India Infoline Ltd. offers personal loans for up to Rs.25 lakhs to eligible customers. These loans are configured such that the loan amount will be disbursed into the applicant’s account within 8 hours. IIFL personal loans can be availed for the renovation of the applicant’s residence, enjoying an international or domestic vacation, etc.

How the IIFL Personal Loan application process works

The workflow for the IIFL personal loan is as follows:

1. Eligibility Check - The applicant is expected to answer three simple questions with respect to his/her financial commitments, monthly income, etc. Based on these answers the company decides the amount of loan he/she can avail. The entire process may take around 1 minute.
2. Online Loan Approval - The personal loan application form will be auto-filled. The applicant can skip the process of KYC document submission by updating his/her Aadhaar number. Alternatively, he/she can fill up the form and submit it. The system automatically generates a confirmation number and provides the applicant an e-approval. This process takes around 5 minutes.
3. Loan Disbursal - If the applicant is satisfied with the amount of loan offered, he/she can upload the relevant documents. IIFL will verify the submitted documentation and call the applicant to confirm the loan amount that is offered. Following this, the disbursal of loan is done within 8 hours.

Eligibility conditions for the IIFL personal loan

In order to be able to avail an IIFL personal loan, an applicant should fulfill the following conditions:

• He/she must be salaried.
• He/she should have a minimum monthly income of Rs.35,000.
• The applicant’s age should be between 25 and 60 years.
• The applicant should reside in any of the following cities:
  • Delhi and NCR
  • Bengaluru
  • Pune
  • Mumbai (including Vashi and Thane)
• The customer should have worked in the current organisation for at least 6 months.
• The total work experience of the applicant should be at least 2 years.

As part of the eligibility check, the applicant should answer the following three questions:

• Where he/she currently works
• What his/her net monthly salary is
• What his/her current EMIs are

The customer then fills up an online form where he/she would be required to submit his/her mobile number, email ID, and city of residence.

The system generates an application reference number and intimates the applicant of the loan amount he/she is eligible for. The rate of interest and processing fee is also displayed on the screen. The customer has the option to adjust the loan amount to an EMI that suits his/her monthly budget. Alternatively, he/she can adjust the loan tenure.

If the customer agrees to all the terms and conditions, he can click on the ‘Apply Now’ button to proceed with the loan application.

Features and Benefits of the IIFL personal loan

The key features of the IIFL personal loan are as follows:

• The applicant gets a loan amount of up to Rs.25 lakh.
• There is minimal documentation to be submitted for the personal loan.
• The entire process is completely online and the applicant receives instant approval for the loan.
• The applicant can opt for Ekyc and eSign through Aadhaar for loan processing that is faster than usual.
• Express loan disbursal that happens within 8 hours is an attractive feature of the IIFL personal loan.

IIFL Personal Loan EMI Calculator and Eligibility Calculator

A customer can check the EMIs for the personal loan using the Online Personal Loan EMI Calculator. In order to understand the loan amount the applicant is eligible for, he/she can utilise the IIFL Personal Loan Eligibility Calculator.

In addition to providing the user an estimate of the loan that can be availed, the Eligibility Calculator enables him/her to upload documents and also get instant approval for the loan.

Interest Rates and charges for the IIFL personal loan

IIFL personal loans are offered at attractive interest rates that enables the customer to get affordable EMIs throughout the tenure of the loan. There are also no hidden charges associated with the loan. The current rate of interest is between 13.49% and 19.99% per annum.

Other fees and charges are as follows:

• It should be noted that the charges and fees in the above table are liable to change. The customer should contact IIFL to understand the latest provisions.
• The EMI date is the 3rd of every month.

Documents required for the application of IIFL personal loan

In order to apply for the IIFL personal loan, a customer should submit a soft copy of the following documents:

• Aadhaar number for eKYC
• ID proof - This is not required if eKYC is done
• Address proof - This is not required if eKYC is done
• The latest payslips of the customer for the last three months
• The latest bank statements of the salary account of the customer for the last three months
• Rent agreement, if relevant

It should be noted that the customer needs to get his/her mobile number registered with UIDAI for Aadhaar in order to do the eKYC.

IIFL Personal Loan FAQs

1. How will I pay the EMIs for my IIFL personal loan?

   Monthly EMIs will be deducted from the salary account of the customer as per ECS and NACH.

2. Is it possible to get an IIFL personal loan with a co-applicant?

   Yes, this is possible. Adding a co-applicant will enable you to have a better credit score and get a larger loan amount as well. The application form also has the space for the co-applicant details.

3. Can my IIFL personal loan be prepaid?

   After you make EMI payments for at least 6 months, you can prepay your loan. There are no prepayment fees charged.

4. How can I update my contact details?

   You can update your contact details through the online portal of IIFL. Alternatively, you can contact the customer care team at the call center for assistance.

5. How can prepayments be done?

   Prepayments of the loan can be done through NEFT and RTGS.