IIFL Bank Personal Loan is a program that provides individuals when they need to get instant funds for their urgent needs. If you are planning to avail a personal loan, as an Individual you must submit your income and your current details. IIFL Bank Personal Loan Interest Rate is offered as low as compare to other banks. If you are in need of additional funding to pay for tuition, books, and other school expenses, marriage expenses, health issues, you can apply for IIFL personal loan.
IIFL Personal Loan Highlights
| Particulars | Charges |
| Rate of Interest | 16% p.a. onwards |
| Loan Processing Charges offered | Up to 3% of Sanctioned Amount + GST |
| Cheque Charges | ₹ 500/- + GST per instance |
| Charge of Cheque / ACH Swapping Charges Duplicate No-dues Certificate charge | ₹ 500/- + GST per instance |
| Charges of Duplicate Statement / Amortisation / Repayment Schedule/ Agreement/ Sanction Letter | ₹ 200/- + GST per instance |
| Penal Interest | 24% p.a. |
| Prepayment / Foreclosure (07-24 months of EMI Repayment) | 5% + GST* |
| Prepayment / Foreclosure (more than 24 months of EMI Repayment) | 4% + GST* |
IIFL Personal Loan Eligibility Criteria
Here is some eligibility check for IIFL Bank personal loan:
| Particulars | Eligibility criteria |
| Age | He/she must be 25 years to 60 years |
| Employment Status | Individuals must be a 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 |
Documents Required for IIFL Personal Loan
If you want to fulfill the eligibility criteria for IIFL Personal Loan, you will be required to submit the following documents for processing of the loan, which are as follows:
- Submit Aadhaar number for KYC.
- Submit proof of Identity
- Proof of address
- Applicant must give salary slips for the last 3 months.
- You must have a bank statement of salary account for the last 3 months.
- The rental agreement should be submitted (if applicable).
How to check IIFL Bank Personal Loan?
The IIFL BANK ACCOUNT holder must complete the following steps:
- Verify the borrower’s personal information
- Enter the borrower’s personal information (first name, last name, social security number, birth date)
- Enter the IIFL Bank Account into the IIFL BANK system
- Complete the IIFL BANK Signature section.
- When all the necessary verification has been completed, the IIFL BANK officer will verify the borrower’s IIFL BANK ACCOUNT.
- The loan officer will also verify the borrower’s FEDERALLY OBTAINED MONEY (FOID) declaration.
- The IIFL BANK officer will also complete the IIFL BANK signature section.
- Once all the necessary verification has been completed, the IIFL BANK officer will give the borrower his or her next official notice as proof of approval of the loan.
- The next step would be the lender’s formal acceptance of the loan.
Why people choose IIFL Personal Loan?
You may get a number of benefits if you are applying for an IIFL Personal Loan. Some of the main benefits are listed below:
- You can quickly check eligibility in just 1 minute.
- You can get a quick online approval process in just 5 minutes.
- Get the loan disbursal in just 8 hours.
- The maximum loan amount is Rs. 25 lakhs.
- This process is completely hassle-free when it is required to submit documents.
- A transparent process is required.
- Faster processing of loan applications through eKYC and eSign via Aadhaar.
- It offers a dedicated customer support team.
How to get the best offer on IIFL Personal Loan?
It can be easy to get the best personal loan interest rates from IIFL that subject to an assessment of your loan amount, salary, and loan tenure. Here are some factors determining the personal loan interest rate that you can get from here:
- Loan amount: This bank offers a personal loan amount starting from Rs. 50,000 up to Rs. 25 lakhs.
- Salary: The income of the applicant defines the capacity to repay the loan. The higher salary you will get, the low the interest rate you offered for the loan. The interest rate of the bank varies with net monthly income.
- Relation with the bank: IIFL offers special rates, offers, and charges to the existing customers of the bank. Thus, if you need to manage the accounts and made all the payments on time in the past and you will get the benefit of a low interest rate.
Conclusion:
Borrowers may not have enough time to wait for the approval of their IIFL BANK before they are approved for personal loans. If the borrower fails to meet the deadlines for payment, his or her personal loan will be deemed as disapproved. This will result in the IIFL BANK’s right to offer more personal loans to the same person. The most important thing to remember when you get into personal loans is to be prompt in paying your payments.