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Whenever a person faces any type of financial problem then the only way out is peer borrowing or a personal loan. But the majority of people prefer a personal loan because they don’t want favours from their peers. So, if you are also willing to apply for a personal loan then you must go for the IIFL Finance Personal Loan. This loan is available at an attractive rate of interest of just 12.75%. You can borrow this loan for 36 months and a loan amount of up to INR 5 Lacs. Once you full-fill the eligibility criteria for the loan, the disbursal is really quick. Therefore, let’s move on to the loan details and other charges you might have to pay while borrowing the Personal Loan from IIFL Finance.
Details of Personal Loan from IIFL Finance
|Interest rates||12.75% - 33.75% (Risk-Based Pricing)|
|Minimum Loan Amount||INR 5000|
|Maximum Loan Amount||INR 5 Lacs|
|Loan Tenure||Upto 36 months|
|Loan Type||Personal Loan (Unsecured)|
|Minimum Age||19 Years|
|Maximum Age||65 Years at Maturity|
|Processing Fees||2.5% to 4% + Applicable Taxes|
EMI Calculation of the Personal Loan
You can see the EMI at the lowest interest rate and the highest interest rate below. Your exact EMI will fall between the amount we are going to calculate in the table. Here we will compare the EMI on an IIFL Finance Personal Loan of INR 5 Lacs for the tenure of 36 months at an interest rate of 12.75% and 33.75%. So, your EMI will not exceed the maximum EMI will show in the table given below.
|Loan Amount||Rate of Interest||Tenure||EMI||Total Interest Amount||Total Amount (Principal + Interest)|
|INR 5,00,000||12.75% p.a – 33.75% p.a||3 years||INR 16,787 - INR 22,266||INR 1,04,326 - INR 3,01,565||INR 6,04,326 – INR 8,01,565|
|Year||Principal||Interest (12.75% to 33.75%)||Balance Amount|
|1||INR 1,46,030 - INR 1,15,187||INR 55,412 - INR 1,52,001||INR 3,53,969 - INR 3,84,812|
|2||INR 1,65,776 - INR 1,60,678||INR 35,665 - INR 1,06,510||INR 1,88,193 - INR 2,24,134|
|3||INR 1,88,369 - INR 2,24,743||INR 13,249 - INR 43,054||INR 0|
Eligibility Criteria for IIFL Finance Personal Loan
- You will need a minimum Cibil Score of 700 and above to apply for this loan.
- The minimum age of the Individual should be 19 years.
- The maximum age of the individual should be 65 years at maturity.
- You must have a minimum monthly salary of INR 15000.
- If you are Self Employed then ABB will be used for UW.
- There will be no Minimum balance charges in the last 6 months.
Documents Required for IIFL Finance Personal Loan
- PAN Card for the Identity Proof
- Address Proof (Aadhaar, Voter-ID, Passport Photo Copy)
- Selfie of the Applicant
- 6 Months Bank Statement of the Applicant
Benefits of IIFL Finance PL
- There is no need for any security to apply for this loan.
- Fast disbursement of Personal Loan within 24 hours after verification and authentication.
- Apply for the loan at a Cibil Score of just 700.
- You can borrow a small amount as a personal loan starting from INR 5000.
- Flexible repayment options for up to 36 months.
How to Apply IIFL Finance Personal Loan through Wishfin?
You can apply for the IIFL Finance PL by filling out the form given above. You will have to provide your basic details and our representative will get in touch with you. The basic details will include your name, contact number, income, and date of birth. Once you full-fill the eligibility criteria and submit the documentation, you will get loan approval within 5 minutes.
Foreclosure Charges for Personal Loan
The foreclosure charge on the IIFL Finance personal loan is NIL. If you want to pay off the loan amount in full before the expiry of the tenure then you can pay it without paying any foreclosure charges. Foreclosure of the loan will help you to save some money from the loan interest and you will not have to pay any foreclosure fee.
Factors Effecting Personal Loan Eligibility
The following factor might affect the eligibility of the IIFL Finance Personal Loan:-
- Monthly Income of the Individual
- Age of the Individual
- Other existing loans that you have borrowed
- Your credit history and repayment history
- Stability of your Job and your Company
- Category of Your Employer
IIFL Finance Personal Loan FAQs
1. How to get personal loan from IIFL Finance?
You can get a personal loan from IIFL Finance in three simple steps- fill the online application form, check your credit score, complete the necessary formalities and paperwork and get loan disbursal.
2. How much time does IIFL Finance take to approve a personal loan?
The time taken to approve your personal loan depends on the borrower’s CIBIL score and other eligibility factors. If your application is complete and error-free according to the terms specified by the lender, you can get an instant loan within 8 hours of application submission.
3. How long does it take to get a personal loan from IIFL Finance?
IIFL Finance personal loans are simple and easy to process. If your application is complete with all the KYC done and documents verified, you may receive the loan within as few as 5 minutes.
4. Can I take 2 personal loans from IIFL Finance?
Yes, you can take two personal loans from IIFL Finance if the bank allows you to do so. It completely depends on your creditworthiness and your repayment capacity. If you seem a perfect fit to the bank in terms of its policies, the bank can provide you for another personal loan.
5. What are the documents required to apply for an IIFL Finance personal loan?
You need the following documents to apply for an IIFL Finance personal loan –
– Passport size photograph or a selfie
– ID proofs- PAN card
– Bank statements as income proof
– Address proofs- Aadhaar/ Passport
Please note that both ID proofs and address proofs are not required if your eKYC is done. Also, if your mobile number is not linked with UIDAI for Aadhaar, you will not be allowed to do eKYC.
6. Who is eligible to take IIFL Finance personal loan?
The eligibility to avail an IIFL Finance personal loan are-
– The age should be between 19-65 years.
– Minimum monthly salary should be more than INR 15000.
7. How to check my personal loan status in IIFL Finance?
You can check the status of your personal loan application by contacting the toll-free numbers listed here – 1860-267-3000 or 7039-050-000
8. Who can be your co-borrower in IIFL Finance personal loan application?
Generally, you can either have your parents, spouse, earning siblings or earning children as your co-borrower.
9. What is the minimum CIBIL score required for IIFL Finance personal loan in India?
The minimum CIBIL score required for IIFL Finance personal loan in India is 750.
10. How to close IIFL Finance personal loan?
You can directly visit the branch, request for loan closure and fill out the form for closing your loan. The bank will then ask you to provide some documentation and pay the balance amount.
11. How to foreclose IIFL Finance personal loan?
To foreclose your IIFL Finance personal loan, you can visit the branch and talk to the loan officer. The loan officer will guide you through the procedure and the charges you will be obliged to pay. You will be required to fill the loan foreclosure form, provide the paperwork, pay the balance loan amount and your request will be processed.
12. How to pay IIFL Finance bank personal loan?
You can pay the IIFL Finance personal loan EMIs online on the bank’s official website or by using the IIFL Finance loans application available on Google play store and app store. You can also make the payments using the UPI apps such as Google pay, Phone pay or PayTm.
13. How to check personal loan balance in IIFL Finance?
You can check the balance of your personal loan application by contacting the toll-free numbers listed here – 1860-267-3000 or 7039-050-000. You will need to provide your loan reference number and your registered mobile number to know your personal loan balance.