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IIFL Personal Loan Online

Banks and financial institutes offer Personal Loans to those who require financial support in an emergency that may take place in their life. You can choose your repayment according to your financial capacity. Be it your educational costs, wedding costs/ an abroad trip cost or sudden medical expenses, a personal loan can help you get the necessary financial backup that you need.

India Infoline Housing Finance Limited offers several loan schemes to customers in India. IIFL personal loan is granted at minimal processing fees to customers who require financial support for buying a house/ covering medical or wedding expenses or other reasons. You can choose a tenure that fits your affordability and financial status. You can repay the loan amount at your pace without any hassle.

If you intend to apply for the IIFL personal loan scheme, make sure you go through all the necessary details beforehand. It will save you a lot of time and energy to focus on your loan application. This article closely discusses all the required information regarding the eligibility criteria, documents required, and other information you need to consider before applying for the loan.

IIFL Personal Loan Detail

IIFL offers several loan schemes to eligible applicants depending on their requirements and eligibility criteria. IIFL finance personal loan is granted to those who require financial backup for short-term or long-term needs like construction of a house, medical bills, repayment of an existing loan, or covering wedding expenses.

Some of the basic yet essential aspects of the personal loan offered by IIFL are listed below.

  • The entire loan procedure is a quick one. It does not take much time to transfer the loan amount into your bank account once the bank approves your loan. On average, the loan processing time remains around five minutes.
  • No guarantor is required in order to apply for a personal loan.
  • The disbursal of your personal loan only takes a few hours to process.
  • When you apply for the IIFL Instant Loan, not many documents are required by the bank officials. The requirement of primary documents makes this loan scheme feasible for those who need financial backup for emergencies.
  • The interest rate for the IIFL personal loan starts at around 21%. The interest rate may go up or decrease depending on your credit score, financial obligations, income, and other details.
  • You can repay the loan amount for up to 2 years at your convenience.
  • A low processing fee is applied to the loans. The Personal Loan processing fee remains around 2.5% to 4% depending on the scheme you apply for.
  • Avail maximum amount of Rs. 2 lakh Personal Loan.
  • The lowest EMI per month remains around 2,705/- per lakh for the longest tenure and the lowest interest rate.
  • Anyone whose monthly income is 5000 or more can apply for the IIFL online personal loan.
  • You can quickly check your monthly instalments before you apply for the loan by using the online IIFL EMI calculator. It will help you calculate your instalments correctly. It will be easier for you to manage your expenses during the repayment tenure with a solid financial plan.
  • Late payment charges and other penalties remain around 2% for all customers for the IIFL online loan.  
    You can repeat the rest of the loan amount in the middle of your tenure if you wish. IIFL provides prepayment services without any charges.
  • No hidden charges are applied to the customers after their loan is approved. All charges will be discussed with you beforehand.
  • The bank also offers Pre-closure services after 12 months. No pre-closure charges are applied to the customers.
  • The minimum credit score that is required remains around 650. If you have a credit score of about 700 and above, your loan approval chances remain on the higher side.
  • You can also receive an IIFL pre-approved personal loan if you have an excellent credit score.  
    You can contact their customer care services for queries and other requirements by calling the toll-free number 18002673000. You can also get them via email- reach@iifl.com
  • You can also apply for an IIFL top up personal loan if you feel like the current loan amount is insufficient to fulfil your financial requirements.
  • You can make the payments from either the IIFL personal loan app or your online wallets such as Google pay, Paytm, Phone Pe.

IIFL Personal Loan Document Required

Make sure you go through all the necessary IIFL personal loan details before going ahead with your application. It will save you a lot of time in the long run. IIFL requires minimal documents when it comes to the IIFL bank personal loan. You only need the primary documents in order to apply for the loan. The most important documents that you need to keep while applying for the loan are mentioned below:

  • A selfie is required to apply for the IIFL personal loan.
  • A duly filled loan application form and attached passport size photographs are required for the loan application.
  • Rental agreement documents may be required when you apply.
  • If you have already done your eKYC, your address proof will not be required during the loan application.
  • In case you have not yet done eKYC, your address proof, such as your ration card/ aadhar card/ driving license/ utility bills- water bills/ electricity bills will be required during the IIFL personal loan application.
  • Your ID proof – voter card, Aadhaar card, passport, or other documents will be required during the loan application if you have not yet done eKYC. 
  • Make sure your mobile number is registered with UIDAI for Aadhar. Otherwise, you will not be able to do your eKYC successfully.
  • Form 16 of the last two years is required during the loan application.
  • Your income documents, including your bank statements for the last three months showing your salary credits and EMI debits, are required when you apply for the IIFL personal loan scheme.

Ensure you have all the necessary documents required for the loan application before proceeding. You can easily apply for the IIFL finance personal loan by either contacting your nearest IIFL branch or visiting their official website.

IIFL Personal Loan Eligibility Criteria

Different banks have different Personal Loan Eligibility Criteria in India. Make sure you thoroughly go through the IIFL personal loan eligibility requirements before applying for the loan. It will save you a lot of time and help you focus on your loan application.   
The significant points that you need to keep in mind regarding the eligibility criteria are mentioned below:

  • Different banks of different age criteria when it comes to personal loans. The minimum age to apply for the IIFL personal loan scheme is 19 years.
  • The maximum age to apply for the loan remains 65 years as per the policies of IIFL.
  • Your monthly income must be at least 5000 and above if you wish to apply for a personal loan.
  • Only salaried people are eligible to apply for the IIFL finance personal loan scheme.
  • Those who reside in any of the following cities- Mumbai, Bengaluru, Delhi, Pune- can apply for the loan.
  • Salaried people must have at least two years of job experience and proof of the same in order to apply for the loan.
  • You must be in your last workplace for at least six months to be eligible to apply for the loan as per the terms and policies.

These are the primary documents that IIFL requires for your personal loan application. Compared to other loan schemes, the personal loan requires minimal documentation and also ensures the entire procedure is completed in a short span of time.

IIFL Personal Loan EMI Calculation 

It is imperative to calculate your EMI before applying for any loan. When it comes to personal loans, it is necessary to make sure you calculate your monthly instalments before applying for the loan. It will make sure you manage your finances well during the repayment tenure. It will also save you from a lot of financial troubles that you may face during your tenure.

In order to calculate your personal loan instalments for the loan schemes offered by the IIFL loan agency, you need to follow a few steps.

The only steps that you need to follow in order to calculate your monthly instalments for the IIFL personal loan are mentioned below:

  • Visit the official website of IIFL finance in order to proceed further.
  • Select the personal loan option from the types of loans mentioned at the top of the website.
  • Click on the 'EMI calculator' option to find the online Personal Loan EMI Calculator.
  • Read the instructions thoroughly that are mentioned on the website to understand how the calculator operates.
  • The first thing that you need to select is the principal amount that you intend to borrow from the agency.
  • Depending on your requirements, it can be anything from 50,000/- to 2 lakh. The principal amount will directly affect your IIFL finance personal loan interest rate. If you choose a higher loan amount, your interest rate will be on the higher side as well.
  • After selecting your desired loan amount, you will be asked to choose your preferred tenure. You can select only a tenure of up to 2 years as per your affordability and financial conditions. Your tenure will have a direct impact on your monthly instalments. For a shorter tenure, your monthly instalments will be higher and vice versa.
  • After that, select the current interest rate offered by the agency. It can be anything starting from 21%, depending on your credit score, other loan obligations, and your income proof. The interest rate that is applied to your loan will also directly affect your monthly instalment rates.
  • After selecting all the information correctly, your monthly instalments will show up on the screen.  
    You can try different combinations with different interest rates, tenures, and other loan amounts to compare and understand which loan scheme suits your affordability the most.
  • By using other online EMI calculators, you can also compare the IIFL Personal Loan Interest Rates with other personal loan rates offered by other banks and financial institutes in India at the contemporary time. It will help you understand whether or not you are choosing the right scheme that fulfils your requirements and fits your budget properly.

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Personal Loan IIFL FAQs

Why should I take a personal loan from IIFL?

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IIFL offers quick service to all customers when it comes to personal loans. You can expect the entire loan process to take place within a few hours, making it one of India's most feasible personal loan schemes.
Processing fees remain on the lower side for the IIFL personal loan. You can expect a prompt response from the customer service in case you have any queries and concerns regarding the loan. 
Another reason to consider applying for the loan is the fact that they require minimal documents for personal loans compared to other banks.

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

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On average, for the lowest interest rate and the lowest tenure, the lowest EMI per lakh remains around 2705/- per month based on your financial and personal details. It may vary depending on the interest rate, your preferred tenure, and the principal amount you borrow from IIFL.

How can I check the status of my IIFL personal loan?

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In order to check your IIFL personal loan application, the steps that you need to follow are listed here:

  • Head to the IIFL's official website.
  • Log in to your existing net banking account by using your mobile number or user ID and password.
  • Go to the 'track application' option next.
  • After that, select the 'application status' option and select your registered mobile number to proceed forward.
  • After you enter your mobile number, an OTP will be sent to your mobile. 
  • Enter the OTP on the given books on the screen to view your personal loan application status.

How do I prepay my IIFL Personal Loan?

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If you wish to pay the rest of your loan amount in the middle of your tenure, you can do so after six months from the beginning of the loan tenure. IIFL Finance does not charge any prepayment fees for those who prepay the whole amount in the middle of the tenure.