A Simple Guide To IIFL Bank Personal Loan

Taking a personal loan is not as complicated as it seems. You could apply for it online as well as offline. However, choosing a trustworthy lender to get the loan would be challenging since several lenders are available in the market. Some of them are even focusing only on cheating a borrower. 

So, if you are looking for a trustworthy lender for an instant loan, IIFL bank personal loan is an ideal choice. It has an excellent record of serving their customer. Taking a personal loan from IIFL is hassle-free, easy, and quick. You could apply online or go to the nearest IIFL branch to do it. 

IIFL Bank Personal Loan Details
Here are the details for IIFL bank personal loan.  

  • IIFL bank offers a loan amount from Rs 50,000 to Rs 25 lakhs. 
  • IIFL’s bank personal loan interest rate ranges from 12.99% to 19.99%.
  • The loan tenure is from 12 months to 60 months. 
  • The processing fee is from 1% to 2% of the loan amount. 
  • The pre-closure charge is allowed after 6 EMIs. 
  • There is no part prepayment charge. 
  • The late payment charge is 2% of the loan amount. 
  • The penal charge is 2%.  
  • The foreclosure charge is up to 6% of the outstanding loan amount. 

IIFL Personal loan eligibility criteria
Here are the eligibility criteria for the IIFL bank instant personal loan. 

  • The borrower’s age should be from 25 years to 60 years.  
  • The borrower’s minimum salary should be at least Rs 25,000 per month.  
  • The minimum CIBIL Score should be at least 650.  
  • The borrower should have a minimum of 2 years of work experience. 
  • The borrower should be working with the current organization for a minimum of 6 months. 

How to check the eligibility criteria? 
Suppose you are not sure whether you qualify the eligibility criteria or not. In that case, you could use the IIFL bank personal loan eligibility calculator. 

What are the required documents for the IIFL bank personal loan? 
You will need to submit these documents upon applying for the personal loan.  

  • Aadhar Card for the KYC. 
  • Salary slips for the past 3 months 
  • Bank statement for the last 3 months 
  • Rent agreement ( If applicable)  
  • Remember, if your number is not registered with UIDAI for Aadhar, The KYC won’t be possible.  

How to use IIFL Personal loan EMI Calculator? 
The process of using the IIFL Personal loan EMI calculator is kind of straightforward. Once your KYC is finished, and your documents are verified, the loan is processed, and you’ll receive the disbursed loan quantity in mere eight hours. Open the calculator, enter the loan amount, interest rate and loan tenure. The calculator will show you the EMI.   

Why should you choose IIFL instant personal loans? 

  • A trusted name among the financial institutions serving over 3.5% million customers.   
  • The online process to apply for the loan is safe and secure.  
  • The loan process is transparent.  
  • There is a dedicated support team to sort out any issue. 

How to apply for IIFL bank personal loan at Afinoz 

  1. Start by download the Afinoz personal loan from the Google play store.  
  2. Register on the app.  
  3. Fill in the details, such as personal and professional details. 
  4. Choose the IIFL bank personal loan from the lender’s list.  
  5. Upload the required documents.  
  6. Wait for verification.  
  7. After the verification process is complete, the loan amount is transferred directly to your bank account. 

Bottom line 
IIFL bank personal loan is a trusted lender because of its transparency and fast service. Its affordable rate of interest, quick processing, and disbursal make it popular. IIFL does not need collateral to offer the loan. Before you apply for the, calculate the exact loan amount you would need before using. Having clarity results in getting a required loan to avoid additional financial burdens.