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IIFL Personal Loan Calculator

IIFL Personal Loan EMI Calculator, Jul 2021

Last Updated 12th Jul 2021

  • Personal loan EMI in IIFL depends upon loan amount, loan tenure, interest rate, monthly salary and company that you work for.
  • IIFL Personal Loan EMI Calculator is an online tool to estimate monthly EMI and its division into principal and Interest during the entire loan tenure.
  • Lowest monthly EMI is ₹ 2,877 per lakh on IIFL Bank personal loan as calculated using the lowest interest rate of 24.00% for the longest tenure of 60 months.
  • For example, the table below gives the EMIs on IIFL Personal Loan at different loan amounts and loan tenure, if taken at the lowest rate.
Loan Amount1 Year Loan3 Year loan5 Year loan
₹ 1 Lakh₹ 9,456₹ 3,923₹ 2,877
₹ 5 Lakh₹ 47,280₹ 19,616₹ 14,384
₹ 10 Lakh₹ 94,560₹ 39,233₹ 28,768

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Personal Loan EMI Calculator IIFL

IIFL Personal Loan EMI is a fixed amount of money paid by you to IIFL based on your loan amount, tenure and interest rate. Every month, it is due on a fixed day of the month till the loan is fully paid back. You can calculate your IIFL personal loan EMI in advance, to plan your loan payments and further expenses, using the Personal Loan EMI Calculator IIFL. The calculator functions on a mathematical algorithm and gives accurate results in no time.

Why should you use IIFL Personal Loan EMI Calculator?

  • Calculate the EMI within your budget: Helps you compare the EMIs with a different loan amount and tenure. Always talk to the bank to know the interest rate you will be eligible for IIFL personal loan which can range between 24.00% to 24.00%.
  • Compare IIFL personal Loan EMI: Helps you compare the estimated EMI on a personal loan from IIFL with that of leading banks in India using the same loan amount of upto ₹ 25 Lakh for a maximum tenure of 60 months, but at different interest rates.
  • Calculate interest on IIFL personal loan: You can calculate the split of total EMIs into interest and principal repayment on your loan from IIFL over the loan tenure.
  • Detailed amortisation schedule: This allows you to see the pace at which your principal amount will be repaid during the loan tenure month on month. This is helpful if you decide to prepay your loan at IIFL or balance transfer to another bank.

IIFL Personal Loan EMI Calculator to Estimate the EMI that Fits your Budget

Input different loan amounts and tenure at the eligible interest rate on IIFL Personal Loan EMI calculator to calculate various EMIs at different rates and tenure. The table captures the calculation of IIFL Personal Loan EMI Calculation at the various combinations of loan amount and years when taking at the lowest rate of 24.00%. So if you think that you can afford to pay an EMI of ₹ 10,000 in your budget, taking a ₹ 3 Lakh loan for 3 years or ₹ 5 Lakh loan for 5 years, maybe the right IIFL personal loan plan for you.Personal Loan EMI is calculated for IIFL for different loan amounts and tenures at the rate of 24.00%.

Loan Amount (Rs.)2 Years3 Years5 Years
1 Lakh ₹ 5,287 ₹ 3,923 ₹ 2,877
3 Lakh ₹ 15,861 ₹ 11,770 ₹ 8,630
5 Lakh ₹ 26,436 ₹ 19,616 ₹ 14,384
10 Lakh ₹ 52,871 ₹ 39,233 ₹ 28,768

Factors Affecting IIFL Personal Loan EMI

  • Loan amount – You will pay a higher EMI for the higher loan amount. IIFL gives a minimum loan of ₹ 50,000 and a maximum loan amount of ₹ 25 Lakh.
  • Interest rate - Higher interest rate increases your loan EMI as well as the total cost of the loan. IIFL personal loan interest rate for salary account holders can be lower than their quote rates, which can reduce the overall cost of loan and EMI. Lowest interest rate offered by IIFL is 24.00%. However, it is advisable to do complete market research and compare rates online before you apply for a loan.
  • Loan tenure – This is the period over which you can repay your loan in IIFL. So, your EMI will be lower if you take a 60months loan from IIFL as compared to a loan taken for 12months. The logic being that if you get a longer period to repay, you can repay in a smaller instalment.

Comparison of IIFL Personal Loan EMI with other Banks

Bank Name Interest Rate Loan Amount of ₹ 1 Lakh Loan Amount of ₹ 5 Lakh Loan Amount of ₹ 10 Lakh
IIFL24.00% ₹ 9,456 ₹ 47,280 ₹ 94,560
HDB Financial 30.00% ₹ 9,749 ₹ 48,744 ₹ 97,487

IIFL Personal Loan Amortization Calculator

IIFL Personal Loan amortization schedule gives a break up of your monthly EMI into interest and principal repayment. IIFL gives you a detailed amortisation schedule with the sanction letter and you can calculate the total interest outgo as well as the pace at which your loan amount will be repaid during the loan tenure.

How to read an amortization schedule

Suppose if you take a Personal Loan of ₹ 3 Lakh for 5 years from IIFL at an interest rate of 24.00%. EMI calculated for this loan amount is ₹ 8,630 and the total annual EMIs to be paid annually is ₹ 1,03,565. The EMI schedule of loan for 5 years is explained below in the table –

Amortization Schedule for a Personal Loan of ₹ 3 Lakh over the 5 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 35,190 ₹ 16,593 ₹ 51,782 ₹ 2,83,407
2022 ₹ 63,835 ₹ 39,730 ₹ 1,03,565 ₹ 2,43,677
2023 ₹ 53,178 ₹ 50,387 ₹ 1,03,565 ₹ 1,93,290
2024 ₹ 39,662 ₹ 63,903 ₹ 1,03,565 ₹ 1,29,387
2025 ₹ 22,520 ₹ 81,045 ₹ 1,03,565 ₹ 48,343
2026 ₹ 3,440 ₹ 48,343 ₹ 51,782 ₹ 0

In the above illustration, on a IIFL Personal Loan of₹ 3 Lakh, taken at the lowest interest rate of 24.00, EMI paid is ₹ 8,630 and an annual total of EMIs is ₹ 1,03,565, the interest component is ₹ 68,286 while the principal component is ₹ 35,279 in year 1 of loan disbursement. You repay only 11.76% of the total principal after paying 12 EMIs during the first year.

IIFL Personal Loan Interest Calculator Formula

IIFL calculates personal loan EMI based on the following formula

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how IIFL Personal Loan EMI is calculated:

In the above formula,

P = Loan amount.IIFL personal loan amount can range from ₹ 50,000 to ₹ 25 Lakh.

r = Rate of interest per month. The current IIFL Personal Loan rate is 24.00%.
n = Tenure in month. This can range up to 60months in case of IIFL.

How to use IIFL Personal Loan EMI Calculator

  • IIFL personal loan calculator are online tool which give out EMI calculations using a combination of loan amount, interest rate and loan tenure.
  • IIFL EMI calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears meaning interest is charged for the month preceding the EMI payment date and not in advance.

IIFL Personal Loan EMI for ₹ 1 Lakh

The following table shows IIFL Personal Loan EMI for ₹ 1,00,000 for different tenures at an interest rate of 24.00%

Loan AmountInterest RateTenure(Year)EMI
₹ 1,00,00024.00% 1₹ 9,456
₹ 1,00,00024.00% 2₹ 5,287
₹ 1,00,00024.00% 3₹ 3,923
₹ 1,00,00024.00% 4₹ 3,260
₹ 1,00,00024.00% 5₹ 2,877

IIFL Personal Loan EMI for ₹ 3 Lakh

The following table shows IIFL Personal Loan EMI for ₹ 3,00,000 for different tenures at an interest rate of 24.00%.

Loan AmountInterest RateTenure(Year)EMI
₹ 3,00,00024.00% 1₹ 28,368
₹ 3,00,00024.00% 2₹ 15,861
₹ 3,00,00024.00% 3₹ 11,770
₹ 3,00,00024.00% 4₹ 9,781
₹ 3,00,00024.00% 5₹ 8,630

IIFL Personal Loan EMI for ₹ 5 Lakh

The following table shows IIFL Personal Loan EMI for ₹ 5,00,000 for different tenures at an interest rate of 24.00%.

Loan AmountInterest RateTenure(Year)EMI
₹ 5,00,00024.00% 1₹ 47,280
₹ 5,00,00024.00% 2₹ 26,436
₹ 5,00,00024.00% 3₹ 19,616
₹ 5,00,00024.00% 4₹ 16,301
₹ 5,00,00024.00% 5₹ 14,384

IIFL Personal Loan EMI for ₹ 10 Lakh

The following table shows IIFL Personal Loan EMI for ₹ 10,00,000 for different tenures at an interest rate of 24.00%.

Loan AmountInterest RateTenure(Year)EMI
₹ 10,00,00024.00% 1₹ 94,560
₹ 10,00,00024.00% 2₹ 52,871
₹ 10,00,00024.00% 3₹ 39,233
₹ 10,00,00024.00% 4₹ 32,602
₹ 10,00,00024.00% 5₹ 28,768

How to Pay IIFL Personal Loan EMI?

There are various online & offline methods to pay your IIFL Personal Loan EMI. To repay your IIFL EMI online, you can log in to your net banking account or else you can also use the mobile banking of IIFL. IIFL also allows you to pay EMI through ECI or standing instructions or a cheque facility by visiting the nearest IIFL branch.

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FAQs

Why should I calculate IIFL loan EMI before taking a loan?

It is advised to calculate personal loan EMI in advance before taking a personal loan. There are several benefits of calculating your IIFL personal loan EMI as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount that fits your monthly budget and makes EMI easily affordable
  • If you already know the EMI you have to pay each month, then you can plan your expenses accordingly
  • Based on the EMI amount, you can opt for making prepayment of your personal loan in future when you have a surplus amount

What is the lowest EMI per lakh offered by IIFL on a personal loan?

IIFL offers a personal loan at a 24.00% interest rate for a maximum of 60 months, and hence lowest EMI per lakh loan amount is ₹ 2,877. However, IIFL may offer a lower interest rate and EMI for their salary account holders or existing bank customers can vary.

How can I pre-close IIFL personal loan?

You can pre-close your IIFL personal loan by visiting the branch with the required set of documents. Submit the form of preclosure, pay the amount and take the acknowledgement of the balance amount that you have paid.

What are the prepayment charges on IIFL ?

IIFL offers you an option of prepayment after 6 months at 01-06 months-7%+GST, 7-24 months- 5%+GST and After 24 Months-4%+ GST.You have to pay these charges if you decide to pay the loan amount before the due date.

Is there any processing charge on a personal loan from IIFL?

Yes, IIFL charges a certain amount of processing fee to process your loan application. Currently, IIFL charges a processing fee of 2% on a Personal Loan.

Will I get a personal loan from IIFL if I have a bad credit score?

No, for taking a loan from IIFL, you must have a good credit score of 700 and above. Usually, most banks avoid giving loans if you have a low credit score.Also, availing a personal loan at low cibil score might fetch you a high IIFL personal loan rate.

What is the EMI for a₹ 20 Lakh personal loan in IIFL Bank?

At the current rate of 24.00%, EMI on IIFL personal loan for loan amount ₹ 20 Lakh varies based on the loan tenure. For instance, for 2 year, 3 year and 6 years, EMI is ₹ 1,05,742, ₹ 1,18,095 and ₹ 1,59,358 respectively.

Can I have a co-applicant while applying for a Personal loan with IIFL ?

Yes, you can opt for a co-applicant to take a personal loan from IIFL that will increase your loan eligiblity as the income of the co-applicant is also taken into account.

Can we pay more than EMI in IIFL personal loan?

If you have funds, then you can pay more than the regular EMI on your IIFL Personal Loan. This will reduce your interest burden along with the outstanding principal. You can also pay one additional EMI every year to reduce loan tenure and in turn interest amount.

How can I pay my IIFL loan EMI?

You can pay the IIFL personal Loan EMI by using the ECS facility or standing instruction. You can also visit the branch and submit the EMI cheque or can opt for automated deductions from your salary account.


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