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  • IIFL Personal Loan

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  • 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.

    • Quick online eligibility check 
    • Quick online approval of loan
    • Express disbursal of loan amount
    • Minimal documentation process
    More
    We found 1 IIFL Personal Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    13.49% - 19.99% Fixed
    Up to 2%
    Upto 25L
    1-5 years
    100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria

    Loan Overview

    Rate of Interest (% p.a.) Loan Amount (Rs.) Processing Fees
    Starts at 13.00% p.a. Up to Rs.25 lakh Up to 2% of the loan amount plus GST
     

    Fees and Charges applicable to IIFL Personal Loan

    Schedule of charges
    Cheque bounce charges Rs.500 for each bounce plus applicable GST
    Cheque dishonour charges Rs.500 for each bounce plus applicable GST
    Late payment charges 2% compounded monthly
    Penal charges 2% compounded monthly
    Documentation charges Nil
    Foreclosure charges Up to 6%
    Stamp duty charges Nil
    Charges for inspection Nil
    Prepayment charges Nil
     

    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 Bajaj Finserv Personal Loan Federal Bank Personal Loan (FedPremia) SBI Personal Loan
    Interest rate 13% p.a. onwards 12.99% p.a. onwards 10.00% p.a. to 27.00% p.a. 12.00% p.a. onwards
    Processing fee Up to 2% of the loan amount + applicable GST Up to 3.99% of the loan amount Up to 3.00% of the loan amount 1% of the loan amount + applicable GST
    Foreclosure charges Up to 6% 4% + applicable taxes on the outstanding principal amount 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 Customer Care Call Centre at 1860 267 3000 or 7039 050 000 for any kind of assistance.

        

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    IIFL Personal Loan Reviews

    • IIFL Personal Loan
      "Need to decrease charges"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jul 13, 2019
    • IIFL
      IIFL Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 27, 2019
    • IIFL Personal Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Feb 28, 2019
    • IIFL Personal Loan
      "Excellent Service"
      0.5 4.5/5 "Excellent!"
      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.
      Was this review helpful? 1
      , bangalore
      Reviewed on Feb 15, 2019
    • IIFL Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      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 .
      Was this review helpful? 3
      , mumbai
      Reviewed on Dec 07, 2018
    • IIFL Personal Loan
      "Easy to take loan"
      0.5 5.0/5 "Blown Away!"
      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
      Was this review helpful? 3
      , new delhi
      Reviewed on Jun 27, 2018
    • IIFL Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jun 21, 2018
    • IIFL Personal Loan
      "Excellent Loan Process"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 2
      , new delhi
      Reviewed on May 24, 2018
    • IIFL Personal Loan
      "Very Good"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 1
      , chennai
      Reviewed on Jan 19, 2018
    • IIFL Personal Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      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.
      Was this review helpful? 3
      , mumbai
      Reviewed on Dec 14, 2017
    • IIFL Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 3
      , bangalore
      Reviewed on Dec 06, 2017
    • IIFL Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on Dec 06, 2017
    • IIFL Personal Loan
      "Very good"
      0.5 4.5/5 "Excellent!"
      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.
      Was this review helpful? 3
      , new delhi
      Reviewed on Dec 05, 2017
    • IIFL Personal Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 09, 2017
    • IIFL Personal Loan
      "Awesome service"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 2
      , new delhi
      Reviewed on Aug 31, 2017
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