IIFL Personal Loan Pre-closure Charges

As a leading integrated financial services group with diverse operating businesses, IIFL provides its customers personal loans up to an amount of 25 lakhs INR. The firm undertakes to disburse the loan amount inside 8 hours, subject to an eligibility check and online approval.

Prior to getting the loan, a potential borrower must furnish information pertaining to monthly income and fixed commitments. Once eligible, borrowers provide valid Aadhaar numbers and fill in the application form. A borrower can upload the relevant documents to an online portal, following which IIFL will process said documents and disburse the loan inside 8 hours. Transparent processes, online applications, minimal documentation, attractive interest rates, and affordable EMIs represent key factors in the personal loan operations at IIFL.

Foreclosure charges represent a fee that personal loan customers must pay when they pre-pay outstanding loan amounts before the end of the loan term. Pre-paying outstanding personal loans prior to the closing of the loan term may help in terms of gaining a lowered interest rate from the lending institution. Various banks have different lock-in periods, after which borrowers can repay the entire outstanding amount of a loan. As a rule, most lenders charge a pre-closure fee to compensate for the losses entailed by foreclosure.

IIFL accepts pre-payment of loans after borrowers make regular loan payments for 6 calendar months. The firm accepts pre-payments via NEFT and RTGS transfers through the online portal. IIFL does not levy any prepayment fees on personal loans.

Customers that avail personal loans from IIFL have the option to repay the outstanding amount after 6 months of regularly re-paying loan installments to save on interest. IIFL is one of the few lenders that does not levy pre-payment charges or fees for customers of its personal loans.