India Infoline Housing Finance Limited, which we better know as IIFL, offers personal loans as well. You can avail a personal loan of up to Rs.25 lakh to meet any of your expenses.
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?
Age
25 years to 60 years
Employment Status
Salaried individual
Citizenship
Resident citizen of India
Minimum Net Salary
Rs.35,000 or more
Residing in one of the following cities
Delhi NCR, Mumbai, Pune, and Bengaluru
Work experience in the current job
Should be in the organisation for at least 6 months
Total work experience
Should 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:
Month
Principal Paid (A)
(in Rs.)
Interest Paid (B)
(in Rs.)
Total Amount Paid (A+B)
(in Rs.)
Outstanding Loan Amount
(in Rs.)
1
13,716
6,500
20,216
5,86,284
2
13,865
6,351
20,216
5,72,419
3
14,015
6,201
20,216
5,58,403
4
14,167
6,049
20,216
5,44,236
5
14,320
5,896
20,216
5,29,916
6
14,476
5,741
20,217
5,15,440
7
14,632
5,584
20,216
5,00,808
8
14,791
5,425
20,216
4,86,017
9
14,951
5,265
20,216
4,71,066
10
15,113
5,103
20,216
4,55,953
11
15,277
4,939
20,216
4,40,676
12
15,442
4,774
20,216
4,25,233
13
15,610
4,607
20,217
4,09,624
14
15,779
4,438
20,217
3,93,845
15
15,950
4,267
20,217
3,77,895
16
16,123
4,094
20,217
3,61,773
17
16,297
3,919
20,216
3,45,476
18
16,474
3,743
20,217
3,29,002
19
16,652
3,564
20,216
3,12,350
20
16,833
3,384
20,217
2,95,517
21
17,015
3,201
20,216
2,78,502
22
17,199
3,017
20,216
2,61,303
23
17,386
2,831
20,217
2,43,917
24
17,574
2,642
20,216
2,26,343
25
17,764
2,452
20,216
2,08,579
26
17,957
2,260
20,217
1,90,622
27
18,151
2,065
20,216
1,72,471
28
18,348
1,868
20,216
1,54,123
29
18,547
1,670
20,217
1,35,576
30
18,748
1,469
20,217
1,16,829
31
18,951
1,266
20,217
97,878
32
19,156
1,060
20,216
78,722
33
19,364
853
20,217
59,358
34
19,573
643
20,216
39,785
35
19,785
431
20,216
20,000
36
20,000
217
20,217
0
*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?
Particulars
IIFL Personal Loan
Federal Bank Personal Loan (FedPremia)
SBI Personal Loan
Interest rate
13.49% p.a. onwards
10.00% p.a. to 27.00% p.a.
10.50% p.a. onwards
Processing fee
Up to 2% of the loan amount + applicable GST
Up to 3.00% of the loan amount
1% of the loan amount + applicable GST
Foreclosure charges
Up to 6%
Nil for Floating Rate Schemes;
3% for Fixed Rate Schemes
3% of the outstanding loan amount
FAQs on IIFL Personal Loan
How do I pay the EMIs for my IIFL Personal Loan?
A: 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?
A: 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?
A: Yes, you can prepay your IIFL Personal Loan after the payment of the first 6 instalments.
How do I prepay my IIFL Personal Loan?
A: IIFL accepts payments through their online portal. You can make the payment through RTGS or NEFT.
I have provided wrong contact information by mistake. What do I do?
A: You can visit the online portal of IIFL Personal Loan and update your contact information online. You can also get in touch with the IIFL personal loan customer care call centre at 1860 267 3000 or 7039 050 000 for any kind of assistance.
How can I check the status of my IIFL personal loan?
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I have taken a personal loan in INDIA INFO LINE FINANCE LTD on 2 years before which was processed directly to finance company. The amount was sufficient for the tenure of 3 years. On time loan got sanctioned. The rate of interest is higher when compare to other.
I was taken a personal loan in INDIA INFOLINE FINANCE LTD which was processed directly to bank. The loan amount was sufficient and for the duration of 1 year. On time loan got sanctioned. The rate of interest and the processing fee are nominal. Now I have closed the loan.
India Infoline Finance LTD is also good in the personal loan. The customer support and response is good and there are no hassles in the process. The rate of interest and processing charges is normal and I had no hassles to get the loan. The after loan process is fine.
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2
VARUN KUMAR JOSHYABHATLA
, hyderabad
Reviewed on Feb 28, 2019
I had taken this loan a very long time back and the experience with them was quite good so far. The loan amount has been sufficient and there was a processing fee of 2500 which they had charged. There has not been any sort of extra charges which they had made so far and their customer support has been very much helpful.
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2
NAVEEN KUMAR M
, bangalore
Reviewed on Feb 15, 2019
I have taken personal loan through INDIA INFOLINE , they provide rate of interest is high compare to others in the market . There is no hidden charges taken with this bank .I use to pay EMI on time. The tenure period is 48 month . The processing fee is nominal . Preclosere option is there .
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3
ANTHONY HENRY DMELLO
, mumbai
Reviewed on Dec 07, 2018
I have applied a personal loan through IIFL mobile app. The app is excellent. My colleague showed me the offer in the IIFL app. I have received a call from them. They asked me to submit the documents. They have sent me a person to my office to collect the documents. They have approved the loan on the same day. After 2 days, they have disburse the person loan. I have totally applied two lakhs. I used to pay the EMI of 8800 for 2 years. They have offered me a 14% interest rate
It has been a very good loan experience with them and the process in getting the loan has been simple and easy. The interest rate which they had charged had been nominal and the loan amount which they had provided had been satisfactory. There has not been any kind of issues faced with their services so far.
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2
RANVIJAY SINGH
, new delhi
Reviewed on Jun 21, 2018
If their is any issue, they will give a call cask and resolve my query. I have taken Rs. 60000 Loan in IIFL. They are providing a interest rate of Rs. 11.47%. I have to complete the loan within a year. I have to pay Rs. 4000 per month. First they used to come home and collect the documents. Within 2 working days they will sanctioned the loan in my account. I have downloaded the IIFL app and i checked the status of the loan in app itself.
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2
BRAJESH KUMAR MISHRA
, new delhi
Reviewed on May 24, 2018
Rate of interest was around 21% with the India Infoline finance limited, which is very huge one. I got the loan amount within four days of time. Customer service is good one with the India Infoline finance limited and response is fine one with them till now.
I have my personal loan with INDIA INFOLINE .The customer service and responses was up to the mark. The rate of interest was 13% which was bit high than other banks in the market. They have provided door step service for collecting documents and I would like to recommend to others.
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4
NIRANJAN VELUSWAMY
, mumbai
Reviewed on Dec 14, 2017
I have taken a personal loan with India Infoline Finance limited.The loan amount is 70,000.The rate of interest is 12% is the best rate of interest rate.The executives collected documents from my place and also uploaded documents through online.
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4
CHETHANA GOSAL SIDDANNA
, bangalore
Reviewed on Dec 06, 2017
It was good experiencing the Indian info line personal service. the customer support and the charges are good with the India Info line. Within 7days of time I got the loan amount from Indian Info line . The rate of interest and the charges are nominal with India Info line .The required loan amount has been given and I am satisfied with it.
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2
ANKUR SRIVASTAVA
, ghaziabad
Reviewed on Dec 06, 2017
My personal loan was taken with INDIA INFO LINE FINANCE. The loan amount 2 lakhs and the interest rate was 22.5% which was very high than other banks in the market. They have not sanctioned the loan with the committed time ans they have provided door step service for collecting documents . My overall experience was very good.
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4
KUMARI SWETHA
, new delhi
Reviewed on Dec 05, 2017
I had taken a personal loan with India Infoline finance limited.The loan amount is 2 lakhs ,rate of interest is higher as compared to other banks.I had submitted documents to process the request however they had completed and credited the amount within 2-3 days of time.
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5
GHANSHYAM DASS
, new delhi
Reviewed on Nov 09, 2017
The IIFL has disbursed my loan amount within a week time. The customer service with IIFL is excellent, because they have reached me on the assigned date and time to collect my documents. The rate of interest is low when compared with others and I am happy with t he loan amount.
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