IIFL Personal Loan used for any of your personal purposes and can easily transfer the balance from their account. Then, the procedure has now been expanded to include other types of credit, such as personal loans and home loans. It is a procedure in which the full outstanding primary loan amount is moved to a bank or non-bank financial institution (NBFC) that offers a cheaper interest rate. To cover any of your needs, you can avail of an IIFL Bank Personal Loan of up to Rs.25 lakh. For more details, you can read the guidelines explained in this article.
Key features of IIFL Bank Personal Loan Balance Transfer
- Check your eligibility quickly
- Available online
- Quick online loan approval
- Disbursement of funds with minimal documentation
IIFL Personal Loan Balance Transfer
IIFL stands for International Institute for Financial issues. A personal loan balance transfer occurs when a borrower transfers the outstanding principal amount of a personal loan from one account to IIFL in order to benefit from lower interest rates, longer loan terms, increased loan amounts, and other perks.
Refinancing is another term for a balance transfer. IIFL balance transfer interest rates range from 12.99% up to 19.99%, with payback terms ranging from 12 months up to 60 months.
Benefits of transferring IIFL Personal Loan
Here are some benefits for transferring balance for IIFL Personal Loan:
- On personal loan balance transfers, IIFL offers a lower interest rate. Lower interest rates will assist the borrower in reducing the amount of money owed in interest.
- The borrower has the option of negotiating the loan’s term according to their needs with IIFL Balance Transfer. A longer loan term reduces the EMI burden, while a shorter loan term reduces the interest burden.
- Balance transfers also give the borrower the option of using the top-up facility to meet their cash needs.
- There is a risk that the borrower would be dissatisfied with the services provided by their current bank, in which case they can move their personal loans to the IIFL and benefit from better terms.
- Depending on prior payback history and income dynamics, IIFL offers extra advantages such as waiver of the last EMI, zero processing fees, lower interest rates, and so forth.
Eligibility criteria required for IIFL Personal Loan balance transfer
The IIFL’s eligibility criteria are primarily based on payback history, CIBIL Score, and income dynamics. The following are some basic IIFL Personal loan balance transfer eligibility criteria:
- Any salaried or self-employed person over the age of 21.
- The borrower’s age cannot exceed 65 years old.
- Individuals should obtain a personal loan from a different financial institution.
- Individuals must have at least 2 years of job experience.
- A CIBIL score of at least 700 is required.
Documents required for IIFL Personal Loan Balance Transfer
For Salaried individuals
- Submit Identity proof such as-Aadhaar card, Driving license, Passport.
- Address proof must be one of electricity bill, Aadhaar, Voter ID
- PAN Card
- Submit salary slips for the past 6 months.
- Submit last 3 years balance sheet
- P&L account statements
- PAN Card
- Submit last 6 months current account statements
- Submit applicant’s savings and account statements
IIFL Loan Top-up
Personal Loan from IIFL Eligibility is determined by a number of factors, including the company you work for, your income, your job experience, your credit score, and others. The following are the criteria for obtaining a personal loan from IIFL:
- Occupation: IIFL offers personal loans to salaried professionals working in government, private, and multinational corporations.
- Age: IIFL provides personal loans to salaried professionals between the ages of 25 and 60.
- Minimum Income: A minimum income of 25,000 is necessary to obtain personal loans from IIFL.
- Minimum work experience: IIFL examines a candidate’s current and total work experience to determine job stability. To qualify for a personal loan from IIFL, you must have 6 months of current job experience and months of total work experience.
- Credit Score: A good credit score is required to obtain a personal loan. Personal loans require a minimum credit score of 650 to be considered.
How to apply for IIFL Personal Loan Balance Transfer?
The following is a step-by-step guide to getting a personal loan from IIFL online:
- Visit the IIFL’s official website. A personal loan from IIFL can also be obtained through an online marketplace such as Afinoz.com.
- Fill in the personal, professional, and financial information requested by the lender and submit the application.
- After you’ve submitted your application, IIFL will assess your eligibility and advise you of the amount you’re eligible to receive.
- If you accept to proceed with the application, you will be required to submit the relevant documents, which can be uploaded online as well.
On the basis of the terms and conditions of the IIFL Personal Loan Balance Transfer, you can transfer the amount easily through the online process. Apart from this, you can also check the basic details of eligibility check, interest rate, and benefits for transferring the balance through IIFL. For more details, you can also contact Afinoz.com to know the process easily.