IIFL Bank Personal Loan
IIFL Finance offers personal loans starting at 12.75% per annum for loan amounts up to 5 lakh and tenures up to 42 months. IIFL Finance offers quick disbursement on personal loans and also provides pre approved personal loans if you are an existing customer. However, you must consider your financial situation and evaluate whether you need a personal loan or not as you will get a higher interest rate as compared to other loans available in the market.
Features of IIFL Finance Personal Loan
Eligibility criteria
Quick eligibility check in just one minute, through an online process which saves the time of the applicant.
Online approval process
If the applicant is eligible for the [personal loan and the verification of documents is successful then the financial institute offers a quick online approval process that takes approximately five minutes.
Quick loan disbursement
After the approval of personal loan the financial institute helps in express loan disbursement in about 8 hours.
Loan amount
The financial institute offers a loan amount of up to Rs. 5 lakh to the borrower, if you meet the eligibility criteria that is set by them.
Less documentation
The financial institute does not require many documents for verification, they opt for simple documentation methods.
Online application process
They offer a completely online application process for the convenience of the borrowers.
Transparency
The personal loan approval process is a transparent process as they have set clear eligibility criteria for the approval of loan.
Hassle free
eKYC and eSign via Aadhaar enable faster processing of loan applications, by providing various options for the borrower.
IIFL Finance Personal Loan Details
Interest Rates | 12.75%-44.00% p.a. |
Loan Amount | ₹5,000- ₹5 lakh |
Tenure | 3-42 months |
Processing Charges | Up to 2%-9% of loan amount |
Prepayment charges | NIL |
Minimum Monthly Salary | ₹22,000 onwards |
Source: Paisabazaar; rates as of 25 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
IIFL Finance Personal Loan Fees & Charges
When you want to obtain a personal loan, always ask about the processing fee in advance, and ensure that the financier gives you a breakdown of your costs. This will give you an overview of your costs and avoid hidden costs that the final price may encounter.
Processing Fee | Up to 2%-9% of loan amount |
Penal Charges, late payment, Defaults of any money payable | 2% compounded monthly |
Prepayment Charges | NIL (allowed only after 6 months of repayment) |
Source: Paisabazaar; rates as of 25 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
IIFL Finance Personal Loan Interest Rates
Some of the most important considerations when borrowing have been the interest rates charged on personal loans. Knowing how they are actually computed, and some tactics in getting competitive interest rates can allow individuals to be more informed while reducing the cost of their loan.
Minimum Interest Rate | 12.75% p.a. |
Maximum Interest Rate | 44.00% p.a. |
Source: Paisabazaar; rates as of 25 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
IIFL Finance Personal Loan Eligibility
To determine your personal loan eligibility and interest rate, you must know about the eligibility criteria for a personal loan. Lenders make use of a number of considerations in determining the creditworthiness and suitability of a borrower for a personal loan. Let's find out what are the major eligibility criteria that are used to determine personal loan eligibility.
For salaried individuals:
Minimum age: The minimum age at the time of loan application is 23 years.
Maximum age: At the time of debt maturity, the maximum age should be 60 years or retirement age, whichever comes first.
For self employed individuals:
Minimum age: The minimum age at the time of loan application is 25 years.
Maximum age: The maximum age upon debt maturity should be 65 years.
Profession: Business vintage of at least three years.
When applying for a personal loan, you can examine your eligibility and make educated selections by reviewing your income, expenses, and credit history.
IIFL Finance Personal Loan Document Required
For a loan application to be successful, you will have to provide all the documents. The kind of documents for which the lender may ask the customer are much more diversified in order to verify the borrower's identity and credibility, income, etc. So, let us see what papers are mostly required for personal loans.
Identification proof:
Aadhaar card
Driving licence
Voter ID
Passport
Address proof:
Aadhaar card
Driving licence
Voter ID
Passport
Electricity bill
Ration card
Income proof:
Recent salary slips
Bank account statement
Rental agreement (if applicable)
IIFL Finance Personal Loan EMI Calculator
An EMI calculator is basically an online tool that enables people to make a very informed decision for a personal loan. That kind of EMI calculator, as available on most websites of financial institutions like IIFL Finance, lets you calculate approximately how much you will have to pay every month for a loan based on various critical parameters. You can easily calculate your monthly expected payments by just putting in the desired loan amount, interest rate, and loan tenure into a calculator. This, in turn, gives you the clear picture of financial commitment in respect of a loan and lets you assess whether it is within your budget.
A personal loan EMI calculator can make a lot of differences in the process of choosing loans since you would be able to compare different loan options side by side. In doing so, it's just a matter of playing around with loan amounts and interest rates, and tenures to know how these changes will impact your monthly expenditure. That way, it would help you select the perfect loan for your financial capabilities and expectations.
IIFL Finance Personal Loan EMI Calculator
Loan Amount
₹
Rate of Interest
%
Loan Duration
Months
EMI Payment Schedule
IIFL Finance Personal Loan Interest Rates vs Other Bank Loan
Banks/NBFCs | Interest Rates(p.a.) |
|---|---|
City Union Bank | 14.35% onwards |
Deutsche Bank | 11.00% onwards |
DBS Bank | 10.99% onwards |
Dhanlaxmi Bank | 13.30% onwards |
Karnataka Bank | 13.43% onwards |
Karur Vysya Bank | 13.15% onwards |
Jammu and Kashmir Bank | 12.20% onwards |
Punjab and Sind Bank | 11.25% onwards |
Abhyudaya Bank | 13% onwards |
HSBC Bank | 9.99% onwards |
HDBFS | 10% onwards |
IOB | 10.85% onwards |
Ujjivan Bank | 11.49% onwards |
UCO Bank | 12.45% onwards |
Nainital Bank | 12.50% onwards |
South Indian Bank | 12.85% onwards |
Standard Chartered Bank | 11.49% onwards |
RBL Bank | 18% onwards |
SMFG | 13% onwards |
Source: Paisabazaar; rates as of 25 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.