When you apply for IIFL Bank Personal Loan, you will likely be approved for a personal loan at a good rate. There is no better way to get a personal loan than with an IIFL BANK. They have been around long enough to establish a good track record. Also, banks that have branches in your city or area will probably give you a better interest rate as well as other added benefits. For instance, many banks will offer incentives for making your payments on time.
IIFL Bank Personal Loan Online
Many people prefer to apply for IIFL BANK PERSONAL LOAN online. Why? Because it is fast and easy. Instead of driving all over town searching for the perfect loan, you can conduct the search online and then go visit the bank in person or even online to get the loan. Here are some steps mentioned under:
- First, visit the official website of IIFL Bank. You can also apply for IIFL Personal Loan.
- Then, fill in personal, professional, and financial details as required by the lender and submit the form.
- Once you have submitted the application form, the IIFL Bank representative will check your eligibility and provide you with information about the eligible amount of the loan.
- Once you agree to the process application, then you would be required to submit the essential documents which can be uploaded online.
- In the end, your documents will be processed by IIFL, and after the successful approval of the loan, the funds will be disbursed into your account immediately.
Eligibility criteria of IIFL Bank Personal Loan
| Particulars | Eligibility criteria |
| Age | Starting from 25 years to 60 years |
| Employment Status | Salaried individual |
| Citizenship | Resident citizen of India |
| Minimum Net Salary | Rs.35,000 or more |
| Residing in one of the following cities | Delhi NCR, Mumbai, Pune, and Bengaluru |
| Work experience in the current job | Should be in the organization for at least 6 months |
| Total work experience | Should have at least 2 years of job experience |
Types of personal loan offered to the IIFL Personal Loan users
There are several types of IIFL Bank Personal Loan offered to the user, some of these are mentioned as under:
- Unsecured personal loan
The first one is called the unsecured personal loan. This type of loan has a much higher interest rate than other types of loans. This rate is usually determined by your credit rating and whether or not the bank feels you will be able to pay back the loan. The reason they set the high–interest rate is that they need to be certain you can make the monthly payments. If you can’t, then they will lose the money they loaned to you.
- Secured personal loan
Another type of IIFL BANK PERSONAL LOAN is the secured loan. This one requires some sort of collateral to secure the loan. The collateral is usually property, but it could also be something as simple as an automobile. If you are unable to pay the loan off on time, the bank can repossess your collateral and sell it to recoup their losses. This type of loan usually has a much lower interest rate than an unsecured loan, which means you will be able to afford to make your monthly payments.
How IIFL Personal Loan is different from others?
When you use the Internet to obtain an IIFL Bank Personal Loan, there are many options available to you. For instance, you could visit a bank near you or search online. You will be able to view the different loan options that a particular bank has to offer. With so many different choices to choose from, you can almost guarantee that you will find a loan that fits your needs and budget. Some banks will even offer you loans online.
| Particulars | IIFL Personal Loan | Bajaj Finserv Personal Loan | Federal Bank Personal Loan (FedPremia) | SBI Personal Loan |
| Interest rate | 13.49% p.a. onwards | 12.99% p.a. onwards | 10.00% p.a. to 27.00% p.a. | 10.50% p.a. above |
| Processing fee | Up to 2% of the loan amount + GST | The maximum rate is 3.99% of the loan amount | Up to 3.00% of the loan amount | 1% of the loan amount including applicable GST |
| Foreclosure charges | Up to 6% | 4% + applicable taxes on the outstanding principal amount | Nil for Floating Rate Schemes; 3% for Fixed Rate Schemes | 3% of the outstanding loan amount |
Conclusion:
When you want to borrow money from an institution like IIFL Bank for a personal loan, you must go through a formal application process. These days, most people simply fill out an online form and the money is instantly sent to their account. You can also use IIFL Bank personal loan Internet banking for a balance transfer or any other transaction online. This is great because you can log into the IIFL Bank website, create your financial portfolio, and check your loan progress all from the comfort of your computer. It really couldn’t be any easier but it is advised that you can get more benefit from IIFL Personal Loan than any other bank.
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