A personal loan isn’t as easy to avail as many Fintech claims it to be. To avail a personal loan, you have to go through various process. At first, you have to meet the eligibility criteria set by the lender. Then comes the next step to apply personal loan by filling up the form and submitting the required documents. And after all that, you need to wait for approval. Once you get approval, you have to wait for disbursement. If you’re in very urgent need of funds, you will probably get frustrated as it takes around 3-5 days to get approval and more for loan disbursement. To make availing a personal loan convenient and fast, IIFL bank lends personal loan instantly. Generally, you get IIFL Bank personal loan amount in your account within 8 hours of loan approval. And the best thing about IIFL Bank is that they charge very minimal IIFL Bank personal loan interest rate on the loan. Read more.
What is IIFL?
IIFL is an Indian diversified financial services company. The company started its operation in 1995 and since then, it has been making people’s financial life easy. Known for its amazing home loans under various housing schemes, IIFL has been moving up the ladders to be the top lender in India. Apart from home loans, IIFL also lends personal loan, business loan as well as provides financial assistance to thousands of people from every part of India.
IIFL Bank Personal Loan
IIFL Bank Personal Loan is an interesting personal loan due to fast approvals and loan amount disbursals. No bank has been even slightly closer to IIFL when it comes to lending personal loan instantly. The feature to check eligibility in a minute, get approval within 5 minutes, etc just adds the cherry on the cake for personal loan customers. According to this BANK, IIFL Personal Loan application is approved online quickly and loan disbursement happens within 8 hours of approval.
Features of IIFL Bank Personal Loan
- IIFL Personal Loan up to Rs. 25 Lacs
- Minimal documentation
- Online loan application
- No-hidden cost
- Excellent customer support, before and after loan disbursement
- Extended loan repayment tenure
IIFL Bank Personal Loan Interest Rate – Reasonable and Rigorous
IIFL Bank Personal Loan Interest Rate starts at 13% onwards. Considering your urgency of funds and quick disbursement rate of IIFL, the interest rate on IIFL personal loan seems very reasonable. This BANK has rigorous side when it comes to charging interest rate and its interest rate is at par with some of the top lenders in the country. In the table mentioned below, you can check out the interest rate and other fees on IIFL personal loan.
|IIFL Personal Loan Interest Rate||13% onwards|
|Late payment charges||2% (compounded monthly)|
|Penal charges||2% (compounded monthly)|
|Cheque bounce charges||Rs.500 per instance+ applicable GST|
|Cheque dishonour charges||Rs.500 per instance+ applicable GST|
|Foreclosure charges||Up to 6%|
|Charges for inspection||Nil|
For those who are having a credit score less than 700, IIFL Personal Loan Interest Rate will be higher than for those who are having good credit score.
Why to Avail IIFL Personal Loan Interest Rate?
Personal loan is one of the most important financial assistance for people. It can be availed to meet the very important expenses. No matter whether you want funds for travelling or for renovating your house or for paying medical bills, a personal loan covers it all. And when you are opting IIFL Personal Loan, you get many benefits. Use IIFL Personal Loan Interest Rate for these purposes –
- Medical Emergencies
- Child Education
- Home Renovation
- Setting up a home gym in the house
- To buy electronics
Such is the dynamic of IIFL Personal Loan that you can use it for everything you need as far as it comes under valid requirement. Being a customer-friendly BANK, IIFL doesn’t track the end-usage of the sanctioned loan amount. To avoid the debt trap, we advise you to use the sanctioned loan amount wisely.
Eligibility Criteria for IIFL Personal Loan
Just like many banks and BANKs, IIFL also has some eligibility criteria, meeting on which a person can avail a personal loan. But what makes IIFL Personal Loan better than others is the eligibility criteria that this BANK has set is quite easy to meet. These are the eligibility criteria for IIFL Personal Loan –
- Applicant must be a salaried individual.
- He/she should have a minimum monthly income of Rs. 35,000 or more.
- His/her age should be above 25 years and less than 60 years.
- Those who are living in the following cities are eligible for the loan – Delhi and NCR, Mumbai (including Thane and Vashi), Bengaluru, and Pune.
- Applicant must have a minimum work experience of 6 months in his/her current organisation.
- The total work experience of 2 years is required for IIFL Personal Loan.
- Aadhar Card (just UIDAI for eKYC)
- ID Proof
- Address proof
- Latest Salary slip for last 3 months
- Latest Bank Statement for 3 months of salary account
- Rent Agreement (if applicable)
ID proof and Address proof aren’t required if you provide your UIDAI.
For more information regarding IIFL Personal Loan, get in touch with us on our website.