IIFL Personal Loan apply online & get loan fast

IIFL Personal Loan

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.

  • Quick online eligibility check 
  • Quick online approval of loan
  • Express disbursal of loan amount
  • Minimal documentation process

IIFL Personal Loan Details :

Rate of Interest (% p.a.)Loan Amount (Rs.)Processing Fees
11.75% p.a. – 28% p.a.Up to Rs.5 lakh2% – 4% of the loan amount plus GST

IIFL Personal Loan Fees and Charges:

Schedule of charges
Late payment charges2% compounded monthly
Penal charges2% compounded monthly

IIFL Personal Loan Documents Required:

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.5 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

IIFL Personal Loan Eligibility Criteria:

Age19 years to 65 years
Employment StatusSalaried individual
CitizenshipResident citizen of India
Minimum Net SalaryRs.5,000 monthly
Residing in one of the following citiesDelhi NCR, Mumbai, Pune, and Bengaluru
Total work experienceShould 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. 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:

MonthPrincipal Paid(A) (in Rs.)Interest Paid(B) (in Rs.)Total Payment (A+B) (in Rs.)Outstanding Loan Amount (in Rs.)

*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.

IIFL Personal loan EMI calculator:

How does IIFL Personal Loan compare with other personal loans?

ParticularsIIFL Personal LoanFederal Bank Personal Loan (FedPremia)SBI Personal Loan
Interest rate11.75% p.a. – 28% p.a.10.49% p.a. to 17.99% p.a.9.60% p.a. onwards
Processing fee2% – 4% of the loan amount + GSTContact the bank for more detailsProcessing fee waived of till 31 March 2022
Foreclosure chargesContact the bank for more detailsContact the bank for more details3% of the outstanding loan amount

IIFL Personal Loan FAQs:

what is Personal Loan EMI?

It is a fixed monthly amount that a borrower needs to make in order to repay the personal loan amount.

How is Personal Loan EMI Calculated?

The Personal Loan EMI is calculated on the basis of following factors namely principal amount, interest rate & loan tenure.

The formula of Home Loan EMI calculation is:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Here, P stands for principal amount that is borrowed as a loan, R stands for rate of interest that is applied on the loan amount & N is the loan repayment tenure or the number of monthly installments that you will have to pay


How do I pay the EMIs for my IIFL Personal Loan?

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?

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?

Yes, you can prepay your IIFL Personal Loan after the payment of the first 6 instalments.

How do I prepay my IIFL Personal Loan?

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?

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?

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.