IIFL Personal Loan @ 12.75% p.a - Get Upto Rs. 25 Lakhs

IIFL Personal Loan

IIFL Personal Loan is a type of unsecured loan that is offered by IIFL Finance Limited, a leading non-banking financial company in India. With IIFL Personal Loan, borrowers can get access to funds without having to provide any collateral or security.
IIFL Personal Loan offers flexible repayment options and competitive interest rates, making it an attractive choice for those who need quick funds.

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IIFL Personal Loan Highlights

Here are the highlights of IIFL Personal Loan:

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Loan Amount Up to INR 25 lakhs
Loan Tenure

Up to 5 years
Interest Rate

12.75% to 33.75% p.a
Processing Fee

Up to 2% of the loan amount, Min Rs 750
Part Payment

No option
Eligibility

Salaried and self-employed individuals
Minimum Income

INR 25,000 per month
Credit Score

650 and above
Documentation

PAN card, Aadhaar card, bank statement, salary slip, etc.

Note: The loan amount, tenure, interest rate, and fees may vary based on the borrower’s eligibility and other factors. The information provided above is subject to change without prior notice. It is always recommended to check with the lender for the latest updates and terms and conditions.

The interest rate on IIFL Personal Loan starts from 12.75% to 33.75% per annum. However, the actual rate offered to a borrower may vary depending on various factors such as their credit score, repayment capacity, loan amount, tenure, etc. It is important to note that IIFL Finance Limited may also offer different interest rates for different loan amounts and tenures. Additionally, the interest rate may also be affected by market conditions and other external factors. It is always recommended to check with the lender for the latest interest rates and terms and conditions before applying for a personal loan.

Here are some of the features and benefits of IIFL Personal Loan:

  1. Unsecured loan: IIFL Personal Loan is an unsecured loan, which means that borrowers can get access to funds without having to provide any collateral or security.
  2. Loan amount: IIFL Personal Loan offers loan amounts ranging from a minimum of INR 1 lakh to a maximum of INR 25 lakhs, depending on the borrower’s eligibility.
  3. Flexible tenure: The loan tenure can range from a minimum of 1 year to a maximum of 5 years, giving borrowers the flexibility to choose a repayment period that suits their financial situation.
  4. Competitive interest rates: IIFL Personal Loan offers competitive interest rates starting from 12.75% per annum, which makes it an attractive choice for borrowers.
  5. Quick disbursement: The loan disbursal process is quick and hassle-free, which means that borrowers can get access to funds within a few days of loan approval.
  6. Online application: The loan application process can be done online, which makes it convenient for borrowers to apply from the comfort of their own homes.
  7. Part prepayment and foreclosure options: IIFL Personal Loan offers part prepayment and foreclosure options, which means that borrowers can make prepayments or foreclose their loan without any penalty charges.
  8. Minimal documentation: The documentation process is simple and requires minimal documentation, which makes it easy for borrowers to apply for the loan.
  9. No hidden charges: IIFL Personal Loan comes with no hidden charges, which means that borrowers can be assured of transparent and fair lending practices.
  10. Multiple end-use options: Borrowers can use the loan amount for various purposes such as home renovation, medical expenses, wedding, travel, education, or any other personal needs.

Here are the eligibility criteria for IIFL Personal Loan:

Eligibility Criteria Salaried Individuals Self-Employed Individuals
Minimum Age 21 years 25 years
Maximum Age 60 years at loan maturity 65 years at loan maturity
Minimum Income INR 20,000 per month INR 3 lakhs per annum (ITR of last 2 years)
Employment Status Employed with a minimum of 2 years of work experience with current employer Continuity in the same business for a minimum of 3 years
Credit Score 650 and above 650 and above
Work Stability Minimum of 6 months with current employer Minimum of 3 years in the same business
Documentation PAN card, Aadhaar card, bank statement, salary slip, etc. SPAN card, Aadhaar card, bank statement, ITR of last 2 years, etc.

Note: The eligibility criteria mentioned above are indicative and subject to change without prior notice. The actual eligibility may vary based on the lender’s policy and other factors. It is recommended to check with the lender for the latest updates and terms and conditions.

Here are the documents required to apply for IIFL Personal Loan:

  1. Identity proof: Aadhaar card, PAN card, Voter ID, Passport, Driving license, etc.
  2. Address proof: Aadhaar card, Passport, Voter ID, Driving license, utility bills (electricity, gas, water, etc.), rental agreement, etc
  3. Income proof:
    ● For salaried individuals: Latest salary slips (last 3 months), bank statement (last 6 months), Form 16, etc.
    ● For self-employed individuals: ITR of the last 2 years, balance sheet, profit and loss account, bank statement (last 6 months), etc.
  4. Passport size photograph: Recent passport size photograph of the borrower.
  5. Employment proof: Employment letter, Appointment letter, or any other document that confirms the borrower’s current employment status.

Note: The list of documents mentioned above is indicative and may vary based on the lender’s policy and other factors. Additionally, the lender may also request additional documents based on the borrower’s profile and loan requirements. It is always recommended to check with the lender for the latest documentation requirements and terms and conditions.

₹
%

Principal amount

Loan EMI

Total Intrest Payble

Total Payment (Principal + Interest)

Here’s an example of IIFL Personal Loan EMI calculation for a loan amount of INR 5 lakhs at an interest rate of 12.99% per annum and a loan tenure of 3 years (36 months):

Loan amount: ₹5 lakhs
Interest Rate: 12.99% per annum
Loan Tenure: 36 months

Using the standard EMI formula, the monthly EMI for this loan would be:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
where P is the loan amount, R is the interest rate per month, and N is the loan tenure in months

R = 12.99% / 12 = 1.0825% per month
N = 36 months
EMI = [500000 x 1.0825% x (1+1.0825%)^36] / [(1+1.0825%)^36-1]
EMI = INR 16,969

So, the monthly EMI for a loan of INR 5 lakhs at 12.99% per annum for a tenure of 36 months would be INR 16,969.

Here’s the amortization schedule for the above calculation:

Month Beginning Balance EMI Interest Principal Ending Balance
1 500,000.00 16,969 5,125.63 11,843.37 488,156.63
2 488,156.63 16,969 4,940.50 12,028.50 476,128.13
3 476,128.13 16,969 4,752.21 12,216.79 463,911.34
4 463,911.34 16,969 4,560.60 12,408.40 451,502.94
5 451,502.94 16,969 4,365.61 12,603.39 438,899.55
-- -- -- -- -- --
34 32,122.29 16,969 811.31 16,157.69 15,964.60
35 15,964.60 16,969 397.58 16,571.42 0.00
36 0.00 16,969 14.16 16,954.84 0.00

In the above table, “Beginning Balance” represents the outstanding loan amount at the beginning of each month, “EMI” represents the monthly EMI, “Interest” represents the interest component of the EMI, “Principal” represents the principal component of the EMI, and “Ending Balance” represents the outstanding loan amount at the end of each month.

Here’s a comparison of IIFL Personal Loan with other popular banks and NBFCs in India:

Feature IIFL Personal Loan HDFC Bank Personal Loan ICICI Bank Personal Loan Axis Bank Personal Loan Bajaj Finserv Personal Loan
Interest Rate Starting from 11.49% per annum Starting from 10.50% per annum Starting from 10.75% per annum Starting from 12% per annum Starting from 12.99% per annum
Loan Amount Up to INR 25 lakhs Up to INR 40 lakhs Up to INR 20 lakhs Up to INR 25 lakhs Up to INR 25 lakhs
Loan Tenure Up to 5 years Up to 5 years Up to 5 years Up to 5 years Up to 5 years
Processing Fees Up to 2% of loan amount + GST Up to 2.5% of loan amount + GST Up to 2.25% of loan amount + GST Up to 2% of loan amount + GST Up to 4.13% of loan amount + GST
Prepayment Charges Up to 5% of outstanding loan amount + GST Up to 4% of outstanding loan amount + GST Up to 5% of outstanding loan amount + GST Up to 5% of outstanding loan amount + GST Up to 4% of outstanding loan amount + GST
Minimum Income Requirement INR 20,000 per month INR 20,000 per month INR 30,000 per month INR 15,000 per month INR 25,000 per month
Credit Score Requirement 650 or above 650 or above 650 or above 750 or above 750 or above
Collateral/Security Required No No No No No
Instant Approvalk Yes Yes Yes Yes Yes
Online Application Yes Yes Yes Yes Yes

Note: The information provided above is subject to change and may vary depending on the specific loan product and the borrower’s eligibility. It is always advisable to check with the respective bank/NBFC for the latest information and terms and conditions.

Here are the contact details for IIFL Personal Loan Customer Care:

  1. Email: customersupport@iifl.com
  2. Phone: 1860-267-3000 (local call rates apply)
  3. Corporate Office Address: IIFL Centre, Kamala City, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Here are some important terms and conditions of IIFL Personal Loan:

  1. Eligibility : To be eligible for an IIFL Personal Loan, you must be a salaried individual or a self-employed individual, aged between 21 and 60 years. You must also have a minimum monthly income of INR 20,000.
  2. Loan Amount: The loan amount offered by IIFL Personal Loan ranges from INR 50,000 to INR 25 lakhs, depending on your eligibility.
  3. Loan Tenure: The repayment tenure for an IIFL Personal Loan can range from 1 to 5 years.
  4. Interest Rate: The interest rate for an IIFL Personal Loan starts from 11.49% per annum and may vary based on factors such as your credit score, income, loan amount, and repayment tenure.
  5. Processing Fees: IIFL Personal Loan charges a processing fee of up to 2% of the loan amount plus applicable taxes.
  6. Prepayment Charges: If you wish to prepay your IIFL Personal Loan, you may be required to pay a prepayment charge of up to 5% of the outstanding loan amount plus applicable taxes.
  7. Repayment: The loan can be repaid through Equated Monthly Installments (EMIs) using post-dated cheques or through Electronic Clearing Service (ECS) from your bank account.
  8. Collateral: IIFL Personal Loan is an unsecured loan, which means you do not need to provide any collateral or security to avail the loan.
  9. Credit Score: A minimum credit score of 650 is required to be eligible for an IIFL Personal Loan.
  10. Disbursement: The loan amount will be disbursed to your bank account after the loan is approved and all required documents are submitted and verified

It is important to carefully read and understand the terms and conditions of the loan before applying for it.

Here are some of the advantages of availing an Axis Bank Personal Loan:Here are some advantages of availing an IIFL Personal Loan:

  1. Flexible Loan Amount: IIFL Personal Loan offers loan amounts ranging from INR 50,000 to INR 25 lakhs, depending on your eligibility.
  2. Quick Disbursal: IIFL Personal Loan has a fast and hassle-free loan approval process, with loan disbursal within 8 hours of loan approval.
  3. Competitive Interest Rates: IIFL Personal Loan offers competitive interest rates starting from 12.75% per annum, making it an affordable option for borrowers.
  4. Easy Repayment Options: The loan can be repaid through Equated Monthly Installments (EMIs) using post-dated cheques or through Electronic Clearing Service (ECS) from your bank account.
  5. No Collateral Required: IIFL Personal Loan is an unsecured loan, which means you do not need to provide any collateral or security to avail the loan.
  6. Minimal Documentation: IIFL Personal Loan requires minimal documentation, making it an easy and hassle-free process for borrowers.
  7. Prepayment Facility: IIFL Personal Loan allows prepayment of the loan amount, which can help you save on interest charges.
  8. Part-payment Facility: IIFL Personal Loan also offers part-payment facility, which means you can pay a part of your outstanding loan amount in advance.
  9. Online Application: IIFL Personal Loan allows you to apply for the loan online, saving you time and effort.

Overall, IIFL Personal Loan is a convenient and affordable option for borrowers looking for quick and hassle-free personal loans.

While IIFL Personal Loan offers many advantages, there are also some drawbacks to consider, such as:

  1. Higher Processing Fees: IIFL Personal Loan charges a processing fee of up to 2% of the loan amount plus applicable taxes, which can be higher compared to other lenders.
  2. Strict Eligibility Criteria: IIFL Personal Loan has strict eligibility criteria, which may make it difficult for some borrowers to qualify for the loan.
  3. Higher Prepayment Charges: If you wish to prepay your IIFL Personal Loan, you may be required to pay a prepayment charge of up to 5% of the outstanding loan amount plus applicable taxes, which can be higher compared to other lenders.
  4. Penalty Charges for Late Payment: If you miss an EMI payment or delay your payment, IIFL Personal Loan may charge a penalty fee, which can be higher compared to other lenders.
  5. Limited Availability: IIFL Personal Loan may not be available in all locations, which may limit its accessibility for some borrowers.
  6. High Interest Rates for Low Credit Scores: If your credit score is low, you may be charged a higher interest rate, which can make the loan more expensive

Overall, it is important to carefully evaluate the advantages and disadvantages of IIFL Personal Loan and compare it with other lenders to make an informed decision.

FAQs

Yes, IIFL Personal Loan is safe to avail as it is provided by India Infoline Finance Limited, which is a registered non-banking financial company (NBFC) regulated by the Reserve Bank of India (RBI). The company has a strong reputation in the financial industry and has been providing various financial services to its customers for over two decades.

IIFL Personal Loan also follows strict data privacy and security policies to protect the personal and financial information of its customers. The loan application process and loan disbursal are done through secure channels, ensuring that your information is kept safe and confidential.

It is important to note that before availing any loan, it is advisable to read the terms and conditions, understand the interest rates, fees, and charges associated with it, and ensure that you have the ability to repay the loan. By doing so, you can make a well-informed decision and avoid any financial risks.

While there is no guaranteed way to get instant IIFL Personal Loan approval, there are certain steps you can take to increase your chances of getting your loan approved quickly:

  1. Check your eligibility: Make sure you meet the eligibility criteria for IIFL Personal Loan, which includes factors such as age, income, credit score, and employment status.
  2. Submit complete documentation: Ensure that you submit all the required documents such as identity proof, address proof, income proof, and bank statements, as incomplete documentation can delay the loan approval process.
  3. Maintain a good credit score: A good credit score can increase your chances of getting loan approval and may also result in lower interest rates. Try to maintain a credit score of 750 or above.
  4. Apply online: Applying for an IIFL Personal Loan online can help you save time and effort, and may also result in faster loan approval.
  5. Provide accurate information: Provide accurate and truthful information in your loan application, as any discrepancies or false information may lead to loan rejection or delays.
  6. Follow up with the lender: If you do not hear back from IIFL Personal Loan within the stipulated time, follow up with the lender to check the status of your loan application.

It is important to note that while these steps can increase your chances of getting instant loan approval, the final decision is at the discretion of the lender and may depend on various factors such as the loan amount, loan tenure, and your creditworthiness.

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