IIFL Personal Loan EMI Calculator - Sep 2018

Last Updated 27th Jun 2018

Get monthly EMI as low as Rs. 2,274 per lakh on IIFL personal loan. Personal loan EMI in IIFL depends upon loan amount, loan tenure, interest rate, monthly salary and company that you work for.

IIFL Personal Loan Calculator

Loan Amount1 year loan3 year loan5 year loan
Rs. 1 LakhRs. 8,931 Rs. 3,368 Rs. 2,274
Rs. 5 LakhRs. 44,654 Rs. 16,842 Rs. 11,371
Rs. 10 LakhRs. 89,308 Rs. 33,684 Rs. 22,743
Personal Loan EMI Calculator
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Personal Loan EMI Calculator IIFL

IIFL Personal Loan EMI

  • Personal Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to IIFL against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • IIFL offers affordable and convenient personal loans with loan EMIs as low as Rs. 2,274 per lakh for a 60 tenure and lowest rate of interest on personal loans at 12.98%.

Personal loan EMI calculator at different tenures

Personal Loan EMI for different loan amounts and tenures @ 12.98% interest rate

Loan Amount (Rs.)2 Years3 Years5 Years
1 LakhRs. 4,753Rs. 3,368Rs. 2,274
3 LakhRs. 14,260Rs. 10,105Rs. 6,823
5 LakhRs. 23,766Rs. 16,842Rs. 11,371
10 LakhRs. 47,532Rs. 33,684Rs. 22,743
  • From the above table, it can be interpreted that for various loan amounts taken at the lowest interest rate, EMI differs for loans taken at different tenures. Your EMI is higher when you take a loan for a shorter tenure of 2 years and is higher for a longer tenure loan of 4 years.
  • Each EMI includes a component of interest payment and principal repayment. Even as EMIs remain constant, every month there is a change in proportion of interest component and principal repaid. With every EMI payment, the proportion of principal repayment in EMI keeps increasing and the interest component keeps reducing.
Use EMI Calculator to calculate your interest on personal loan at different tenure
Personal Loan EMI for Rs. 1 Lakh loan amount at lowest 12.98% interest rate offered by IIFLfor different tenures
2 years 3 years 5 years
IIFL EMI for a loan amount Rs. 1 lakh at 12.98% 4,753 3,368 2,274
Total amount you pay back to the bank including principal and interest 1.14 Lakh 1.21 Lakh 1.36 Lakh
Interest you have to pay over loan tenure 14,072 21,248 36,440

The above table shows that EMI paid on the loan will be lower for a loan taken for a longer tenure. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take a Rs. 1 Lakh loan from IIFL for a period of 4 years, you pay the lowest EMI of Rs. 2,274. However, you pay an interest of Rs. 36,440 on a Rs. 1 Lakh loan.
In contrast, if you take a Rs. 1 Lakh loan from IIFL at the lowest loan rate for a period of 2 years, you pay a higher EMI of Rs. 4,753 and pay an interest of only Rs. 14,072 which is less than half of what you pay for a 4 year loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses.

Factors affecting IIFL Personal Loan EMI

  • Loan amount – This is the amount borrowed by a borrower from IIFL.If you apply for a higher loan amount, your monthly EMI will be high. IIFL gives a minimum loan of Rs. 50,000 which can go upto an amount of Rs. 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 12.98%. 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 in which you can repay your loan in IIFL. Longer loan tenure means lower personal loan EMI. Generally, IIFL offers loan for a maximum tenure of 5 years.

IIFL Personal Loan calculator formula

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

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

In above formula,

P = Loan amount. This can range from Rs. 50,000 to Rs. 25 Lakh

r = Rate of interest per month. Current rate is 12.98%

n = tenure in month. For IIFL, this can be 60 months

Tips to decide the right amount of EMI
  • Decide the amount you need to borrow: It is important that before approaching a bank for loan, you need to estimate the amount of loan you need to borrow. Remember personal loan is an unsecured loan which can come at high interest rates and hence, it is advisable to limit your loan amount to the minimum required. Also, based on the EMI you can service, try to opt for lowest tenure of loans as long tenure loans result in huge interest outgo.
  • Review your current obligations: Before taking a loan it is advisable to do an evaluation of your current monthly expenses including any EMI obligations that you have on your current loan accounts. The assessment will help you to estimate the amount of EMI you can pay comfortably after taking into account other obligations. Once you arrive at the EMI you can service, you can also decide on the right loan tenure.
  • Calculate your IIFL personal loan eligibility: Your personal loan eligibility is a function an assessment of your repayment capacity based on your monthly income and other fixed obligations.
    • Multiplier based loan amount eligibility - IIFL calculates your loan amount eligibility by applying a multiplier to your net take home salary. This is the simplest method for calculating a loan eligibility used by banks. The formula used in the loan amount eligibility calculation is: Loan Eligibility = (Your Net Salary) x (multiplier of 9 to 18). The multiplier depends on the bank’s internal categorization of your employer company based on its reputation, stability, size and growth in turnover.
    • FOIR based loan amount eligibility - IIFL will also estimate your Fixed Income to Obligations Ratio (FOIR) to ascertain the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. IIFL lends up to a maximum FOIR of 0.70. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. IIFL's assessment may be different from your own assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short term loans to improve your eligibility.
    • IIFL will calculate your loan amount eligibility based on the above two methods and will sanction you a lower loan amount arrived at, by the above two methods.
Quick guide on IIFL personal loan
  • Purpose of Loan: IIFL personal loan is taken to funding medical treatment in case of emergencies, paying additional debts, marriage expenses and other personal finance requirements.
  • Key Features
    • Loan available for both salaried individuals and self employed.
    • Borrowers within the age group of 25 and 60 years.
    • Loan amount of minimum Rs. 50,000 to Rs. 25 Lakh.
    • Loan Tenure 1 to 5 years.
    • Interest rates in the range of 12.98% to 19.99%.
    • Lowest EMI of Rs. 2,274 per lakh.
  • Processing Fees: 1 - 2% of loan amount. This is to be paid at the time of loan application
  • Special schemes: IIFL offers customised personal loan interest rates and schemes for special category of borrowers including borrowers working in reputed companies, banks or government employees etc.

Personal loan EMI calculator IIFL – How it works?

  • IIFL personal loan calculator calculates EMI considering 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 (means interest is charged for the month preceding the EMI payment date) and not in advance.
Personal loan EMI – EMI changes in case of prepayment

In case you prepay your personal loan, the outstanding balance on your personal loan reduces. IIFL gives you two options:

  • Reduce your loan tenure and keep EMI on your personal loan unchanged: This option allows you to close your loan earlier and save the interest outgo associated with the remaining tenure. This is suitable for borrowers who feel that they have adequate income to continue servicing the same level of EMIs.
  • Reduce the amount of EMI and keep your loan tenure same: This option allows you to reduce your monthly EMI and hence, increases the availability of monthly surplus which you can deploy for other purposes. This is suitable for borrowers who anticipate higher monthly personal expenses and hence, would want to reduce their monthly EMI obligations.

FAQs on IIFL EMI Calculator

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

It is advised to calculate personal loan EMI prior to 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 toapply for a lower loan amount which fits your monthly budget and makes EMI easilyaffordable
  • If you already know the EMI you have to pay each month, then you can plan your spendsaccordingly
  • Based on the EMI amount, you can opt for making prepayment of your personal loan infuture when you have surplus amount
What is the lowest EMI per lakh offered by IIFL on personal loan?

IIFL offers personal loan at 12.98% interest rate and hence lowest EMI on per lakh loan amount is Rs. 2,274. However, IIFL personal loan interest rate for salary account holders or existing customers can vary.

What are the prepayment charges on IIFL ?

IIFL offers you an option of prepayment after 6 months at 7 - 12 months - 5 - 6% and after 12 months - nil charges.

Is there any processing charge on personal loan from IIFL?

Personal Loan from IIFL charges a processing fee of 1 - 2%.

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

No, for taking a loan from IIFL, an applicant must have a good credit score of 700 and above. Usually, most of the banks avoid giving loans if you have low credit score.

How does a personal loan repayment happen?

The repayment of a personal loan happens in the form of an EMI (Equated Monthly Installment) through the customer's bank account. The customer is required to present a few post dated cheques and sign an ECS mandate in favour of the bank at the time of loan disbursal.

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

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

Compare Personal Loan EMI of All Banks

IIFL Personal Loan EMI Calculator Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra
Ahmedabad
Ambala
Anand
Aurangabad
Bangalore
Bhilai
Bhilwara
Bhiwadi
Bhopal
Bhubaneswar Cuttack
Bikaner
Chandigarh
Chennai
Cochin
Coimbatore
Dehradun
Delhi
Durg
Faridabad
Gandhinagar
Ghaziabad
Goa
Greater Noida
Gurgaon
Guwahati
Gwalior
Hyderabad
Indore
Jabalpur
Jaipur
Jalandhar
Jodhpur
Kanpur
Karnal
Kolhapur
Kolkata
Kota
Kozhikode
Lucknow
Ludhiana
Madurai
Meerut
Mehsana
Mohali Sas Nagar
Mumbai
Mussoorie
Nagpur
Nashik
Noida
Noida Extn
Panipat
Patna
Pondicherry
Pune
Raipur
Rajkot
Ranchi
Rohtak
Roorkee
Salem
Shimla
Sonepat
Surat
Trichy
Udaipur
Vadodara
Varanasi
Vijaywada
Vizag

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