Urban Money

IIFL Finance Personal Loan

IIFL Finance
4.5

IIFL Finance Limited (previously IIFL Holdings is one of the foremost financial services players in the country. With its subsidiaries, namely Samasta Microfinance Limited and IIFL Home Finance Limited, it offers a vast range of mortgages and loans to customers.

  • IIFL Finance
  • Personal Loan
Loan Amount:₹1L - ₹25L
Interest Rate:Up to 21%
Processing Fee: 2.5% - 4%
Tenure:5 Years
BanksInterest RateProcessing FeeLoan Amount/Tenure
IIFL Finance

Up to 21%

2.5% - 4%

₹1L - ₹25L

Tenure(1 - 5 Years)

Features and Benefits of IIFL Personal Loan

IIFL Finance (erstwhile IIFL Holdings Limited) offers a personal loan for weddings, pursuing higher education, home renovation, domestic or international vacations, purchasing a vehicle or even buying the latest gadgets.

One of India's leading players in the financial services industry, IIFL Finance Limited offers personal loans up to ₹5 lakh. It ensures that its customers receive express disbursal into their accounts in just a few hours.

The company also has a thriving network of 3,119 branches across 500+ cities nationwide, making the outreach process easy for its customers. Borrowers can avail of IIFL Personal Loan at attractive interest rates starting at 11.75% for a maximum tenure of 3 years.

IIFL Personal Loan Highlights

Interest Rate 11.75% to 28%
Loan Amount ₹5000 to ₹5 lakh
Loan Tenure Up to 3 years
Processing Fee 2% - 4% of Sanctioned Amount + GST

The IIFL Personal Loan is packed with various features and offers multiple benefits to its consumers. Some of them are as follows:

  • Loan Amount: IIFL offers a minimum loan amount of ₹5000 and a maximum loan amount of ₹5 lakh. So, even if somebody requires a lower loan amount of as low as ₹5000, IIFL will be the right place to approach.
  • Process: The entire loan process is online and hassle-free.
  • Documentation: Minimal documentation required, which includes only PAN, Aadhaar and bank statements.
  • Loan Disbursal: The loan is disbursed within 24 hours.
  • APR: The minimum APR (Annual Percentage Rate) is 14.5%, and the maximum APR is 28.5%.
  • Loan Repayment Tenure: You can repay the loan as soon as within three months or up to 36 months, which is the maximum loan repayment tenure.
  • Higher Loan: You can receive a higher loan on successful repayment of the loan.
  • Processing Fee: The processing fee ranges from 2.5% to 4%.

Note: The annual interest rates and processing fees vary depending on the risk profile of the borrower and the desired tenure.

Eligibility Criteria for Obtaining IIFL Personal Loan

To make the process of obtaining a loan easy, IIFL has tailored a few eligibility criteria. They are as follows:

  • The applicant's age must be between 19 to 65 years.
  • The minimum monthly income of the borrower must be ₹5000.

IIFL Personal Loan Fees and Charges

When you apply for an IIFL personal loan, you have to pay certain charges on that:

Types of Charges Amount
Interest Rate 11.75% to 28%
Loan Processing Charge 2 - 4% of Sanctioned Amount + GST
Penal Charges 2% Compounded Monthly
Late Payment Charges 2% Compounded Monthly
Defaults of Any Money Payable 2% Compounded Monthly

IIFL Personal Interest Rates

IIFL offers you personal loans at interest rates ranging from 11.75% to 28%. The interest rates are subject to change and vary from one individual to another, depending on their credit profile.

Factors Affecting IIFL Personal Loan Interest Rates

The several factors that affect the interest rates of IIFL Personal Loan are:

  • Credit Score of the Borrower: The credit score is one of the most important factors that lenders first look at in the borrowers' profile. The lenders at least seek a credit score of 750 or more. Better the credit score, the lower the interest rate.
  • Loan Tenure: The interest rate of the loan is directly proportional to the loan tenure. The lesser it is, the lower would be the interest rate.
  • Income of the Borrower: Borrowers falling under the higher salary brackets receive a deduction benefit on loan interest rates. This is so because the loan repayment potential of such applicants is higher and less risky.
  • Employer's Status: If you work in a reputed or big organisation, you are more likely to receive a better deal on the rate of interest on the personal loan.
  • Relationship with the Lender: It's always advisable to maintain a healthy relationship with the lender. It will help you bag lower interest rates on loans.
  • History of Defaults: It's better if you keep yourself off the defaulter's list. It's hard for the borrowers on the defaulter's list to get personal loans at lower interest rates. In fact, most of the time, people on such lists aren't approved for the loan.
  • Debt-to-Income Ratio (DTI): It's important that your monthly debts remain much lower than your monthly gross income, which implies a lower DTI ratio. The lower it is, the more affordable the interest rate on loan.

Documents Required for IIFL Personal Loan

If you want to avail of an IIFL Personal Loan, you must submit the following documents mandatorily, or your application will be rejected.

  • Selfie of the applicant
  • ID Proof – PAN Card
  • Address Proof, including Aadhaar Card or Driving Licence
  • CA/SA bank statements of the last 6 to 12 months.

How Does the EMI Calculation Work for IIFL Personal Loan?

Just like any other financial institution and bank, IIFL Personal Loan EMI calculation follows the same methodology. The IIFL Personal Loan EMI calculator not only offers you an estimate of the loan you can get but also allows you to apply online to get instant approval and also upload the required documents. Therefore, effectively, within 5 minutes, you can determine the loan amount you can get.

To use the IIFL Personal Loan EMI calculator, choose the correct values of the desired loan amount, loan tenure and interest rate. The screen will automatically display your monthly EMI payment amount, total payment and the interest payable.

Another way to determine the monthly EMI would be to compute it manually using the personal loan EMI calculation formula.

The formula for calculating EMI on IIFL Personal Loan is:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where,

  • EMI = Equated Monthly Instalments
  • N = Number of monthly instalments
  • P = Principal Loan Amount
  • R = Rate of Interest

How Does IIFL Personal Loan Compare with Other Lenders?

Glance through the table below to see how IIFL Personal Loan compares with other lenders:

Banks/NBFCs Interest Rates (per annum) & onwards
IIFL Finance 11.75%
Clix Capital 14.99%
ICICI Bank 10.25%
SBI 9.60%
HDFC Bank 10.25%
Axis Bank 10.25%
PNB 7.90%
IndusInd Bank 10.49%
Kotak Mahindra Bank 10.25%
IDFC First Bank 10.49%
Tata Capital 10.99%
Bajaj Finserv 13.00%

IIFL Personal Loan Customer Care Number

For any additional queries or information related to the IIFL Personal Loan, you can contact the IIFL customer care executive at 1860-267-3000 and 7039-050-000 from Monday to Friday and from 9.30 AM to 6 PM. The customer care service remains closed on Saturday, Sunday and public holidays.

FAQs

From refinancing to reducing your interest, we have the answers right here.

Is IIFL Finance a bank or NBFC?

IIFL is a non-banking financial company (NBFC) headquartered in Mumbai.

Is IIFL Finance private or government?

IIFL Finance and its subsidiaries are backed by Canadian investor Prem Watsa, private equity firm General Atlantic and CDC Group, the UK Government’s private equity arm.

What are the additional charges and fees applicable to the IIFL Personal Loan?

IIFL Personal Loan charges a processing fee of up to 2% and late payment charges in case of default.

What will be the penalty for non-payment of EMI?

Late payment charges or bounce charges will be applicable as per the rates and penalties specified in the welcome/sanction letter. Hence, it’s recommended not to make any defaults in EMI payments.

Will there be any prepayment charges if I prepay my loan?

After 6 months of loan payments, IIFL happily accepts prepayment of loans without any prepayment fees.

What is the repayment term of the IIFL Personal Loan?

IIFL Personal Loan tenure ranges from 3 to 42 months.

How do I update my contact details provided to IIFL?

You can update your new contact details either through IIFL’s online portal or by calling their customer service.

What are the modes to prepay the loan?

You can prepay your loan either using NEFT or RTGS methods through IIFL’s online portal.

How do I pay my IIFL Personal Loan EMIs?

Your monthly EMI’s will be deducted from your salary account as per your ECS and NACH.

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