IIFL Finance Personal Loan has a low-interest rate and processing charges of as low as 4%. In addition, IIFL Finance offers flexible loan plans ranging from Rs. 5,000 to Rs. 5,00,000. Moreover, with an easy online application, you can get an IIFL Finance loan with minimal documentation of PAN, Aadhar and Bank Statements only. Also, you can use the IIFL website or mobile app to apply for an instant personal loan from anywhere.
OTP Send
Enter 6 Digit OTP
We have just sent a verificaton code to
Mobile XXXXX
Send the code again
Change mobile number/email address
Check IIFL Finance Personal Loan Eligibility
Personal Loan Banks | Interest Rate | Processing Fee | Rating | Loan Amount/Tenure | |
---|---|---|---|---|---|
IIFL Finance Personal Loan | 12.75% - 33.75% | 2% - 4% | ₹1L - ₹25L Tenure(1 - 5 Years) | Details |
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.
Need Loan Assistance?
Connect with Personal Loan Advisor Now!
Loans
EMI Calcualtor
Loan Home Page
Check Eligibility
Iifl Finance's Other Products
Personal Loan By Other Banks
- Axis Bank Personal Loan
- Bank of Baroda Personal Loan
- HDFC Bank Personal Loan
- ICICI Bank Personal Loan
- Bajaj Finserv Personal Loan
- Canara Bank Personal Loan
- IndiaBulls Personal Loan
- YES Bank Personal Loan
- DHFL Personal Loan
- CITI Bank Personal Loan
- Union Bank of India Personal Loan
- Federal Bank Personal Loan
- IndusInd Bank Personal Loan
- State Bank of India Personal Loan
- IDFC FIRST Bank Personal Loan
- Hero FinCorp Personal Loan
- Punjab National Bank Personal Loan
- IDBI Bank Personal Loan
- Kotak Bank Personal Loan
- Shriram Urban Co Operative Bank Limited Personal Loan
- Tata Capital Financial Services LTD Personal Loan
- Tata Capital Housing Finance Limited Personal Loan
- HDFC Sales Personal Loan
- Indian bank Personal Loan
- Capital First Ltd. Personal Loan
- Clix Capital Personal Loan
- Aditya Birla Finance Limited Personal Loan
- L&T Finance Personal Loan
- HSBC Personal Loan
- Loantap Credit Products Private Limited Personal Loan
- Reliance Capital Personal Loan
- Fullerton India Personal Loan
- Bank of India Personal Loan
- Paysence Service Pvt Ltd Personal Loan
- InCred Financial Services Personal Loan
- Edelweiss Financial Services Personal Loan
- Poonawalla Fincorp Limited Personal Loan
- DCB Bank Personal Loan
- Punjab & Sind Bank Personal Loan
- Muthoot Finance Ltd Personal Loan
- karnataka bank Personal Loan
- Bank of Maharashtra Personal Loan
- Ujjivan Small Finance Bank Personal Loan
- AU Small Finance Bank Personal Loan
- karur Vysya Bank Personal Loan
- RBL Bank Personal Loan
- FT Cash Personal Loan
- Deutsche Bank Personal Loan
- MoneyWide Personal Loan
Financial Calculators
Mutual Fund Scheme
Mutual Fund Sector
Gold & Silver Rate
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.
Get your latest Credit Score, FREE
Personal Loan Guide
Get in-depth knowledge about all things related to loans and your finances
Vidya Lakshmi Education Loan
Vidya Lakshmi Education Loan Scheme is a government initiative to provide financial assistance to students pursuing higher education. Under this scheme, loans are provided to students from differen
Emergency Loan : Get Urgent Loans
Emergency loans are a type of personal loan that can cover unexpected expenses when you don't have cash on hand. These loans can help you pay for anything from a medical emergency to a car repair.<
Get Rs 1 Lakh Personal Loan Online
Looking to raise 1 Lakh from a personal loan in India? Check out the list of top lending institutions that offer funds to a customer base with attractive interest rates and flexible repayment tenur