Capital First Ltd. seems to have been a non-bank commercial firm in India that provided loan finance to small businesses, MSMEs (Mini, Small, & Medium Businesses), or Indian individuals. V. Vaidyanathan started Capital First in 2012.
The firm was registered on both the NSE as well as the BSE. The firm’s marketplace value increased from 7.81 billion (31 March 2012) to 60.96 billion (31 March 2018)
In Dec 2018, NBFC Capital & the 1st private enterprise lender IDFC Bank declared the closure of its combination, giving the merging business a total loan assets manuscript of Rs.1.03 lakh billion. According to investor authorization, the amalgamated firm will be known as IDFC First Bank.
What are the benefits of obtaining a personal loan?
- Full end-use adjustability. There aren’t any limitations on how you may use the loan money. You can spend the cash however you see fit, whether it is for a kid’s marriage, house improvements, a health crisis, or perhaps a trip. This is in comparison to a house loan or car loan, where another loan money cannot be used to purchase a house or a vehicle.
- Inadequate security. This is an unprotected loan, which means you aren’t obliged to furnish the lenders with any protection in the manner of money, stock, and similar valuables. This may increase its appeal to certain consumers who are unable to obtain the needed amount as security.
- Extremely fast. Because it is not used for a specified reason, this form of loan doesn’t really need as extensive paperwork as, say, a house or vehicle loan.
If you don’t have any valuables to give as protection, such as a house, stocks, or gold, as well as if you require cash fast, this is probably the best alternative.
What is the procedure for applying for a loan?
On the Capital First webpage, you may fill out the Digital Inquiry application. You may also try
- To register, go to the closest office. The webpage has a list of divisions.
- For further information on the loan procedure, call the toll-free contact indicated on the website.
- Request that a person contacts you with loan information.
Capital First Individual Loans Requires Paperwork
Necessary papers to present while registering for Capital First individual loans
- 3 pictures (passport size)
- Evidence of identification (xerox copy of voter ID cards, passports, driving licenses, and IT PAN cards)
- Evidence of residency (xerox copy of current telephones and utility bills)
- Statements of Bank Account/Pass Book for the previous 6 months
- Forms 16/IT returns from the previous 2 fiscal years for paid personnel
- For self-employed individuals, IT returns for 3 years.
Individual Loans from Capital First
Tailored Capital First individual loans are the ideal alternative for meeting your relatively brief demands since they meet the requirements of numerous groups of individuals. You may select the finest individual loan depending on your needs.
Information on Capital First Individual Loan Criteria
| Percentage of Interest (Monthly decreasing balance) | 12 percent to 18 percent |
| Charges for Filing | 1.5 percent of a loan balance maximum |
| Loan Term | from one to five years |
| Pre-closure fees | Fees for pre-closure-After 6 months, which was before are permissible. 5% of unpaid principal. |
| The necessity for a Surety | No trustee is needed. |
How would Capital First Individual Loan compare to similar banks’ offerings?
There is complete openness about the percentage of interest & costs levied by us. Capital First provides individual loans at the lowest possible rate of interest, with no protection or assets required. Capital First provides loans with a maximum period (60 months), with the option to shorten the duration by charging in advance the loan without consequence. The Banking finances any individual demand and need, with the full sum decided by repayment ability. You may select among set or fluctuating borrowing costs with a Capital 1st individual loan.