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IIFL Personal Loan Interest Rate

Current IIFL Personal Loan Interest Rate

Last Updated 09th Jun 2021

Interest Rate 16.00% - 19.99%
Tenure Upto 60 months
Processing Fee 3%
Loan Amount ₹ 50,000 to ₹ 25 Lakh
Minimum Income ₹ 25,000
Eligible Age 25 to 60 years
Part Prepayment Charges Not allowed
Foreclosure Charges Allowed after 6 months with charges ranging from, 01-06 months-7%+GST, 7-24 months- 5%+GST and After 24 Months-4%+ GST of the outstanding loan amount.
  • Today’s IIFL personal loan interest rate starts at 16.00%.
  • IIFL offers the lowest personal loan rate of 16.00% to borrowers who are existing customers of the bank or are working with top corporations.
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IIFL Personal Loan Rates and Charges

  • IIFL offers personal loans to salaried individuals at a minimum rate of 16.00%.
  • Apart from the interest rate, the bank also charges processing fees and penalty fees for pre-payment, foreclosure, and late payment as IIFL personal loan rates and charges. As listed below:
IIFL Personal Loan Rates and Charges
Interest Rate 16.00% to 19.99%
Part Prepayment Charges Not allowed
Foreclosure Charges Allowed after paying 6 months with charges ranging from, 01-06 months-7%+GST, 7-24 months- 5%+GST and After 24 Months-4%+ GST of the outstanding loan amount.
Processing Fees 3%
Additional Reschedule Charges ₹ 200 + GST/td>
EMI Cheque Bounce Charges ₹ 500 + GST
Loan Cancellation Charges Interest will be charged for the Interim peri
Other Charges ₹ 500 + GST per instance

Interest rates on IIFL Personal Loans Schemes

As on today, IIFLPersonal loan interest rates are in the range of 16.00% to 19.99%, with lowest rates offered to existing customers of the bank with a strong CIBIL Score and for those working with reputed corporate with a stable employment history. The lowest rate on IIFL personal loan remains unchanged at 16.00% as on 07 Jun, 2021. The last revision on IIFL Personal Loan was announced on 07 Jun, 2021 when the rate was 16.00%. IIFL also runs special schemes in which it offers lower rates for defense, armed forces and government employees.Personal loan interest rate for government employee and defense personnel is different from private salaried employees.

IIFL Personal Loan Rate Comparison with Other Banks

Here is a comparison of IIFL Personal Loan with top lenders based on interest rate, loan tenure, amount, processing fee, and other charges. It is always better to compare various personal loan lenders before proceeding with the personal loan process.

Particulars IIFL HDFC Bank SBI
Rate of Interest Starting from 16.00% Starting from 10.25% Starting from 9.60%
Loan Tenure 12 - 60 months 12 - 60 months 6 - 72 months
Minimum Age 25 years 21 years 21 years
Processing Fee 3% Upto 2.50% Min Rs. 999 1.00%
Maximum Loan Amount ₹ 25 Lakh ₹ 75 Lakh ₹ 15 Lakh
Prepayment charges Not allowed Allowed after 12 EMI's, 2-4% Not allowed
Pre closure charges Allowed after 6 EMI's, 01-06 months-7%+GST, 7-24 months- 5%+GST and After 24 Months-4%+ GST Allowed after 12 EMI's, 2 - 4% Allowed after 6 EMI's, 3%

IIFL Personal Loan Balance Transfer Interest Rates

IIFL personal loan balance transfer facility is ideal for existing personal loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing of personal loan with IIFL at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender. Currently IIFL offers the lowest personal loan balance transfer rate of Nil.

How to Get Low Interest Rates on IIFL Personal Loan?

You can get the lowest IIFL personal loan rate, by ensuring the below-mentioned things:

  • Ensure that you are aware of the IIFL personal loan eligibility and documentation requirements beforehand so that you do not end up paying a higher rate as compensation for lack of any document.
  • Ensure that you maintain a good credit score of 650. The higher the credit score, the higher is your chance of getting a low-interest rate.
  • Always check if you are eligible for a pre-approved offer from IIFL as that allows you to get instant loans at the best rates.
  • Compare lenders to get competitive interest rates. Further keep tracking the loan rates trends, IIFL may offer lower interest rates in the festive season.
  • If you are a high salary earning employee and work in a reputed firm, then leverage it. IIFL offers lower rates to employees working in top firms drawing high salaries.

FAQs

What is IIFL personal Loan interest rate?

Today, the lowest interest rate on IIFL Personal Loan is 16.00%. Borrowers with high income and CIBIL score are eligible for the lowest interest rate.

How can I reduce my interest in IIFL personal loan?

You can reduce the interest to be paid on IIFL personal loan by any of the below-mentioned ways:

  • By maintaining a good CIBIL score
  • By showing all proofs of income
  • By maintaining a good debt to credit ratio
  • By applying at peak time when IIFL provides discounted personal loan offers

Is IIFL personal a floating rate loan or fixed-rate loan?

IIFLis offered at both fixed and floating rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the personal loan rates keep varying according to the market.

Did IIFL personal loan rate drop in 2021?

Presently, IIFL offers personal loans at an interest rate starting at 16.00%. There has been no change in personal loan rates of IIFL for a long time and continue to stand at 16.00%.

How do I check my eligibility to get a personal loan at a low rate from IIFL?

The lowest rate on IIFL is mostly offered to individuals with high CIBIL and high income. You can check the eligibility for the personal loan at IIFL official website. Apart from that you can also use MyLoanCare Personal Loan Eligibility Calculator.

What is the lowest personal loan rate in IIFL?

The lowest personal rate offered by IIFL on a personal loan is 16.00%.

What is the interest rate charged by IIFL on personal loan?

Personal loan interest rates in IIFL are 16.00% to 19.99%. IIFL personal loan interest rate for salary account holders are comparatively lower than that for other customers.

Can I ask for a reduction in the IIFL personal loan interest rate?

You can ask for a reduction in your IIFL personal loan interest rate. However, it depends upon the policy of the bank, whether it allows negotiation or not. Good credit score, high income, and existing relationship with the bank are some of the points which can contribute to the talks going your way.

Is there any need for security or collateral while availing Personal loan from IIFL?

No, there is no need for any collateral or security while availing a personal loan from IIFL. IIFL personal loan is an unsecured loan; thus, it does not require pledging of any asset as security to avail the loan.

How can I close my Personal Loan from IIFL early?

If you want to prepay your entire personal loan from IIFL, then you can do so by making a lump sum payment. However, you should also inquire about the prepayment and foreclosure charges based on the IIFL personal loan scheme availed by you, before making any decision.

How does IIFL calculate the interest on a personal loan?

The interest for IIFL personal loan is calculated based on the following methods:

  • Flat rate method:   Under this method, IIFL personal loan rate is estimated on the original loan amount throughout the original loan tenure. Thereby, the principal amount for calculation remains the same. This method is also called the fixed method of IIFL personal loan interest calculation.
  • Reducing rate method:  As per the IIFL personal loan reducing balance method the interest rate is calculated on the outstanding loan amount. Therefore, the principal component that is paid during the monthly EMI is not chargeable for interest calculation. In this case, the outstanding balance and the interest reduces with time, and the interest is charged only on the remaining principal amount.

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*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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