Thursday, February 9, 2023

IIFL Personal Loan – Interest Rate @12.75%, Apply Now

IIFL Personal loan offers an easy application process, lower interest rates, and flexible repayment tenures. Instant Personal Loans up to Rs 5 lakhs can be availed within a few simple steps, and loans are disbursed within 24 hours of approval.

IIFL Personal Loan can be used for many personal needs like medical, education, home expenses, family marriage, vacation, etc.

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IIFL Finance Personal Loan Details

IIFL Personal Loan Interest RateInterest rates range from 12.75% to 33.75% p.a. reducing the rate
Loan AmountUp to Rs 5 lakhs
Loan Tenure9 to 42 months
Loan Process100% Digital
Processing Fee2% to 4% of the loan amount + GST
DocumentationMinimal Documentation process
Minimum Income RequiredRs 15,000+
CIBIL Score (Credit Score) requires700+
Customer Care Number1860-267-3000
Email ID[email protected]

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IIFL Personal Loan Interest Rate

IIFL Finance provides personal loans to people under various schemes. IIFL Finance offers personal loans up to Rs 5 lakhs to customers at the lowest interest rate of 12.75% per annum. Customers apply for a personal loan online. IIFL Finance decides the interest rate based on repayment history, income structure, credit score, Age, area, etc., which may differ from customer to customer.

Factor affecting IIFL personal loan interest rates

Age of the applicant: The interest charged on the personal loan can be more or less according to our Age. Younger applicants have to pay less interest as the risk involved is less, and older applicants may have to pay higher interest as the risk involved is more.

CIBIL Score: The credit score of the applicant is taken into consideration before determining the personal loan interest rate. If the applicant has a low CIBIL score and has failed to repay his previous loans or credit card bills on time, the interest will be determined higher.

Loan Tenure: In most cases, the loan repayment tenure is chosen by the applicant. The option is in the hands of the applicant as to when he will repay the loan. The longer the tenure of the personal loan, the higher the interest.

Residential Location: The interest rate decided by IIFL Finance can also be based on whether the applicant lives in an urban or semi-urban area. People living in city areas can get a personal loan at a low-interest rate.

Features of IIFL Personal Loan

IIFL Personal loan is a registered NBFC (Non-banking Financial Institution). If you want to Personal loan, you can check offers online with IIFL Finance Personal Loan. You can get a personal loan from IIFL Finance with a few documents.

Loan Amount: You can get an instant personal loan from 5k to 5 lakhs at a reasonable interest rate with flexible repayment tenure. You can use this amount for financial needs, like family marriage, vehicle purchase, home renovation, etc.

Low-interest rate: You can apply for IIFL Personal Loan to meet your Personal needs. Here you get a personal loan of up to Rs 5 lakh at an interest rate of 12.75%.

Processing Fee: The processing fee is charged by the bank/NBFC taking the personal loan. The processing fee for this loan is 2% to 4% of the loan amount.

Register NBFC: Any financial institution is called a registered NBFC only when it follows the guidelines of RBI. IIFL Finance is a registered NBFC.

Digital Process: If you have a personal loan requirement, the IIFL Personal Loan process of applying is fully digital. You don’t even have to submit any document to the manual. The company has kept the entire loan application process 100% digital.

Long Tenure: Loan tenure starts from 9 to 42 months based on your loan amount. The final tenure will be decided by the IIFL Persona Loan team as per your eligible loan amount, interest rate, and credit profile.

Quick Eligibility Check: You can check your eligibility to apply for IIFL Personal Loan in just 2 minutes. Thereby you get to know about the loan-eligible loan amount and tenure time.

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Eligibility Criteria for IIFL Personal Loan

You must check the eligibility criteria before applying for any loan. If you are eligible for that loan, then only you should apply for that loan because repeatedly applying for loans affects your credit score.

  • The age of the applicant should be between 19 to 65 years.
  • The minimum monthly income of the borrower should be ₹15000.
  • Applicant must have citizenship of India.
  • Selfie

Documents Required for IIFL Finance Personal Loan

  • PAN (Permanent Account Number) Card
  • The mobile number must be linked with an Aadhaar card.
  • Last 3 months’ salary slips
  • Statement of account for last 6-12 months of Bank.
  • Income Tax Return – last 1 year for applicants, 26 AS, Traces

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Tips to Improve Personal Loan Eligibility:

A high salary and credit score also improve your loan eligibility. Furthermore, there are certain steps you can take to ensure that your loan application is approved faster.

Maintain a healthy credit score: The higher your credit score, the higher your loan eligibility. Generally, a credit score of 750 and above is considered healthy by any credit bureau. The bank sees you as a good customer and may also offer you a competitive interest rate.

Keep your EMIs within a limit: The total EMI of your existing loan should not exceed 40% of your take-home salary.

Avoid applying for multiple loans or credit cards: This will lower your credit score as you will be seen as credit hungry. Therefore, you should apply for a loan or credit card only when necessary.

Don’t default on EMIs or delay your credit card payments: If you have existing loans, make sure to pay EMIs on time.

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How do apply for an IIFL Personal Loan Online?

With IIFL Finance Personal Loan, you can meet your financial needs. Here you get loans up to Rs 5 lakh at low-interest rates with flexible tenure. You can apply for the loan by following a few easy steps.

  • Customers to click on the below link and they will be taken to the IIFL Personal Loan web page
  • The customer needs to complete the rest of the process on the web page
  • Enter full name, and mobile number and click ‘Next’
  • Enter personal details such as full name as per PAN, email address, tick the check box and click ‘Next’
  • Enter basic details such as PAN number, date of birth, gender, and Pin code and click ‘Next’
  • Select the salary bank account name and upload 6 months of bank statements through Net banking, document upload, or OTP
  • Customers will be notified if they are eligible
  • Select the loan amount, repayment tenure, interest rate, and EMI and click on ‘Apply for Loan’
  • Upload KYC documents of address proof, PAN card, and selfie, tick the check box, and click on ‘Continue’
  • Add bank account details and set up auto EMI repayment through E-NACH of physical mandate
  • Once the customer’s loan is approved, the cash will be transferred to their savings account within 2 working days

IIFL Finance Personal Loan Apply link:

IIFL Personal Loan Customer Care Number

By Phone: You can call on the company’s customer care number 1860-267-3000.

Email: You can also contact customer care via email. The email address for specific queries is below:

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FAQ:

What is the EMI for a 2.5 lakhs IIFL Personal loan?

The EMI amount will vary based on loan tenures and desired interest rates. You can use the EMI interest calculator to determine how much EMI you will need to pay for the 2.5 Lakh loan by selecting the loan tenure and interest rates.

What is the loan tenure?

Loan tenure starts from 9 to 42 months based on your loan amount. The final tenure will be decided by the IIFL Persona Loan team as per your eligible loan amount, interest rate, and credit profile.

What are the interest rates offered?

Your interest rate depends on your profile, credit history, and multiple aspects. Interest usually varies between 12.75% – 33.75%.

How do I pay the EMIs for my IIFL Personal Loan?

You can pay the EMIs for your IIFL Personal Loan through monthly EMIs which will be debited from your salary account through ECS or NACH.

Do I need to provide physical copies of my documents for my IIFL Personal Loan application?

No, IIFL offers personal loans against minimal documentation and that can be submitted online. You can simply scan and submit digital copies of your documents for the application process.

Can I prepay my IIFL Personal Loan?

Yes, you can repay your IIFL Personal Loan after the payment of the first 6 installments. IIFL accepts payments through its online portal. You can make the payment through RTGS or NEFT.

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