Get IIFL Bank Personal Loan At A Low-Interest Rate

It is an easy way to get IIFL personal loans at a low-interest rate. As the IIFL personal loan is one of the most preferable loans as it allows the user to deal with various situations such as a wedding, vacation, home renovation, higher studies, medical emergency, and more. Offering a personal loan of up to Rs. 25 lakh, where IIFL ensures that the amount is disbursed into the user’s account within 8 hours.

Features and benefits of IIFL personal loan

Flexibility in repayment option
Swift disbursal, if set out standards are met, loan disbursal within one working day.
An online eligibility check facility is available.
Speedy approval process.
Personal loan rates with the banking industry.
Easily choose your amount from the range.
Transparent application process.
Minimized documentation process.
Customer-friendly terms and conditions.
High repayment record.
Affordable EMI rates.
No hidden charges.

Interest Rates for IIFL Personal Loan

IIFL Personal Loan interest rate is starting from 16%. The entire process is highly transparent, with no hidden terms and conditions. The interest rate for the personal loan is influenced by the factors like age, income, credit score, employer, etc.

Eligibility Criteria for IIFL Personal Loan

The IIFL personal loan has maintained a set of guidelines dedicated to the eligibility criteria to avail the loan simply. The eligibility criteria for the loan are:

Applicants must have a minimum age of 25 years.
His/her maximum age should be 60 years.
He/she should be an Indian.
He/she must be a salaried individual.
The applicant must be with the current employer for the last 6 months.
He/she must have a minimum of two years of work experience with 6 months of experience in the same organization.
The monthly income of the applicant should be Rs. 35,000 and above.
The current address must be in any of these cities like Delhi and NCR, Pune, Mumbai including Thane and Vashi.

Documents Required for IIFL Personal Loan

The user must fill the Aadhar link pre-filled application form and get the loan approval in only 5 minutes. Here are some required documents that can be uploaded online from anywhere.

Here is the list of the following documents that required to avail of the personal loan:

Filled in IIFL personal loan application form with the required information.
Submit Aadhar number for eKYC. Only Aadhar number is mandatory for the loan application and ID proof and address proof are not required if the eKYC process has been materialized.
ID Proof is required (if the eKYC process is not materialized)
Address proof is required (if the eKYC process is not materialized)
Latest salary slips for – last 3 months of the salary account of the applicant.
Passport size colored photograph.
Proof of ID card – Voter ID/ Passport/ DL.
Valid PAN Card.
Proof of residence – the applicant should submit the (copy of one of these) Passport/ Voter ID.

Fees and Other Charges applicable to IIFL Personal Loan

Schedule of charges
Cheque bounce charges	Rs.500 for each bounce plus applicable GST
Cheque dishonor charges	Rs.500 for each bounce plus applicable GST
Late payment charges	2% compounded monthly
Penal charges	2% compounded monthly
Documentation charges	Nil
Foreclosure charges	Up to 6%
Stamp duty charges	Nil
Charges for inspection	Nil
Prepayment charges	Nil

IIFL Personal loan EMI Calculator

While applying for IIFL Personal loan there is the simplest tool for using the EMI calculation. The customer can make suitable choices before applying for the loan of the desired amount. If the applicant is using EMI Calculator, will ask about the amount of the loan and the tenure of the loan repayment.

Suppose, the loan amount is taken as Rs. 2 lakh @ interest rate of 13% p.a. for flexible repayment.

Loan Amount	ROI @ 13.00%	Tenure (Months)	Repayment	EMI	Interest
₹ 2,00,000	0.011	24	₹ 2,28,200	₹ 9,508	₹ 28,200
48	₹ 2,57,543	₹ 5,365	₹ 57,543
60	₹ 2,73,036	₹ 4,550	₹ 73,036
72	₹ 2,89,067	₹ 4,014	₹ 89,067
84	₹ 3,05,624	₹ 3,638	₹ 1,05,624

If the applicant repays the different amounts of loan taken at the rate of interest of 13% per annum for 12 months:

Loan Amount	ROI @ 13.00%	Tenure (Months)	Repayment	EMI	Interest
₹ 2,00,000	0.011	12	₹ 2,14,361	₹ 17,863	₹ 14,361
₹ 3,00,000	₹ 3,21,542	₹ 26,795	₹ 21,542
₹ 4,00,000	₹ 4,28,722	₹ 35,726	₹ 28,722
₹ 8,00,000	₹ 8,57,445	₹ 71,453	₹ 57,445
₹ 10,00,000	₹ 10,71,807	₹ 89,317	₹ 71,807

Conclusion

There are many options available for the user to choose the best personal loan app in India. With the help of the above description and details of IIFL Bank, you can choose to apply for a personal loan. You can check the interest rate, repayment tenure, essential documents, and more. Apart from that, you can also check the repayment option while using the EMI Calculator of the loan and apply for it simply.