A personal loan is a type of loan that can be used for flexible purposes, short- to moderate-term repayment options, and relatively quick funding. Personal loans help to consolidate high-interest debt, start a new business or pay an expensive medical bill, a personal loan can help you accomplish your goal. It is an unsecured credit provided by several financial institutions based on some criteria like employment history, repayment capacity, income level, profession, and credit history.
IIFL is India Infoline Limited. It is India’s largest diversified financial services company, and its headquarters is situated in Mumbai. The founder of IIFL is Mr. Nirmal Jain in October 1995. IIFL and its group companies are backed up by Canadian investor Prem Watsa, private equity firm General Atlantic and CDC Group, the UK Government’s private equity arm.
- IIFL offers personal loans. IIFL Personal loans are available for up to Rs. 5 lakhs to meet any of your expenses, no guarantors are required for getting the loan from IIFL. For lending your loans IIFL does not require any collateral or security as it is an unsecured loan. It offers minimum documentation, and instant personal loan approval in just 5 minutes, and the loan is disbursed within 8 hours.
- The eligibility criteria for IIFL Personal Loan are-
- Age– 19 years – 65 years
- Employment Status– Salaried individual
- Citizenship– The citizen should be the Resident of India
- Minimum Net Salary– 5,000 monthly or more
- Tenure– up to 5 years.
- 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
- Loan amount– Up to Rs 25 lakhs.
- There are several Documents Required for Availing of a Personal Loan from IIFL-
After you fulfill the eligibility criteria for a Personal Loan from IIFL, you will be required to provide the following documents for the processing of the loan:
- Aadhaar number for e-KYC
- Proof of identity
- Proof of address*
- Salary slips for the last 3 months are required
- Bank statement of salary account for the last 3 months
- Rental agreement (if applicable)
- Why should you choose IIFL Personal Loan?
Several benefits can be enjoyed by a customer if he or she applies for an IIFL Personal Loan. Some benefits of a personal loan provided by IIFL have been listed below:
- Quick eligibility verification is done under a minute
- Online approval process takes only 5 minutes.
- In about 8 hours, the loan money is disbursed.
- Amount of loan is up to Rs.5 lakh
- the documentation procedure is very simple and hassles free
- The application process is entirely online.
- Process transparency
- e-KYC and e-Sign with Aadhaar allow for faster processing of loan applications.
- Customer service specialists
- Reputable brand with a large customer base
- IIFL personal loans interest rate is 21% onwards. IIFL Finance has not specified the factors affecting its loan interest rates. However, lenders usually set the interest rates for their loan applicants after factoring in their age, credit score, job profile, monthly income, employers’ profile, occupation profile, etc.
- The processing fee charged for the loan from IIFL is 2.5-6%
- IIFL offers personal loans against minimal documentation that can be submitted online. Required documents can simply be scanned and submitted as digital copies for the application process.
- IIFL Personal Loan can be repaid after the payment of the first 6 installments.
- IIFL accepts payments through their online portal. Payments can be done through RTGS (Real Time Gross Settlement) or NEFT(National Electronic Funds Transfer).
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