IIFL Personal Loan
IIFL offers instant collateral-free personal loans ranging from ₹5,000 to ₹5 lakhs for tenures up to 42 months. IIFL personal loan interest rates vary between 12.75% to 44% p.a., and the lender also charges a processing fee of 2% to 9% of the loan amount plus applicable GST. The loan is offered within minutes of approval with minimal documentation. Also, there are no end-user restrictions on the loan amount.
IIFL Finance Personal Loan Details
Below are the key details of the IIFL Finance personal loan:
| Loan Amount | ₹5,000 to ₹5,00,000 |
|---|---|
| Interest Rate | 12.75% to 44% p.a. |
| Processing Fee | 2% to 9% of the loan amount + GST |
| Tenure | 3 to 42 months |
| Age | 23 to 60 years for salaried & 25 to 65 years for self-employed |
| Minimum Monthly Income | ₹25,000 |
Features & Benefits of IIFL Personal Loan
- Personal loans up to ₹5 lakhs for weddings, renovating your home, vacation, medical emergency, or meeting any other financial goal.
- Tailored digital IIFL loan with instant approval.
- Flexible tenure of 3 to 42 months.
- 100% unsecured loan without pledging assets.
- Funds are credited to your account instantly after approval.
- Simplified paperwork with the digital verification process.
- No restrictions on end-usage.
- Flexibility to make part prepayments when convenient.
IIFL Personal Loan Interest Rates & Charges
- Interest rate: 12.75% to 44% p.a.
- Processing fee: 2% to 9% of the loan amount + GST
- Foreclosure charges: Up to 7% (depends on the tenure)
- NACH/ E-mandate bounce charges: ₹500 + GST (if applicable)
- Penal/ late payment/ defaults of any money payable charges: 24% + GST (if applicable)
- Bank swapping charges: Rs.500 + GST (if applicable)
Compare IIFL Personal Loan with Other Lenders
Below is a comparison of the IIFL personal loan interest rates with those of other lenders:
| App | Loan Amount | Rate of Interest | Tenure |
|---|---|---|---|
| IIFL | ₹5,000 - ₹5 Lakhs | 11.00% - 44% p.a. | 3 months - 42 months |
| L&T Finance | ₹50,000 - ₹30 Lakhs | 11% p.a. onwards | 12 months - 72 months |
| FlexSalary | ₹500 - ₹3 Lakhs | 18% - 36.5% p.a. | Up to 3 years |
| mPokket | ₹500 - ₹50,000 | 0% - 4% per month | Up to 4 months |
| Olyv | ₹1,000 - ₹5 Lakhs | 1.5% per month onwards | 2 months - 2 years |
| CASHe | ₹45,000 - ₹3 Lakhs | 2.79% - 3% per month | 9 months - 1.5 years |
| MoneyTap | ₹3,000 - ₹5 Lakhs | 13% - 18% p.a. | 3 months - 3 years |
| Stashfin | ₹1,000 - ₹5 Lakhs | 11.99% - 59.99% p.a. | Up to 3 years |
| KreditBee | ₹1,000 - ₹5 Lakhs | 17% - 29.95% p.a. | 6 months - 60 years |
| Moneyview | ₹3,000 - ₹10 Lakhs | 14% p.a. onwards | Up to 5 years |
| PaySense | ₹5,000 - ₹5 Lakhs | 14% - 36% p.a. | Up to 2 years |
| LoanTap | ₹3,000 - ₹5 Lakhs | 15% - 32% p.a. | 1 - 5 years |
IIFL Finance Personal Loan Eligibility Criteria
The following are the IIFL personal loan eligibility criteria for salaried and self-employed individuals:
Personal Loan Eligibility for a Salaried Person
- Minimum age: Applicant’s minimum age should be 23 years at the time of application.
- Maximum age: Applicant’s maximum age should be 60 or retirement (whichever is earlier) at the time of loan maturity.
- Employment status: At least 2 years of total work experience (with 1 year in the current company).
- Income: Minimum monthly income of ₹25,000.
- Minimum CIBIL score: 700.
Personal Loan Eligibility for Self-employed Persons
- Minimum age: Applicant’s minimum age should be 25 years at the time of application.
- Maximum age: Applicant’s maximum age should be 65 at the time of loan maturity.
- Business vintage: Applicant’s business should be in existence and functioning for at least 3 years
- Income: Minimum annual turnover of ₹5 Lakhs.
*If the applicant’s mobile number is not registered with UIDAI for Aadhaar, they will not be able to do eKYC.
Documents Required for IIFL Personal Loan
If you are looking for an IIFL personal loan apply online with the following documents:
- Selfie
- PAN Card
- Identity & address proof: Aadhaar Card/ PAN Card/ Passport/ Voter ID (any one)
- Income proof for salaried: Last 3 months' salary slips and Current Account/ Savings Account bank statements from the past 6 months
- Income proof for self-employed: Last 2 years' ITR with income computation, business registration proof, and bank statements for the last 12 months
How to Apply for an IIFL Personal Loan Online
If you want IIFL personal loan apply online by following the steps given below:
- Visit https://www.iifl.com/personal-loans and, after a successful IIFL personal loan login, click on the "Apply Online" button.
- Then fill in the online application form by mentioning the required details.
- Verify details with the OTP sent to the mobile number entered by you.
- Verify your KYC details to check income eligibility.
- Choose the loan amount you want to borrow *maximum up to ₹5 Lakhs).
- Click on the “Submit” button to complete your KYC.
IIFL Loan Customer Care Details
The following are the IIFL instant loan customer care contact details:
- Customer Service Number: 1860-267-3000, 7039-050-000,
- Time: 09:30 am to 6:00 pm from Monday to Friday and 09.30 am to 4.00 pm on Saturdays
- Closed on: Sunday and Public Holidays
FAQs
The interest rate of the IIFL personal loan ranges from 12.75% to 44% p.a.
The maximum personal loan amount available from IIFL is ₹5 Lakhs.
Yes, you can prepay your IIFL personal loan with a nominal prepayment charges.
You can log in to online IIFL loan portal to view download the statement.
On average, for the lowest interest rate and the lowest tenure, the lowest EMI per lakh remains around 2670/- 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.