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.
Here are the highlights of IIFL Personal Loan:
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Loan Amount | Up to INR 25 lakhs |
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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:
Here are the eligibility criteria for IIFL Personal Loan:
Eligibility Criteria | Salaried Individuals | Self-Employed Individuals |
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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:
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 |
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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:
Here are some important terms and conditions of IIFL Personal Loan:
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:
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:
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.
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:
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.