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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.5 lakh to meet any of your expenses.
Rate of Interest (% p.a.) | Loan Amount (Rs.) | Processing Fees |
11.75% p.a. - 28% p.a. | Up to Rs.5 lakh | 2% - 4% of the loan amount plus GST |
Schedule of charges | ||
---|---|---|
Late payment charges | 2% compounded monthly | |
Penal charges | 2% compounded monthly |
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:
*Proof of identity and proof of address will not be required if KYC is already done.
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:
Age | 19 years to 65 years |
Employment Status | Salaried individual |
Citizenship | Resident citizen of India |
Minimum Net Salary | Rs.5,000 monthly |
Residing in one of the following cities | Delhi NCR, Mumbai, Pune, and Bengaluru |
Total work experience | Should have at least 2 years of job experience |
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:
Month | Principal Paid(A) (in Rs.) | Interest Paid(B) (in Rs.) | Total Payment (A+B) (in Rs.) | Outstanding Loan Amount (in Rs.) |
1 | 22,299 | 5,875 | 28,174 | 5,77,701 |
2 | 22,517 | 5,657 | 28,174 | 5,55,183 |
3 | 22,738 | 5,436 | 28,174 | 5,32,446 |
4 | 22,961 | 5,214 | 28,175 | 5,09,485 |
5 | 23,185 | 4,989 | 28,174 | 4,86,300 |
6 | 23,412 | 4,762 | 28,174 | 4,62,887 |
7 | 23,642 | 4,532 | 28,174 | 4,39,246 |
8 | 23,873 | 4,301 | 28,174 | 4,15,372 |
9 | 24,107 | 4,067 | 28,174 | 3,91,266 |
10 | 24,343 | 3,831 | ]28,174 | 3,66,923 |
11 | 24,581 | 3,593 | 28,174 | 3,42,341 |
12 | 24,822 | 3,352 | 28,174 | 3,17,519 |
13 | 25,065 | 3,109 | 28,174 | 2,92,454 |
14 | 25,310 | 2,864 | 28,174 | 2,67,144 |
15 | 25,558 | 2,616 | 28,174 | 2,41,585 |
16 | 25,809 | 2,366 | 28,175 | 2,15,777 |
17 | 26,061 | 2,113 | 28,174 | 1,89,716 |
18 | 26,316 | 1,858 | 28,174 | 1,63,399 |
19 | 26,574 | 1,600 | 28,174 | 1,36,825 |
20 | 26,834 | 1,340 | 28,174 | 1,09,991 |
21 | 27,097 | 1,077 | 28,174 | 82,894 |
22 | 27,362 | 812 | 28,174 | 55,531 |
23 | 27,630 | 544 | 28,174 | 27,901 |
24 | 27,901 | 273 | 28,174 | 0 |
*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.28,714 The interest payable on the loan amount at the rate of 11.75% p.a. is Rs.76,178 Thus, the total amount payable by Ms. Buffay at the end of the loan repayment tenure is Rs.6,76,178*.
*The figures quoted here are for the purpose of understanding only. The applicable taxes (if any) are not taken into consideration.
Particulars | IIFL Personal Loan | Federal Bank Personal Loan (FedPremia) | SBI Personal Loan |
Interest rate | 11.75% p.a. - 28% p.a. | 10.49% p.a. to 17.99% p.a. | 9.60% p.a. onwards |
Processing fee | 2% - 4% of the loan amount + GST | Contact the bank for more details | Processing fee waived of till 31 March 2022 |
Foreclosure charges | Contact the bank for more details | Contact the bank for more details | 3% of the outstanding loan amount |
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.
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.
Yes, you can prepay your IIFL Personal Loan after the payment of the first 6 instalments.
IIFL accepts payments through their online portal. You can make the payment through RTGS or NEFT.
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.
Visit our IIFL personal loan customer care page for more details.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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