The IIFL personal loan is one of the most sought after loans as it allows you to deal with various situations like a wedding, vacation, home renovation, higher studies, medical emergency, etc. Offering a personal loan of upto Rs. 25 lakh, IIFL ensures that the amount is disbursed to your account within 8 hours. The tenure for IIFL Personal Loan varies from 12 to 60 months for a stress- free repayment process.
Features/Benefits of IIFL Personal Loan
Here are some of the features of IIFL Personal Loan:
- Flexibility in repayment option.
- Swift disbursal, if set out standards are met, loan disbursal within one working day.
- Online eligibility check facility is available.
- Speedy approval process.
- Personal loan rates at par with the banking industry.
- Freedom to choose your own amount from the range.
- Transparent application process.
- Minimized documentation process.
- Customer friendly terms and conditions.
- High repayment record.
- Affordable EMI rates.
- No hidden charges.
Interest Rates for IIFL Personal Loan
The interest rate for IIFL Personal Loan begins from 13%. The entire process is highly transparent, no hidden terms and conditions. The interest rate for the personal loan is influenced by the factors like age, income, credit score, employer, etc.
Eligibility Criteria for IIFL Personal Loan
The IIFL has stipulated a set of guidelines dedicated to the eligibility criteria to avail the IIFL personal loan. The eligibility criteria comprise:
- Applicant must be of a minimum age of 25 years.
- His maximum age should be 60 years.
- He should be an Indian.
- He must be a salaried individual.
- He must be with the current employer for the last six months.
- He must have a minimum of two years of work experience with 6 months of experience in the same organisation.
- His monthly income prescribed is Rs. 35,000 or more.
- His current address must be in any of these cities: Delhi and NCR, Pune, Mumbai including Thane and Vashi.
Documents Required for IIFL Personal Loan
The Aadhar linked pre-filled application form of an individual gets expeditious approval in only 5 minutes. Required documents can be uploaded online as per your convenience – from office or home.
The following documents are required to avail the personal loan:
- Filled in IIFL personal loan application form with the required information.
- Aadhar number for eKYC. Only Aadhar number is mandatory and ID proof and address proof are not required if the eKYC process has been materialized.
- ID Proof (if eKYC process is not materialized)
- Address proof (if eKYC process is not materialized)
- Latest salary slips – past 3 months of the salary account of the applicant.
- A passport size photograph.
- Proof of ID Card – Voter ID/ Passport/ DL.
- Valid PAN Card.
- Proof in support of residence – Passport/ Voter ID.
While making your application, make sure, you have all the required documents. In case of any query or doubt, feel free to get in touch with the IIFL customer care at 1860-267-3000 / 7039-050-000 or a personal loan officer. You can also request a call back or can fill the feedback form by clicking here. Manipulation or hiding of any important information may lead to outright rejection. Remember, in case, the mobile number of the applicant isn’t registered with the UIDAI for Aadhar, an applicant wouldn’t be able to do Ekyc.
Additional Charges of IIFL Personal Loan
The IIFL conducts personal loan business in accordance with the law of the land. Guidelines stipulated are adhered with in letter and spirit. Nothing is hidden. Here are some of the charges:
|1.||Loan Processing Charges||Up to 2% Of Loan Amount Plus GST|
|2.||Penal Charges, Late Payment Charges, Defaults Of Any Monies Payable||2% Compounded Monthly|
|3.||Charges for:||Rs. 500/- Per Bounce Plus GST|
|4.||Any other charges, including documentation charges, inspection charges and stamp duty charges||NIL, Not Applicable|
|5.||Foreclosure Charges||Up to 6%|
|6.||Portal access for loan details and account summary||NIL, Not Applicable|
Ques: Is it possible to complete the personal loan application online?
Ans: Yes, an applicant can apply for the personal loan online. It’s swift and hassle-free. Ensure that you possess all the required documents and meet the eligibility criteria.
Ques: I am usually busy, often engaged with tours and company events. Does IIFL offer online personal loan repayment option?
Ans: The IIFL leverages best-of-the-breed technology to facilitate its valued customers in repaying the personal loan. While choosing the repayment mode, select ECS or NACH, whichever suits your requirement. Such modes alleviate many of your woes. Now, every month, you don’t have to worry about the EMIs.
Ques: Heard a lot about the co-applicant personal loan. What’s that?
Ans: A co-applicant can be added in the application, provides better credit score and helps you gain a larger loan amount.
Ques.: Is there any penalty for missing the EMI payment?
Ans: An applicant is encouraged to deposit the EMI on time. Late payment charges are applicable on missing deadline. Efforts should be made to deposit the EMI on time. In case of any delay, communicate with the bank.