IIFL Personal Loan Highlights

Loan AmountRs. 5000 to Rs. 5,00,000
Interest Rate12.75% 
Tenure3 months to 42 months
Processing Fee2% - 6% + GST* (Additional Upto ₹500 will be charged as Convenience fee
Prepayment ChargesNil
Minimum Monthly IncomeRs. 23000 onwards

IIFL Personal Loan Interest Rate & Other Details

Interest Rate12.75% - 44% p.a.
Loan Processing Charges2% - 6% + GST (Additional Up to ₹500 as Convenience Fees)
Penal Charges, Late Payment Charges, Defaults of Any Monies Payable2% Compounded Monthly
Cheque / ACH Return Charges₹500 + GST per instance

Benefits of IIFL Personal Loan

Freedom to Use as You Wish

With an IIFL Personal Loan, experience the liberty of using your loan amount for any purpose you desire. Be it renovating your home, planning a dream vacation, or managing unexpected expenses, the choice is entirely yours. There are no restrictions on how you can use your funds.

Say Goodbye to Collateral Worries

One of the biggest perks of choosing an IIFL Personal Loan apply online is the 'No Collateral' feature. This means you don't have to pledge any assets to secure your loan. Whether you're a tenant or an asset owner, you have equal access to financial aid without any additional stress.

Streamlined Documentation - Easy and Efficient

Bid farewell to cumbersome paperwork! IIFL prioritizes your convenience with a hassle-free documentation process. The simple and straightforward procedure ensures your loan journey is smooth and stress-free, leading you quickly to your financial goals.

Flexible Repayment Plans - Tailored for Comfort

Ease your financial burden with IIFL's flexible repayment options. These tailor-made plans are designed to align with your financial situation, ensuring repayments are manageable and not a strain on your budget.

Swift Loan Disbursal - When Time Matters

In urgent need of funds? IIFL's quick personal loan disbursal process ensures that you get the financial support you need, exactly when you need it. Speedy processing and disbursal mean you won't have to wait long to receive your funds.

Attractive Interest Rates - Your Wallet's Best Friend

Experience the advantage of attractive interest rates with IIFL Personal Loans. These competitive rates ensure that repaying your loan doesn't become a financial burden, making it an intelligent choice for your borrowing needs.

IIFL Personal Loan Eligibility Criteria

Eligibility Requirements for Salaried Individuals Seeking Indian Infoline Finance Personal Loans:

  • Age Criteria at Application: Applicants need to be a minimum of 23 years old.
  • Upper Age Limit at Loan's Maturity: The age should not surpass 60 years or the age of retirement, depending on which occurs first.

IIFL Personal Loan Eligibility Conditions for Self-Employed Applicants:

  • Initial Age Requirement for Application: The applicant should be no younger than 25 years at the time of applying.
  • Age Threshold at the Conclusion of Loan Term: An upper age limit of 65 years is set for loan completion.
  • Operational Tenure for Business: The business should have been operational for a minimum duration of three years.

Documents Required for IIFL Personal Loans

To secure an IIFL personal loan, applicants must furnish the undermentioned documents:

  • A recent self-portrait photograph.
  • Proof of Residence: Options include Aadhar Card or Driving License.
  • Identification Documentation: PAN Card is required.

Bank Statements: Provide statements from both current and savings accounts, covering a period of 6 to 12 months."

Fees & Charges for IIFL Personal Loans

Processing FeeUp to 2%-6% of loan amount
Penal Charges, late payment, Defaults of any money payable2% compounded monthly
Prepayment ChargesNIL (allowed only after 6 months of repayment)

IIFL Finance Personal Loan EMI Calculation

When you opt for an IIFL Finance Personal Loan, understanding your monthly repayment amount is crucial for effective financial planning. The EMI (Equated Monthly Installment) is determined by three key factors: the loan amount, the interest rate, and the loan tenure.


Let’s say you secure a personal loan of ₹5,00,000 from IIFL Finance. With an annual interest rate of 10.50% and a loan repayment period of 42 months (3.5 years), your EMI can be calculated as follows:

  • Principal Loan Amount: ₹5,00,000
  • Interest Rate: 10.50% per annum
  • Tenure: 42 months

Given these parameters, the EMI for your loan would be approximately ₹14,963. This amount represents the monthly payment you need to make, which covers both the principal and the interest. The calculation is designed to provide a clear understanding of your monthly outgo, aiding in effective budget management.

Repayment of IIFL Personal Loans

Repaying a personal loan from IIFL (India Infoline Finance Limited) is designed to be a straightforward and flexible process. Understanding the repayment structure and options available is crucial for borrowers to manage their finances effectively. 

Here’s an overview of what you need to know:

  • EMI Payments: The most common method of repayment is through Equated Monthly Installments (EMIs). This is a fixed amount paid by the borrower every month, which includes a part of the principal amount and the interest. The EMI amount is determined based on the loan amount, interest rate, and tenure.
  • Flexible Tenure: IIFL offers a range of repayment tenures, allowing borrowers to choose a period that suits their financial situation. A longer tenure means lower EMIs, while a shorter tenure leads to higher EMIs but a quicker payoff.
  • Multiple Payment Channels: IIFL facilitates various channels for EMI payments including online transfers( NEFT & RTGS), IIFL loan app, ECS (Electronic Clearing Service), post-dated cheques, and more, offering convenience and flexibility.
  • Prepayment and Foreclosure Options: Borrowers have the option to prepay their loan or go for foreclosure. While this can lead to savings on the interest component, it's essential to be aware of any prepayment charges or foreclosure penalties as per the loan agreement.
  • Late Payment Penalties: Timely EMI payments are crucial as late payments can incur additional charges and adversely affect your credit score.
  • Online Account Management: IIFL offers online tools for borrowers to track their loan, EMI payments, and outstanding balance, enabling efficient management of the loan.
  • Customer Support: In case of any queries or difficulties in repayment, borrowers can reach out to IIFL’s customer support for assistance and guidance.

Manage Your Loan On-the-Go using IIFL Loans Mobile App

Experience the convenience of handling your loan account right from your smartphone with the innovative IIFL Loans Mobile App, available for both Android and iOS devices. This user-friendly app puts a wealth of features and information at your disposal:

  • Account Overview: Quickly view a snapshot of your loan account, including outstanding balance and other key details.
  • Detailed Statements: Access a comprehensive statement of your account, providing a clear view of your transaction history.
  • Interest Certificates: Easily obtain your interest certificates for tax purposes or personal record-keeping.
  • Query Submission: Have a question or need assistance? Submit your queries directly through the app for prompt support.
  • Additional Features: Discover many more functionalities designed to make your loan management effortless and efficient.

How to Apply for an IIFL Personal Loan via MyMoneyMantra?

Applying for an IIFL Personal Loan through MyMoneyMantra involves a streamlined and user-friendly process. Here's a step-by-step guide to help you through the application:

  • Apply Now: Click on “Apply Now” button on this page or you can do so also by navigating to the personal loan page on the website and apply from there itself.
  • Fill in the Application Form: You will be prompted to fill in an application form. This form requires you to provide personal and financial details such as your name, contact information, employment details, income, and the loan amount you wish to apply for.
  • Document Upload: After filling in the details, you will need to upload the necessary documents. These typically include ID proof, address proof, income statements, and any other documents that IIFL may require for the loan application.
  • Loan Offer and Approval: Once your application is submitted, MyMoneyMantra will process it and present it to IIFL. IIFL will then review your application and documents. If you meet their eligibility criteria, they will provide you with a loan offer, which includes details like the loan amount, interest rate, tenure, etc.
  • Acceptance of Loan Offer: If you are satisfied with the loan offer, you can accept it. This may involve signing a loan agreement and providing any additional information or documents that IIFL may require.
  • Disbursal of Loan: Once everything is finalized and approved by IIFL, the loan amount will be disbursed to your bank account. The time taken for disbursal can vary but is usually quite swift.
  • Customer Support: If you encounter any issues or have questions during the application process, MyMoneyMantra provides customer support to assist you.

Using MyMoneyMantra for your IIFL Personal Loan application can simplify the process, providing a one-stop platform for comparing loan offers, completing paperwork, and receiving guidance throughout the application process.

IIFL Finance Personal Loan Customer Care

IIFL offers dedicated customer support to address any queries or concerns you might have regarding their services. You can easily get in touch with their customer care team through multiple channels. For immediate assistance, you can call their toll-free number at 1860-267-3000, where their representatives are available to provide support and answer your questions. Alternatively, for less urgent queries or if you prefer written communication, you can email them at reach@iifl.com. Whether it's a question about your loan, investment, or any other service offered by IIFL, their customer care team is equipped to provide you with the necessary assistance and guidance.

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IIFL Personal Loan FAQs

Why should I take a personal loan from IIFL?


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?


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?


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?


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.

Is IIFL Safe for Personal Loan?


Yes, IIFL (India Infoline Finance Limited) is considered safe for personal loans. It is a reputable financial services company with a strong presence in India, known for its range of financial products including personal loans. The company operates under the regulations set by financial authorities, ensuring a secure and reliable borrowing experience.

How to Foreclose IIFL Personal Loan?


To foreclose an IIFL personal loan, you should contact IIFL customer service or visit an IIFL branch. You will need to inform them of your intention to foreclose the loan. They will provide you with the outstanding amount and any applicable foreclosure charges. After paying the required amount, ensure you get a closure letter or certificate from IIFL, confirming the foreclosure of your loan.

What is the Minimum Salary Required for IIFL Personal Loan?


The minimum salary requirement for an IIFL personal loan is primarily around Rs. 23000; but it may vary based on various factors like location, employment type, and credit history.

What is the Full Form of IIFL?


The full form of IIFL is "India Infoline Finance Limited." It is a diversified financial services company headquartered in India, offering a wide range of financial products and services.

What is the Duration of IIFL Personal Loan?


The duration or tenure of an IIFL personal loan can vary from 3 months to 42 months. Generally, IIFL offers personal loans with flexible repayment options, and the tenure can range from a few months up to several years, depending on the borrower's preference and eligibility. The exact tenure options can be confirmed by contacting IIFL or visiting their official website.

What are the interest rates for IIFL Personal Loans?


The interest rates on IIFL Personal Loans vary based on several factors like the loan amount, tenure, and the borrower's credit profile. It's advisable to check the latest rates directly on the IIFL website or by contacting their customer service. Currently the IIFL personal loan interest rates start from 12.75% p.a.

What documents are required to apply for an IIFL Personal Loan?


Typically, IIFL requires proof of identity (like Aadhar card, PAN card), proof of address (like utility bills, Aadhar card), income proof (like salary slips, bank statements), and employment proof for personal loan applications. The exact requirements may vary, so it's best to consult IIFL's official guidelines.

Can I apply for an IIFL Loan online?


Yes, you can apply for an IIFL Loan online through the IIFL website or mobile app. The online IIFL personal loan apply process is streamlined and user-friendly, allowing you to upload documents and track your application status.

How long does it take for IIFL to disburse a Personal Loan?


The disbursal time for an IIFL Personal Loan can vary depending on the verification process and documentation. However, IIFL is known for quick processing, and in many cases, loans are disbursed within a few days of application approval.

Are there any prepayment charges for IIFL Personal Loans?


IIFL may levy prepayment charges for personal loans, which are typically a percentage of the outstanding loan amount. Currently the IIFL personal loan prepayment charges stand at 0 that means there is no charge that is being asked bu the bank.

Is a guarantor or collateral required for an IIFL Personal Loan?


Generally, IIFL Personal Loans are unsecured loans, which means they don't require a guarantor or collateral. However, the final terms depend on the loan amount and the borrower's creditworthiness.

Can I top up my existing IIFL Personal Loan?


Yes, IIFL offers the facility to top up your existing personal loan based on your repayment history and eligibility. You can contact IIFL customer service for details on how to apply for a top-up loan.

How can I track my IIFL Personal Loan application status?


You can track your IIFL Personal Loan application status through the IIFL website or mobile app using your application reference number. Additionally, you may receive updates through SMS or email.