IIFL Personal Loan Review 2024: IIFL is a popular financial institution that offers a variety of financial products, including personal loans. But is IIFL Personal Loan the right choice for you?
In this blog post, we’ll take a comprehensive look at IIFL Personal Loan, including its features, benefits, and eligibility criteria. We’ll also answer the important question of whether IIFL is registered with the RBI.
Stay tuned to find out all you need to know about IIFL Personal Loan in 2024!
- About IIFL Finance
- What is IIFL Personal Loan?
- Types of IIFL Personal Loans
- IIFL Personal Loan Key Features | IIFL Loan Benefits
- IIFL Personal Loan Eligibility Criteria
- IIFL Personal Loan Documents Required
- IIFL Personal Loan Apply Online
- IIFL Personal Loan Application Status Check
- IIFL Personal Loan Charges
- IIFL Personal Loan Interest rates
- IIFL Personal Loan Foreclosure Charges
- IIFL Personal Loan Calculator | IIFL Loan EMI Calculator
- IIFL Personal Loan Customer Care Number
- Is IIFL registered with RBI?
- FAQs
- Conclusion: IIFL Personal Loan Review 2024
About IIFL Finance
IIFL Finance Limited, also known as IIFL, is a financial services company based in Mumbai, India. It was founded by Nirmal Jain and has the support of Canadian investor Prem Watsa, private equity firm General Atlantic, and the UK Government’s CDC Group.
IIFL is one of the top financial companies in India and is the leading independent financial services firm in terms of market value. Nirmal Jain is the chairman, and R Venkataraman is the group managing director of the company.
What is IIFL Personal Loan?
IIFL Personal Loan is a financial product offered by IIFL Finance Limited, an Indian financial services company. It is a type of loan designed to meet personal financial needs and requirements. Here’s a simplified explanation of what an IIFL Personal Loan is:
An IIFL Personal Loan is a loan you can get from IIFL Finance Limited, a company in India that helps people with their money. This loan is meant for personal reasons, like medical expenses, education fees, home improvements, or any other financial needs you may have.
When you take this loan, you agree to pay it back in installments, which means you’ll repay the borrowed money plus interest over a set period of time. It’s a way to get some extra money when you need it, and you can use it for various personal purposes.
Types of IIFL Personal Loans
IIFL Finance Limited offered various types of personal loans to cater to different needs and preferences of their customers.
Here are some types of personal loans they may have offered:
- Emergency Loan: This type of personal loan is designed to provide quick financial assistance during emergencies. It can help you manage unexpected medical expenses, home repairs, or other urgent financial needs.
- Personal Loan for Women: This loan is specifically tailored for women borrowers. It may come with special features or benefits designed to empower and support women’s financial goals.
- Marriage Loan: A marriage loan is intended to help you finance wedding-related expenses. It can cover costs such as venue bookings, catering, decorations, and more associated with weddings.
IIFL Personal Loan Key Features | IIFL Loan Benefits
- Use Funds as You Need: You can use the loan money for anything you want, like medical bills, education, or travel. There are no restrictions.
- No Need for Collateral: You don’t have to give any valuable items as security. It’s a loan based on trust.
- Less Paperwork: Getting the loan is straightforward. You won’t need to deal with tons of paperwork.
- Easy Repayment: You can choose a repayment plan that fits your budget. It’s designed to be manageable.
- Get Money Quickly: They work to give you the loan money fast, so you can tackle your financial needs promptly.
- Good Interest Rates: They offer competitive interest rates, which means you pay less in the long run.
These benefits make IIFL Finance Personal Loans a convenient option when you need extra cash for various reasons. Just make sure to check their specific terms and conditions for the loan you’re interested in to ensure it meets your needs.
IIFL Personal Loan Eligibility Criteria
IIFL Finance Limited offers personal loans to both salaried employees and self-employed individuals.
To help you understand the eligibility requirements more clearly, Let’s see the table below:
| Eligibility Criteria | Salaried Employees | Self-Employed Individuals |
|---|---|---|
| Minimum Age | 23 years | 25 years |
| Maximum Age | 60 years or retirement age (whichever is earlier) at loan maturity | 65 years at loan maturity |
| Business Existence | – | Minimum of three years |
IIFL Personal Loan Documents Required
To complete the application process for an IIFL personal loan, you’ll need to provide certain necessary documents.
Here’s a list of the required documents:
- Selfie: A recent photograph of yourself, typically taken during the loan application process.
- ID Proof (PAN Card): Your Permanent Account Number (PAN) Card, which serves as a primary identification document.
- Address Proof (Aadhar Card/Driving License): You can submit either your Aadhar card or your Driving License as proof of your current address. These documents help verify your residence.
- 6-12 Months CA/SA Bank Statement: Provide your bank statements for the last 6 to 12 months from your Current Account (CA) or Savings Account (SA). These statements show your financial transactions and help assess your financial stability and repayment capacity.
Additionally, it’s important to note that if your mobile number is not registered with the Unique Identification Authority of India (UIDAI) for Aadhar, you may not be able to complete the electronic Know Your Customer (eKYC) process, which is a crucial step in the loan application process for identity verification.
Therefore, it’s advisable to ensure that your mobile number is linked to your Aadhar card to facilitate the eKYC process.
IIFL Personal Loan Apply Online
Applying for an IIFL Finance Personal Loan is a straightforward process.
Here’s a simplified step-by-step guide to help you through it:
- Visit the IIFL Website: Go to the IIFL Finance website and look for the “Apply Online” button. Click on it to start your application.
- Complete the Online Form: Fill in the required information in the online application form. This typically includes personal details, contact information, and financial information. Make sure to provide accurate information.
- Verify Your Mobile Number: An OTP (One-Time Password) will be sent to the mobile number you provided. Enter this OTP to verify your mobile number and ensure the security of your application.
- KYC Verification: Confirm your KYC (Know Your Customer) details. This is a standard procedure to check your identity and income eligibility.
- Choose Loan Amount: Select the loan amount you wish to borrow. You can choose an amount of up to Rs 5 lakh based on your needs.
- Submit Your Application: Once you’ve completed all the required fields and verified your details, click on the “Submit” button to send in your application.
- Wait for Processing: After submitting your application, the lender will review your information. This may take a short while, and they may contact you for further details if needed.
- Loan Approval: If your application is approved, you’ll receive confirmation from IIFL Finance, along with the terms and conditions of the loan.
- Disbursal: Once you agree to the terms, the loan amount will be disbursed to your bank account.
Remember to keep your documents handy, as you may be asked to provide additional information during the application process.
IIFL Personal Loan Application Status Check
To check the status of your IIFL personal loan application, follow these simple steps:
- Visit the official IIFL website.
- Log in to your net banking account using either your mobile number or user ID and password.
- Find the ‘track application‘ option and click on it.
- Next, choose ‘application status‘ and pick your registered mobile number.
- You’ll receive a one-time password (OTP) on your mobile.
- Enter this OTP on the screen when prompted.
- Your personal loan application status will then be displayed for you to see.
This process allows you to easily check where your loan application stands in a few straightforward steps.
IIFL Personal Loan Charges
IIFL Finance Personal Loan offers competitive interest rates to ensure that your monthly installments (EMIs) remain affordable throughout the loan duration. IIFL Finance believe in transparent dealings and strive to avoid hidden charges.
Here are the details of the interest rates and charges:
| Discription | Rates and Charges |
|---|---|
| Interest Rate | 12.75% – 44% p.a. |
| Loan Processing Charges | 2% – 6% of the loan amount + GST* |
| (Additional up to ₹500 as Convenience Fee) | |
| Penal Charges for Late Payments | 2% Compounded Monthly |
| Cheque/ACH Return Charges | ₹500 + GST per instance |
IIFL Personal Loan Interest rates
The interest rates for IIFL Personal Loans range from 12.75% to 44% per annum. The specific rate you receive depends on factors such as your creditworthiness and the loan amount.
IIFL Personal Loan Foreclosure Charges
The table below provides the foreclosure range and corresponding foreclosure charges for different loan tenures:
| Loan Tenure (months) | Foreclosure Range | Foreclosure Charges |
|---|---|---|
| 0-6 | >=6 | 7% |
| >=12 | 7% | |
| <=24 | 6% | |
| >24 | 6% | |
| 7-12 | >=6 | NA (Not Applicable) |
| >=12 | 6% | |
| <=24 | 6% | |
| >24 | 6% | |
| 13-18 | >=6 | NA (Not Applicable) |
| >=12 | NA (Not Applicable) | |
| <=24 | 5% | |
| >24 | 5% | |
| 19-24 | >=6 | NA (Not Applicable) |
| >=12 | NA (Not Applicable) | |
| <=24 | 3% | |
| >24 | 3% | |
| >24 | >=6 | NA (Not Applicable) |
| >=12 | NA (Not Applicable) | |
| <=24 | NA (Not Applicable) | |
| >24 | 2% |
IIFL Personal Loan Calculator | IIFL Loan EMI Calculator
Certainly, calculating the interest rate on a personal loan can be simplified as follows:
Step 1: Gather Loan Details
- Loan Amount: This is how much money you’re borrowing.
- Loan Tenure: The time you’ll take to repay the loan.
- Total Interest Paid: The overall interest you’ll pay.
Step 2: Use the Calculator
To make it even simpler, you can use an online loan calculator provided by IIFL Finance Limited. It’s easy and convenient. Just enter your loan details, and it will calculate the interest rate for you.
Here’s the link to the IIFL Loan Calculator:
Using the calculator ensures accuracy and saves you from manually calculating the interest rate. It’s a helpful tool for understanding the costs associated with your personal loan.
Also Read: Cashe Personal Loan Review 2024: Is Cashe Loan Safe?
IIFL Personal Loan Customer Care Number
- By Call: Dial IIFL Finance customer care numbers at 1860-267-3000 or 7039-050-000. They available from 09.30 am to 6.00 pm, Monday to Friday, and from 09.30 am to 4.00 pm on Saturdays. Please note they are closed on Sundays and public holidays.
- By Email: Send him mail at [email protected].
- By Online Request: Submit your request or inquiry online at https://www.iifl.com/contact-us/raise-a-request.
- By Visiting Nearby Branch: Feel free to drop by your nearest IIFL Finance branch.
Is IIFL registered with RBI?
Yes, IIFL is registered with the Reserve Bank of India (RBI) as a Systemically Important Non-Banking Financial Company (NBFC) not taking public deposits (NBFC-ND-SI).
FAQs
Can students apply for the IIFL Personal Loan?
No, only salaried and self-individuals can apply for the IIFL Personal Loan.
What is the maximum Personal Loan Provide by IIFL?
The maximum IIFL Personal Loan Amount is Rs. 5 Lakhs.
Conclusion: IIFL Personal Loan Review 2024
What’s Good About IIFL Personal Loans:
- They offer different types of personal loans for various needs, making it easy to find the right one for you.
- They’re transparent, meaning no hidden fees or surprises.
- Applying for a loan is straightforward, and they provide different ways to get in touch if you have questions.
- Their interest rates are competitive and reasonable.
- You have flexibility in how you repay your loan.
In a Conclusion, IIFL Finance’s personal loans in 2024 are a solid choice if you need financial help.
Just remember to check the terms and conditions and make sure the loan fits your needs and budget.
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