.5000 but it was optional so didnt take it.
- Immediately after clicking on "verify and get money" I got this confirmation message:-
View attachment 106798
- Then got a call from their Mumbai head office's loan processing team confirming the same details that I filled in the app. And then during call itself I got a credit message of that 3Lakh amount into my SA. The loan agent was very professional and she even warned me not to pickup any calls after this from randome agents trying to sell me the Life insurance as it was not compulsory( any other PSU bank agents might have forced me to get the Insurance). True to her words I did get 5-6 calls from random number after that but didnt pickup any of them.
This fast and customer friendly process really won me over. Would definitely prefer IDFC bank(other other similar pvt bank) in future for any loan process over psu banks(even if I have to pay 1-2% extra just for the peace of mind and smooth process)

What's your EMI for 6 months !!

 

[Dr.AMAN]

What's your EMI for 6 months !!

It is Rs 52932 for 6 months. The 5k processing fees is added with the 3L loan amount. I m planning to foreclose it in 2 months so wont lose much.

 

[Md_]

I want to ask last year I got pre approved PL I took it

Pre approved PL is different from firstmoney as my pre approved loan charged me around 3-4% processing fees + foreclosure charges


I want to open a credit line which idfc claims that I can withdraw at anytime

How to open that

And do you open it or it was like just pre approved loan offer

 

[Dr.AMAN]

I want to ask last year I got pre approved PL I took it

Pre approved PL is different from firstmoney as my pre approved loan charged me around 3-4% processing fees + foreclosure charges


I want to open a credit line which idfc claims that I can withdraw at anytime

How to open that

And do you open it or it was like just pre approved loan offer

What you took last year looks like a Standard PL and not the FIRSTmoney/Smart PL, because in FIRSTmoney smart PL there is no foreclosure charges and processing fees is not more than 2%.
R
Just like this Smart PL, u can get preapproved offer for their Standard PL also.(like how HDFC agents try to sell their PL which includes 3% foreclosure charges.) When u r new to IDFC bank or dont have SA previously then they offer u their Standard PL only at first. After few months, they will offer you preapproved Smart PL with limit upto 10 lakh, depending on ur SA balances and credit card repayment history(if u have one). I dont use their credit card much so had offer of only upto 7lakh Smart PL. When they claim that u can withdraw "multiple times " then what they mean is that if u first withdraw a lesser amount, say only 3 lakh out of that approved 7 lakh, then u can even withdraw the remaining 4 lakh at any time. U will be charged interest only on the amount u withdraw.But if u have already withdrawn full 7 lakh then u cannot withdraw any more. U can repay the previous loan and then withdraw again. Check ur app to see if u have preapproved Smart PL or contact their CC and ask. If ur previous loan's repayment h/o is good they might offer u this Smart PL too.

 

[Sobirvs]

- There is a 2% processing fees (around Rs.6000). But if u give access to your other bank accounts through Anumati portal then there was a Rs 1000 discount offer on the Processing fees (so Rs 5000 incl.gst)

This sucks, I am not getting this option of discount. May be coz I got an option before that if I want more limit, I can connect other accounts which I did and then they increased the limit and now I am getting 8L limit option if I want to avail the loan.

Also, this loan seems good, but 2% is quite steep for processing. Banks like icici/hdfc/sbi have offers of 1k+gst processing all the time. Smooth process is appreciated of idfc ofcourse. No cibil check is great but I had a requirement and I guess I'll go the route where they manually check everything as processing fee is less and interest rate is also less.

But this idfc loan can certainly be considered. I wonder if I call idfc they might give better interest rate and processing fee for pre-approved loan?

 

[Dr.AMAN]

This sucks, I am not getting this option of discount. May be coz I got an option before that if I want more limit, I can connect other accounts which I did and then they increased the limit and now I am getting 8L limit option if I want to avail the loan.

Also, this loan seems good, but 2% is quite steep for processing. Banks like icici/hdfc/sbi have offers of 1k+gst processing all the time. Smooth process is appreciated of idfc ofcourse. No cibil check is great but I had a requirement and I guess I'll go the route where they manually check everything as processing fee is less and interest rate is also less.

But this idfc loan can certainly be considered. I wonder if I call idfc they might give better interest rate and processing fee for pre-approved loan?

Yes u can negotiate with them if u have something to keep as leverage. Like if u have IDFC select/wealth account or a large TRV with them in the form of fd/mutual funds then they may reduce the ROI and Processing fees. In fact they advertise that this Smart PL's interest rate starts at 9.99%. If u want <12% ROI and discount on Processing fees then going to the branch/contacting RM would be better. If applying directly through app without any special leverage then 12% is the lowest ROI. I didnt have time/high TRV so just opted for this 2% processing fees. The 0% foreclosure charges was enough to lure me. In future if I upgrade my account then will approach through RM directly to get lower ROI/processing fees.

 

[Md_]

Yaa i dont have SA acc with them I only have few consumer loan from that good history they offered pre approved standard pl

Now I guess they can offer me smartloan

Actually I want smartloan so I have security to withdraw any time when I want

 

[Md_]

Last month I applied for it they instantly on kyc with pan said cannot process further due to internal policy

I guess due to my standard personal loan it happened took on November last year paid 8 emi till now

 

[Dr.AMAN]

Last month I applied for it they instantly on kyc with pan said cannot process further due to internal policy

I guess due to my standard personal loan it happened took on November last year paid 8 emi till now

Try to build a stronger relationship with the bank like using their CC and repaying regularly. Once u have a preapproved Smart PL offer u will start getting calls from their relationship team informing u about the same.

 

[Md_]

Also they only show me fd card whenever t try to apply

 

[Md_]

Try to build a stronger relationship with the bank like using their CC and repaying regularly. Once u have a preapproved Smart PL offer u will start getting calls from their relationship team informing u about the same.

Pls refer this thread for cc https://www.technofino.in/community/threads/help-for-idfc-credit-card.43134/

 

[Dr.AMAN]

Pls refer this thread for cc https://www.technofino.in/community/threads/help-for-idfc-credit-card.43134/

Got it. Could be unserviceable pincode issue. I heard that IDFC First is rapidly expanding its CC network areas. Meanwhile try closing ur personal loans and then apply. Having pre existing PLs might also be a reason for rejection. Then apply for their CC. Even if u get their lowest variant CC it is fine. I have their 25k MAB SA with Millenia and IDFC power plus cc(both approved without any income proof) with a measly limit of Rs.36k. Still got the Smart PL offer.

 

[Md_]

I also guess that it's area issue because before taking pl they only shows fd card

Though I have 780 cibil 50-70K monthly income 7lakh itr