Keep reading to know all about IIFL instant loans and apply online.
IIFL Personal Loan Details
You can easily avail a personal loan from IIFL with just a few clicks. Here are some crucial factors to consider when choosing an IIFL personal loan:
| IIFL Personal Loan Interest Rate | 12.75% p.a. onwards |
| Loan amount | Up to ₹5 Lakhs |
| Processing fee | 2% – 6% + GST |
| Tenure | 3 to 42 months |
Note- The interest rates mentioned are subject to change. Do visit the website for more information.
IIFL Personal Loan Interest Rates
The IIFL personal loan interest rate significantly affects how profitable, competitive, and sustainable it is. IIFL offers a range of interest rates, typically from 12.75% to 44% per year, depending on factors such as your income credit history, and loan tenure.
| IIFL Finance Interest Rates | 12.75% – 44% p.a. (reducing balance interest rate) |
Note- The interest rates mentioned are subject to change. Do visit the website for more information.
IIFL Personal Loan Fees & Charges
Before applying for a personal loan, it’s crucial to have a clear understanding of all associated fees, which can include processing fees, prepayment charges, and more. To get a comprehensive view of IIFL Personal Loan fees and charges, refer to the table below:
| Processing Fee | 2% – 6% + GST |
| Convenience Fee | Upto ₹500 |
| Tenure | 3 to 42 months |
| Loan amount | Up ₹5,000 to ₹5 Lakhs |
IIFL Personal Loan Eligibility Criteria
To secure a loan approval on the application with IIFL, you need to meet specific eligibility criteria such as your age and income. Discover the detailed IIFL Finance personal loan eligibility criteria in the table below:
For Salaried:
- Must be at least 23 years of age at the time of application.
- Must be at most 60 or younger at the time of loan maturity.
For Self-Employed:
- Must be at least 25 years of age at the time of application.
- Must be 65 years of age or younger at the time of loan maturity.
- Must have at least 3 years of business vintage.
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Documents Required for IIFL Personal Loan
In order to obtain approval for your IIFL personal loan, you’ll need to furnish a set of essential documents for the purpose of verification. The necessary documents for applying for an IIFL personal loan include:
| Proof of Identity | PAN card, Aadhaar card, Driver’s license, along with a selfie. |
| Proof of Income | 3 months bank statement. |
| E-mandate | Debit card or Net Banking details, eSignature or eStamp. |
Calculate EMI For IIFL Personal Loan
Before getting a loan, the first step is to calculate your monthly payment and plan how to pay it comfortably. You can use the EMI calculator here to find out your estimated monthly payment for IIFL personal loan. Just enter the loan amount, interest rate, and the loan term, and it will display you the result.
Your Amortization Schedule (Yearly/Monthly)
You can determine your EMI with this mathematical formula:
EMI=P * r * (1 + r)n(1 + r)n-1
In this equation:
- ’r’ stands for the interest rate.
- ’P’ stands for the principal amount.
- ‘n’ represents the loan repayment period.
Compute your EMI by substituting these variables with their respective values.
Compare IIFL Personal Loans Over Other NBFCs
The market is saturated with a plethora of lenders, offering borrowers an abundance of choices. However, it is crucial to assess and compare these lenders, including both banks and Non-Banking Financial Companies (NBFCs), before applying for a loan. This ensures that you select the most suitable lender that is aligned with your specific financial requirements.
The table below shows how IIFL personal loan interest rates compare to those of other banks & NBFCs.
| NBFCs | INTEREST RATE (p.a.) |
|---|---|
| IIFL | 12.75% – 44% |
| HDB Financial services | 12% onwards |
| Paysense Personal Loan | 16.8% onwards |
| CASHe | 30% onwards |
| Fibe Personal Loan | 24% onwards |
| Bajaj Finance Personal Loan | 9.75% onwards |
| Flexiloans | 12% onwards |
| HDB Financial Services Ltd. | 11% onwards |
| Money View | 15.96% onwards |
| RBL Bank | 17.50% – 26% |
| Indian Overseas Bank Personal Loan | 12.50% onwards |
| Axis Bank Personal Loan | 10.49% onwards |
| IDFC First Bank Personal Loan | 10.49% onwards |
Note- The interest rates mentioned are subject to change. Do visit the website for more information.
Features & Benefits of IIFL Personal Loan
Personal loans from IIFL can provide you with fast access to cash. Here are some reasons why:
How Do You Apply for Personal Loans
Buddy Loan is a loan service provider with a pool of verified lenders. Let’s go through the steps to apply for a personal loan on Buddy Loan from below:
Step 1 – Visit buddyloan.com or Download & install Buddy Loan app.
Step 2 – Fill out the application form, including the loan amount, the tenure in months, and contact details.
Step 3 – Fill out the following personal details as required:
- Email Address
- Employment Type : Salaried/ Self-Employed
- Company Type
- Industry Type
- Current Company Name
- Company Address
- Year of Employment
- Net Income
- Mode of Salary
- PAN Card Details
- Full Name (As Per Pan Card)
- Current Address with PIN Code
- Mobile Number
Step 4 – Submit the details & wait for the loan confirmation.
Ready to take next step ?
Get Personal Loan Online Up to ₹15 Lakhs
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IIFL Loan Repayment
IIFL offers a flexible repayment tenure ranging from 3 months to 42 months.
Additionally, you have the convenience of three different repayment channels – the online website, mobile app, or in-person branch visit. Importantly, IIFL’s transparent process assures borrowers of no hidden charges or penalties.
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