IIFL Personal Loan

Fees and Charges Applicable to IIFL Personal Loan

Schedule of charges

Penal charges - 24% p.a. plus GST (Goods and Services Tax) (If any)

NACH or E-Mandate Bounce Charges: Rs.500 plus GST (if applicable)

Bank Swapping Charges: Rs.500 plus GST (if applicable)

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:

1. Aadhaar number for eKYC
2. Proof of identity*
3. Proof of address*
4. Salary slips for the last 3 months
5. Bank statement of salary account for the last 3 months
6. 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:

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

What are the Eligibility Criteria for IIFL Personal Loan?

How to Calculate EMI for IIFL Personal Loan?

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. 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:

*On the basis of the conditions mentioned in this example, Ms. Buffay will be paying off the loan in 24 months in equated monthly instalments (EMIs) of Rs.28,455 The interest payable on the loan amount at the rate of 12.75% p.a. is Rs.82,913 Thus, the total amount payable by Ms. Buffay at the end of the loan repayment tenure is Rs.6,82,913*.

*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?

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