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.
The workflow for the IIFL personal loan is as follows:
In order to be able to avail an IIFL personal loan, an applicant should fulfill the following conditions:
As part of the eligibility check, the applicant should answer the following three questions:
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.
The key features of the IIFL personal loan are as follows:
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.
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:
|Loan processing charges||Up to 2% of the loan amount plus applicable GST|
|Penal charges, Default on payable amount, late payment charges||2% compounded on a monthly basis|
|Charges for cheque bounce, cheque swap, cheque dishonour, SI/ECS dishonour, no-dues, document retrieval, repayment schedule/duplicate statement, etc.||Rs.500 per bounce and applicable GST|
|Other charges that include documentation charges, stamp duty charges, inspection charges, etc.||Nil|
|Foreclosure charges after 12 months||Nil|
|Access to the customer portal for loan details, account summary, etc.||Nil|
In order to apply for the IIFL personal loan, a customer should submit a soft copy of the following documents:
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.
Monthly EMIs will be deducted from the salary account of the customer as per ECS and NACH.
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.
After you make EMI payments for at least 6 months, you can prepay your loan. There are no prepayment fees charged.
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.
Prepayments of the loan can be done through NEFT and RTGS.
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