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IIFL Personal Loan

Online IIFL Personal Loans

Last Updated 30th Nov 2021

  • IIFL Personal Loan interest rate starts from 21.00%. Check Best Offers
  • The processing fee charged on IIFL personal loan is 2.5%-4%.
  • IIFL also offers pre-approved personal loans at low rates for customers with strong credit history and those with an existing account with the bank.
  • The bank has an online application process where the KYC and documents submission can be done digitally.
  • You can easily check the status of your IIFL personal loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
  • IIFL has special schemes for different income and occupation groups.
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IIFL Personal Loan Details

  • Interest Rate on IIFL personal loan ranges from 21.00% to 21.00%.
  • Lowest EMI per lakh works out to be ₹ 2,705 , as calculated on the lowest rate and longest loan tenure.
  • Personal Loans by IIFL are available for salaried working with government, private sector, MNCs and self-employed professionals such as doctors within the age group of 25 to 60 years.
  • Loan amount can range from ₹ 50,000 to ₹ 25 Lakh
  • IIFL Personal Loan can be availed for a period of 12 months and can go up to 60 months.
  • Processing Fees charged by IIFL on personal loan is 2.5%-4%
  • IIFL allows personal loan foreclosure and part prepayment after 6 months with charges of 01-06 months-7%+GST, 7-24 months- 5%+GST and After 24 Months-4%+ GST.
  • IIFL also has various other post loan disbursement charges including
    • Cheque Bounce Charges - ₹ 500 + GST
    • Loan Cancellation Charges - Interest will be charged for the Interim peri
    • Additional Repayment Charges - ₹ 200 + GST
    • Other Charges - ₹ 500 + GST per instance

How to Get the Best Offer on IIFL Personal Loan?

There are various factors that impact your chances to get the best offers on IIFL Personal Loan, as listed follows:

  • Loan Amount - IIFL offers loans between ₹ 50,000 and ₹ 25 Lakh and charges lower rates on higher loan amount and vice-versa, so apply accordingly.
  • Salary - IIFL offers personal loan to all customers with a net take home monthly salary of more than ₹ 25,000. The rate of interest is higher if you fall in the low salary bucket and lower if you fall in higher income bucket.
  • Employer Category - IIFL has clubbed the companies in a high to low category based on internal assessment of company’s size, reputation, profitability etc. When you apply for IIFL personal loan, the bank will decide on your interest rate based on the company category you fall in. MyLoanCare can also help you check which category of company you qualify in to help you get the best offer.
  • Relationship with the Bank - IIFL offers special rates to the existing customer of the bank, who have a high likelihood of getting loans at lowest interest rate starting at 21.00%
  • Credit Score - IIFL checks the CIBIL score of personal loan customers which has to be minimum of 650. Higher the CIBIL Score, higher is your chance of securing best offer.

IIFL Personal Loan Documents

You require the following documents to avail personal loan from IIFL

  • Filled up loan application form or an online form, if you are applying online
  • 2 Passport Size Photo
  • Identity Proof – One of the following: Driving License, PAN, Passport, Voter ID, Aadhaar Card
  • Residential Address Proof – One of the following: Registered Rent Agreement, Passport, Leave and Liceincreasnse, Utility Bill of last three months
  • Income Documents – Copy of Form 16 of last 2 years, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit

How to Apply for IIFL Personal Loan?

The step-by-step procedure to get a personal loan online from IIFL is mentioned below:

  • Visit the official website of IIFL Or contact your nearest IIFL branch.
  • Now, fill personal, professional and financial details as required by the lender and submit the form.
  • Once you have submitted the application form, IIFL will check your eligibility and provide you with information about the eligible amount you can avail.
  • If you agree to process the application, then you would be required to submit the essential documents which can also be uploaded online.
  • Finally, your documents will be processed by IIFL, and on successful approval of the loan, the funds will be disbursed to your IIFL account immediately.

You can also apply for IIFL personal loans by visiting their branch or by calling their customer care centre.Offline mode are mentioned below:

  • Visit the nearest IIFL branch and fill in the application form with the loan amount required, your personal details, occupation information and your contact number.
  • The IIFL representative will explain about the eligibility of the loan as well as the loan rates, terms as well as processing fees, prepayment and foreclosure clauses.
  • After submitting the application form and required documents, you will be provided with an application reference number. You can use the same number to track the status of your IIFL Personal Loan application.
  • On successful verification, the loan can get disbursed immediately after loan sanction and signing of the agreement.
Illustration on Personal Loan IIFL
Maximum Annual Percentage Rate (APR) 21.4% to 21.4%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 12 Months to 60 Months
  • IIFL Personal Loan Interest Rate: 21.00% to 21.00%
  • Processing Fee payable to: Upto ₹ 2,000
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 2,705 for 60 Months ₹ 1,00,000 loan at 21.00% (lowest rate, longest time period) to ₹ 9,311 for 12 Months ₹ 1,00,000 loan at 21.00% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 21.4% to 21.4%
  • Total cost payable over loan tenure: ₹ 1,13,737 for 12 Months loan to ₹ 1,64,320 for 60 Months loan

Personal Loan from Other Banks in India

FAQs

How much time will the IIFL take to take a decision on my personal loan?

Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers, which can be approved within a few hours to 2-3 days.

Why should I take a personal loan from IIFL ?

Below-mentioned is the reason why you must avail a personal loan from IIFL.(1) Nil foreclosure charges after 12 EMIs (2) Loan Disbursal in minimum 8 hours (3) Faster loan processing via Ekyc and eSign through Aadhaar

How much interest is charged by IIFL on personal loan?

Personal loan interest rates in IIFL are 21.00% to 21.00%. IIFL personal loan interest rate for salary account holders are comparatively lower than that for other customers.

What is the lowest EMI per lakh on personal loan from IIFL ?

If you apply for loan from IIFL, your lowest Personal Loan EMI per lakh will be ₹ 2,705 which corresponds to lowest interest rate of 21.00% and longest tenure of 60 years.

What is the minimum and maximum tenure of personal loan in IIFL?

IIFL personal loan has a minimum tenure of 12 months to maximum 60 months.

How much personal loan amount I can borrow from IIFL?

IIFL offers you loan if you need a minimum amount of ₹ 50,000 to a maximum amount of ₹ 25 Lakh

Can I add my spouse's income while applying for personal loan from IIFL?

Yes, you can add the income of your spouse to increase your Personal Loan Eligibility andto get a higher loan amount from IIFL . In this case, the bank will check the CIBIL score of your spouse and ask for all income and bank statements of your spouse for the purpose of processing your application

How can I get IIFL personal loan?

You can get a personal loan from IIFL by directly visiting the nearest branch or can apply online at their website. While these two are the traditional methods of applying, you can easily apply for the loan at MyLoanCare website where you can do a thorough comparison of all loan details, rates and charges before deciding to proceed with IIFL’s application process.

How can I check my IIFL personal loan status?

You can check the status of your loan online and offline. Once you have applied for a personal loan from IIFL, you will be given an application number. You can use that application number and registered mobile number to check the status of your loan online at IIFL's website. In case you are unable to track your application online, you can get IIFL loan assistance at IIFL loan customer care centre and ask them to help you out with the status. If you have applied for the loan through MyLoanCare, you can check the status of your application by logging into MyLoanCare account.

What is the importance of credit score if I wish to avail a IIFL personal loan ?

It is important to have a good credit score if you wish to apply for a personal loan from IIFL. A credit score above 750 is considered good for a personal loan. A low credit score increases the chances of rejection of your application.

Is there security or collateral needed to get a personal loan from IIFL?

No, IIFL does not require any collateral or security to lend you the personal loan as it is an unsecured loan.

Can I close my IIFL personal loan after 1 year?

You can close your personal loan from IIFL after 6 months by paying charges: 01-06 months-7%+GST, 7-24 months- 5%+GST and After 24 Months-4%+ GST

Can I negotiate with IIFL on the personal loan interest rate?

Yes, as a customer, you should negotiate for a rate discount when you apply. You may end up getting a better rate from the bank if you have applied for a high loan amount and are in a high income range working with a reputed company.

How to pay your IIFL personal loan EMI?

You can pay your IIFL personal loan EMI by using ECS facility or through Standing Instruction.IIFL also provides you the facility to pay your Personal Loan EMI online using net banking and mobile banking.

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IIFL Personal Loan Reviews 4.8/5  by 4 customers
MyLoanCare Service
4.8/5.0
Banks Service
4.8/5.0
akash singh, Noida
Reviewed on 30th Aug 2018
4 / 5 stars
IIFL Personal Loan Availed in Aug 2018

Satisfied with services but interest rate is very highRead more...

Pramendra Kumar, Hyderabad
Reviewed on 09th Jun 2018
5 / 5 stars
IIFL Personal Loan Availed in Jun 2018

I had approached different service provider but failed to get the service what I got from MyLoanCareRead more...

Bhagyashree Kannur, Bangalore
Reviewed on 25th May 2018
5 / 5 stars
IIFL Personal Loan Availed in May 2018

got Personal loan from IIFL within 2 days with less procedure , good experience .Read more...

Sarvesh Padwal, Hyderabad
Reviewed on 23rd Apr 2018
5 / 5 stars
IIFL Personal Loan Availed in Apr 2018

Thank you IIFL. I needed this loan on urgent basis and IIFL took very short time to process it and dRead more...

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IIFL Personal Loan News - Dec 2021
  • 2021-10-25 : IIFL Decreases Personal Loan Rates
    IIFL has decreased personal loan rates by 3% to 21% p.a. Previously, the personal loan rate started at 24%. In addition, the lending institution also charges a processing fee ranging from 2-4% of the loan amount.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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