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Loan Overview

Rate of Interest (% p.a.)Loan Amount (Rs.)Processing Fees
Starts at 13.49% p.a.Up to Rs.25 lakhUp to 2% of the loan amount plus GST

 

Fees and Charges applicable to IIFL Personal Loan

Schedule of charges
Cheque bounce chargesRs.500 for each bounce plus applicable GST
Cheque dishonour chargesRs.500 for each bounce plus applicable GST
Late payment charges2% compounded monthly
Penal charges2% compounded monthly
Documentation chargesNil
Foreclosure chargesUp to 6%
Stamp duty chargesNil
Charges for inspectionNil
Prepayment chargesNil

 

Documents Required for Availing a Personal Loan from IIFL

If you fulfil the eligibility criteria for IIFL Personal Loan, you will be required to provide the following documents for the processing of the loan:

  • Aadhaar number for eKYC
  • Proof of identity*
  • Proof of address*
  • Salary slips for the last 3 months
  • Bank statement of salary account for the last 3 months
  • Rental agreement (if applicable)

*Proof of identity and proof of address will not be required if KYC is already done.

Why should I choose IIFL Personal Loan?

There are a number of benefits which can be enjoyed by a customer if he or she applies for an IIFL Personal Loan. Some of the benefits have been listed below:

  • Quick checking of eligibility in just 1 minute
  • Quick online approval process in just 5 minutes
  • Express disbursal of the loan amount in just 8 hours
  • Loan amount of up to Rs.25 lakh
  • Hassle-free documentation process
  • Completely online application process
  • Transparent process
  • Faster processing of loan application through eKYC and eSign via Aadhaar
  • Dedicated customer support team
  • Trusted name with a huge customer base

 

What are the eligibility criteria for IIFL Personal Loan?

Age25 years to 60 years
Employment StatusSalaried individual
CitizenshipResident citizen of India
Minimum Net SalaryRs.35,000 or more
Residing in one of the following citiesDelhi NCR, Mumbai, Pune, and Bengaluru
Work experience in the current jobShould be in the organisation for at least 6 months
Total work experienceShould have at least 2 years of job experience
 

How does EMI calculation on IIFL Personal Loan work?

The processing of IIFL Personal Loan is quite simple. Once your KYC is done and your documents are verified, the loan will be processed, and you will receive the disbursed loan amount in just 8 hours. However, if you are wondering how the repayment schedule would look for a personal loan that you take from IIFL, go through the following example.

Let us assume that Ms. Buffay is an individual residing in Pune and has a monthly salary of Rs.55,000. She takes a loan of Rs.6 lakh under the IIFL Personal Loan scheme. The interest is charged at 13% p.a. and the processing fee on the loan amount is 1.5%. Ms. Buffay decides to pay off the loan in 3 years, i.e. the loan repayment period is 36 months. Based on these conditions, the loan repayment schedule of Ms. Buffay will look like this:

MonthPrincipal Paid (A) (in Rs.)Interest Paid (B) (in Rs.)Total Amount Paid (A+B) (in Rs.)Outstanding Loan Amount (in Rs.)
113,7166,50020,2165,86,284
213,8656,35120,2165,72,419
314,0156,20120,2165,58,403
414,1676,04920,2165,44,236
514,3205,89620,2165,29,916
614,4765,74120,2175,15,440
714,6325,58420,2165,00,808
814,7915,42520,2164,86,017
914,9515,26520,2164,71,066
1015,1135,10320,2164,55,953
1115,2774,93920,2164,40,676
1215,4424,77420,2164,25,233
1315,6104,60720,2174,09,624
1415,7794,43820,2173,93,845
1515,9504,26720,2173,77,895
1616,1234,09420,2173,61,773
1716,2973,91920,2163,45,476
1816,4743,74320,2173,29,002
1916,6523,56420,2163,12,350
2016,8333,38420,2172,95,517
2117,0153,20120,2162,78,502
2217,1993,01720,2162,61,303
2317,3862,83120,2172,43,917
2417,5742,64220,2162,26,343
2517,7642,45220,2162,08,579
2617,9572,26020,2171,90,622
2718,1512,06520,2161,72,471
2818,3481,86820,2161,54,123
2918,5471,67020,2171,35,576
3018,7481,46920,2171,16,829
3118,9511,26620,21797,878
3219,1561,06020,21678,722
3319,36485320,21759,358
3419,57364320,21639,785
3519,78543120,21620,000
3620,00021720,2170

*On the basis of the conditions mentioned in this example, Ms. Buffay will be paying off the loan in 36 months in equated monthly instalments (EMIs) of Rs.20,216 or Rs.20,217 (alternatively). The interest payable on the loan amount at the rate of 13% p.a. is Rs.1,27,789 and the processing fee is Rs.9,000. Thus, the total amount payable by Ms. Buffay at the end of the loan repayment tenure is Rs.7,36,789*.

*The figures quoted here are for the purpose of understanding only. The applicable taxes (if any) are not taken into consideration.


 

How does IIFL Personal Loan compare with other personal loans?

ParticularsIIFL Personal LoanBajaj Finserv Personal LoanFederal Bank Personal Loan (FedPremia)SBI Personal Loan
Interest rate13.49% p.a. onwards12.99% p.a. onwards10.00% p.a. to 27.00% p.a.10.50% p.a. onwards
Processing feeUp to 2% of the loan amount + applicable GSTUp to 3.99% of the loan amountUp to 3.00% of the loan amount1% of the loan amount + applicable GST
Foreclosure chargesUp to 6%4% + applicable taxes on the outstanding principal amountNil for Floating Rate Schemes; 3% for Fixed Rate Schemes3% of the outstanding loan amount
 

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