Have you ever missed out on buying something you wanted because your salary had not been credited yet? Has that led to you missing out on some amazing offers?
Or, have you ever needed a sudden influx of money but been afraid and confused by the loan process? IIFL personal loan is here to help you out. IIFL provides personal loans with a loan process that's so simple it can be completed within minutes!
About IIFL Personal Loan
Formerly known as India Infoline Limited, IIFL or India Infoline Finance Limited is a financial services company. Incorporated under the Companies Act, 1956, it is one of the leading companies in India’s financial services industry today.
IIFL (with its subsidiaries) provides a wide range of loans and mortgages to the Indian population. They provide gold loans, home loans, personal loans, business loans, microfinance, capital market finance, loans against property, etc.
Currently, IIFL has 3119 branches across India and manages assets worth INR 46780 crores, and as of the 3rd quarter of the financial year 2022, it has an income of INR 1071 crores. It is also a leading player in the broking industry and has more than a million accounts of Indian consumers
IIFL Personal Loan
A personal loan is a loan taken for many purposes, unlike a housing loan or medical loan, which have to be used for specific purposes. IIFL provides personal loans of up to INR 25,00,000.
Applying for a personal loan via IIFL is very easy; it only takes 1 minute to check your loan eligibility, and the approval process takes about 5 minutes.
For the approval process, you have to submit certain documents: ID proof (copy of your Aadhaar card, passport, etc.), address proof (copy of your utility bill), and a selfie. If you have a pre-existing IIFL account with e-KYC done, you only need to submit a selfie.
The eligibility requirements are that you have to be within 25 to 60 years of age, have a monthly income of INR 25,000 or above, and have a credit score of 650.
The personal loan is an unsecured loan, so no guarantor or collateral is required to apply for this loan. After approval, it can take up to 8 hours for the loan to be disbursed. The interest rate for the various IIFL personal loans range from 11.75% to 28% per annum, and the loans are given for up to 5 years.
If you choose to pay for the loan beforehand, you won’t be charged for any prepayment charges after six months of taking the loan.
IIFL's personal loan procedure is completely digital, saving a lot of time and hassle. IIFL's application and eligibility procedures are simple compared to loans by other banks and financial services companies.
Fees and Charges for IIFL Personal Loan
A loan processing charge of 2.5% to 4% of the loan amount plus GST is charged by IIFL (a minimum amount of INR 1000 has to be paid).
In case of late payment, you will be charged 2%, compounded monthly. This also applies in case of penal charges or any other default.
IIFL does not charge any documentation charges, stamp duty charges for inspection, or prepayment charges.
When talking about payments, the first fee and charge that applies to IIFL personal loans is a charge related to cheque bouncing. In case you submitted a cheque that bounced, you will be charged INR 500 plus GST.
This will apply for every cheque that bounces, i.e. if you submit two cheques that end up bouncing, you will be charged INR 1000 plus GST.The second charge, which is also related to cheque mishaps, is a charge in case the cheque gets dishonoured. In case of cheque dishonour, you shall be charged INR 500 plus GST, and this applies to every cheque that gets dishonoured.
Finally, in case of a foreclosure, IIFL charges up to 6% on its personal loan as their foreclosure charge.
How to Pay IIFL Personal Loan EMI?
IIFL personal loans can be paid back through EMIs. An EMI or equated monthly installment is a payment method in which you pay a fixed amount every month to IIFL. Additionally, the amount is to be paid on a fixed date every month.
To plan out a loan payment beforehand, it is suggested to use an EMI calculator.
An EMI calculator helps you calculate the amount you will have to pay every month. It figures out the amount based on a mathematical algorithm. The calculator also helps you to calculate the amount of interest you are paying on your personal loan.
Many EMI calculators are available online for this purpose.
The different variables used by an EMI calculator are the loan amount, the interest rate, and the amount of time or tenure of the loan.
The 'amortisation calculator' (a type of EMI calculator) gives you a breakup of the EMI you are paying monthly. It lets you know the amount you're paying monthly and how much of it are the interest and the principal.
The IIFL personal loan EMI can be paid in many ways. It can be paid online or by going to the bank in person. The easiest method is to go to the personal loan section on IIFL's website and click on the 'Pay now' button.
You will be directed to a page where you have to put in your loan details and directly pay the EMI amount. Other methods include internet banking and the IIFL mobile banking facility.
You can also submit a cheque through ECI or give your bank standing instructions beforehand for automatic deductions from your bank account.
Features and Benefits of the IIFL Personal Loan
Interest rate | 11.75% to 28% |
Loan tenure | From 1 to 5 years |
Lowest personal | EMI INR 2212 |
Processing fee | 2.5 to 4% |
Prepayment charges | Nil (prepayment can only be made after six months) |
Stamp charges | Nil |
Eligibility criteria | |
Additional perks |
IIFL has a great network of branches as well as 24*7 customer care to provide any assistance that you may need.
Frequently Asked Question
Q1. Is IIFL personal loan safe?
The IIFL personal loan is very safe. The company has been in the market for a long time and is a leader in the field of financial services in India. Worries about safety regarding an online personal loan are usually related to the possibility of fraud.
Since IIFL is a well-renowned company, one does not need to worry about fraud while taking a personal loan from them. They also provide 24*7 customer care.
Q2. What is the interest rate for a personal loan?
IIFL charges an interest rate of 11.75–28% p.a on personal loans. Additionally, IIFL does not charge any prepayment charges.
Q3. Is there any penalty charged for missing an EMI payment?
If a loan applicant misses an EMI payment they shall be charged late payment penalties. Hence it is suggested to make the EMI payments on time. In case of a delay that is out of your hands, relay this information to the bank at the earliest to avoid a late payment charge.
