IIFL Personal Loan


IIFL Finance is an RBI-approved NBFC that is trusted by thousands of borrowers. IIFL Finance personal loans are customized to meet your specific needs including medical expenses, marriage funds, vacation purposes, home renovation, and many more. Enjoy a collateral-free loan at an affordable interest rate of 12.75% p.a. and a tenure extending up to 42 months.

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:

For Self-Employed:

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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.

%
Monthly EMI 86
Principal Amount 1,000
Total Interest 32
Total Amount 1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

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%
Flex Salary Personal Loan 36% onwards
HDB Financial services 12% onwards
Paysense Personal Loan 16.8% onwards
CASHe 30% onwards

Read More

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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:

Swift Approval

Get loan approved in a matter of hours

Competitive Interest Rates

The interest rates start at 12.75% p.a.

Flexible Loan Tenure.

Tenure that ranges from 3 - 42 months

Zero Collateral

No need to risk your assets for a loan.

Easy Documentation

Online application process to save time.

Zero Hidden Charges

No extra hidden charges.

How Do You Apply for Personal Loans

Buddy Loan is a loan service provider with a pool of RBI approved 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:

Step 4 - Submit the details & wait for the loan confirmation.

Ready to take next step ?

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.

Frequently Asked Questions

IIFL Personal Loan is a type of unsecured loan that provides individuals with a fixed sum of money for personal use, which is to be repaid with interest over a specified period.

Eligibility criteria for IIFL Personal Loan may include a minimum age of 21 years, Indian citizenship, a stable source of income, and a good credit score.

To apply for an IIFL Personal Loan, you can visit an IIFL branch, apply online through their website, or contact their customer service.

The maximum and minimum loan amounts for IIFL Personal Loans can vary but typically range from Rs. 50,000 to Rs. 50 lakhs or more, depending on eligibility and requirements.

Interest rates and tenures for IIFL Personal Loans can vary based on several factors, but typically, interest rates can range from around 12% to 30%, and tenures may go up to 5 years or more.

No collateral is required for IIFL Personal Loans as they are unsecured loans.

IIFL Personal Loans can generally be used for various purposes, such as debt consolidation, medical expenses, education, travel, home renovation, and more.

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