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 | 25 years to 60 years |
| Employment Status | Salaried individual |
| Citizenship | Resident citizen of India |
| Minimum Net Salary | Rs.35,000 or more |
| Residing in one of the following cities | Delhi NCR, Mumbai, Pune, and Bengaluru |
| Work experience in the current job | Should be in the organisation for at least 6 months |
| Total work experience | Should 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. and the processing fee on the loan amount is 1.5%. 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 Amount Paid (A+B) (in Rs.) | Outstanding Loan Amount (in Rs.) |
| 1 | 13,716 | 6,500 | 20,216 | 5,86,284 |
| 2 | 13,865 | 6,351 | 20,216 | 5,72,419 |
| 3 | 14,015 | 6,201 | 20,216 | 5,58,403 |
| 4 | 14,167 | 6,049 | 20,216 | 5,44,236 |
| 5 | 14,320 | 5,896 | 20,216 | 5,29,916 |
| 6 | 14,476 | 5,741 | 20,217 | 5,15,440 |
| 7 | 14,632 | 5,584 | 20,216 | 5,00,808 |
| 8 | 14,791 | 5,425 | 20,216 | 4,86,017 |
| 9 | 14,951 | 5,265 | 20,216 | 4,71,066 |
| 10 | 15,113 | 5,103 | 20,216 | 4,55,953 |
| 11 | 15,277 | 4,939 | 20,216 | 4,40,676 |
| 12 | 15,442 | 4,774 | 20,216 | 4,25,233 |
| 13 | 15,610 | 4,607 | 20,217 | 4,09,624 |
| 14 | 15,779 | 4,438 | 20,217 | 3,93,845 |
| 15 | 15,950 | 4,267 | 20,217 | 3,77,895 |
| 16 | 16,123 | 4,094 | 20,217 | 3,61,773 |
| 17 | 16,297 | 3,919 | 20,216 | 3,45,476 |
| 18 | 16,474 | 3,743 | 20,217 | 3,29,002 |
| 19 | 16,652 | 3,564 | 20,216 | 3,12,350 |
| 20 | 16,833 | 3,384 | 20,217 | 2,95,517 |
| 21 | 17,015 | 3,201 | 20,216 | 2,78,502 |
| 22 | 17,199 | 3,017 | 20,216 | 2,61,303 |
| 23 | 17,386 | 2,831 | 20,217 | 2,43,917 |
| 24 | 17,574 | 2,642 | 20,216 | 2,26,343 |
| 25 | 17,764 | 2,452 | 20,216 | 2,08,579 |
| 26 | 17,957 | 2,260 | 20,217 | 1,90,622 |
| 27 | 18,151 | 2,065 | 20,216 | 1,72,471 |
| 28 | 18,348 | 1,868 | 20,216 | 1,54,123 |
| 29 | 18,547 | 1,670 | 20,217 | 1,35,576 |
| 30 | 18,748 | 1,469 | 20,217 | 1,16,829 |
| 31 | 18,951 | 1,266 | 20,217 | 97,878 |
| 32 | 19,156 | 1,060 | 20,216 | 78,722 |
| 33 | 19,364 | 853 | 20,217 | 59,358 |
| 34 | 19,573 | 643 | 20,216 | 39,785 |
| 35 | 19,785 | 431 | 20,216 | 20,000 |
| 36 | 20,000 | 217 | 20,217 | 0 |
*On the basis of the conditions mentioned in this example, Ms. Buffay will be paying off the loan in 36 months in equated monthly instalments (EMIs) of Rs.20,216 or Rs.20,217 (alternatively). The interest payable on the loan amount at the rate of 13% p.a. is Rs.1,27,789 and the processing fee is Rs.9,000. Thus, the total amount payable by Ms. Buffay at the end of the loan repayment tenure is Rs.7,36,789*.
*The figures quoted here are for the purpose of understanding only. The applicable taxes (if any) are not taken into consideration.
How does IIFL Personal Loan compare with other personal loans?
| Particulars | IIFL Personal Loan | Bajaj Finserv Personal Loan | Federal Bank Personal Loan (FedPremia) | SBI Personal Loan |
| Interest rate | 13.49% p.a. onwards | 12.99% p.a. onwards | 10.00% p.a. to 27.00% p.a. | 10.50% p.a. onwards |
| Processing fee | Up to 2% of the loan amount + applicable GST | Up to 3.99% of the loan amount | Up to 3.00% of the loan amount | 1% of the loan amount + applicable GST |
| Foreclosure charges | Up to 6% | 4% + applicable taxes on the outstanding principal amount | Nil for Floating Rate Schemes; 3% for Fixed Rate Schemes | 3% of the outstanding loan amount |
